Zoomcar raises $9.15 million from institutional investors

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

The proceeds will be used for repayment of approximately $3.8 million in debt and the remaining amount for general corporate purposes and working capital needs. 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 $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 $4.03 per share.

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