05:11 PM EDT, 06/20/2024 (MT Newswires) -- Zoomcar Holdings ( ZCAR ) said late Thursday it closed the sale of $3.6 million of promissory notes and warrants to institutional investors.

The company, a marketplace for car sharing in emerging markets, expects gross proceeds of $3 million.

The notes with an original issue discount of almost 17%, will bear interest at 15% a year unless an event of default has occurred, upon which interest accrues at 20% a year.

The warrants expire after five years.

The company plans to use the net proceeds and existing cash for general corporate purposes and working capital.

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