Company: ZCARW
Filing Date: 2025-05-05
Form Type: S-1
Source: 0001213900-25-039778
Chunk: 361

Company: Zoomcar Holdings, Inc.
Filing Date: 2025-05-05
Form: S-1
Chunk 361
---
2024. The Company has recorded a interest expense amounting to $ 18,920for the year ended March 31, 2024.

| 17 | Convertible               
 promissory note (‘Notes’) |

The following is a summary of the Company’s Notes payable for which it elected the fair value option as of March 31, 2024 and March 31, 2023:

(In USD)

| As at |     | Fair              
 Value Outstanding 
 March             
 31,               
 2024              |   |     | March 
 31,   
 2023  |            |
|:------|:----|:------------------|:--|:----|:------|-----------:|
| Notes |     | $                 | - |     | $     | 10,944,727 |
| Total |     |                   | - |     |       | 10,944,727 |

In October 2022, the Company
entered into a Convertible Promissory Note agreement with Ananda Small Business Trust for $ accruing interest at a simple
rate of six percent (%) per annum. Under the terms of the aforementioned agreement, the Notes were to be converted into the Common
Stock of the Company on the successful closing of the SPAC transaction. The Company has not exercised the option to settle the
accrued and unpaid interest on the Notes in cash.

The Convertible Promissory Note were converted into the Company's Common
Stock on the consummation of the Business Combination by way of a Reverse Recapitalization. The outstanding principal along with interest
at a simple rate of % were considered to arrive at ( prior to Second Reverse Stock Split and prior to First Reverse
Stock Split) shares at a Conversion Price of $ ($ prior to Second Reverse Stock Split and $ prior to First Reverse Stock Split)
per share.

Pursuant to the Amendment to Note Purchase Agreement dated September 11, 2023, the maturity date of the Notes had been amended to December 31, 2023. All other terms of the Note remains unchanged.

The (gain)/loss on fair value change of the Notes recorded was $( 6,990,870) for the year ended March 31, 2024 and $ 944,727for the year ended March 31, 2023 which were recognized in the Consolidated Statement of Operations for their respective period (as no portion of such fair value adjustment resulted from instrument-specific credit risk).

As of March 31