Company: ZCARW
Filing Date: 2025-02-14
Form Type: 10-Q
Source: 0001213900-25-014437
Chunk: 91

Company: Zoomcar Holdings, Inc.
Filing Date: 2025-02-14
Form: 10-Q
Item: Part I, Item 1
Chunk 91
---
 which were paid to the Host by the Company as part of its business
customary practice. Due to discontinuation of operations in Egypt, Indonesia, and Vietnam there was a savings of $0.16 million during
the nine months ended in December 31, 2024, as compared to nine months ended December 31, 2023 under other expenses..

We further achieved savings
of $0.29 million for software support and maintenance charges due to optimization of cloud cost and google maps services which were comparatively
higher during the nine months ending December 31, 2023, owing to the higher spending on brand marketing which brought more customers on
the platform, increased searches without any material impact on booking. Further, there were cost savings of $0.40 million on account
of depreciation on tracking devices during the nine months ended December 31, 2024, as compared to nine months ended December 31, 2023,
since these devices were completely depreciated in the previous Fiscal year ending March 31, 2024.

59

Technology and Development

    Three months ended December 31,  
    Nine months ended December 31, 

    2024  
    2023  
    Change  
    % Change  
    2024  
    2023  
    Change  
    % Change 
  
    Technology and development 
    $749,287  
    $1,261,101  
    $(511,814) 
     -41% 
    $2,385,988  
    $3,507,839  
    $(1,121,851) 
     -32%

Technology and development
expenses totaled $0.75 million during the three months ended December 31, 2024, as compared to $1.26 million during the three months ended
December 31, 2023, a decrease of $0.51 million, or 41%. This decrease was driven by employee benefit costs reductions of $0.52 million.

Technology and development
expenses totaled $2.39 million during the nine months ended December 31, 2024, as compared to $3.51 million during the nine months ended
December 31, 2023, a decrease of $1.12 million, or 32%. This decrease was driven by employee benefit costs reductions of $0.89 million,
and a further reduction of $0.23	 million in IT platforms support