Company: ZCARW
Filing Date: 2025-03-28
Form Type: DRS
Source: 0001013762-25-003498
Chunk: 158

Company: Zoomcar Holdings, Inc.
Filing Date: 2025-03-28
Form: DRS
Chunk 158
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 or secure the additional financing necessary
to implement its current operating plan. The ability of the Company to continue as a going concern is dependent upon its ability to increase
its revenues and eventually achieve profitable operations. No adjustments have been made to the financial statements based on this uncertainty.

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The following table summarizes
our cash flows for the periods presented:

|                                                          | Statements of Cash Flows Data: | Nine Months ended Dec 31, |       2024 |   |     |   |       2023 |   |
|:---------------------------------------------------------|:-------------------------------|:--------------------------|-----------:|:--|:----|:--|-----------:|:--|
| Net cash used in provided by operating activities        |                                | $                         | (5,043,721 | ) |     | $ | (8,542,144 | ) |
| Net cash flows generated from investing activities       |                                |                           |    463,556 |   |     |   |    (62,010 | ) |
| Net cash generated from financing activities             |                                |                           |  7,698,030 |   |     |   | 11,204,424 |   |
| Effect of foreign exchange on cash and cash equivalents. |                                |                           |    (16,636 | ) |     |   |   (168,160 | ) |
| Net decrease in cash and cash equivalents                |                                |                           |  3,117,865 |   |     |   |  2,600,270 |   |

Operating Activities

Net cash used in operating activities was $5.04 million and $8.54 million
for the nine months ended December 31, 2024, and December 31, 2023, respectively. The major drivers contributing to the decrease of $3.50
million during the current nine months compared to previous nine months period included the following:

| 1. | Decrease in net loss of $8.18                                                                                                                     
 million after adjustments for non-cash items. These adjustments include fair value changes in financial instruments, SSCPN issue expense,         
 stock-based employee compensation, issuance cost towards November and December 2024 offering, note issue expenses, gain on trouble restructuring, 
 Interest expenses on redeemable promissory note and finance leases, depreciation and amortization of long-lived assets and intangibles            
 assets, discount on issuance of common stock and warrants, among others.