NASDAQ-listed Zoomcar names Adarsh Menon as president

Car-sharing company Zoomcar, which was listed on the NASDAQ stock exchange in December, has appointed Adarsh Menon to lead its business.

Menon last served as Flipkart's head of new business, including Cleartrip, Shopsy, and ReCommerce, spending eight and a half years in the role. He has also worked with Hindustan Unilever for 12 years.

At Zoomcar, Menon will lead growth, operations and customer experience.

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"Adarsh’s diverse skillsets and seasoned leadership will play an instrumental role in continuing to scale our business," said Zoomcar CEO and Co-founder Greg Moran.

Zoomcar's shares were last down 5.72% in US premarket trading. Its shares have risen nearly 80% since they started trading on December 29 at $3.69, to close on January 10 at $6.64. The company listed on the NASDAQ global market platform just last month via the acquisition of blank check SPAC, International Acquisition Corporation (IOAC), under the symbol ZCAR.

Zoomcar is like an Airbnb for cars where hosts connect with guests interested in renting their cars. The Bengaluru-headquartered company has operations across India, Egypt, and Indonesia.

The company has raised over $250 million in funding from investors including Sequoia Capital and Mahindra & Mahindra. It has spent nearly $456 million to acquire IOAC.

Zoomcar's presence in India over the past decade has been quite turbulent, featuring a series of shifts and strategic manoeuvres that, unfortunately, have not successfully achieved the intended outcomes. It started with buying a small fleet of cars and leasing them out, after which it tried convincing wealthy individuals to invest in purchasing a small fleet of cars for a neat return.

Zoomcar has also dabbled in launching an enterprise SaaS solution, a platform for OEMs and operators to manage fleets and a cycle-sharing service.