Company: ZCARW
Filing Date: 2025-03-28
Form Type: DRS
Source: 0001013762-25-003498
Chunk: 154

Company: Zoomcar Holdings, Inc.
Filing Date: 2025-03-28
Form: DRS
Chunk 154
---
                    |   7,061,350 |   |     |      |           - |   |
| Stock-based compensation                           |     |                    |   1,883,733 |   |     |      |   3,610,097 |   |
| Depreciation and amortization                      |     |                    |   1,001,621 |   |     |      |     740,422 |   |
| Finance costs                                      |     |                    |  13,898,735 |   |     |      |  27,570,752 |   |
| Finance costs to related parties                   |     |                    |      38,203 |   |     |      |      64,844 |   |
| Other income, net                                  |     |                    | (11,316,472 | ) |     |      |  (2,043,556 | ) |
| Other income from related parties                  |     |                    |     (11,224 | ) |     |      |     (15,804 | ) |
| Impairment on balances with government authorities |     |                    |   3,875,767 |   |     |      |           - |   |
| Adjusted EBITDA                                    |     | $                  | (17,845,538 | ) |     | $    | (32,105,321 | ) |

Liquidity and Capital Resources

During the nine months ended
December 31, 2024, and 2023 respectively, we generated negative cash flows from operations of $5.04 million and $8.54 million, respectively,
reflecting greater operating cost efficiencies and reduced overhead expenditures in 2024. The Company incurred a net loss of $13.80 million
and $26.76 million during the nine months ended December 31, 2024, and 2023, respectively, and the accumulated deficit amounts to $321.36
million and $300.03 million as of December 31, 2024, and 2023, respectively.

<div align='center'>80</div>

As of December 31, 2024,
our cash and cash equivalents totaled $4.40 million, consisting of cash on hand, fixed deposits, and other bank balances.

Our primary use of cash is
to fund our existing operations. If we have sufficient working capital, we will continue to invest in product development and in our technology
platform. We expect that our