Company: ZCARW
Filing Date: 2025-03-28
Form Type: DRS
Source: 0001013762-25-003498
Chunk: 84

Company: Zoomcar Holdings, Inc.
Filing Date: 2025-03-28
Form: DRS
Chunk 84
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, outbreaks of which have from time to time occurred in various parts of the world in which we operate; |

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| ● | managing operations in markets in which cash transactions are favored over credit or debit cards; |

| ● | political, social, and economic instability abroad; |

| ● | terrorist attacks, including data breaches and security concerns; |

| ● | breakdowns in infrastructure, utilities, and other services; |

| ● | exposure to a business culture in which improper business practices may be prevalent; |

| ● | compliance with various anti-bribery laws; and |

| ● | reduced or varied protection of intellectual property rights in some countries. |

While we believe that
the present regulatory environment in our target markets is generally favorable, this could and may change over time. If the regulatory
environment in our target markets becomes more unfavorable for car sharing businesses, this could have a negative impact on our operations
in these markets and could adversely impact our ability to achieve sustainable profitability in these markets.

Political changes in the Government of India could delay or affect the further liberalization of the Indian economy and materially and adversely affect economic conditions in India, generally, and our business, in particular.

Our business could be significantly
influenced by economic policies adopted by the government of India. Since 1991, successive governments have pursued policies of economic
liberalization and financial sector reforms. The government has at various times announced its general intention to continue India’s
current economic and financial liberalization and deregulation policies. However, protests against such policies, which have occurred
in the past, could slow the pace of liberalization and deregulation. The rate of economic liberalization could change, and specific laws
and policies affecting foreign investment, currency exchange rates and other matters affecting investment in India could change as well.
While we expect any new government to continue the liberalization of India’s economic and financial sectors and deregulation policies,
there can be no assurance that such policies will be continued.

The government of India
has traditionally exercised and continues to exercise influence over many aspects of the economy. Our business may be affected by interest
rates, changes in policy, taxation, social and civil unrest and other political, economic or other developments in or affecting India.

A change in the government’s
economic liberalization and deregulation policies could disrupt business and economic conditions in India generally, and specifically
our business and operations, as substantially all of our business and operations are located in India. This could have a material