Company: ZCARW
Filing Date: 2025-06-30
Form Type: 10-K
Source: 0001213900-25-059675
Chunk: 691

Company: Zoomcar Holdings, Inc.
Filing Date: 2025-06-30
Form: 10-K
Item: Item 1B
Chunk 691
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 the Closing Date of one
or more subsequent equity, debt or other capital raises or any sale of tangible or intangible assets with net proceeds sufficient to
repay all or any portion of the amounts due under the redeemable promissory note (the “Maturity Date”). The redeemable promissory
note bears interest at a rate of 15% per annum computed on the basis of a 360-day year and twelve 30-day months and payable in arrears
on the Maturity Date.

The interest on the redeemable promissory note
(including amortization of discount on issue and issuance cost) was $1,995,967 for the year ended March 31, 2025 ($NIL for the year ended
March 31, 2024) which was recognized in the Condensed Consolidated Statements of Operations for their respective period.

Warrants issued along
with Redeemable Promissory Note

The warrants are each exercisable for
one share of Common Stock at an exercise price of $56.64 per share ($2.832 per share prior to Second Reverse Stock Split and $0.1416 per
share prior to First Reverse Stock Split) and may be exercised at any time after six months and upto 5 years the date of issue. Additionally,
in accordance with the agreement, the Warrant contains an “alternative cashless exercise” provision which gives the Warrant
holder the right to exchange the Warrant on a one-for-one basis for shares of common stock at any time that the Warrant is exercisable
without any cash payment and without regard to the then market price of the Company’s common stock or exercise price of the Warrant.

During the year ended March 31, 2025, 46,527 (930,522 prior to Second
Reverse Stock Split) warrants have been exercised and are converted into Common Stock. As of March 31, 2025, 69,704 warrants (1,394,062
prior to Second Reverse Stock Split) are outstanding (after considering antidilution effect). Furthermore, the placement agent warrants
outstanding as of March 31, 2025 are 5,297 warrants (105,934 prior to Second Reverse Stock Split).

These Warrants are classified as equity on the
Consolidated Balance Sheets.

F-32

ZOOMCAR HOLDINGS, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

19Unsecured promissory note to related parties

The following is