Company: ZCARW
Filing Date: 2025-03-28
Form Type: DRS
Source: 0001013762-25-003498
Chunk: 148

Company: Zoomcar Holdings, Inc.
Filing Date: 2025-03-28
Form: DRS
Chunk 148
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| Other income, net                 |     | $                             | (11,316,472 | ) |     | $    | (2,043,556 | ) |     | $      | 9,272,916 |   |     |        | 454 | % |
| Other income from related parties |     |                               | (11,224     | ) |     |      | (15,804    | ) |     |        |    (4,580 | ) |     |        | -29 | % |

Other income was $11.32 million
during the year ended March 31, 2024, versus other income of $2.04 million during the year ended March 31, 2023, an increase of $9.27
million or 454%. This increase is primarily due to non-cash gains related to the fair valuation of our convertible promissory notes and
senior subordinated convertible promissory notes that converted to equity concurrently with the deSPAC in December 2023, resulting in
a net gain of $10.44 million recorded during the year ended March 31, 2024 offset by a reduction of non-cash income related to fair valuation
of preferred stock warrant liability to nil during the year ended March 31, 2024 compared to $0.42 million recorded during the year ended
March 31, 2023. Other Income for the year ended March 31, 2024, includes $0.95 million of income generated from waiver of lock up restrictions
on shares held by certain transaction vendors which was partially offset by an amount of $0.24 million of other income generated on account
of writeback of customer payables outstanding for more than three years and one time writeback of trade payables as of March 31, 2023.
In addition, during the year ended March 31, 2024, we recorded a loss of $0.21 million related to sale of assets held for sale versus
a gain on sale of $1.64 million recorded in the previous year. There was a reduction in foreign currency remeasurement expense of $0.29
million in the current year ending March 31, 2024, versus the year ended March 31, 2023, as well as income of $0.11 million related to
write back of prior provisions recorded during the year ending March 31, 2024.

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