Company: ZCARW
Filing Date: 2025-03-04
Form Type: S-1
Source: 0001213900-25-020176
Chunk: 317

Company: Zoomcar Holdings, Inc.
Filing Date: 2025-03-04
Form: S-1
Chunk 317
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 Update (“ASU”) of the Financial Accounting Standards Board (“FASB”).

The consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries and variable interest entities in which the Company is the primary beneficiary, including an entity in India and in other geographical locations. All intercompany accounts and transactions have been eliminated in the consolidated financial statements herein.

| ii. | Principles of consolidation |

The consolidated financial statements include the accounts of Zoomcar Holdings, Inc. and of its wholly owned subsidiaries and Variable Interest Entities (“VIE”) in which the Company is the primary beneficiary, including an entity in India and in other geographical locations (collectively, the “Company”).

The Company determines, at the inception of each arrangement, whether an entity in which it has made an investment or in which it has other variable interest is considered a VIE. The Company consolidates a VIE when it is the primary beneficiary. The primary beneficiary of a VIE is the party that meets both of the following criteria:

| (i) | has the power to direct the activities                                  
 that most significantly affect the economic performance of the VIE; and |

| (ii) | has the obligation to absorb losses                                                               
 or the right to receive benefits that in either case could potentially be significant to the VIE. |

Periodically, the Company determines whether any changes in its interest or relationship with the entity impact the determination of whether the entity is still a VIE and, if so, whether the Company is the primary beneficiary.

F-62 ZOOMCAR HOLDINGS, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

| 2. | Summary of Significant Accounting 
 Policies (Continued)              |

As at March 31, 2024, following are the list of subsidiaries and step-down subsidiaries:

| Name                               
 of Entity                          |     | Place         
 of            
 Incorporation |     | Investor                
 Entity                  |     | Method           
 of consolidation |
| Zoomcar,                           
 Inc.                               |     | USA           |     | Zoomcar                 
 Holdings, 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,