Company: ZCARW
Filing Date: 2025-05-05
Form Type: S-1
Source: 0001213900-25-039778
Chunk: 288

Company: Zoomcar Holdings, Inc.
Filing Date: 2025-05-05
Form: S-1
Chunk 288
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warrants ( prior to Second Reverse Stock Split) are outstanding (after considering antidilution effect). Furthermore, the placement
agent warrants outstanding as of December 31, 2024 are warrants ( prior to Second Reverse Stock Split).

These Warrants are classified as equity
on the Condensed Consolidated Balance Sheets.

| 17 | Unsecured                          
 promissory note to related parties |

The following is a summary of the Company’s unsecured
promissory note payable as of December 31, 2024 and March 31, 2024:

| (In USD)                  
 As at                     |     | Outstanding  
 December 31, 
 2024         |   |     | March 31, 
 2024      |           |
|:--------------------------|:----|:-------------|:--|:----|:----------|----------:|
| Unsecured promissory note |     | $            | - |     | $         | 2,027,840 |
| Total                     |     |              | - |     |           | 2,027,840 |

During the nine months ended December
2024, Ananda Small Business Trust has opted for conversion of the Unsecured promissory note into the common stock of the Company at the
agreed conversion price of $ ($ prior to Second Reverse Stock Split and $ prior to First Reverse Stock Split) per share. On
October 2, 2024, shares ( shares prior to Second Reverse Stock Split and shares prior to First Reverse Stock Split) have
been issued to Ananda Small Business Trust on conversion of the Unsecured promissory note.

(This space has been left intentionally blank) F- 31 ZOOMCAR HOLDINGS, INC. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

| 18 | Unsecured                         
 Convertible Note (‘Atalaya Note’) |

The following is a summary of the Company’s Atalaya
Note payable for which it elected fair value option as on December 31, 2024 and March 31, 2024:

| (In USD)              
 As                    
 at                    |     | Fair Value Outstanding 
 December               
 31,                    
 2024                   |   |     | March 
 31,   
 2024  |            |
|:----------------------|:----|:-----------------------|:--|:----|:------|-----------:|
| Non-current liability |     |                        |