Car-sharing company Zoomcar, which recently debuted on the NASDAQ stock exchange, has appointed Adarsh Menon to spearhead its business operations. Menon, who previously served as Flipkart’s head of new business, brings extensive experience, having spent eight and a half years leading various ventures including Cleartrip, Shopsy, and ReCommerce. Prior to his tenure at Flipkart, Menon worked at Hindustan Unilever for 12 years.
In his new role at Zoomcar, Menon will be responsible for driving growth, managing operations, and enhancing customer experience. Greg Moran, CEO and Co-founder of Zoomcar, expressed confidence in Menon’s capabilities, stating, “Adarsh’s diverse skillsets and seasoned leadership will play an instrumental role in continuing to scale our business.”
Despite the recent appointment, Zoomcar’s shares experienced a 5.72% decline in US premarket trading. However, since its NASDAQ debut on December 29 at $3.69 per share, the company has seen a substantial 80% increase, closing at $6.64 on January 10. Zoomcar listed on the NASDAQ global market platform through the acquisition of blank check SPAC, International Acquisition Corporation (IOAC), under the symbol ZCAR.
Described as an “Airbnb for cars,” Zoomcar operates a platform where car owners can rent out their vehicles to interested guests. Headquartered in Bengaluru, the company has a presence across India, Egypt, and Indonesia. Zoomcar has secured over $250 million in funding from investors such as Sequoia Capital and Mahindra & Mahindra, with a significant portion allocated towards the $456 million acquisition of IOAC.
Over the past decade, Zoomcar’s journey in India has seen several strategic shifts and initiatives, including the purchase and leasing of car fleets, enticing investments from high-net-worth individuals, and forays into enterprise SaaS solutions, fleet management platforms for OEMs and operators, and cycle-sharing services.
