Zoomcar raises $9.15 million from institutional investors

MUMBAI Mumbai: Self-drive car-sharing platform Zoomcar on Friday said it has raised USD 9.15 million (about Rs 76 crore) from institutional investors. The amount will be used for repayment of debt of about USD 3.8 million and the balance will be used for general corporate purposes and working capital needs.

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

This results in the issuance of Series A warrants exercisable for an aggregate of 4,275,700 shares of common stock, and one Series B warrant to purchase so many shares of common stock at an exercise price of USD 0.0001,” it said. Zoomcar said the Series A warrants have a term of 5 years, and the Series B warrants are exercisable until exercised in full. Aegis Capital Corp acted as the exclusive placement agent for the private placement, the company said.