Company: ZCARW
Filing Date: 2025-03-28
Form Type: DRS
Source: 0001013762-25-003498
Chunk: 414

Company: Zoomcar Holdings, Inc.
Filing Date: 2025-03-28
Form: DRS
Chunk 414
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 holders, as                                                 
 a group, lack the characteristics of a controlling financial interest. |

| ● | The entity is structured                                         
 with non-substantive voting rights (i.e., an anti-abuse clause). |

We consolidate VIEs in which Company hold a variable interest and are the primary beneficiary. Company is the primary beneficiary because it has the power to direct the activities of a VIE that most significantly impact the VIE’s economic performance and the obligation to absorb losses of the VIE that potentially could be significant to the VIE and the right to receive benefits from the VIE that potentially could be significant to the VIE (benefits). As a result, we consolidate the assets and liabilities of these consolidated VIEs.

The VIEs have been incorporated in their respective locations to perform the business of providing mobility solutions to consumers and businesses.

<div align='center'>F-103

ZOOMCAR HOLDINGS, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</div>

| 33 | Variable Interest Entities 
 (Continued)                |

The following table summarizes the assets and liabilities related to the Company’s consolidated VIEs:

|                                               |     |   |    March 
 31, 2024 |     |   |    March 
 31, 2023 |
|:----------------------------------------------|:----|:--|---------:|:----|:--|---------:|
| Assets                                        |     |   |          |     |   |          |
| Cash and Cash equivalents                     |     | $ |   11,888 |     | $ |   50,498 |
| Accounts receivable                           |     |   |    7,341 |     |   |  100,691 |
| Other current assets                          |     |   |    3,868 |     |   |   14,279 |
| Prepaid expenses                              |     |   |    4,282 |     |   |    4,148 |
| Property and equipment, net                   |     |   |   41,849 |     |   |  147,579 |
| Intangible assets, net                        |     |   |    3,012 |     |   |   11,900 |
| Long term Investments                         |     |   |    4,112 |     |   |    4,347 |
| Receivable from government authorities - non  
 current                                       |     |   |