Company: ZCARW
Filing Date: 2025-05-05
Form Type: S-1
Source: 0001213900-25-039778
Chunk: 263

Company: Zoomcar Holdings, Inc.
Filing Date: 2025-05-05
Form: S-1
Chunk 263
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 Financial position, results of operations, and cash flows for these interim periods.

The Condensed
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 Condensed Consolidated Financial Statements herein.

F- 8 ZOOMCAR HOLDINGS, INC. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

| (b) | Principles of consolidation |

The Condensed
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. The Company consolidates a VIE when it is the primary beneficiary. The primary beneficiary of a VIE is the party that meets both
of the following criteria:

| i. | has the power to direct the activities that most significantly 
 affect the economic performance of the VIE; and                |

| ii. | has the obligation to absorb losses or the right to receive benefits that in either case could potentially 
 be significant to the VIE.                                                                                 |

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 December 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