Company: ZCARW
Filing Date: 2025-05-05
Form Type: S-1
Source: 0001213900-25-039778
Chunk: 362

Company: Zoomcar Holdings, Inc.
Filing Date: 2025-05-05
Form: S-1
Chunk 362
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, 2024 and March 31, 2023, the principal balance of the Notes was $ NILand $ 10,000,000. As of March 31, 2024 and March 31, 2023, the fair value of the Notes of $ NILand $ 10,944,727, respectively, were recorded on the Consolidated Balance Sheet.

| 17A | Unsecured       
 promissory note |

The following is a summary of the Company’s unsecured promissory note payable as of March 31, 2024 and March 31, 2023:

(In USD)

| As at           |     | Outstanding 
 March       
 31,         
 2024        |           |     | March 
 31,   
 2023  |   |
|:----------------|:----|:------------|----------:|:----|:------|:--|
| Unsecured       
 promissory note |     | $           | 2,027,840 |     | $     | - |
| Total           |     |             | 2,027,840 |     |       | - |

Prior to Merger in August
2022, the SPAC had issued a interest free Convertible Promissory Note to Ananda Small Business Trust with a principal amount for
$. The principal amount was repayable in days (the 'Maturity Date') from the consummation of the Business Combination by
way of a Reverse Recapitalization. The principal balance could have been repaid at any time before the Maturity Date. The Note is
also convertible at the option of the holder on the Maturity Date at a Conversion Price of $ per share ($ prior to Second
Reverse Stock Split and $ prior to First Reverse Stock Split). The principal amount of the unsecured promissory note is still
outstanding as on March 31, 2024 amounting to $.

(This space has been left intentionally blank) F- 90 ZOOMCAR HOLDINGS, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

| 18 | Senior                                             
 Subordinated Convertible Promissory Note (‘SSCPN’) |

The following is a summary of the Company’s SSCPN payable for which it elected the fair value option as of March 31, 2024 and March 31, 2023:

(In USD)

| As at                |     | Fair              
 Value Outstanding 
 March             
 31,               
 2024