Zoomcar, the largest car-sharing marketplace covering emerging markets, announced entering into a definitive agreement to merge with Innovative International Acquisition Corp, under which the company will be listed on the NASDAQ Stock Exchange, with its name changed to Zoom Car Holdings. The official merger is set to be finalized by the second quarter of 2023.
“Listing Zoomcar’s shares on the Nasdaq Stock Exchange is evident proof of its strong potential and flowing investments,” said Hany Olama, Vice President & Country Head said, as he expressed his optimism about the agreement. “The merger is expected to boost the company’s ability to achieve ongoing growth, which positively reflects on its stance in Egypt and emphasizes commitment toward the Egyptian market to provide environmentally-friendly transportation solutions and support the economic empowerment of the Egyptian community.”
Referring to the global economic crisis, Olama elaborated saying, “Zoomcar seeks to provide an additional source of income and offer job opportunities for the Egyptians, which helps reinforce the sharing economy and maximize the private sector’s participation in the development of transportation system.”
In 2021, Zoomcar kickstarted its services with total investments estimated at US$25 million and around 20,000 bookings recorded last year. Earlier this year, the company declared doubling its investments in Egypt in order to reach US$50 million over the coming three years.
The company seeks to expand the scope of its services, stretching out into Alexandria and then into each of South Sinai, Red Sea, Dakahlia and Gharbia governorates.
