Founded in 2013, Zoomcar has pioneered automobile sharing throughout rising markets. With its asset-light marketplace-focused business mannequin, the Zoomcar platform connects host car house owners with company who select from a number of in any other case idle automobiles to make use of for private, business and journey wants. With operations throughout India, Indonesia, Vietnam, and Egypt, Zoomcar is remodeling the city mobility panorama with the introduction of inexpensive, sustainable and handy transportation options. Zoomcar presently operates throughout greater than 50 cities globally and plans to proceed constructing good, handy and sustainable transport options for rising market shoppers.
Zoomcar’s main focus lies in rising market transportation, which, based mostly on possession charges throughout Zoomcar’s core markets averaging lower than 10%, interprets into an estimated $90 billion addressable market throughout rising market geographies by 2025.
At its core, Zoomcar’s main benefit stems from its persevering with focus, from inception, on investing throughout core applied sciences akin to IoT and machine studying to create a seamless, frictionless person expertise for company and hosts.
Zoomcar expects to make use of proceeds from the proposed transaction (the “Proposed Transaction”) with Innovative to speed up expertise growth and new market entry whereas additionally persevering with to put money into progress throughout present markets.
The Proposed Transaction represents an implied professional forma enterprise worth of Zoomcar of roughly $456 million. Proceeds to Zoomcar from the Proposed Transaction are anticipated to encompass funds retained by Innovative, after shareholder redemptions, and transaction financing.
BANGALORE, India, Oct. 13, 2022 (GLOBE NEWSWIRE) — Zoomcar, Inc. (“Zoomcar”), the world’s largest rising market targeted automobile sharing platform, and Innovative International Acquisition Corp. (“Innovative”) (NASDAQ: IOAC), a publicly traded particular function acquisition firm, immediately introduced that they’ve entered right into a definitive merger settlement (the “Merger Agreement”) that can end in Zoomcar turning into a publicly listed firm. The transaction values the mixed firm (the “Combined Company”) at an implied professional forma enterprise worth of roughly $456 million. Upon closing, the Combined Company will likely be renamed Zoomcar Holdings, Inc. and expects to listing its frequent inventory on Nasdaq.
Zoomcar presently has over 3 million lively customers and over 25,000 autos registered to be used on its world automobile sharing market, a milestone achieved inside simply 12 months of launching its automobile sharing platform. With non-public automobile utilization charges of 1-2 hours per day throughout its core markets, Zoomcar advantages from exceptionally favorable market dynamics, because it sources car house owners to turn out to be hosts on its automobile sharing market. On the visitor aspect of its business, Zoomcar advantages from the large number of use instances for personal automobile utilization throughout its core markets. The post-COVID 19 pandemic restoration additionally supplies vital alternative for short-term car utilization.
“Zoomcar aims to fundamentally transform the urban mobility landscape across emerging markets through the introduction of a highly scalable marketplace focused car sharing platform,” mentioned Zoomcar Co-Founder and CEO Greg Moran.
Zoomcar has grown steadily since its launch, with a speedy tempo of adoption that has constructed its presence in 4 nations and greater than 50 cities. Zoomcar’s first mover benefit throughout markets supplies a robust model consciousness that varieties the spine of its product pushed, natural progress technique for future business buildout.
Zoomcar’s shared mobility imaginative and prescient has confirmed to be a really perfect match for rising markets, with lower than 10% common car possession throughout its core markets creating untapped demand amongst a rising center class that values affordability and comfort. Additionally, younger populations and quickly rising, dense cities make Zoomcar’s automobile sharing market ecosystem stronger and assist to strengthen steady adoption.
Zoomcar’s distinctive expertise platform facilitates automobile sharing at scale. Owners of non-public, non-public or non-transport autos (hosts) can listing their autos on the platform, and eligible customers (“guests”) can e-book them for private use. Hosting on Zoomcar is straightforward and hosts automobiles listed on the platform are fitted with a custom-made security monitoring {hardware} gadget, providing 100% keyless entry as a part of Zoomcar’s proprietary IoT expertise stack. After onboarding, the automobile is able to earn revenue for the host as soon as it begins receiving bookings. Hosts have flexibility to share their automobile every time it’s handy and hosts are credited with earnings upon the completion of a reserving.
