Company: ZCARW
Filing Date: 2025-05-12
Form Type: S-1/A
Source: 0001213900-25-041769
Chunk: 288

Company: Zoomcar Holdings, Inc.
Filing Date: 2025-05-12
Form: S-1/A
Chunk 288
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 at                    |     | Fair Value Outstanding 
 December               
 31,                    
 2024                   |   |     | March 
 31,   
 2024  |            |
|:----------------------|:----|:-----------------------|:--|:----|:------|-----------:|
| Non-current liability |     |                        |   |     |       |            |
| Atalaya               
 Note                  |     | $                      | - |     | $     | 10,067,601 |
| Total                 |     | $                      | - |     | $     | 10,067,601 |

| (In USD)          
 As                
 at                |     | Fair Value Outstanding 
 December               
 31,                    
 2024                   |           |     | March 
 31,   
 2024  |   |
|:------------------|:----|:-----------------------|----------:|:----|:------|:--|
| Current liability |     |                        |           |     |       |   |
| Atalaya           
 Note              |     | $                      | 7,017,543 |     | $     | - |
| Total             |     | $                      | 7,017,543 |     | $     | - |

The Atalaya Note was initially
recorded at the fair value of $ on issuance. The Atalaya Note was issued at % discount on principal amounting to
$ and bears an interest of % and an additional interest on default of % compounded monthly.

During the nine months ended December 31, 2024, partial
liability was settled by issue of ( prior to Second Reverse Stock Split and prior to First Reverse Stock Split)
shares to the Atalaya Note holders for a settlement of $.

The principal balance of the Atalaya
Note was $ (amount received $). As of December 31, 2024 and March 31, 2024, the fair value of the Atalaya Note of $
and $, was recorded in the Condensed Consolidated Balance Sheets for their respective periods. The change in fair value resulted
in loss of $ and gain of $ that is recorded for the three months and nine months ended December 31, 2024 ($NIL and $NIL
for three months and nine months ended December 31, 2023) in the Condensed Consolidated Statements of Operations (as no portion of such
fair value adjustment resulted from instrument-specific credit risk).