Company: ZCARW
Filing Date: 2025-05-05
Form Type: S-1
Source: 0001213900-25-039778
Chunk: 305

Company: Zoomcar Holdings, Inc.
Filing Date: 2025-05-05
Form: S-1
Chunk 305
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     | $                 |    50,001 |     | $                 |       - |

The Company has the following outstanding balances with related parties:

| As at                                                 |     | December 31, 
 2024         |         |     | March 31, 
 2024      |           |
|:------------------------------------------------------|:----|:-------------|--------:|:----|:----------|----------:|
| Convertible promissory note (non-current and current) |     |              |         |     |           |           |
| Ananda Small Business Trust                           |     | $            |       - |     | $         | 2,027,840 |
| Payable to Director                                   |     |              |         |     |           |           |
| Mohan Ananda                                          |     | $            | 152,435 |     | $         |   152,435 |
| Advance to director (net)                             |     |              |         |     |           |           |
| Gregory Bradford Moran                                |     | $            |       - |     | $         |    44,168 |
| Derivative financial instruments                      |     |              |         |     |           |           |
| Hiroshi Nishijima                                     |     | $            |   8,464 |     | $         |         - |
|                                                       |     | $            | 160,899 |     | $         | 2,224,443 |

F- 44 ZOOMCAR HOLDINGS, INC. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

| 30 | Variable          
 Interest Entities |

An entity is a VIE if it has any of the following characteristics
:

| ● | The                                                                                                             
 entity does not have enough equity to finance its activities without additional subordinated financial support. |

| ● | The                                                                                       
 equity holders, as a group, lack the characteristics of a controlling financial interest. |

| ● | The                                                                                   
 entity is structured with non-substantive voting rights (i.e., an anti-abuse clause). |

We consolidate VIEs in which Company
hold a variable interest and are the primary beneficiary. Company is the primary beneficiary because it has the power to direct the activities
of a VIE that most significantly impact the VIE’s economic performance and the obligation to absorb losses of the VIE that potentially
could be significant to the VIE and the right to receive benefits from the