Company: ZCARW
Filing Date: 2025-06-30
Form Type: 10-K
Source: 0001213900-25-059675
Chunk: 0

Company: Zoomcar Holdings, Inc.
Filing Date: 2025-06-30
Form: 10-K
Item: Item 1
Chunk 0
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Item 1. Business

Mission

Zoomcar’s mission
is to transform the urban mobility landscape across emerging market countries by connecting individuals with short and medium-term transportation
needs with vehicle owners through the convenience of our scalable digital platform designed to provide persons seeking short-term vehicle
use with personalized travel solutions while also providing entrepreneurial opportunities for vehicle owners to financially benefit from
sharing their car within their community.

Overview

Zoomcar, headquartered in
Bangalore, India, is a leading emerging market-focused online car sharing marketplace, based on the number of current vehicles and active
users on our platform. Our platform enables car owners (“Hosts”) and persons in temporary need of vehicles (“Guests”)
to connect and share the use of a Host’s car, made available to Guests at mutually convenient locations.

Founded in 2012, our online platform facilitates mobility in emerging markets, where convenient, cost-efficient transportation options are limited. Guests
on our platform browse and choose from a range of available car models, makes, sizes and price points to book vehicles listed on our
platform by Hosts. Hosts, in turn, can turn underutilized vehicles into revenue-generating opportunities by sharing their cars with individuals
who require a car to satisfy leisure, work or other short to medium-term transportation needs. Further, in October 2022, we entered into
the Merger Agreement with IOAC, a special purpose acquisition company with securities traded on the Nasdaq Stock Market pursuant to which
we agreed, subject to satisfaction of certain conditions and the terms of the Merger Agreement, to engage in and consummate the Business
Combination transaction. The Business Combination was consummated on December 28, 2023. Pursuant to the Business Combination, Merger
Sub, a Delaware corporation and a wholly owned subsidiary of IAOC, merged with Zoomcar, Inc. with the Company continuing as the surviving
entity. Zoomcar, Inc. thus became a wholly owned subsidiary of IAOC and IAOC was renamed as Zoomcar Holdings, Inc. with its securities
traded on the Nasdaq Stock Market. As a result of this Business Combination, the stockholders (including common and preferred stock)
of Zoomcar, Inc. were issued common stock of the Company. Subsequently, on May 6, 2025, Zoomcar Holdings, Inc. (the “Company”)
received notice Nasdaq that the Nasdaq Hearings Panel (the “Panel”) has determined to delist the Company’s common stock
and public