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BENGALURU, India - In a significant move for the self-drive car sharing industry, Zoomcar Holdings, Inc. (Nasdaq: ZCAR), a major player in the market currently valued at $1.62 million, announced the appointment of Uri Levine as Chairman of its Board of Directors, effective today. According to InvestingPro analysis, the company faces significant operational challenges with a weak financial health score of 1.37 out of 10. Levine, known for co-founding the groundbreaking navigation app Waze and the Mobility as a Service (MaaS) platform Moovit, brings his extensive experience in mobility technology to the role. Mohan Ananda, the outgoing Chairman, will continue to serve on the Board as Chairman Emeritus.
Levine’s expertise is expected to be pivotal for Zoomcar as the company seeks to accelerate its growth, particularly in the Indian market. With current revenues of $9.12 million and a concerning cash burn rate, the company faces significant challenges. The CEO of Zoomcar, Hiroshi Nishijima, expressed confidence that Levine’s strategic insights and track record in scaling mobility solutions will greatly benefit the company’s expansion efforts in India. For detailed insights into Zoomcar’s financial health and growth prospects, investors can access comprehensive analysis through InvestingPro, which offers 17 additional exclusive ProTips about the company.
Zoomcar has been gaining momentum in India, where there is a growing demand for accessible and flexible mobility options. Levine’s return to the company is anticipated to further refine Zoomcar’s strategic direction, enhance operational efficiency, and capitalize on the opportunities within the Indian market.
Levine expressed his enthusiasm for rejoining Zoomcar, emphasizing the company’s innovative business model and dedication to meeting the needs of emerging markets. His role will involve strategic oversight, mentoring, and active participation in Zoomcar’s initiatives aimed at growth and user experience enhancement.
About Uri Levine:
Levine has made significant contributions to the mobility sector, co-founding Waze in 2007, which Google acquired in 2013 for $1.1 billion. Waze now has over 140 million monthly active users worldwide. Levine also played a key role in Moovit, which Intel acquired for $1 billion in 2020.
About Zoomcar:
Zoomcar, founded in 2013 in Bengaluru, connects Hosts with Guests, offering a diverse car selection for sustainable and smart transportation solutions in India.
This article is based on a press release statement from Zoomcar. The company cautions that forward-looking statements are subject to risks and uncertainties, and actual results may differ materially. Zoomcar does not undertake any obligation to update forward-looking statements, except as required by law.
In other recent news, Zoomcar Holdings Inc. reported its financial results for the fourth quarter of 2024, highlighting a significant improvement in its contribution margin, which rose from 9% to 52%. The company also managed to reduce its adjusted EBITDA loss from $10.17 million to $3.15 million. Revenue saw a modest increase of 1% to $2.45 million, while contribution profit rose substantially from $210,000 to $1.28 million. Additionally, Zoomcar announced a 1-for-20 reverse stock split, which is intended to increase the per-share trading price of its common stock and ensure compliance with Nasdaq’s minimum bid price requirement. The reverse stock split will consolidate every 20 shares into one share, reducing the number of outstanding shares significantly. In another development, Zoomcar adjusted the terms of its Series B Warrants and authorized claim settlements, with the "Reset Price" set at $0.312, adjusting to $6.24 following a reverse stock split. These developments come as the company continues to focus on operational cost optimization and repeat user growth, alongside exploring debt restructuring options to enhance its balance sheet sustainability.
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