Company: ZCARW
Filing Date: 2025-03-28
Form Type: DRS
Source: 0001013762-25-003498
Chunk: 120

Company: Zoomcar Holdings, Inc.
Filing Date: 2025-03-28
Form: DRS
Chunk 120
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 from net revenue. GBV is driven by the number of Booking
Days and related trip pricing. Revenue from bookings is recognized ratably over the duration of the trip; accordingly, we consider GBV
a “leading indicator” of revenue.

| (1) | Refers to calendar quarters (i.e.,  
 Q2-21 = April 01 to June 30, 2021). |

| (2) | Booking Days and GBV for bookings   
 ended, excludes cancelled bookings. |

During the three months ended
December 31, 2024, Gross Booking Value on the platform totaled approximately $6.53 million, with negligible decline compared to approximately
$6.53 million during the three months ended December 31, 2023.

During the nine months ended
December 31, 2024, Gross Booking Value on the platform totaled approximately $18.88 million, compared to approximately $20.54 million
during the nine months ended December 31, 2023.

Though there is increase
in booking days and number of bookings for the three and nine months ended December 31,2024 as compared to December 31, 2023, we continue
to observe decline in GBV owing to the several measures we took to shift our strategy from volume to profitability and improve our unit
profitability, which resulted in the lower sequential growth in GBV.

Components of results of operations

Net revenue

During the fiscal year ended
March 31, 2022, we began offering a peer-to-peer car sharing platform, which enables Hosts to connect with Guests. We act as an agent
under this model and thus, our primary source of revenue is recording revenue from services (on a net basis) for those trips fulfilled
by Host vehicles. Prior to August 2021, vehicles available on our platform consisted solely of Company-owned or leased vehicles that we
offered for short-term rental or longer-term subscription.

Our revenue for the three
and nine months ended December 31, 2024, and December 31, 2023, consists of revenue from services and other operating revenue.

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Revenue from Services

Support and facilitation services offered by the
Company include services like assistance in execution of a lease agreement, payment facilitation, vehicle delivery, on-road assistance,
prospective renter diligence and vehicle usage/location tracking (in cases of loss or theft).

Revenue from services consists
of our share of GBV.