Company: ZCARW
Filing Date: 2025-03-28
Form Type: DRS
Source: 0001013762-25-003498
Chunk: 323

Company: Zoomcar Holdings, Inc.
Filing Date: 2025-03-28
Form: DRS
Chunk 323
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 align='center'>F-31

ZOOMCAR HOLDINGS, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)</div>

| 16A | Redeemable      
 Promissory Note |

On June 18, 2024, the Company entered into a Securities Purchase Agreement with certain institutional accredited investors pursuant to which the Company issued and sold an aggregate of $3,600,000 in principal amount of notes and warrants to purchase up to an aggregate of 1,267,728 shares (52,966,102 prior to Reverse Stock Split) of Company Common Stock for gross proceeds of $3,000,000. The closing occurred on June 20, 2024.

Pursuant to the funding received on November 7, 2024, the Company has repaid the outstanding amount of the redeemable promissory notes (including interest accrued) and the difference between the amount paid and the net carrying amount of the redeemable promissory notes (post amortization of discount on issue and issuance cost until the date of payment) has been recognized as ‘Loss on extinguishment of the redeemable promissory note’ under other income/(expense) in the Condensed Consolidated Statements of Operations.

Terms of Warrants issued along with Redeemable Promissory Note

The warrants are each exercisable for one share of Common Stock at an exercise price of $2.832 per share ($0.1416 per share prior to Reverse Stock Split) and may be exercised at any time after six months and up to 5 years the date of issue.

During the period ended December 31, 2024, 930,522 warrants have been exercised and are converted into Common Stock. As of December 31, 2024, 1,394,062 warrants are outstanding (after considering antidilution effect).

These Warrants are classified as equity on the Condensed Consolidated Balance Sheets.

| 17 | Unsecured                          
 promissory note to related parties |

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

| (In             
 USD)            
 As at           |     | Outstanding 
 December    
 31,         
 2024        |   |     | March 
 31,   
 2024  |           |
|:----------------|:----|:------------|:--|:----|:------|