Company: ZCARW
Filing Date: 2025-03-28
Form Type: DRS
Source: 0001013762-25-003498
Chunk: 147

Company: Zoomcar Holdings, Inc.
Filing Date: 2025-03-28
Form: DRS
Chunk 147
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, |       2024 |     |   |       2023 |     |   | Change      |   |     |     |      % 
 Change |   |
|:---------------------------------|:----|:------------------------------|-----------:|:----|:--|-----------:|:----|:--|:------------|:--|:----|:----|-------:|:--|
| Finance costs                    |     | $                             | 13,898,735 |     | $ | 27,570,752 |     | $ | (13,672,017 | ) |     |     |    -50 | % |
| Finance costs to related parties |     |                               |     38,203 |     |   |     64,844 |     |   | (26,641     | ) |     |     |    -41 | % |

Finance costs were $13.90
million during the year ended March 31, 2024, as compared to $27.57 million during the year ended March 31, 2023, a reduction of $13.67
million, or 50% primarily on account of reduced non-cash charges due to a change in fair value of derivative financial instrument of $10.91
million. This reduction was offset by increases in non-cash charges due to change in fair value of the Preferred stock warrant liability
of $5.28 million, discount on issuance and change in fair value of Atalaya Note of $2.27 million and SSCPN issue expenses of $0.60 million.
These costs were further offset by a reduction in interest on vehicle loans, interest on finance leases, other borrowing cost and bank
charges by an amount of $0.23 million, $0.22 million, $0.16 million, and $ 0.05 million respectively.

Finance Costs to related
parties reduced due to decline in outstanding loan balances.

Other (income) and expense, net

|                                   |     | For the Years Ended March 31, 
 2024                          |             |   |     | 2023 |            |   |     | Change |           |   |     | %      
 Change |     |   |
|:----------------------------------|:----|:------------------------------|:------------|:--|:----|:-----|:-----------|:--|:----|:-------|----------:|:--|:----|:-------|----:|: