Company: ZCARW
Filing Date: 2025-03-28
Form Type: DRS
Source: 0001013762-25-003498
Chunk: 358

Company: Zoomcar Holdings, Inc.
Filing Date: 2025-03-28
Form: DRS
Chunk 358
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 still a VIE and, if so, whether the Company is the primary beneficiary.

<div align='center'>F-61

ZOOMCAR HOLDINGS, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</div>

| 2. | Summary of Significant          
 Accounting Policies (Continued) |

As at March 31, 2024, following are the list of subsidiaries and step-down subsidiaries:

| Name                          
 of Entity                     |     | Place         
 of            
 Incorporation |     | Investor                        
 Entity                          |     | Method           
 of consolidation |
| Zoomcar, Inc.                 |     | USA           |     | Zoomcar Holdings, Inc.          |     | Voting Interest  |
| Zoomcar India Private Limited |     | India         |     | Zoomcar, Inc.                   |     | Voting Interest  |
| Zoomcar Netherlands Holding   
 B. V                          |     | Netherlands   |     | Zoomcar, Inc.                   |     | Voting Interest  |
| Fleet Holding Pte Ltd         |     | Singapore     |     | Zoomcar, Inc.                   |     | Voting Interest  |
| PT Zoomcar Indonesia Mobility 
 Service                       |     | Indonesia     |     | Fleet Holding Pte Ltd           |     | Voting Interest  |
| Fleet Mobility Philippines    
 Corporation                   |     | Philippines   |     | Zoomcar, Inc.                   |     | VIE              |
| Zoomcar Egypt Car Rental      
 LLC                           |     | Egypt         |     | Zoomcar Netherlands Holding B.V |     | VIE              |
| Zoomcar Vietnam Mobility      
 LLC                           |     | Vietnam       |     | Fleet Holding Pte Ltd           |     | VIE              |

In determining whether the VIE model was applicable to the subsidiaries the criteria prescribed under ASC 810 were examined as below:

| - | The subsidiaries were incorporated                                                              
 as legal entities under the laws and regulations of the country in which they are incorporated. |

| - | The scope exemptions under                   
 ASC 810 were not applicable to the entities. |

| - | Zoomcar Holdings, Inc holds                                                                              
 variable interest in all the subsidiaries by way of contribution towards equity and in the form of debt. |

| - | The entities are variable                                                                                                        
 interest entities for Zoomcar Holdings, Inc since the legal entities do not have sufficient equity investment at risk and equity 
 investors at risk.                                                                                                               |

For the purpose of equity interests, the interests held by employees are also considered under ASC 810 since employees are considered as de