Company: ZCARW
Filing Date: 2025-06-30
Form Type: 10-K
Source: 0001213900-25-059675
Chunk: 451

Company: Zoomcar Holdings, Inc.
Filing Date: 2025-06-30
Form: 10-K
Item: Item 1A
Chunk 451
---
, whether an entity in which it has made an investment or in which it has other variable interest is considered a VIE
in accordance with ASC 810.

Periodically, the Company determines
whether any changes in its interest or relationship with the entity impact the determination of whether the entity is still a VIE and,
if so, whether the Company is the primary beneficiary.

As at March 31, 2025, following are
the list of subsidiaries and step-down subsidiaries:

  Name of Entity   Place of Incorporation   Investor Entity   Method of consolidation                 Zoomcar, Inc.   USA   Zoomcar Holdings, Inc.   Voting Interest   Zoomcar India Private Limited   India   Zoomcar, Inc.   Voting Interest   Zoomcar Netherlands Holding B. V   Netherlands   Zoomcar, Inc.   Voting Interest  Fleet Holding Pte ltd   Singapore   Zoomcar, Inc.   Voting Interest  PT Zoomcar Indonesia Mobility Service   Indonesia   Fleet Holding Pte ltd   Voting Interest  Fleet Mobility Philippines Corporation   Philippines   Zoomcar, Inc.   VIE  Zoomcar Egypt Car Rental LLC   Egypt   Zoomcar Netherlands Holding   VIE  Zoomcar Vietnam Mobility LLC   Vietnam   Fleet Holding Pte ltd   VIE 

The assets/liabilities consolidated for the VIE are not
material. Refer note 31 for details.

F-9

ZOOMCAR HOLDINGS, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

2.Summary of Significant Accounting Policies (Continued)

iii.Use of estimates and assumptions

The use of estimates and assumptions
as determined by management is required in the preparation of Consolidated Financial Statements in conformity with US GAAP. These estimates
are based on management’s evaluation of historical trends and other information available when the Consolidated Financial Statements
are prepared and may affect the amounts reported and related disclosures. Actual results could differ from those estimates.

Estimates and underlying assumptions are reviewed on an
ongoing basis.

The significant estimates, judgments
and assumptions that affect the Consolidated Financial Statements include, but are not limited to; are:

a.Estimation of defined benefit obligation

b.Fair value measurement of financial instruments

c.Estimation of utilization of loyalty points

d.Leases – assumption to determine the incremental borrowing rate

e.Valuation allowance on deferred tax assets

f.Estimation of utilization of balances with government authorities

Changes in accounting estimates are accounted for in the period of
change and for prospective