Company: ZCARW
Filing Date: 2025-05-05
Form Type: S-1
Source: 0001213900-25-039778
Chunk: 129

Company: Zoomcar Holdings, Inc.
Filing Date: 2025-05-05
Form: S-1
Chunk 129
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, during the year ended March 31, 2024 versus the year ended March 31, 2023 as a result of reduced operations in these locations. The above decrease was offset by an increase in device depreciation charges of $0.49 million due to a reduction in revised estimate of depreciable lives of certain older devices. 72 Technology and Development

|                            |     | For the Years Ended March 31, |      2024 |     |   |      2023 |     |   | Change   |   |     |     |      % 
 Change |   |
|:---------------------------|:----|:------------------------------|----------:|:----|:--|----------:|:----|:--|:---------|:--|:----|:----|-------:|:--|
| Technology and development |     | $                             | 4,345,748 |     | $ | 5,176,391 |     | $ | (830,643 | ) |     |     |    -16 | % |

Technology and development expenses totaled $4.35 million during the year ended March 31, 2024, as compared to $5.18 million during the year ended March 31, 2023, a decrease of $0.83 million, or 16%. This decrease was driven by employee benefit costs reductions of $0.55 million (including $0.18 million of additional ESOP charges during the year ended March 31, 2023), and a further reduction of $0.28 million in IT platforms support costs as the Company continues to optimize usage of cloud based IT services while enabling more in-app features for Guests and Hosts. Sales and Marketing

|                     |     | For the Years Ended March 31, |      2024 |     |   |      2023 |     |   | Change   |   |     |     |      % 
 Change |   |
|:--------------------|:----|:------------------------------|----------:|:----|:--|----------:|:----|:--|:---------|:--|:----|:----|-------:|:--|
| Sales and marketing |     | $                             | 5,767,036 |     | $ | 6,734,205 |     | $ | (967,169 | ) |     |     |    -14 | % |

Sales and marketing expense totaled $5.77 million during the year ended