Company: ZCARW
Filing Date: 2025-03-28
Form Type: DRS
Source: 0001013762-25-003498
Chunk: 174

Company: Zoomcar Holdings, Inc.
Filing Date: 2025-03-28
Form: DRS
Chunk 174
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is booked and used for a trip. Certain portions of the GBV associated with each trip are paid 100% to the Host (e.g., fuel costs) and
other portions are retained 100% by Zoomcar (e.g., value added trip protection fees); the balance of fees paid by Guests are apportioned
60% to the Host and 40% to Zoomcar. For more information on allocation of revenue between Hosts and Zoomcar, please see the section titled
“Management’s Discussion and Analysis - Standard Booking Flow.”

Rewards and Incentives

We utilize certain rewards
and incentives to encourage repeat and incremental transactions on our platform. For example, Guests that refer new customers to Zoomcar
receive redeemable credits when new users complete bookings; we also make similar referral benefits available to Hosts who refer new Hosts
to the platform. We also have a “Z points” loyalty program, which involves discounts or credits offered to Guests that they
can redeem when booking subsequent trips on our platform.

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Industry and Consumer Preferences

Our platform is designed
around consumer preferences and aims to provide smart transportation solutions within urban communities across emerging market countries.
Mobility options are currently limited in the markets we serve and the transportation options that are currently available are often outdated,
expensive and, in many cases, inflexible and inconvenient for short-term needs. Our business model and platform offerings continue to
evolve with changing consumer expectations and the observable shift in emerging market populations toward personalized, digitized goods
and services offered on-demand. We believe that our positioning in most major cities in India, together with our scalable technology and
platform features, make Zoomcar well-positioned to continue attracting customers from addressable markets with few parallels in terms
of scale and size.

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 2026,          
 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