Company: ZCARW
Filing Date: 2025-03-28
Form Type: DRS
Source: 0001013762-25-003498
Chunk: 393

Company: Zoomcar Holdings, Inc.
Filing Date: 2025-03-28
Form: DRS
Chunk 393
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4 and March 31, 2023, the fair value of the Notes of $NIL and $10,944,727, respectively, were recorded on the Consolidated Balance Sheet.

| 17A | Unsecured promissory 
 note                 |

The following is a summary of the Company’s unsecured promissory note payable as of March 31, 2024 and March 31, 2023:

(In USD)

| As at           |     | Outstanding 
 March       
 31,         
 2024        |           |     | March 
 31,   
 2023  |   |
|:----------------|:----|:------------|----------:|:----|:------|:--|
| Unsecured       
 promissory note |     | $           | 2,027,840 |     | $     | - |
| Total           |     |             | 2,027,840 |     |       | - |

Prior to Merger in August 2022, the SPAC had issued a interest free Convertible Promissory Note to Ananda Small Business Trust with a principal amount for $2,027,840. The principal amount was repayable in 90 days (the ‘Maturity Date’) from the consummation of the Business Combination by way of a Reverse Recapitalization. The principal balance could have been repaid at any time before the Maturity Date. The Note is also convertible at the option of the holder on the Maturity Date at a Conversion Price of $300 per share ($3 prior to Reverse Stock Split). The principal amount of the unsecured promissory note is still outstanding as on March 31, 2024 amounting to $2,027,840.

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F-87

ZOOMCAR HOLDINGS, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</div>

| 18 | Senior Subordinated                   
 Convertible Promissory Note (‘SSCPN’) |

The following is a summary of the Company’s SSCPN payable for which it elected the fair value option as of March 31, 2024 and March 31, 2023:

(In USD)

| As at                   |     | Fair              
 Value Outstanding 
 March             
 31,               
 2024              |   |     | March 
 31,   
 2023  |            |
|:------------------------|:----|:------------------|: