Company: ZCARW
Filing Date: 2025-11-14
Form Type: 10-Q
Source: 0001213900-25-110391
Chunk: 73

Company: Zoomcar Holdings, Inc.
Filing Date: 2025-11-14
Form: 10-Q
Item: Part I, Item 1
Chunk 73
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 evaluating available alternatives, the Company elected to transition its quotation to the OTCQB
tier of OTC Markets Group (“OTCQB”). On November 4, 2025, the Company’s ordinary shares commenced trading on the OTCQB
under the ticker symbol “ZCAR.”

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space has been left intentionally blank)

52

Item 2.
Management’s Discussion and Analysis of Financial Condition and Results of Operations 

The following “Management’s
Discussion and Analysis of Financial Condition and Results of Operations” should be read in conjunction with our Unaudited Condensed
Consolidated Financial Statements and related notes thereto included elsewhere in this Quarterly Report on Form 10-Q for the three and
six months ended September30, 2025 and 2024. This discussion contains forward-looking statements that involve risks and uncertainties.
Our actual results could differ materially from such forward-looking statements. Factors that could cause or contribute to those differences
include, but are not limited to, those identified below and those discussed in the sections titled “Risk Factors” and “Special
Note Regarding Forward-Looking Statements” included in this Form 10-Q. Additionally, our historical results are not necessarily
indicative of the results that may be expected in any future period. Amounts are presented in U.S. dollars.

Unless the context otherwise
requires, references in this “Management’s Discussion and Analysis of Financial Condition and Results of Operations”
to “Zoomcar,” “we”, “us”, “our”, and the “Company” are intended to refer to
(i) following the Business Combination, the business and operations of Zoomcar Holdings, Inc. and its consolidated subsidiaries, and (ii)
prior to the Business Combination, Zoomcar, Inc. (the predecessor entity in existence prior to the consummation of the Business Combination)
and its consolidated subsidiaries.

Overview

Zoomcar’s current business
model is an online peer-to-peer car sharing platform which connects Hosts (car owners) with Guests (persons in temporary need of vehicles).
Our business model is explained in details under the “Standard booking Flow” section below.

As of November 12, 2025,
we had 6,902,727 shares of our Common Stock issued and outstanding. Except as otherwise indicated, all share and per share information
in this report gives effect to second reverse stock split effected on March 21, 2025 at a ratio of 1-for-20.  

Standard Booking Flow

We operated a peer-to-peer
car