Management Comments
Greg Moran, Founder & CEO of Zoomcar
“Zoomcar’s car sharing marketplace is positioned to cut across emerging markets, and we expect to target future expansion opportunities in markets which include SE Asia, Latin America, MENA, and Sub-Saharan Africa,” Moran mentioned. “We see a vast addressable market, totaling approximately $90 billion annually by 2025, due to current average private car ownership levels of less than 10% across, combined with an underutilized vehicle base of nearly 200 million cars in our core markets.”
Dr. Mohan Ananda, Chairman & CEO of Innovative
“With our deep experience in operations & technology, we see Zoomcar’s advanced platform addressing and solving the industry’s most pressing needs in today’s challenging urban and emerging markets. Zoomcar’s track record and success to date sets Zoomcar apart from competitors and positions it for accelerated growth at a time when vehicle usage demand is growing and car ownership remains very low.”
Key Transaction Terms
The Proposed Transaction between Innovative and Zoomcar is structured as a merger of an Innovative subsidiary and Zoomcar and concurrent issuance of securities by Innovative to Zoomcar safety holders. Upon consummation of the merger, the publicly listed Combined Company is anticipated to be renamed “Zoomcar Holdings, Inc.”. The Proposed Transaction values Zoomcar at an implied professional forma enterprise worth of roughly $456 million. Transaction consideration, consisting of newly-issued securities of the Combined Company, will embrace shares of Combined Company frequent inventory, valued at $10.00 per share, and assumption of excellent Zoomcar securities; further earnout shares could also be distributed to Zoomcar stockholders after closing, upon achievement of sure buying and selling price-based targets or a change of management of the Combined Company. The Trust Account established by Innovative at the time of its preliminary public providing presently incorporates roughly $235 million. Proceeds from the Trust Account, following satisfaction of redemptions by Innovative shareholders, are anticipated to supply proceeds to Zoomcar at closing to pursue its business technique and for common working capital functions. After the closing, Zoomcar stockholders are anticipated to retain a majority of the excellent shares of the Combined Company and Zoomcar will designate a majority of proposed administrators for the Combined Company board.
The boards of administrators of each Zoomcar and Innovative have unanimously accredited the proposed business mixture, which is anticipated to be accomplished in the first half of 2023, topic to, amongst different issues, approval by Innovative’s and Zoomcar’s shareholders, and satisfaction (or waiver, as relevant) of the circumstances acknowledged in the Merger Agreement, together with regulatory approvals and different customary closing circumstances, together with a registration assertion (the “Registration Statement”) to be filed by Innovative being declared efficient by the U.S. Securities and Exchange Commission (the “SEC”).
Additional details about the Proposed Transaction, together with a replica of the Merger Agreement, will likely be supplied in a Current Report on Form 8-Ok to be filed by Innovative with the SEC and out there at www.sec.gov. Additional details about the Proposed Transaction will likely be described in the Registration Statement, which Innovative will file with the SEC.
Advisors
Cohen & Company Capital Markets, a division of J.V.B. Financial Group, LLC, is appearing as unique monetary advisor and unique capital markets advisor to Zoomcar; Ellenoff Grossman & Schole LLP is appearing as US authorized advisor to Zoomcar. Lincoln International is appearing as monetary advisor to the particular committee of the board of administrators of Innovative (the “Special Committee”). McDermott Will & Emery LLP is appearing as US authorized advisor to Innovative. Morris, Nichols, Arsht & Tunnell LLP is appearing as authorized advisor to the Special Committee. DLA Piper LLP (US) is appearing as authorized advisor to Cohen & Company Capital Markets.
Investor Webcast
Zoomcar and Innovative count on to carry a joint convention name to debate the proposed business mixture. A transcript of the convention name will likely be furnished by Innovative to the SEC and out there on the SEC’s web site at www.sec.gov. In addition, Innovative intends to file a registration assertion on Form S-4 with the SEC, which can embrace a proxy assertion/prospectus of Innovative, and can file different paperwork concerning the Proposed Transaction with the SEC.
About Zoomcar
Founded in 2013 and headquartered in Bengaluru, India, Zoomcar is the main market for automobile sharing throughout India, Southeast Asia and the MENA area, with over 25,000 automobiles presently out there to company utilizing its platform. The Zoomcar neighborhood connects car house owners with company, who select from a number of automobiles to be used at inexpensive costs, selling sustainable, good transportation options in rising markets. Uri Levine, the co-founder of mobility unicorns Waze and Moovit, presently serves as Chairman of Zoomcar’s Board of Directors.
About Innovative International Acquisition Corp.
