Company: ZCARW
Filing Date: 2025-06-30
Form Type: 10-K
Source: 0001213900-25-059675
Chunk: 3160

Company: Zoomcar Holdings, Inc.
Filing Date: 2025-06-30
Form: 10-K
Item: Item 8
Chunk 3160
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olidated Financial Statements have been prepared in accordance with generally accepted accounting principles in the United States
of America (US GAAP) and pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). Any reference
in these notes to applicable guidance is meant to refer to the authoritative GAAP as found in the Accounting Standards Codification (“ASC”)
and an Accounting Standards Update (“ASU”) of the Financial Accounting Standards Board (“FASB”).

The Consolidated
Financial Statements include the accounts of the Company and its wholly owned subsidiaries and variable interest entities in which the
Company is the primary beneficiary, including an entity in India and in other geographical locations. All intercompany accounts and transactions
have been eliminated in the Consolidated Financial Statements herein.

ii.Principles of consolidation

The Consolidated
Financial Statements include the accounts of Zoomcar Holdings, Inc. and of its wholly owned subsidiaries and Variable Interest Entities
(“VIE”) in which the Company is the primary beneficiary, including an entity in India and in other geographical locations
(collectively, the “Company”).

The Company determines, at the inception
of each arrangement, whether an entity in which it has made an investment or in which it has other variable interest is considered a VIE
in accordance with ASC 810.

Periodically, the Company determines
whether any changes in its interest or relationship with the entity impact the determination of whether the entity is still a VIE and,
if so, whether the Company is the primary beneficiary.

As at March 31, 2025, 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   VIE  Zoomcar Vietnam Mobility LLC   Vietnam   Fleet Holding Pte ltd   VIE 

The assets/liabilities consolidated for the VIE are not
material.