Company: ZCARW
Filing Date: 2025-06-30
Form Type: 10-K
Source: 0001213900-25-059675
Chunk: 6

Company: Zoomcar Holdings, Inc.
Filing Date: 2025-06-30
Form: 10-K
Item: Item 1
Chunk 6
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 present we are focused on investing our technology and financial resources
in India. Currently all of our revenue is derived in India and as of the date of this Form 10-K have ceased operations outside India.
There is no guarantee we will be able to expand into any additional markets or raise significant revenue in any new markets in which
we might operate in the future.

Limitations of Current Mobility Offerings in Emerging Markets

With the rapid transition
to digitally enabled consumer services, the limitations of the present mobility options in emerging markets have become more apparent:

    ●
    Personal car ownership
    is expensive, inefficient and not scalable for most of the urban population. Publicly available predictive demographic data suggest
    that, by 2025, there will be an estimated population of 1.8 billion across “our target urban centers within these emerging
    market countries,” defined to include 25 countries located within Southeast Asia, countries situated in and around the Middle
    East and North Africa, Latin America and Central Asia (“MENA”), with corresponding vehicle ownership which we
    estimate (assuming a 5% compound annual growth rate) to exceed 200 million cars across our target emerging markets during the same
    time period. Even with this seemingly large number of cars, personal vehicle ownership rates currently remain below 10% across a
    majority of our target emerging markets economies. Further, in contrast to Western markets, owning a car in emerging markets can
    be prohibitively expensive relative to average incomes. High import duties and excise taxes in many emerging markets contribute to
    expensive upfront vehicle prices. At the same time, the used car market in emerging markets remains largely decentralized, unorganized
    and offline, thereby making it more challenging for consumers to obtain transparent, affordable pricing for quality vehicles. Additionally,
    the vehicle financing market remains largely undeveloped in our target emerging markets, as interest rates may be between 10% and
    15%, with many financiers requiring down payments of 20% to 30% or higher. Additionally, even traditional car leasing options are
    in short supply in many emerging markets given the relatively high interest rate environment and lack of robust, reliable credit
    data, combined with other barriers to entry that may be presented by local regulatory considerations.

3

    ●
    Ride sharing solutions
    (similar to Uber or other local market equivalent) cover very different consumer use cases and do not meet longer-distance travel
    requirements. Ride sharing solutions generally serve limited use cases