Company: ZCARW
Filing Date: 2025-08-14
Form Type: 10-Q
Source: 0001213900-25-076590
Chunk: 11

Company: Zoomcar Holdings, Inc.
Filing Date: 2025-08-14
Form: 10-Q
Item: Part I, Item 1
Chunk 11
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 necessarily indicative of the
results for the fiscal year ending March 31, 2026, or any future interim period.

These Condensed Consolidated
Financial Statements follow the same significant accounting policies as those included in the audited Consolidated Financial Statements
of the Company for the year ended March 31, 2025. In the opinion of management, these Condensed Consolidated Financial Statements reflect
all adjustments, consisting only of normal recurring adjustments, which are necessary for the fair statement of the Condensed Consolidated
Financial position, results of operations, and cash flows for these interim periods.

The Condensed Consolidated Financial
Statements include the accounts of the Company and its wholly owned subsidiaries and variable interest entities in which the Company is
the primary beneficiary, including an entity in India and in other geographical locations. All intercompany accounts and transactions
have been eliminated in the Condensed Consolidated Financial Statements herein.

ii.Principles of consolidation

The Condensed Consolidated Financial
Statements include the accounts of Zoomcar Holdings, Inc. and of its wholly owned subsidiaries and Variable Interest Entities (“VIE”)
in which the Company is the primary beneficiary, including an entity in India and in other geographical locations (collectively, the “Company”).

7

ZOOMCAR HOLDINGS, INC.NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

The Company determines, at the
inception of each arrangement, whether an entity in which it has made an investment or in which it has other variable interest is considered
a VIE in accordance with ASC 810.

Periodically, the Company determines
whether any changes in its interest or relationship with the entity impact the determination of whether the entity is still a VIE and,
if so, whether the Company is the primary beneficiary.

As at June 30, 2025, following are the list of subsidiaries
and step-down subsidiaries:

  Name of Entity   Place of Incorporation   Investor Entity   Method of consolidation  Zoomcar, Inc.   USA   Zoomcar Holdings, Inc.   Voting Interest  Zoomcar India Private Limited   India   Zoomcar, Inc.   Voting Interest  Zoomcar Netherlands Holding B. V   Netherlands   Zoomcar, Inc.   Voting Interest  Fleet Holding Pte ltd   Singapore   Zoomcar, Inc.   Voting Interest  PT Zoomcar Indonesia Mobility Service   Indonesia   Fleet Holding Pte ltd   Voting Interest  Fleet Mobility Philippines Corporation   Philippines   Zoomcar, Inc.   VIE