Company: ZCARW
Filing Date: 2025-02-14
Form Type: 10-Q
Source: 0001213900-25-014437
Chunk: 83

Company: Zoomcar Holdings, Inc.
Filing Date: 2025-02-14
Form: 10-Q
Item: Part I, Item 1
Chunk 83
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181,842 compared to 163,864 during the three ended December 31,
2023.

For the nine months ending
December 31, 2024, Booking Days on the platform totaled approximately 511,389 compared to 510,023 during the nine months ended December
31, 2023.

54

Gross Booking Value

We define the Gross Booking
Value, or GBV, as the total dollar value of Booking Days booked on our platform, including upfront booking fee (less discounts and credits),
value-added fees (i.e., trip protection fees), Guest and Host platform fees, and other charges. GBV includes applicable pass-through taxes
and other fees required to be remitted to local authorities, which are excluded from net revenue. GBV is driven by the number of Booking
Days and related trip pricing. Revenue from bookings is recognized ratably over the duration of the trip; accordingly, we consider GBV
a “leading indicator” of revenue.

(1)Refers
to calendar quarters (i.e., Q2-21 = April 01 to June 30, 2021).

(2)Booking
Days and GBV for bookings ended, excludes cancelled bookings.

During the three months ended December 31, 2024, Gross Booking Value
on the platform totaled approximately $6.53 million, with negligible decline compared to approximately $6.53 million during the three
months ended December 31, 2023.

During the nine months ended December 31, 2024, Gross Booking Value
on the platform totaled approximately $18.88 million, compared to approximately $20.54 million during the nine months ended December 31,
2023.

Though there is
increase in booking days and number of bookings for the three and nine months ended December 31,2024 as compared to December 31,
2023, we continue to observe decline in GBV owing to the several measures we took to shift our strategy from volume to profitability
and improve our unit profitability, which resulted in the lower sequential growth in GBV.

Components of results of operations

Net revenue

During the fiscal year ended
March 31, 2022, we began offering a peer-to-peer car sharing platform, which enables Hosts to connect with Guests. We act as an agent
under this model and thus, our primary source of revenue is recording revenue from services (on a net basis) for those trips fulfilled
by Host vehicles. Prior to August 2021, vehicles