Company: ZCARW
Filing Date: 2025-05-05
Form Type: S-1
Source: 0001213900-25-039778
Chunk: 307

Company: Zoomcar Holdings, Inc.
Filing Date: 2025-05-05
Form: S-1
Chunk 307
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ENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

Total investment in the VIEs is as follows:

| Name of the VIE entity                  |     | Place of incorporation |     | Nature of investment |     | Investor entity                 |
| Zoomcar Egypt Car Rental LLC***         |     | Egypt                  |     | Debt                 |     | Zoomcar Netherlands Holding B.V |
| Zoomcar Egypt Car Rental LLC***         |     | Egypt                  |     | Debt                 |     | Zoomcar Inc.                    |
| Fleet Mobility Philippines Corporation* |     | Philippines            |     | Debt                 |     | Zoomcar Inc.                    |
| Zoomcar Vietnam Mobility LLC**          |     | Vietnam                |     | Debt                 |     | Fleet Holding Pte Ltd           |
| Zoomcar Vietnam Mobility LLC**          |     | Vietnam                |     | Debt                 |     | Zoomcar Inc.                    |
| Zoomcar Vietnam Mobility LLC**          |     | Vietnam                |     | Equity               |     | Fleet Holding Pte Ltd           |

These amounts have been eliminated during the process of consolidation

| * | In May 2022, Company had initiated the process of winding-up for                              
 Fleet Mobility Philippines Corporation. The assets consolidated for the VIE are not material. |

| ** | In August 2023, Zoomcar Vietnam Mobility LLC has filed for bankruptcy                                                                      
 with the local authorities. In accordance with ASC 810-10-15-10, the Company consolidates the VIE as the bankruptcy application is pending 
 with the authorities in Vietnam and unless the application is admitted, the Company holds a variable interest and still is the primary     
 beneficiary. The assets/liabilities consolidated for the VIE are not material.                                                             |

The VIEs included in Condensed Consolidated
Financial Statements are separate legal entities and their assets are legally owned by them and are not available to the Company’s creditors
or creditors of the Company’s other subsidiaries.

Nature of, and changes (if any) in, the risks associated with a reporting entity’s involvement with the VIE

In case of all the entities, the reporting
entity is exposed to foreign currency exchange risk of the subsidiaries since the subsidiaries are incorporated in countries other than
the country in which the reporting entity has been incorporated.

Further, Zoomcar Netherlands Holding B.V has advanced loan to Zoomcar Egypt Car Rental LLC. Accordingly, Zoomcar Netherlands Holding B.V
is exposed to the credit risk of Zoomcar Egypt Car Rental LLC.

F