Company: ZCARW
Filing Date: 2025-03-28
Form Type: DRS
Source: 0001013762-25-003498
Chunk: 178

Company: Zoomcar Holdings, Inc.
Filing Date: 2025-03-28
Form: DRS
Chunk 178
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itch and other sources.

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Serviceable Addressable Market

We regard serviceable addressable
market as an indicator of our potential near-term or medium-term revenue potential based on our current platform offerings, subject to
various contingencies and assumptions. Zoomcar management currently estimates our annual global serviceable addressable market opportunity
to be approximately $20 billion, taking into account publicly-available demographic and other predictive population data through 2026
and assuming that, within the same time period, our customer base expands to a total of 75 million Guests from among the total estimated
population expected, by 2026, to have the following attributes (collectively, our “core demographic criteria”): residing in
an urban center within one of Zoomcar’s 25 potential emerging market countries; having annual reported income within the top 65th
percentile within the country of residence; between 18 and 50 years of age; and holding active drivers licenses. Based on publicly-available
demographic and economic data and Zoomcar management analysis, 310 million people across our target emerging markets are expected to meet
these demographic criteria by 2026; we estimate, for purposes of serviceable addressable market, that approximately 24% of this total
population cohort, or 75 million persons, could book vehicles on our platform by 2026. We have also assumed, for purposes of estimating
serviceable addressable market, that, by 2026, our ATV will be $50 (representing a reduction in our ATV of $60.15 for the month of January
2025, as we expect that, over time, a larger proportion of our total use cases will consist of shorter trips) and that Zoomcar’s
revenue share of total GBV will be ~45%. Our estimate of serviceable addressable market is not a forecast or prediction of Zoomcar’s
expected operating results and is merely an estimate of Zoomcar management’s view of our addressable market, assuming, among other
things, availability of quality vehicles, participation in our platform by Guests and Hosts, consistency of economic, global health and
other conditions that affect our business, our customers and the markets in which we operate.

Total Addressable Market

We view total addressable
market as an estimate of our platform’s total revenue potential by 2026, reflecting publicly-available demographic and economic
data, as well as management estimates informed by industry knowledge and professional experience. We estimate that, by