Company: ZCARW
Filing Date: 2025-06-30
Form Type: 10-K
Source: 0001213900-25-059675
Chunk: 223

Company: Zoomcar Holdings, Inc.
Filing Date: 2025-06-30
Form: 10-K
Item: Item 1
Chunk 223
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    $- 

    Consultancy Charges 

    Uri Levine* 
    $145,830  
    $- 

F-45

ZOOMCAR HOLDINGS, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

31Related Party Transactions (Continued)

The Company has the following outstanding
balances with related parties:

    As at 
    March 31,
 2025  
    March 31,
 2024 
  
    Convertible promissory note (non-current and current) 

    Ananda Small Business Trust 
    $-  
    $2,027,840 

    Payable to Director 

    Mohan Ananda 
    $152,435  
    $152,435 

    Advance to director (net) 

    Gregory Bradford Moran 
    $-  
    $44,168 

    Accounts Payable 

    Uri Levine 
    $62,176  
    $- 

    $214,611  
    $2,224,443 

*Uri Levine become related party on March 31, 2025. However,
the transactions disclosed with Uri Levine were incurred before he become a related party.

**Mark Bailey was a related party until December 6, 2024. Accordingly,
transactions until December 6, 2024 with him has been disclosed. However, outstanding balances as of March 31, 2025, have not been disclosed,
as he was no longer classified as a related party on that date.

***Mahindra & Mahindra Financial Services Limited, Mahindra
First Choice Wheels Limited and Yard Management Services Limited were related parties until December 28, 2023, hence, the transactions
until December 28, 2023 with these related parties have been disclosed. The outstanding balances with these related parties have not
been disclosed since they were not related parties as on March 31, 2024 and March 31, 2025.

(This space has been left intentionally blank)

F-46

ZOOMCAR HOLDINGS, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

32Variable Interest Entities

An entity is a VIE if it has any of the following characteristics
:

●The entity does not have enough equity to finance its activities
without additional subordinated financial support.

●The equity holders, as a group, lack the characteristics
of a controlling financial interest.

●The entity