Company: ZCARW
Filing Date: 2025-03-04
Form Type: S-1
Source: 0001213900-25-020176
Chunk: 264

Company: Zoomcar Holdings, Inc.
Filing Date: 2025-03-04
Form: S-1
Chunk 264
---
 which are necessary for the fair statement of the Condensed Consolidated Financial position, results of operations, and cash flows for these interim periods.

The Condensed 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 Condensed Consolidated Financial Statements herein.

| (b) | Principles of consolidation |

The Condensed 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”).

F-9

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.

As at December 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,            
 Inc.                |     | Voting           
 Interest         |
| PT                                 
 Zoomcar Indonesia