Company: ZCARW
Filing Date: 2025-03-28
Form Type: DRS
Source: 0001013762-25-003498
Chunk: 152

Company: Zoomcar Holdings, Inc.
Filing Date: 2025-03-28
Form: DRS
Chunk 152
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 brand marketing)                  |     | $                   |  2,726,369 |    |     | $ |   5,130,566 |    |
| Less: Host incentives                                                              |     | $                   |    403,069 |    |     | $ |   2,143,199 |    |
| Less: Marketing costs (excl. brand marketing)                                      |     | $                   |  2,323,300 |    |     | $ |   2,987,367 |    |
| Contribution loss                                                                  |     | $                   |   (979,154 | )  |     | $ | (14,227,150 | )  |
| Contribution margin %                                                              |     |                     |       (9.9 | )% |     |   |      (161.2 | )% |

Adjusted EBITDA is a non-GAAP
financial measure that represents our net income or loss adjusted for (i) provision for income taxes; (ii) other income and (expense),
net; (iii) depreciation and amortization; (iv) stock-based compensation expense; (v) finance costs; (vi) deSPAC transaction closing costs
and (vii) Impairment of balances with government authorities.

We use adjusted EBITDA in
conjunction with net income or loss, its corresponding GAAP measure, as a performance measure that we use to assess our operating performance
and operating leverage in our business. The above items are excluded from our adjusted EBITDA measure because these items are non-cash
in nature, or because the amount and timing of these items is unpredictable, or they are not driven by core results of operations, thereby
rendering comparisons with prior periods and competitors less meaningful.

We believe that adjusted
EBITDA provides useful information to investors and others in understanding and evaluating our results of operations, as well as provides
a useful measure for period-to-period comparisons of our business performance. Moreover, we have included adjusted EBITDA because it is
a key measurement used by our management internally to make operating decisions, including those related to analyzing operating expenses,
evaluating performance, and performing strategic planning and annual budgeting.

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Our adjusted EBITDA loss
has improved to $17.85 million during the year ended March 31, 2024, as compared to an adjusted EBITDA loss of $32.11 million during the
year ended March 31,