Company: ZCARW
Filing Date: 2025-05-12
Form Type: S-1/A
Source: 0001213900-25-041769
Chunk: 302

Company: Zoomcar Holdings, Inc.
Filing Date: 2025-05-12
Form: S-1/A
Chunk 302
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83.44 | % |
| Rate of increase in compensation levels - staff                         |     |     |        12.87 | % |     |     |        12.63 | % |
| Rate of increase in compensation levels - independent service provider* |     |     |        11.13 | % |     |     |        11.43 | % |

| * | Independent service provider are contract employees responsible 
 for maintaining the fleet of the Company.                       |

During the period ended December 31, 2024 and December 31, 2023, actuarial
gain was driven by changes in actuarial assumptions, offset by experience adjustments on present value of benefit obligations.

The Company evaluates these assumptions
annually based on its long-term plans of growth and industry standards. The discount rates are based on current market yields on government
securities adjusted for a suitable risk premium.

Expected benefit payments as of December 31, 2024 is as follows:

| Year ending March 31,                      
 2025 (January 1, 2025 till March 31, 2025) |     |   |  19,615 |
|:-------------------------------------------|:----|:--|--------:|
| 2026                                       |     |   |  69,633 |
| 2027                                       |     |   |  40,348 |
| 2028                                       |     |   |  27,934 |
| 2029                                       |     |   |  14,652 |
| Thereafter                                 |     |   | 106,427 |
| Total                                      |     | $ | 278,609 |

| II. | Compensated absences |

The employees are permitted to encash a maximum of
45 days of accumulated leave balance on separation. The Company has provided liability for compensated absences as per an actuarial
valuation carried out by an independent actuary as of the Balance Sheet dates. The amount of compensated absences cost is $ and
$ for the three months and nine months ended December 31, 2024 respectively ($ and $ for three months and nine
months ended December 31, 2023 respectively).

|                               | Net leave encashment cost includes the following 
 components                                       | 2024 | Three months ended 
       December 31, |   |     | 2023 |        |   |     | 2024 | Nine months ended 
      December 31,