Innovative is a clean verify firm integrated as a Cayman Islands exempted firm for the function of effecting a merger, share trade, asset acquisition, share buy, reorganization or comparable business mixture with a number of companies. Innovative’s administration, contains of Dr. Mohan Ananda, Madan Menon and Elaine Price, together with a board of administrators that builds on its skill, expertise and community with cross border transactions and strategic progress, sought to companion with a expertise firm that had a world footprint with a targeted world progress technique. Innovative carried out a profitable IPO in October of 2021, through which it raised $235 million. Innovative’ s funding thesis was to discover a firm which had a historical past of constructive progress, a transparent path to profitability, a robust defensible market place coupled with a tradition of inclusion, range, and environmental duty. Innovative sought recommendation from a number of main corporations to help with a radical diligence course of previous to coming into into the Merger Agreement.
Additional Information and Where to Find It
In reference to the proposed business mixture (the “Business Combination”) involving Innovative and Zoomcar, Innovative intends to file with the SEC a Registration Statement on Form S-4 (as amended, the Registration Statement”), which can embrace a proxy assertion/prospectus. After the Registration Statement is asserted efficient, Innovative will ship the proxy assertion/prospectus and different related paperwork to its shareholders. This press launch just isn’t an alternative to the proxy assertion/prospectus. INVESTORS AND SECURITY HOLDERS AND OTHER INTERESTED PARTIES ARE URGED TO READ THE PROXY STATEMENT/PROSPECTUS AND ANY OTHER RELEVANT DOCUMENTS THAT HAVE BEEN FILED OR WILL BE FILED WITH THE SEC, AS WELL AS ANY AMENDMENTS OR SUPPLEMENTS TO THESE DOCUMENTS, CAREFULLY AND IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT ZOOMCAR, INNOVATIVE, THE PROPOSED BUSINESS COMBINATION AND RELATED MATTERS. The paperwork filed or that will likely be filed with the SEC regarding the Business Combination (when they’re out there) could be obtained freed from cost from the SEC’s web site at www.sec.gov. These paperwork (when they’re out there) can be obtained freed from cost from Innovative upon written request at Innovative International Acquisition Corp., 24681 La Plaza, Ste 300, Dana Point, CA 92629.
No Offer or Solicitation
This communication is for informational functions solely and isn’t meant to and shall not represent a proxy assertion or the solicitation of a proxy, consent or authorization with respect to any securities in respect of the Business Combination and shall not represent a suggestion to promote or the solicitation of a suggestion to purchase or subscribe for any securities or a solicitation of any vote of approval, nor shall there be any sale, issuance or switch of securities in any jurisdiction through which such provide, solicitation or sale could be illegal previous to registration or qualification below the securities legal guidelines of any such jurisdiction.
Participants in Solicitation
This communication just isn’t a solicitation of a proxy from any investor or safety holder. However, Innovative, Innovative International Sponsor I LLC (Innovative’s Sponsor), Zoomcar, and their respective administrators, officers and different members of their administration and staff could also be deemed to be contributors in the solicitation of proxies in reference to the Business Combination below the guidelines of the SEC. Information about Innovative’s administrators and government officers and their possession of Innovative’s securities is ready forth in filings with the SEC, together with Innovative’s annual report on Form 10-Ok filed with the SEC on March 29, 2022 and subsequent quarterly studies filed with the SEC on type 10-Q. To the extent that holdings of Innovative’s securities have modified since the quantities included in Innovative’s most up-to-date annual report, such modifications have been or will likely be mirrored on Statements of Change in Ownership on Form 4 filed with the SEC. Additional data concerning the contributors can even be included in the proxy assertion/prospectus, when it turns into out there. When out there, these paperwork could be obtained freed from cost from the sources indicated above.
Forward-Looking Statements
This communication incorporates “forward-looking statements” inside the which means of the Private Securities Litigation Reform Act of 1995. Such statements embrace, however are usually not restricted to, statements about future monetary and working outcomes, our plans, goals, expectations and intentions with respect to future operations, services; and different statements recognized by phrases akin to “will likely result,” “are expected to,” “will continue,” “is anticipated,” “estimated,” “believe,” “intend,” “plan,” “projection,” “outlook” or phrases of comparable which means.
