Company: ZCARW
Filing Date: 2025-06-30
Form Type: 10-K
Source: 0001213900-25-059675
Chunk: 1326

Company: Zoomcar Holdings, Inc.
Filing Date: 2025-06-30
Form: 10-K
Item: Item 3
Chunk 1326
---
 related party until December 6, 2024. Accordingly,
transactions until December 6, 2024 with him has been disclosed. However, outstanding balances as of March 31, 2025, have not been disclosed,
as he was no longer classified as a related party on that date.

***Mahindra & Mahindra Financial Services Limited, Mahindra
First Choice Wheels Limited and Yard Management Services Limited were related parties until December 28, 2023, hence, the transactions
until December 28, 2023 with these related parties have been disclosed. The outstanding balances with these related parties have not
been disclosed since they were not related parties as on March 31, 2024 and March 31, 2025.

(This space has been left intentionally blank)

F-46

ZOOMCAR HOLDINGS, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

32Variable Interest Entities

An entity is a VIE if it has any of the following characteristics
:

●The entity does not have enough equity to finance its activities
without additional subordinated financial support.

●The equity holders, as a group, lack the characteristics
of a controlling financial interest.

●The entity is structured with non-substantive voting rights
(i.e., an anti-abuse clause).

We consolidate VIEs in which
Company hold a variable interest and are the primary beneficiary. Company is the primary beneficiary because it has the power to direct
the activities of a VIE that most significantly impact the VIE’s economic performance and the obligation to absorb losses of the
VIE that potentially could be significant to the VIE and the right to receive benefits from the VIE that potentially could be significant
to the VIE (benefits). As a result, we consolidate the assets and liabilities of these consolidated VIEs.

The VIEs have been incorporated in their respective locations
to perform the business of providing mobility solutions to consumers and businesses.

The following table summarizes the assets and liabilities
related to the Company’s consolidated VIEs:

    March 31,
 2025  
    March 31,
 2024 
  
    Assets 

    Cash and Cash equivalents 
    $2,878  
    $11,888 
  
    Accounts receivable 
    $-  
    $7,341 
  
    Other current assets 
    $391  
    $3,868 
  
    Prepaid expenses 
    $-  
    $