Company: ZCARW
Filing Date: 2025-03-28
Form Type: DRS
Source: 0001013762-25-003498
Chunk: 45

Company: Zoomcar Holdings, Inc.
Filing Date: 2025-03-28
Form: DRS
Chunk 45
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 ● | our ability to successfully scale our business within the market in which we currently operate, including by increasing the number and quality of Host vehicles and attracting and retaining more Guests to use our platform to meet a broader variety of mobility needs; |

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| ● | our ability to successfully expand into additional emerging markets as opportunities to grow our operations become available to us; |

| ● | the pace of technological development in core focus areas such as IoT, computer vision, machine learning, and artificial intelligence; |

| ● | the cost to establish, maintain, expand and defend the scope of our intellectual property portfolio, including the amount and timing of any payments we may be required to make in preparing, filing, prosecution, defense and enforcement of any intellectual property rights; |

| ● | the effect of competing technological and market developments; and |

| ● | market acceptance of our platform and the functionality it provides to facilitate peer-to-peer car sharing. |

If lack of available capital
prevents us from proceeding with the execution of our business plan, our ability to become profitable will be compromised and our business
will be materially affected.

Future sales of our securities may affect the market price of the Common Stock and result in material dilution, including triggering the most favored nation features of our Convertible Notes and the anti-dilution protection in the warrants issued in June 2024, November 2024, December 2024 and February 2025. We are also in default of various outstanding debt obligations, including under the Notes issued to ACM, and may issue shares of Common Stock or other securities to satisfy those obligations in the future (in the case of ACM, subject to receipt of shareholder approval). The issuance of shares of Common Stock or other securities in the future will dilute your percentage ownership interest and may also result in downward pressure on the price of our Common Stock.

We will finance our immediate
cash needs (and expect to finance our future cash needs until we become profitable, if ever) through equity offerings, debt financings
or other third-party funding, marketing and distribution arrangements and other collaborations, strategic alliances and licensing arrangements.
We will require substantial funding to fund our business. Investors in the Zoomcar 2023 Private Financing (“Financing Investors”)
received most favored nation exchange right provisions (the “MFN Noteholder Rights”) with respect to their convertible notes
(“Convertible Notes”), and such provisions may have survived the closing of that offering. We have offered the Financing Investors,
in satisfaction of the