These forward-looking statements and components that will trigger precise outcomes and the timing of occasions to vary materially from the anticipated outcomes embrace, however are usually not restricted to: (1) the prevalence of any occasion, change or different circumstances that would give rise to the termination of the merger settlement or might in any other case trigger the transactions contemplated therein to fail to shut; (2) the consequence of any authorized proceedings that could be instituted towards Innovative, Zoomcar, the Combined Company or others following the announcement of the Business Combination and any definitive agreements with respect thereto; (3) the incapacity to finish the Business Combination resulting from the failure to acquire approval of the shareholders of Innovative or stockholders of Zoomcar; (4) the incapacity of Zoomcar to fulfill different circumstances to closing; (5) modifications to the proposed construction of the Business Combination that could be required or applicable on account of relevant legal guidelines or laws or as a situation to acquiring regulatory approval of the Business Combination; (6) the skill to satisfy inventory trade itemizing requirements in reference to and following the consummation of the Business Combination; (7) the danger that the Business Combination disrupts present plans and operations of Zoomcar on account of the announcement and consummation of the Business Combination; (8) the skill to acknowledge the anticipated advantages of the Business Combination, which can be affected by, amongst different issues, competitors, the skill of the Combined Company to develop and handle progress profitably, preserve its popularity, develop its buyer base, preserve relationships with prospects and suppliers and retain its administration and key staff; (9) the affect of the COVID-19 pandemic on the business of Zoomcar and the Combined Company (together with the results of the ongoing world provide chain scarcity); (10) Zoomcar’s restricted working historical past and historical past of internet losses; (11) Zoomcar’s buyer focus and reliance on a restricted variety of key expertise suppliers and fee processors facilitating funds to and by Zoomcar’s prospects; (12) prices associated to the Business Combination; (13) unfavorable interpretations of legal guidelines or laws or modifications in relevant legal guidelines or laws; (14) the risk that Zoomcar or the Combined Company could also be adversely affected by different financial, business, regulatory, and/or aggressive components; (15) Zoomcar’s estimates of bills and profitability; (16) the evolution of the markets through which Zoomcar competes; (17) political instability related to working in present and future rising markets Zoomcar has entered or could later enter; (18) dangers related to Zoomcar sustaining insufficient insurance to cowl dangers related to business operations now or in the future; (19) the skill of Zoomcar to implement its strategic initiatives and proceed to innovate its present merchandise; (20) the skill of Zoomcar to stick to authorized necessities with respect to the safety of non-public knowledge and privateness legal guidelines; (21) cybersecurity dangers, knowledge loss and different breaches of Zoomcar’s community safety and the disclosure of non-public data or the infringement upon Zoomcar’s mental property by unauthorized third events; (22) dangers related to the efficiency or reliability of infrastructure upon which Zoomcar depends, together with, however not restricted to, web and cellphone providers; 23 the danger of regulatory lawsuits or proceedings regarding Zoomcar’s services or products; (24) elevated compliance dangers related to working in a number of international jurisdictions without delay, together with regulatory and accounting compliance points; (25) Zoomcar’s publicity to operations in rising markets the place improper business practices could also be prevalent; (25) Zoomcar’s skill to acquire further capital when crucial;
The foregoing listing of things just isn’t exhaustive. You ought to rigorously contemplate the foregoing components and the different dangers and uncertainties described in the “Risk Factors” part of the Registration Statement referenced above and different paperwork filed by Innovative occasionally with the SEC. These filings establish and deal with different vital dangers and uncertainties that would trigger precise occasions and outcomes to vary materially from these contained in the forward-looking statements. There could be no assurance that the knowledge contained herein is reflective of future efficiency to any diploma. You are cautioned to not place undue reliance on forward-looking statements as a predictor of future efficiency as projected monetary data and different data are based mostly on estimates and assumptions which are inherently topic to varied vital dangers, uncertainties and different components, a lot of that are past our management. Forward-looking statements communicate solely as of the date they’re made, and Innovative and Zoomcar disclaim any intention or obligation to replace or revise any forward-looking statements, whether or not on account of developments occurring after the date of this communication. Forecasts and estimates concerning Zoomcar’s business and finish markets are based mostly on sources we consider to be dependable, nonetheless there could be no assurance these forecasts and estimates will show correct in entire or partly. Annualized, professional forma, projected and estimated numbers are used for illustrative function solely, are usually not forecasts and will not replicate precise outcomes.
Contacts
Zoomcar
Investors:
Michael Bowen
[email protected]
Media:
Surabi Shetty
[email protected]
Brad Burgess
[email protected]
Innovative International Acquisition Corp.
Dr. Mohan Ananda, Chairman &CEO
[email protected]
