Company: ZCARW
Filing Date: 2025-02-14
Form Type: 10-Q
Source: 0001213900-25-014437
Chunk: 18

Company: Zoomcar Holdings, Inc.
Filing Date: 2025-02-14
Form: 10-Q
Item: Part I, Item 1
Chunk 18
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2025, 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, 2024. 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.

(b)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”).

8

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. The Company consolidates a VIE when it is the primary beneficiary. The primary beneficiary of a VIE is the party that meets both
of the following criteria:

i.has the power to direct the activities
                                            that most significantly affect the economic performance of the VIE; and

ii.has the obligation to absorb losses
                                            or the right to receive benefits that in either case could potentially be significant to
                                            the VIE.

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 December 31, 2024, 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,