Company: ZCARW
Filing Date: 2025-03-28
Form Type: DRS
Source: 0001013762-25-003498
Chunk: 344

Company: Zoomcar Holdings, Inc.
Filing Date: 2025-03-28
Form: DRS
Chunk 344
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 |            |
| Assets held for sale |     | $              |    629,908 |     | $       | - |     | $       | 629,908 |     | $       |          - |
| Liabilities:         |     |                |            |     |         |   |     |         |         |     |         |            |
| Atalaya Note         |     | $              | 10,067,601 |     | $       | - |     | $       |       - |     | $       | 10,067,601 |

Level 2: The fair value of Assets held for sale not traded in an active market is determined using the quoted prices in markets that are not active or inputs other than the quoted prices that are observable either directly or indirectly considering all the relevant factors of assets.

The Company’s recurring Level 3 financial instruments within the Company’s fair value hierarchy as of December 31, 2024 and March 31, 2024 consist of the Company’s Atalaya Note and derivative financial instruments.

<div align='center'>F-48

ZOOMCAR HOLDINGS, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)</div>

| 31 | Financial                                         
 Instruments - Fair Value Measurements (Continued) |

Atalaya Note

The Company measures its notes at fair value based on significant inputs not observable in the market, which caused them to be classified as Level 3 measurements within the fair value hierarchy. Changes in the fair value of unsecured convertible note related to updated assumptions and estimates were recognized as change in fair value of Atalaya Note within the Condensed Consolidated Statements of Operations.

The Company used the following assumptions for the valuation of Atalaya Note as on December 31, 2024 in the model of Valuation of:

|                        |     | Atalaya 
 Note    |       |   |
| Remaining term (years) |     |         |  0.25 |   |
| Rate of interest       |     |         |  8.00 | % |
| Penal rate of interest |     |         |  8.00 | % |
| Cost of Debt*          |     |         | 14.60 | % |

| * | Cost                                                                           
 of debt for commensurate term is considered as discount rate for cash payment. |

The assumptions for the valuation of Atalaya Note as on December 31