Company: ZCARW
Filing Date: 2025-02-14
Form Type: 10-Q
Source: 0001213900-25-014437
Chunk: 67

Company: Zoomcar Holdings, Inc.
Filing Date: 2025-02-14
Form: 10-Q
Item: Part I, Item 1
Chunk 67
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 LLC***   Egypt   Debt   Zoomcar Netherlands Holding B.V    Zoomcar Egypt Car Rental LLC***   Egypt   Debt   Zoomcar Inc.   Fleet Mobility Philippines Corporation*   Philippines   Debt   Zoomcar Inc.   Zoomcar Vietnam Mobility LLC**   Vietnam   Debt   Fleet Holding Pte Ltd    Zoomcar Vietnam Mobility LLC**   Vietnam   Debt   Zoomcar Inc.   Zoomcar Vietnam Mobility LLC**   Vietnam   Equity   Fleet Holding Pte Ltd   

These amounts have been eliminated during the process of consolidation

*In May 2022, Company had initiated the process of winding-up for
Fleet Mobility Philippines Corporation. The assets consolidated for the VIE are not material.

**In August 2023, Zoomcar Vietnam Mobility LLC has filed for bankruptcy
with the local authorities. In accordance with ASC 810-10-15-10, the Company consolidates the VIE as the bankruptcy application is pending
with the authorities in Vietnam and unless the application is admitted, the Company holds a variable interest and still is the primary
beneficiary. The assets/liabilities consolidated for the VIE are not material.

***On June 3, 2024, Zoomcar Egypt Car Rental LLC has closed down
its operations due to decrease in operations and rising economic difficulties. The assets consolidated for the VIE are not material.
Additionally, On December 15 , 2024, Zoomcar Egypt Car Rental LLC held an extraordinary general meeting to initiate the liquidation process
and appoint a liquidator.

The VIEs included in Condensed Consolidated
Financial Statements are separate legal entities and their assets are legally owned by them and are not available to the Company’s creditors
or creditors of the Company’s other subsidiaries.

Nature of, and changes (if any)
in, the risks associated with a reporting entity’s involvement with the VIE

In case of all the entities, the reporting
entity is exposed to foreign currency exchange risk of the subsidiaries since the subsidiaries are incorporated in countries other than
the country in which the reporting entity has been incorporated.

Further, Zoomcar Netherlands Holding B.V has advanced loan to Zoomcar Egypt Car Rental LLC. Accordingly, Zoomcar Netherlands Holding B.V
is exposed to the credit risk of Zoomcar Egypt Car Rental LLC.

46

ZOOMCAR HOLDINGS, INC.

NOTES TO CONDENSED CONSOLIDATED
FINANCIAL STATEMENTS (UNAUDITED)

31Financial
Instruments - Fair Value Measurements

ASC Topic 820, “Fair Value Measurements