Indian car rental platform Zoomcar Inc said on Thursday it would go public in the United States after being acquired by blank-check firm Innovative International Acquisition Corp.

The deal will value the combined company at $456 million, including debt, Zoomcar said.

The company said proceeds from a trust account that contains about $235 million will provide the capital for general working purposes.

The merger is expected to complete in the first half of 2023, said Zoomcar, which has more than 3 million active users and more than 25,000 vehicles on its platform.

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By Dipak

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