Company: ZCARW
Filing Date: 2025-11-14
Form Type: 10-Q
Source: 0001213900-25-110391
Chunk: 16

Company: Zoomcar Holdings, Inc.
Filing Date: 2025-11-14
Form: 10-Q
Item: Part I, Item 1
Chunk 16
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 whether the Company is the primary beneficiary.

As at September 30, 2025, 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 Mobility Service   Indonesia   Fleet Holding Pte ltd   Voting Interest  Fleet Mobility Philippines Corporation   Philippines   Zoomcar, Inc.   VIE 

The assets/liabilities consolidated for the VIE are not
material. Refer note 27 for details.

8

ZOOMCAR HOLDINGS, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL
STATEMENTS (UNAUDITED)

2.Summary of Significant Accounting Policies (Continued)

iii.Use of estimates and assumptions

The use of estimates and assumptions
as determined by management is required in the preparation of Condensed Consolidated Financial Statements in conformity with US GAAP.
These estimates are based on management’s evaluation of historical trends and other information available when the Condensed Consolidated
Financial Statements are prepared and may affect the amounts reported and related disclosures. Actual results could differ from those
estimates.

Estimates and underlying assumptions are reviewed on an
ongoing basis.

The significant estimates, judgments and assumptions that
affect the Condensed Consolidated Financial Statements include, but are not limited to; are:

a.Estimation of defined benefit obligation

b.Fair value measurement of financial instruments

c.Estimation of utilization of loyalty points

d.Leases – assumption to determine the incremental borrowing rate

e.Valuation allowance on deferred tax assets

f.Estimation of utilization of balances with government authorities

g.Fair value measurement of share-based payments

Changes in accounting estimates are
accounted for in the period of change and for prospective periods, if applicable. A change to an accounting estimate is recorded based
on events, facts, or circumstances that occurred during the period in which the estimate was changed.

9

ZOOMCAR HOLDINGS, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL
STATEMENTS (UNAUDITED)

2.Summary of Significant Accounting Policies (Continued)

iv.Currency translation

The Condensed Consolidated Financial
Statements are