Company: ZCARW
Filing Date: 2025-03-28
Form Type: DRS
Source: 0001013762-25-003498
Chunk: 125

Company: Zoomcar Holdings, Inc.
Filing Date: 2025-03-28
Form: DRS
Chunk 125
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 31, 2023, was $6.94 million and $7.72 million, respectively, representing a decline
of $0.78 million, or 10%. While the total number of Bookings and Booking Days increased by 11% and 0.02% respectively, GBV declined by
8%, during the nine months ended December 31, 2024, versus the previous comparable period.

In the peer-to-peer car sharing
model, we continued to take several measures to improve profitability, such as (i) reduction of cash incentives paid to Hosts and (ii)
introduction of cancellation fees for Guest. These and other cost rationalization strategies resulted in improved unit profitability at
the expense of lower or negligible growth in GBV and Net revenue for the three and nine months ended on December 31, 2024, compared to
the same period in 2023.

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Costs and Expenses

Cost of Revenue

|                 |     | 2024 | Three months ended December 31, |     | 2023 |           |     | Change |          |   |     | %      
 Change |     |   |     | 2024 | Nine months ended December 31, |     | 2023 |           |     | Change |            |   |     | %      
 Change |     |   |
|:----------------|:----|:-----|--------------------------------:|:----|:-----|----------:|:----|:-------|:---------|:--|:----|:-------|----:|:--|:----|:-----|-------------------------------:|:----|:-----|----------:|:----|:-------|:-----------|:--|:----|:-------|----:|:--|
| Cost of revenue |     | $    |                       1,499,282 |     | $    | 2,093,057 |     | $      | (593,775 | ) |     |        | -28 | % |     | $    |                      4,224,993 |     | $    | 8,441,525 |     | $      | (4,216,532 | ) |     |        | -50 | % |

Cost of revenue was $1.50
million during the three months ended December 31, 2024, as compared to $2.09 million during the three months ended December