Company: ZCARW
Filing Date: 2025-03-04
Form Type: S-1
Source: 0001213900-25-020176
Chunk: 265

Company: Zoomcar Holdings, Inc.
Filing Date: 2025-03-04
Form: S-1
Chunk 265
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 Mobility Service |     | Indonesia        |     | Fleet               
 Holding Pte ltd     |     | Voting           
 Interest         |
| Fleet                              
 Mobility Philippines Corporation   |     | Philippines      |     | Zoomcar,            
 Inc.                |     | VIE              |
| Zoomcar                            
 Egypt Car Rental LLC               |     | Egypt            |     | Zoomcar             
 Netherlands Holding |     | VIE              |
| Zoomcar                            
 Vietnam Mobility LLC               |     | Vietnam          |     | Fleet               
 Holding Pte ltd     |     | VIE              |

In determining whether the VIE model was applicable to the subsidiaries the criteria prescribed under ASC 810 were examined as below:

| - | The subsidiaries were incorporated as legal entities                          
 under the laws and regulations of the country in which they are incorporated. |

| - | The scope exemptions under ASC 810 were not applicable 
 to the entities.                                       |

| - | Zoomcar Holdings, Inc holds variable interest in                                    
 all the subsidiaries by way of contribution towards equity and in the form of debt. |

| - | The entities are variable interest entities for Zoomcar                                                               
 Holdings, Inc since the legal entities do not have sufficient equity investment at risk and equity investors at risk. |

For the purpose of equity interests, the interests held by employees are also considered under ASC 810 since employees are considered as de-facto agents. Thus, Zoomcar Egypt Car Rental LLC, Fleet Mobility Philippines Corporation, and Zoomcar Vietnam Mobility LLC are considered as wholly owned subsidiaries of Zoomcar, Inc and step-down subsidiaries of Zoomcar Holdings, Inc.

F-10 ZOOMCAR HOLDINGS, INC. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

Through the direct and indirect interest that Zoomcar Holdings, Inc. holds in the subsidiaries, Zoomcar Holdings, Inc. has the power to direct the activities of a VIE that most significantly impact the VIE’s economic performance and has the obligation to absorb losses of the VIE that could potentially be significant to the VIE or the right to receive benefits from the VIE that could potentially be significant to the VIE. Accordingly, Zoomcar Holdings, Inc. is the primary beneficiary to Zoomcar Egypt Car Rental LLC, Zoomcar Vietnam Mobility LLC and Fleet Mobility Philippines Corporation under the VIE model. Zoomcar, Inc., Zoomcar India Private Limited, Zoomcar Netherlands Holding B.V, Fleet Holding Pte Ltd and PT Zoomcar Indonesia Mobility Service are consolidated as per the voting interest model.

On August 14,