Company: ZCARW
Filing Date: 2025-05-05
Form Type: S-1
Source: 0001213900-25-039778
Chunk: 308

Company: Zoomcar Holdings, Inc.
Filing Date: 2025-05-05
Form: S-1
Chunk 308
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- 46 ZOOMCAR HOLDINGS, INC. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

| 31 | Financial                             
 Instruments - Fair Value Measurements |

ASC Topic 820, “Fair Value Measurements
and Disclosures” (“ASC 820”) defines fair value as the price that would be received upon sale of an asset or paid upon
transfer of a liability in an orderly transaction between market participants at the measurement date and in the principal or most advantageous
market for that asset or liability. The fair value should be calculated based on assumptions that market participants would use in pricing
the asset or liability as against assumptions specific to the entity. In addition, the fair value of liabilities should include consideration
of non-performance risk, including the Company’s own credit risk.

The carrying value of financial instruments
not carried at fair value by categories are as below:

|                                        |     |                | December 31, 
         2024 |     |                |  March 31, 
       2024 |
|:---------------------------------------|:----|:---------------|-------------:|:----|:---------------|-----------:|
| As at                                  |     | Carrying value |              |     | Carrying value |            |
| Financial assets                       |     |                |              |     |                |            |
| Cash and cash equivalents              |     | $              |    4,397,373 |     | $              |  1,496,144 |
| Accounts receivable                    |     |                |       97,128 |     |                |    194,197 |
| Short term investments                 |     |                |            - |     |                |    298,495 |
| Receivable from government authorities |     |                |      476,037 |     |                |    445,828 |
| Long term investments                  |     |                |       25,295 |     |                |     91,947 |
| Other financial assets                 |     |                |      966,027 |     |                |    770,941 |
| Total assets                           |     | $              |    5,961,860 |     | $              |  3,297,552 |
| Financial liabilities                  |     |                |              |     |                |            |
| Accounts payable                       |     | $              |   20,791,914 |     | $              | 14,431,