Company: ZCARW
Filing Date: 2025-05-12
Form Type: S-1/A
Source: 0001213900-25-041769
Chunk: 260

Company: Zoomcar Holdings, Inc.
Filing Date: 2025-05-12
Form: S-1/A
Chunk 260
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, 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 |     | 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 Holdings, Inc holds variable interest in all the subsidiaries by way of contribution towards 
 equity and in the form of debt.                                                                      |

| - | The entities are variable interest entities for Zoomcar Holdings, Inc since the legal entities do not 
 have sufficient equity investment at risk and equity investors at risk.                               |

For the purpose of equity interests,
the interests held by employees are also considered under ASC 810 since employees are considered as de-facto agents. Thus, Zoomcar Egypt
Car Rental LLC, Fleet Mobility Philippines Corporation, and Zoomcar Vietnam Mobility LLC are considered as wholly owned subsidiaries of
Zoomcar, Inc and step-down subsidiaries of Zoomcar Holdings, Inc.

F-9 ZOOMCAR HOLDINGS, INC. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

Through the direct and
indirect interest that Zoomcar Holdings, Inc. holds in the subsidiaries, Zoomcar Holdings, Inc. has the power to direct the
activities of a VIE that most significantly impact the VIE’s economic performance and has the obligation to absorb losses of
the VIE that could potentially be significant to the V