Company: ZCARW
Filing Date: 2025-02-14
Form Type: 10-Q
Source: 0001213900-25-014437
Chunk: 313

Company: Zoomcar Holdings, Inc.
Filing Date: 2025-02-14
Form: 10-Q
Item: Part I, Item 8
Chunk 313
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4, versus the previous comparable period.

In the peer-to-peer car sharing
model, we continued to take several measures to improve profitability, such as (i) reduction of cash incentives paid to Hosts and (ii)
introduction of cancellation fees for Guest. These and other cost rationalization strategies resulted in improved unit profitability at
the expense of lower or negligible growth in GBV and Net revenue for the three and nine months ended on December 31, 2024, compared to
the same period in 2023.

58

Costs and Expenses

Cost of Revenue 

    Three months ended December 31,  
    Nine months ended December 31, 

    2024  
    2023  
    Change  
    % Change  
    2024  
    2023  
    Change  
    % Change 
  
    Cost of revenue 
    $1,499,282  
    $2,093,057  
    $(593,775) 
     -28% 
    $4,224,993  
    $8,441,525  
    $(4,216,532) 
     -50%

Cost of revenue was $1.50
million during the three months ended December 31, 2024, as compared to $2.09 million during the three months ended December 31, 2023,
a decrease of $0.59 million, or 28%. This decrease was driven by overall Company-wide efforts to drive greater operational efficiency.
Key drivers of the cost savings $0.40 million reduction in personnel costs including ESOP related costs (driven by headcount reductions
in India, and discontinuation of operations in Vietnam, Egypt and Indonesia during the three months ending December 31, 2024). Due to
discontinuation of operations in Egypt, Indonesia, and Vietnam there was a savings of $0.04 million during the three months ended in December
31, 2024, as compared to the three months ended December 31, 2023., under other expenses. Further, there were cost savings of $0.13 million
on account of depreciation on tracking devices during the three months ended December 31,2024, as compared to three months ended December
31, 2023, since these devices were completely depreciated in the previous Fiscal year ending March 31, 2024.

Cost of revenue was $4.22
million during