Company: ZCARW
Filing Date: 2025-01-10
Form Type: PRER14A
Source: 0001213900-25-002658
Chunk: 46

Company: Zoomcar Holdings, Inc.
Filing Date: 2025-01-10
Form: PRER14A
Chunk 46
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 Common Stock held by Ananda Small Business Trust. Mohan Ananda is the Trustee of Ananda Small Business Trust and as 
 such, may be deemed to have beneficial ownership of the securities held directly by Ananda Trust.                                    |

| (4) | Represents 908 shares of Common Stock issuable                  
 upon exercise of outstanding warrants to purchase Common Stock. |

| (5) | Represents 657 shares of Common Stock issuable upon exercise of outstanding warrants 
 to purchase Common Stock.                                                            |

| (6) | Includes 13,324 shares of Common Stock issuable upon exercise of outstanding                                                             
 warrants to purchase Common Stock. Also includes 400,000 shares of Common Stock issuable to Mr. Bailey upon his exercise of Pre-Funded   
 Warrants which contain a beneficial ownership blocker of 9.99%. Does not include up to 1,168,224 shares of Common Stock exercisable      
 pursuant to Series A Warrants and a currently undeterminable number of shares of Common Stock exercisable pursuant to Series B Warrants  
 issued to Mr. Bailey as neither of those warrants is exercisable within 60 days after December 30, 2024 and both such series of warrants 
 contain beneficial ownership blockers of 9.99%.                                                                                          |

<div align='center'>24

Related Party Transactions</div>

IOAC

Founder Shares

On April 17, 2021, the Sponsor
paid $25,000 to cover certain offering costs in consideration for 7,187,500 Class B ordinary shares, par value $0.0001. On September 20,
2021, IOAC effected a 1.12 share dividend for each Class B ordinary share outstanding, resulting in 8,050,000 founder shares being held
by the Sponsor, up to 1,050,000 shares of which were subject to forfeiture depending on the extent to which the underwriter’s over-allotment
option was exercised. The underwriter fully exercised its over-allotment option on October 29, 2021, so no founder shares were forfeited.

The Sponsor, IOAC’s
officers and directors agreed not to transfer, assign or sell any of their founder shares and any Class A ordinary shares issuable upon
conversion thereof until the earlier to occur of: (A) one year after the completion of the initial business combination or (B) the date
on which IOAC completes a liquidation, merger, share exchange, reorganization or other similar transaction after the initial business