Company: ZCARW
Filing Date: 2025-05-05
Form Type: S-1
Source: 0001213900-25-039778
Chunk: 289

Company: Zoomcar Holdings, Inc.
Filing Date: 2025-05-05
Form: S-1
Chunk 289
---
 |     |       |            |
| Atalaya               
 Note                  |     | $                      | - |     | $     | 10,067,601 |
| Total                 |     | $                      | - |     | $     | 10,067,601 |

| (In USD)          
 As                
 at                |     | Fair Value Outstanding 
 December               
 31,                    
 2024                   |           |     | March 
 31,   
 2024  |   |
|:------------------|:----|:-----------------------|----------:|:----|:------|:--|
| Current liability |     |                        |           |     |       |   |
| Atalaya           
 Note              |     | $                      | 7,017,543 |     | $     | - |
| Total             |     | $                      | 7,017,543 |     | $     | - |

The Atalaya Note was initially
recorded at the fair value of $ on issuance. The Atalaya Note was issued at % discount on principal amounting to
$ and bears an interest of % and an additional interest on default of % compounded monthly.

During the nine months ended December 31, 2024, partial
liability was settled by issue of ( prior to Second Reverse Stock Split and prior to First Reverse Stock Split)
shares to the Atalaya Note holders for a settlement of $.

The principal balance of the Atalaya
Note was $ (amount received $). As of December 31, 2024 and March 31, 2024, the fair value of the Atalaya Note of $
and $, was recorded in the Condensed Consolidated Balance Sheets for their respective periods. The change in fair value resulted
in loss of $ and gain of $ that is recorded for the three months and nine months ended December 31, 2024 ($NIL and $NIL
for three months and nine months ended December 31, 2023) in the Condensed Consolidated Statements of Operations (as no portion of such
fair value adjustment resulted from instrument-specific credit risk). Also, Refer Note 31.

The Company is liable to pay liquidated damages to the
note holders, owing to breach of certain conditions as prescribed by the agreement. However, there is no visibility on the amount of such
damages, henceforth, no provision has been booked for the same.

During the period ended December 31,
2024,