Company: ZCARW
Filing Date: 2025-06-30
Form Type: 10-K
Source: 0001213900-25-059675
Chunk: 1019

Company: Zoomcar Holdings, Inc.
Filing Date: 2025-06-30
Form: 10-K
Item: Item 2
Chunk 1019
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1)The
Company adopted the 2023 Equity Incentive Plan in connection with the Business Combination. As of the date of this Form 10-K a total
of 17,966 RSUs have been granted to the employees and the Board and 370,955 are reserved for future issuance.

(2)In
connection with the Business Combination, the Company assumed options to purchase 16 shares from the Zoomcar, Inc. 2012 Equity Incentive
Plan with the remaining options being cancelled, other than 100,000 options of 2012 Equity Incentive Plan to purchase 2(two) shares of
the Company (arrived at after taking into account the conversion ratio 0.0281:1 for the business combination event and after giving effect
to the First and Second Reverse Split) which were neither assumed nor cancelled and remain the subject of a litigation (see “Risk
Factors - A former employee of Zoomcar India has instituted a wrongful termination suit and claims that certain Zoomcar options have
vested”).

Recent Sales of Unregistered Securities and Use of Proceeds

There were no sales of equity securities during the period covered
by this Report that were not registered under the Securities Act and were not previously reported in a Current Report on Form 8-K filed
by the Company.

Issuer Repurchases of Securities

None.

Item 6. Reserved.

Item 7. Management’s Discussion and
Analysis Of Financial Condition And Results Of Operations

The following “Management’s
Discussion and Analysis of Financial Condition and Results of Operations” should be read in conjunction with our audited consolidated
financial statements and related notes thereto included elsewhere in this Annual Report on Form 10-K for the year ended March 31, 2025
and 2024. This discussion contains forward-looking statements that involve risks and uncertainties. Our actual results could differ materially
from such forward-looking statements. Factors that could cause or contribute to those differences include, but are not limited to, those
identified below and those discussed in the sections titled “Risk Factors” and “Special Note Regarding Forward-Looking
Statements” included in this Form 10-K. Additionally, our historical results are not necessarily indicative of the results that
may be expected in any future period. Amounts are presented in U.S. dollars.

Unless the context otherwise
requires, references in this “Management’s Discussion and Analysis of Financial Condition and Results of Operations”
to “Zoomcar,” “we”, “us”, “our”,