Company: ZCARW
Filing Date: 2025-05-05
Form Type: S-1
Source: 0001213900-25-039778
Chunk: 286

Company: Zoomcar Holdings, Inc.
Filing Date: 2025-05-05
Form: S-1
Chunk 286
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    63,735 |
| 2027                                       |     |   |         - |
| 2028                                       |     |   |         - |
| 2029                                       |     |   |         - |
| Thereafter                                 |     |   |         - |
|                                            |     | $ | 2,973,192 |

| * | Maturities have been stated as per the respective agreements                                                                                  
 with the financiers. For Tata Motors Finance Limited, due to non-payment of scheduled EMIs, the loan is immediately payable and is classified 
 as current. The debts are not associated with any restrictive covenants.                                                                      |

F- 29 ZOOMCAR HOLDINGS, INC. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

| (1) | Non-convertible 
 debentures      |

| (i) | 7.7%      
 Debenture |

On
September 25, 2024, the Company entered into a settlement agreement with Blacksoil Capital Private Limited, wherein the lender
waived % of the outstanding amount. As of December 31, 2024, the Company had fully repaid its liability to the lender. This
transaction was accounted for as troubled debt restructuring under ASC 470-60 (Refer to Note 4), resulting in a net gain of $NIL and
$ for the three and nine months ended December 31, 2024, respectively.

The Company has recorded an interest
expense amounting to $NIL and $ for the three and nine months ended December 31, 2024 ($ and $ for the three and nine
months ended December 31, 2023).

| (2) | Term             
 loans from NBFCs |

Includes loans outstanding as at December
31, 2024 and March 31, 2024 amounting to $ and $, respectively.

The Company has recorded an interest
expense amounting to $ and $ for the three and nine months ended December 31, 2024 ($ and $ for the three and
nine months ended December 31, 2023).

As of December 31, 2024, the Company
has defaulted on debt obligations, totaling $, owed to various lenders, including Kotak Mahindra Finance, Tata Motors Finance
Limited, Mahindra & Mahindra Financial Services Limited and Clix Finance India Private Limited. The Company has also recorded a penal
interest expense amounting