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American duo David Back and Greg Moran met while studying at the University of Pennsylvania, where both graduated in 2007. After graduating, Back studied at Harvard Law School and Moran worked on energy financing projects. The pair also attended business school; Moran at the University of Southern California and Back at the Judge Business School at Cambridge University.
Back and Moran both dropped out of business school to move to India and pursue a venture in car rentals. Zoom officially launched operations in Bangalore in February 2013 using JustShareIt platform. Zoom started with $215,000 in capital and a fleet of seven cars.
In May 2015, Back resigned from the company, and moved back to the US citing personal reasons.
In December 2023, Zoomcar merged with Innovative International Acquisition Corporation (IOAC), a special-purpose acquisition company, to become listed on the Nasdaq as Zoomcar Holdings Inc.
In June 2024, CEO Greg Moran was fired months after the U.S. Securities and Exchange Commission had flagged concerns about the company's revenue projections.