The board has appointed Hiroshi Nishijima, currently the company’s Chief Operating Officer, as interim CEO following Moran’s termination on June 20, 2024. Moran, in accordance with his employment agreement, is also required to resign from the company’s Board of Directors.
Simultaneously, Zoomcar announced securing $3 million from institutional investors through a securities purchase agreement, comprising notes and warrants for purchasing company common stock.
Earlier regulatory filings highlighted scrutiny over Zoomcar’s revenue projections, with actual revenues for FY2023 reported at $8.8 million against a projected $21.6 million.
Moran expressed gratitude on LinkedIn, acknowledging the conclusion of over a decade at Zoomcar’s helm and its pioneering role in car sharing across India and beyond.
Founded in 2013 by Greg Moran and David Back, Zoomcar provides flexible car rental services on an hourly, daily, weekly, or monthly basis. The company has garnered investments from Peak XV, Ford Smart Mobility, Nexus Venture Partners, Mahindra & Mahindra, and other investors.
Zoomcar completed a SPAC merger with Innovative International Acquisition CorpM (IOAC) in 2023, facilitating its listing on Nasdaq with a pro forma enterprise value estimated at approximately $456 million. Preceding its public debut, the company had amassed over $400 million in funding.
