Company: ZCARW
Filing Date: 2025-03-28
Form Type: DRS
Source: 0001013762-25-003498
Chunk: 170

Company: Zoomcar Holdings, Inc.
Filing Date: 2025-03-28
Form: DRS
Chunk 170
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 engage in and consummate the Business
Combination transaction. The Business Combination was consummated on December 28, 2023. Pursuant to the Business Combination, Merger Sub,
a Delaware corporation and a wholly owned subsidiary of IAOC, merged with Zoomcar, Inc. with the Company continuing as the surviving entity.
Zoomcar, Inc. thus became a wholly owned subsidiary of IAOC and IAOC was renamed as Zoomcar Holdings, Inc. with its securities traded
on the Nasdaq Stock Market. As a result of this Business Combination, the stockholders (including common and preferred stock) of Zoomcar,
Inc. were issued common stock of the Company.

We believe our business model
is particularly well-suited to emerging markets because of the transportation challenges faced by urban residents in these areas. In India,
the market that Zoomcar serves, the costs of car ownership can be prohibitively high relative to average personal income levels, with
less than ten percent of persons in these markets owning a car. At the same time, these individuals typically lack access to alternative
transportation modalities that are sufficiently convenient or affordable. The market also has growing middle classes, rapidly urbanizing
metropolitan areas, and vast numbers of young, tech-fluent citizens. In total, these overarching demographic trends all contribute to
management’s estimated total addressable market in emerging markets of $90 billion by 2026 of which India accounts for $36 billion,
making India the most important market for us. The opportunity around the growing total addressable market is further described under
the heading “Market Opportunity” below.

Already present in over 99
cities across India, we plan to continue evolving our platform offerings to meet Guests’ mobility needs in ways that are convenient,
modern and cost-efficient, providing both transportation solutions and entrepreneurship opportunities within the communities where we
operate. Our business model has evolved since our inception, as our platform originally offered short-term rental of vehicles owned or
leased directly by Zoomcar. Between 2018 and 2020, we began shifting the focus of our technology and product development efforts towards
capabilities relevant to our current “asset-light” business model focused on our digital platform for peer-to-peer car sharing.
We completed our business model shift during the second half of 2021. Over time, we have expanded our platform’s functionality,
and we continue to evolve our offerings as consumer preferences change.

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Our technology is the backbone
of our peer-to-peer car sharing platform