Company: ZCARW
Filing Date: 2025-05-05
Form Type: S-1
Source: 0001213900-25-039778
Chunk: 302

Company: Zoomcar Holdings, Inc.
Filing Date: 2025-05-05
Form: S-1
Chunk 302
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 427,639 prior to First Reverse Stock Split) for nine months ended         
 December 31, 2023 respectively.                                                                                                                  |

| 28 | Employee benefit plans (unfunded) |

Employee benefit plans includes gratuity
and compensated absences payable to employees. These benefit plans consist of a defined benefit plan for gratuity payable by the Indian
subsidiary of the Company under Indian regulations. These are determined under the projected unit credit method, with actuarial valuations
being carried out at each reporting date. The retirement benefit obligations recognized in the Condensed Consolidated Balance Sheets represents
the present value of the defined obligations. Under an employee benefit plan, it is the Company’s obligation to provide agreed benefits
to the employees. The related actuarial and investment risks fall on the Company.

| Pension and other employee obligations | As at |   | December 31, 
         2024 |     |   | March 31, 
      2024 |
|:---------------------------------------|:------|:--|-------------:|:----|:--|----------:|
| Current                                |       |   |              |     |   |           |
| Gratuity                               |       | $ |       78,460 |     | $ |    93,967 |
| Compensated absences                   |       |   |       68,516 |     |   |    89,688 |
|                                        |       | $ |      146,976 |     | $ |   183,655 |
| Non-current                            |       |   |              |     |   |           |
| Gratuity                               |       | $ |      200,148 |     | $ |   258,524 |
| Compensated absences                   |       |   |      145,708 |     |   |   232,925 |
| Other statutory dues                   |       |   |        2,074 |     |   |         - |
|                                        |       | $ |      347,930 |     | $ |   491,449 |

(This space has been left intentionally blank) F- 40 ZOOMCAR HOLDINGS, INC. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

| 28 | Employee benefit plans (unfunded) (Continued) |

| I. | Gratuity |

| Changes in projected benefit obligation (PBO) |     | Three months ended