Company: ZCARW
Filing Date: 2025-03-28
Form Type: DRS
Source: 0001013762-25-003498
Chunk: 15

Company: Zoomcar Holdings, Inc.
Filing Date: 2025-03-28
Form: DRS
Chunk 15
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 on the number of current vehicles and active
users on our platform. Our platform enables Hosts and Guests to connect and share the use of a Host’s car, made available to Guests
at mutually convenient locations.

Founded in 2012, our growing
online platform facilitates mobility in emerging markets, where convenient, cost-efficient transportation options are limited. Guests
on our platform browse and choose from a range of available car models, makes, sizes and price points to book vehicles listed on our platform
by Hosts. Hosts, in turn, can turn underutilized vehicles into revenue-generating opportunities by sharing their cars with individuals
who require a car to satisfy leisure, work or other short to medium-term transportation needs. Further, in October 2022, we entered into
the Merger Agreement with IOAC, a special purpose acquisition company with securities traded on the Nasdaq Stock Market pursuant to which
we agreed, subject to satisfaction of certain conditions and the terms of the Merger Agreement, to engage in and consummate the Business
Combination transaction. The Business Combination was consummated on December 28, 2023. Pursuant to the Business Combination, Merger Sub,
a Delaware corporation and a wholly owned subsidiary of IAOC, merged with Zoomcar, Inc. with the Company continuing as the surviving entity.
Zoomcar, Inc. thus became a wholly owned subsidiary of IAOC and IAOC was renamed as Zoomcar Holdings, Inc. with its securities traded
on the Nasdaq Stock Market. As a result of this Business Combination, the stockholders (including common and preferred stock) of Zoomcar,
Inc. were issued Common Stock of the Company.

We believe our business model
is particularly well-suited to emerging markets because of the transportation challenges faced by urban residents in these areas. In India,
the market that Zoomcar serves, the costs of car ownership can be prohibitively high relative to average personal income levels, with
less than ten percent of persons in these markets owning a car. At the same time, these individuals typically lack access to alternative
transportation modalities that are sufficiently convenient or affordable. The market also has growing middle classes, rapidly urbanizing
metropolitan areas, and vast numbers of young, tech-fluent citizens. In total, these overarching demographic trends all contribute to
management’s estimated total addressable market in emerging markets of $90 billion by 2025 of which India accounts for $36 billion,
making India the most important market for us. The opportunity around the growing