Company: ZCARW
Filing Date: 2025-03-28
Form Type: DRS
Source: 0001013762-25-003498
Chunk: 159

Company: Zoomcar Holdings, Inc.
Filing Date: 2025-03-28
Form: DRS
Chunk 159
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| 2. | Net decrease in working capital                                                                                                         
 of $4.68 million was a result of improved working capital management during the nine months ended December 31, 2024, as compared to the 
 nine months ended December 31, 2023.                                                                                                    |

Investing Activities

Net cash generated from investing
activities totaled $0.46 million for the nine months ended December 31, 2024, as compared to Net cash used for investing activities totaled
$0.06 million during the same period in 2023. The increase in cash generated during the nine months ended December 31, 2024, is largely
attributable to receipt of proceeds from maturity of investment in fixed deposits during the current nine months as compared use of proceeds
to investment in fixed deposits during the nine months ended December 31,2023.

Financing Activities

Net cash generated from financing
activities totaled $7.70 million and $11.20 million during the nine months ended December 31, 2024, and December 31, 2023, respectively.
The Company received proceeds from issue of redeemable promissory notes $3.00 million out of which note issuance expenses of $0.49 million
has been paid, issuance of equity and warrants amounting to $14.63 million out of which $2.18 million paid in relation to issuance expenses
of equity and warrants, and repayment of redeemable promissory note of $3.80 million, debt repayments and principal payment of finance
lease obligations totaled to $3.46 million during the nine months ended December 31, 2024 as compared to proceeds from the issuance of
Senior Subordinated convertible promissory note of $13.18 million which was partly offset by note issuance cost, debt repayments and principal
payment of finance lease obligations totaled to $1.37 million, during the nine months ended December 31, 2023. As the Company’s
cash position decreased, critical payments and debt repayments were not being made in the ordinary course of business.

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Contractual Obligations and Commitments

Contractual obligations are
cash amounts that we are obligated to pay as part of certain contracts that we have entered into during the normal course of business.

Below is a table that shows
our contractual lease obligations as of December 31, 2024:

|                                                 |     | December 31, 2024 |           |