Company: ZCARW
Filing Date: 2025-03-28
Form Type: DRS
Source: 0001013762-25-003498
Chunk: 144

Company: Zoomcar Holdings, Inc.
Filing Date: 2025-03-28
Form: DRS
Chunk 144
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34 million by changing
the operating model of home delivery services such that delivery fees are collected by Zoomcar directly and paid to Hosts. Further, there
was cost savings across our international markets other than India on account of reduced travel cost, ground staff cost and call center
costs amounting to $0.15 million, $0.29 million and $0.58 million respectively, during the year ended March 31, 2024 versus the year ended
March 31, 2023 as a result of reduced operations in these locations. The above decrease was offset by an increase in device depreciation
charges of $0.49 million due to a reduction in revised estimate of depreciable lives of certain older devices.

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Technology and Development

|                            |     | For the Years Ended March 31, |      2024 |     |   |      2023 |     |   | Change   |   |     |     |      % 
 Change |   |
|:---------------------------|:----|:------------------------------|----------:|:----|:--|----------:|:----|:--|:---------|:--|:----|:----|-------:|:--|
| Technology and development |     | $                             | 4,345,748 |     | $ | 5,176,391 |     | $ | (830,643 | ) |     |     |    -16 | % |

Technology and development
expenses totaled $4.35 million during the year ended March 31, 2024, as compared to $5.18 million during the year ended March 31, 2023,
a decrease of $0.83 million, or 16%. This decrease was driven by employee benefit costs reductions of $0.55 million (including $0.18 million
of additional ESOP charges during the year ended March 31, 2023), and a further reduction of $0.28 million in IT platforms support costs
as the Company continues to optimize usage of cloud based IT services while enabling more in-app features for Guests and Hosts.

Sales and Marketing

|                     |     | For the Years Ended March 31, |      2024 |     |   |      2023 |     |   | Change   |   |     |     |      % 
 Change |   |
|:--------------------|:----|:------------------------------|----------:|:----|:--