Company: ZCARW
Filing Date: 2025-03-28
Form Type: DRS
Source: 0001013762-25-003498
Chunk: 343

Company: Zoomcar Holdings, Inc.
Filing Date: 2025-03-28
Form: DRS
Chunk 343
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 LLC***                     |     | Egypt            |     | Debt          |     | Zoomcar                 
 Netherlands Holding B.V |
| Zoomcar Egypt Car Rental   
 LLC***                     |     | Egypt            |     | Debt          |     | Zoomcar                 
 Inc.                    |
| Fleet Mobility Philippines 
 Corporation*               |     | Philippines      |     | Debt          |     | Zoomcar                 
 Inc.                    |
| Zoomcar Vietnam Mobility   
 LLC**                      |     | Vietnam          |     | Debt          |     | Fleet                   
 Holding Pte Ltd         |
| Zoomcar Vietnam Mobility   
 LLC**                      |     | Vietnam          |     | Debt          |     | Zoomcar                 
 Inc.                    |
| Zoomcar Vietnam Mobility   
 LLC**                      |     | Vietnam          |     | Equity        |     | Fleet                   
 Holding Pte Ltd         |

These amounts have been eliminated during the process of consolidation

| * | In                                                                                       
 May 2022, Company had initiated the process of winding-up for Fleet Mobility Philippines 
 Corporation. The assets consolidated for the VIE are not material.                       |

| ** | In                                                                                                  
 August 2023, Zoomcar Vietnam Mobility LLC has filed for bankruptcy with the local authorities.      
 In accordance with ASC 810-10-15-10, the Company consolidates the VIE as the bankruptcy application 
 is pending with the authorities in Vietnam and unless the application is admitted, the Company      
 holds a variable interest and still is the primary beneficiary. The assets/liabilities consolidated 
 for the VIE are not material.                                                                       |

The VIEs included in Condensed Consolidated Financial Statements are separate legal entities and their assets are legally owned by them and are not available to the Company’s creditors or creditors of the Company’s other subsidiaries.

Nature of, and changes (if any) in, the risks associated with a reporting entity’s involvement with the VIE

In case of all the entities, the reporting entity is exposed to foreign currency exchange risk of the subsidiaries since the subsidiaries are incorporated in countries other than the country in which the reporting entity has been incorporated.

Further, Zoomcar Netherlands Holding B.V has advanced loan to Zoomcar Egypt Car Rental LLC. Accordingly, Zoomcar Netherlands Holding B.V is exposed to the credit risk of Zoomcar Egypt Car Rental LLC.

<div align='center'>F-47

ZOOMCAR HOLDINGS, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)</div>

| 31 | Financial                             
 Instruments