Company: ZCARW
Filing Date: 2025-06-30
Form Type: 10-K
Source: 0001213900-25-059675
Chunk: 1612

Company: Zoomcar Holdings, Inc.
Filing Date: 2025-06-30
Form: 10-K
Item: Item 5
Chunk 1612
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 and Second Reverse Split) which were neither assumed nor cancelled and remain the subject of a litigation (see “Risk
Factors - A former employee of Zoomcar India has instituted a wrongful termination suit and claims that certain Zoomcar options have
vested”).

Recent Sales of Unregistered Securities and Use of Proceeds

There were no sales of equity securities during the period covered
by this Report that were not registered under the Securities Act and were not previously reported in a Current Report on Form 8-K filed
by the Company.

Issuer Repurchases of Securities

None.

Item 6. Reserved.

Item 7. Management’s Discussion and
Analysis Of Financial Condition And Results Of Operations

The following “Management’s
Discussion and Analysis of Financial Condition and Results of Operations” should be read in conjunction with our audited consolidated
financial statements and related notes thereto included elsewhere in this Annual Report on Form 10-K for the year ended March 31, 2025
and 2024. This discussion contains forward-looking statements that involve risks and uncertainties. Our actual results could differ materially
from such forward-looking statements. Factors that could cause or contribute to those differences include, but are not limited to, those
identified below and those discussed in the sections titled “Risk Factors” and “Special Note Regarding Forward-Looking
Statements” included in this Form 10-K. Additionally, our historical results are not necessarily indicative of the results that
may be expected in any future period. Amounts are presented in U.S. dollars.

Unless the context otherwise
requires, references in this “Management’s Discussion and Analysis of Financial Condition and Results of Operations”
to “Zoomcar,” “we”, “us”, “our”, and the “Company” are intended to refer
to (i) following the Business Combination, the business and operations of Zoomcar Holdings, Inc. and its consolidated subsidiaries, and
(ii) prior to the Business Combination, Zoomcar, Inc. (the predecessor entity in existence prior to the consummation of the Business
Combination) and its consolidated subsidiaries.

64

Overview

Zoomcar’s current business model is an online peer-to-peer car
sharing platform which connects Hosts (car owners) with Guests (persons in temporary need of vehicles). Our business model is explained
in details under the “Standard booking Flow” section below.

As of June 27, 2025 we had
6,284,491 shares of our Common Stock issued and outstanding. Except as otherwise indicated, all share and