Zoomcar inks merger deal with Innovative International Acquisition Corporation

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Cairo – Car sharing platform Zoomcar has entered into a definitive agreement to merge with Innovative International Acquisition Corporation, to publically list on Nasdaq, with its name changed to Zoom Car Holdings.

The official merger is set to be completed by the second quarter (Q2) of 2023, according to a recent press release.

Hany Olama, Zoomcar Vice President & Country Head, said: “The merger is expected to boost the company’s ability to achieve ongoing growth, which positively reflects on its stance in Egypt and emphasises commitment toward the Egyptian market to provide environmentally-friendly transportation solutions and support the economic empowerment of the Egyptian community.”

On the global economic crisis, Olama noted: “Zoomcar seeks to provide an additional source of income and offer job opportunities for the Egyptians, which helps reinforce the sharing economy and maximise the private sector’s participation in the development of transportation system.”

In 2021, Zoomcar launched its services with total investments estimated at $25 million. About 20,000 bookings were recorded last year. Earlier this year, the company announced doubling its investments in the Arab world's most populous nation to $50 million over the coming three years.

The company plans to expand its scope of services, stretching out into Alexandria and then into the governorates of South Sinai, the Red Sea, Dakahlia, and Gharbia.