Company: ZCARW
Filing Date: 2025-11-14
Form Type: 10-Q
Source: 0001213900-25-110391
Chunk: 288

Company: Zoomcar Holdings, Inc.
Filing Date: 2025-11-14
Form: 10-Q
Item: Part I, Item 8
Chunk 288
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 fair value hierarchy, with no valuation adjustments made due to the immediacy
of settlement.

The
changes in the fair value are summarized below:

    Unsecured
 Convertible 

    Note
 (‘Atalaya Note’) 
  
    Balance as of April 1, 2024 
    $10,067,601 
  
    Shares issued to Atalaya Note holders 
     (2,324,696)
  
    Change in fair value of unsecured convertible note 
     (1,360,238)
  
    Balance as of June 30, 2024 
    $6,382,667 
  
    Change in fair value of unsecured convertible note 
     390,218 
  
    Balance as of September 30, 2024 
    $6,772,885 
  
    Balance as of April 1, 2025 
     6,002,269 
  
    Change in fair value of derivative financial instruments 
     134,582 
  
    Balance as of June 30, 2025 
    $6,136,851 
  
    Change in fair value of unsecured convertible note 
     136,060 
  
    Balance as of September 30, 2025 
    $6,272,911 

During
the three months and six months ended September 30, 2025 and September 30, 2024 , there were no non-recurring fair value measure of assets
or liabilities subsequent to initial recognition.

49

ZOOMCAR
HOLDINGS, INC.

NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

29Commitments
and contingencies

Contingencies

(A) Claims
filed by customers and third-parties not acknowledged as liability amounted to $4,563,129 and $4,503,122 as at September 30, 2025 and
March 31, 2025, respectively. The claims made by the customers against the Company includes claims that have been made for amounts charged
to customers by the Company as damages for improper use of vehicles and/or physical damages made to vehicles during an active trip ;
or claims made by customers for unavailability of the booked vehicle or for any mechanical default in the booked vehicle ; or claims
against any similar issue faced by either the host or the customer. Under the erstwhile business model of the Company , the Company had
procured third-party insurance policies for