Company: ZCARW
Filing Date: 2025-03-28
Form Type: DRS
Source: 0001013762-25-003498
Chunk: 116

Company: Zoomcar Holdings, Inc.
Filing Date: 2025-03-28
Form: DRS
Chunk 116
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 operation of our business and do not anticipate paying cash dividends in the foreseeable
future. In addition, future debt instruments may materially restrict our ability to pay dividends on our common shares. Payment of future
cash dividends, if any, will be at the discretion of the board of directors after taking into account various factors, including our financial
condition, operating results, current and anticipated cash needs, the requirements of then-existing debt instruments and other factors
the board of directors deems relevant.

<div align='center'>MARKET INFORMATION</div>

Our common shares are listed
on Nasdaq under the symbol “ZCAR.” As of March 25, 2025, there were approximately [ ] holders of record of our common shares.
This includes Cede & Co., which holds shares on behalf of the beneficial owners of the Company’s common shares. Because brokers
and other institutions hold many of our shares on behalf of shareholders, we are unable to estimate the total number of shareholders represented
by these record holders.

<div align='center'>60

Management’s Discussion and Analysis of Financial Condition

and Results of Operations</div>

The following “Management’s Discussion and Analysis of Financial Condition and Results of Operations” should be read in conjunction with the “Business” section and our unaudited condensed consolidated financial statements for the three and nine months ended December 31, 2024 and 2023, our financial statements as of the years ended March 31, 2024 and March 31, 2023, and other information included elsewhere in this prospectus. This discussion contains forward-looking statements that involve risks and uncertainties. Our actual results could differ materially from such forward-looking statements. Factors that could cause or contribute to those differences include, but are not limited to, those identified below and those discussed in the sections titled “Risk Factors” and “Cautionary Note Regarding Forward-Looking Statements” included elsewhere in this prospectus. Additionally, our historical results are not necessarily indicative of the results that may be expected in any future period. Amounts are presented in U.S. dollars.

Unless the context otherwise requires, references in this “Management’s Discussion and Analysis of Financial Condition and Results of Operations” to “Zoomcar,” “we”, “us”, “our”, and the “Company” are intended to refer to (i) following the Business Combination, the business and operations of Zoomcar Holdings, Inc. and its consolidated subsidiaries, and (ii) prior to the Business Combination, Zoomcar, Inc. (the predecessor entity in