Zoomcar Co-founder Ousted as CEO Following Nasdaq Debacle, Company Secures New Funding

Nabarun Chakraborty & Harshajit Sarmah·Aug 9, 2026·1 min read

Zoomcar terminated co-founder Greg Moran as CEO after a Nasdaq debut that resulted in a 98% loss of the company’s value.
Hiroshi Nishijima, the company’s COO, was named interim CEO by the board.
Zoomcar also secured a new $3 million investment from institutional investors amid regulatory scrutiny.

Zoomcar co-founder Greg Moran removed as CEO

Bengaluru-based car rental company Zoomcar announced in a regulatory filing that its co-founder, Greg Moran, was removed as CEO after serving for 12 years. Hiroshi Nishijima, the company’s COO, was named interim CEO by the board.

"On June 20, 2024, Greg Moran, the company’s chief executive officer, was terminated from his role. Pursuant to Moran’s employment agreement, Moran is required to resign from the Board of Directors of the company as a result of such termination," read SEC filings as of June 21.

Nasdaq debut wiped out 98% of Zoomcar’s value

Moran’s resignation followed a catastrophic Nasdaq debut that wiped out 98% of the company’s value in six months.

Reports also suggested that the firm was under regulatory review regarding the market pricing of its Nasdaq shares and its revenue forecasts.

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SEC requested information on revenue forecasts

SEC filings from February 5 revealed that the regulator requested more information about the company’s revenue forecasts.

The filings pointed out that financial advisors projected 2023 revenues of $21.6 million in their business combination evaluation, while the company’s actual revenues for the year ending March 31, 2023, were $8.8 million.

“This week marked the end of a decade plus long journey at the helm building Zoomcar. I couldn't be more proud of what we've built in India and beyond as we introduced the power of car sharing to millions of new consumers across countless cities,” wrote Moran in a LinkedIn post.

Zoomcar secures new $3 million investment

Moran’s departure coincided with Zoomcar receiving a new $3 million investment. The app-based peer-to-peer car rental marketplace secured the funding from institutional investors.