Car-sharing platform Zoomcar raises Rs 76 cr from institutional investors

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Car-sharing platform Zoomcar raises Rs 76 cr from institutional investors - Business Standard

Quick Summary:

In connection with the private placement, the company said it issued an aggregate of 2,137,850 units, with each unit sold at an effective price of USD 4.28 per unit and consisting of one share of common stock, two Series A warrants, each exercisable for one share of common stock at an initial exercise price of USD 4.03 per share.

The proceeds will be used for repayment of approximately USD 3.8 million in debt and the remaining amount for general corporate purposes and working capital needs.

Self-drive car-sharing platform Zoomcar on Friday said it has raised USD 9.15 million (about Rs 76 crore) from institutional investors.