Company: ZCARW
Filing Date: 2025-05-12
Form Type: S-1/A
Source: 0001213900-25-041769
Chunk: 304

Company: Zoomcar Holdings, Inc.
Filing Date: 2025-05-12
Form: S-1/A
Chunk 304
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 for December 2024 Offering       |     |                    |           |     |                   |         |     |                   |           |     |                   |         |
| Hiroshi Nishijima                                |     | $                  |    50,001 |     | $                 |       - |     | $                 |    50,001 |     | $                 |       - |

The Company has the following outstanding balances with related parties:

| As at                                                 |     | December 31, 
 2024         |         |     | 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 |
| Derivative financial instruments                      |     |              |         |     |           |           |
| Hiroshi Nishijima                                     |     | $            |   8,464 |     | $         |         - |
|                                                       |     | $            | 160,899 |     | $         | 2,224,443 |

F-44 ZOOMCAR HOLDINGS, INC. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

| 30 | Variable          
 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 is structured with non-substantive voting rights (i.e., an anti-abuse clause). |

We consolidate VIEs in which Company
hold a variable interest and are the primary