Company: ZCARW
Filing Date: 2025-05-12
Form Type: S-1/A
Source: 0001213900-25-041769
Chunk: 325

Company: Zoomcar Holdings, Inc.
Filing Date: 2025-05-12
Form: S-1/A
Chunk 325
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 party that meets both of the following criteria:

| (i) | has                                                                                        
 the power to direct the activities that most significantly affect the economic performance 
 of the VIE; and                                                                            |

| (ii) | has                                                                                        
 the obligation to absorb losses or the right to receive benefits that in either case could 
 potentially be significant to the VIE.                                                     |

Periodically, the Company determines whether any changes in its interest or relationship with the entity impact the determination of whether the entity is still a VIE and, if so, whether the Company is the primary beneficiary.

F-62 ZOOMCAR HOLDINGS, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

| 2. | Summary                                        
 of Significant Accounting Policies (Continued) |

As at March 31, 2024, following are the list of subsidiaries and step-down subsidiaries:

| Name of Entity                         |     | Place of      
 Incorporation |     | Investor Entity                 |     | Method of consolidation |
| Zoomcar, Inc.                          |     | USA           |     | Zoomcar Holdings, Inc.          |     | Voting Interest         |
| Zoomcar India Private Limited          |     | India         |     | Zoomcar, Inc.                   |     | Voting Interest         |
| Zoomcar Netherlands Holding B. V       |     | Netherlands   |     | Zoomcar, Inc.                   |     | Voting Interest         |
| Fleet Holding Pte Ltd                  |     | Singapore     |     | Zoomcar, Inc.                   |     | Voting Interest         |
| PT Zoomcar Indonesia Mobility Service  |     | Indonesia     |     | Fleet Holding Pte Ltd           |     | Voting Interest         |
| Fleet	Mobility	Philippines Corporation |     | Philippines   |     | Zoomcar, Inc.                   |     | VIE                     |
| Zoomcar Egypt Car Rental LLC           |     | Egypt         |     | Zoomcar Netherlands Holding B.V |     | VIE                     |
| Zoomcar Vietnam Mobility LLC           |     | Vietnam       |     | Fleet Holding Pte Ltd           |     | VIE                     |

In determining whether the VIE model was applicable to the subsidiaries the criteria prescribed under ASC 810 were examined as below:

| - | The                                                                                            
 subsidiaries were incorporated as legal entities under the laws and regulations of the country 
 in which they are incorporated.                                                                |

| - | The                                                                 
 scope exemptions under ASC 810 were not applicable to the entities. |

| - | Zoomcar