Company: ZCARW
Filing Date: 2025-06-30
Form Type: 10-K
Source: 0001213900-25-059675
Chunk: 1

Company: Zoomcar Holdings, Inc.
Filing Date: 2025-06-30
Form: 10-K
Item: Item 1
Chunk 1
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 warrants after it failed to meet certain continuing listing standards within the prescribed time period. Following the delisting
of its common stock from the Nasdaq Global Market, the Company continues to be a reporting company under the Securities Exchange
Act of 1934. The Company’ common stock and public warrants have commenced trading on the OTC Markets Group trading platform at
the open of trading on May 8, 2025, under the symbols “ZCAR” and “ZCARW,” respectively. The Company has applied
for trading on the OTCQX Best Market for its common stock and on the OTCQB Venture Market for its public warrants.

We believe our business
model is particularly well-suited to emerging markets because of the transportation challenges faced by urban residents in these areas.
In India, the market that Zoomcar serves, the costs of car ownership can be prohibitively high relative to average personal income levels,
with less than ten percent of persons in these markets owning a car. At the same time, these individuals typically lack access to alternative
transportation modalities that are sufficiently convenient or affordable. The market also has growing middle classes, rapidly urbanizing
metropolitan areas, and vast numbers of young, tech-fluent citizens. In total, these overarching demographic trends all contribute to
management’s estimated total addressable market for year ended March 31, 2025 in emerging markets of $108 billion, of which India
accounts for $11 billion, making India the most important market for us. The opportunity around the growing total addressable market
is further described under the heading “Market Opportunity” below.

Already present in over
94 cities across India, we plan to continue evolving our platform offerings to meet Guests’ mobility needs in ways that are convenient,
modern and cost-efficient, providing both transportation solutions and entrepreneurship opportunities within the communities where we
operate. Our business model has evolved since our inception, as our platform originally offered short-term rental of vehicles owned or
leased directly by Zoomcar. Between 2018 and 2020, we began shifting the focus of our technology and product development efforts towards
capabilities relevant to our current “asset-light” business model focused on our digital platform for peer-to-peer car sharing.
We completed our business model shift during the second half of 2021. Over time, we have expanded our platform’s functionality,
and we continue to evolve our offerings as consumer preferences change.

Our technology is the backbone
of our peer-to-peer car sharing platform. As of March 31