Company: ZCARW
Filing Date: 2025-03-28
Form Type: DRS
Source: 0001013762-25-003498
Chunk: 34

Company: Zoomcar Holdings, Inc.
Filing Date: 2025-03-28
Form: DRS
Chunk 34
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.12 per share; |

| ● | January/February Placement Agent Series B Warrants to purchase      
 [        ] shares at a current exercise price of $0.0001 per share; |

Unless otherwise indicated, this prospectus reflects and assumes that the following are not converted into, exchanged or exercised common shares:

| ● | the common shares issuable upon                                                       
 the exercise of the Series A Warrants to be issued to investors in this offering; and |

Unless otherwise indicated, this prospectus also assumes the following:

| ● | no exercise by the underwriter of its option to purchase up to            additional common shares or up to         Pre-Funded Warrants and/or up to            Series A Warrants from us to cover over-allotments, if any; and |

| ● | no issuance of Pre-Funded Warrants. |

<div align='center'>14

RISK FACTORS</div>

An investment in our securities involves a high degree of risk. You should carefully consider the risks described below before making an investment decision. Our business, prospects, financial condition or operating results could be harmed by any of these risks, as well as other risks not currently known to us or that we currently consider immaterial. The trading price of our Common Stock could decline due to any of these risks, and, as a result, you may lose all or part of your investment.

In the course of conducting our business operations, we are exposed to a variety of risks. Any of the risk factors we describe below have affected or could materially adversely affect our business, financial condition and results of operations. The market price of our securities could decline, possibly significantly or permanently, if one or more of these risks and uncertainties occurs. Certain statements in “Risk Factors” are forward-looking statements. See “Cautionary Note Regarding Forward-Looking Statements.”

Risks related to our Business and Operations

Our current business model’s limited operating history and financial results make our future results, prospects and the risks we may encounter difficult to predict.

Although Zoomcar commenced
operating in 2013, we transitioned from a prior business model to our current business model in December 2021, consisting of our asset-light
online platform for peer-to-peer car sharing. As a result of this transition, certain components of our financial statements have experienced
variation, and our operating history may not be indicative of our future growth or financial results. The limited history of our current
business model makes predicting our future operating and other results difficult, if not impossible,