“The conversations are fairly advanced, but they are stuck at the share swap ratio,” said one of the two people cited above, requesting anonymity. “Revv wants one share for every three shares, and Zoomcar wants to give one share for every 4.25 shares.”
Entrackr couldn’t immediately ascertain the value of this deal.
This comes several months after a media report said that Zoomcar was going to merge with bike rental startup Drivezy. Sources say that the deal did not go through because Drivezy was not interested in taking it forward.
“A few months ago, SoftBank was interested in investing in Zoomcar, but the condition was that it had to either merge with Drivezy or Revv,” said another person familiar with the matter, requesting anonymity. “But Drivezy wasn’t too keen on the merger.”
While Entrackr is not clear whether SoftBank will invest if Zoomcar and Revv merge, the Masayoshi Son-led investment firm has been expressing strong interest in the self-drive car rental space. Sources say SoftBank has held several rounds of discussions with both companies in the past.
It’s worth noting that Drivezy and Zoomcar have been in the market to raise a large round for more than three quarters. However, they are yet to find backers who are willing to lead a three-digit round.
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