Wholesale
Athena

Zoomcar Enterprises

Private Equity

Register Interest
Transaction Size
USD 10,000,000.00
Share Price
Minimum Investment
USD 50,000.00
Issue Type
Private Equity
Sector
Automotive

The opportunity exists to express interest in an investment in Zoomcar

Zoomcar’s mission is to address vehicle (car) access in India and other emerging markets. Zoomcar believes it is India's largest personal mobility car sharing brand with a platform that reaches across more than 45 cities. To help address the affordability challenge that limits personal car ownership in India and other emerging markets, Zoomcar is leveraging its innovative business model and novel mobility technology to democratise car ownership through its short-term car rental platform along with its enterprise SaaS offering. A unique feature of this model is an OEM white-labeled new vehicle subscription-as-a-service offering which is linked to Zoomcar’s short-term rental offering. This model enables consumers to “share back” their car with Zoomcar in return for a revenue share on the short-term rental booking.

Highlights: 

  • Zoomcar is an American domiciled corporation with a global mobility technology platform founded in 2013 with corporate HQ in Bangalore, India
  • India’s first and largest personal mobility brand with presence across 45 cities
  • Operates ~5,800 vehicles across short-term rental and long-term subscription product offerings
  • Zoomcar leverages its innovative software mobility platform and business model to democratize car ownership
  • Zoomcar partners with automobile manufacturers (OEMs) to offer consumers car subscriptions
  • Subscribers can “share back” their car on Zoomcar’s short-term rental platform in return for a revenue share, reducing their effective subscription cost by as much as 60%
  • Zoomcar platform aims to become the “Airbnb” of personal mobility
  • Zoomcar’s Enterprise SaaS business also monetises solutions within IoT and white-labelled subscription/rental
  • $58M gross revenue in FY 2020 with a significant reduction in gross revenue in FY 2021 on account of global COVID-19 pandemic
  • Zoomcar has finalised OEM agreements with MG Motors and Honda and is in the process of finalising OEM agreements with Toyota, Nissan, Renault, Tata, Mahindra, Hyundai
  • $115M total equity raised across institutional & strategic investors
  • Experienced management team led by Co- Founder and CEO Greg Moran and with a diverse Board to be led by Uri Levine who has joined Zoomcar as its Chairman of the Board in March 2021. Uri Levine co-founded Waze, the world’s largest driving traffic and navigation app in 2007. The app presently is used by more than 750 million drivers globally and was acquired by Google in June of 2013 for $1.1 billion. Uri was also the first board member and an investor in Moovit, the ‘Waze of public transportation.’ Moovit, which is used by more than 750 million individuals worldwide, was acquired by Intel for ~$1 Billion in 2020.

Summary of Offering Terms:

Register interest to see definitive documentation. To the extent there is any conflict between the terms set forth below and the definitive documents, the definitive documents shall control.

  •  Securities Offered:
    • Units, with each unit consisting of 1 share of Series E Preferred Stock and 1 5-year warrant entitling the holder to purchase 1 share of Common Stock at an initial exercise price of $2.50 per share*
  • Price per Unit:
    • $2.50
  • Offering Amount :
    • Minimum: $10,000,000
    • Maximum: $30,000,000
    • Over-Allotment: Up to $20,000,000 
  • Terms of Series E - Preferred Stock
    • Liquidation preference: 1x (non-participating)
    • Voting: On an as converted to common stock basis along with certain protective provisions
    • Conversion: Mandatory conversion upon the sale of Common Stock to the public in a firm commitment underwritten IPO of at least $40M and in connection with certain other events
  • Registration Obligation :
    • The Company shall file a registration statement with the SEC within 60 days from the final closing covering the resale of common stock issuable upon conversion of the Series E Preferred and exercise of the warrants
  • Pre-money Valuation (Fully Diluted)** :
    • $248 million

*Units to initially consist of securities of Zoomcar Enterprises Corp. (“Enterprises”). See the Company’s Offering Memorandum. Concurrently with the initial closing of the Private Placement, Enterprises will merge with and into a wholly-owned subsidiary of Zoomcar, Inc. and the securities of Enterprises issued in the Private Placement will be exchanged for Series E Preferred Stock and Warrants of Zoomcar, Inc.

**Post merger

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