Company: ZCARW
Filing Date: 2025-02-14
Form Type: 10-Q
Source: 0001213900-25-014437
Chunk: 882

Company: Zoomcar Holdings, Inc.
Filing Date: 2025-02-14
Form: 10-Q
Item: Part I, Item 2
Chunk 882
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Item 2. Management’s Discussion and Analysis of Financial
Condition and Results of Operations

The following “Management’s
Discussion and Analysis of Financial Condition and Results of Operations” should be read in conjunction with our unaudited condensed
consolidated financial statements and related notes thereto included elsewhere in this Quarterly Report on Form 10-Q for the three and
nine months ended December 31, 2024 and 2023, and our audited consolidated financial statements and notes thereto and Management’s
Discussion and Analysis of Financial Condition and Results of Operations as of and for the year ended March 31, 2024 included in our Form
10-K/A. This discussion contains forward-looking statements that involve risks and uncertainties. Our actual results could differ materially
from such forward-looking statements. Factors that could cause or contribute to those differences include, but are not limited to, those
identified below and those discussed in the sections titled “Risk Factors” and “Special Note Regarding Forward-Looking
Statements” included in this Form 10-Q. Additionally, our historical results are not necessarily indicative of the results that
may be expected in any future period. Amounts are presented in U.S. dollars.

Unless the context otherwise
requires, references in this “Management’s Discussion and Analysis of Financial Condition and Results of Operations”
to “Zoomcar,” “we”, “us”, “our”, and the “Company” are intended to refer to
(i) following the Business Combination, the business and operations of Zoomcar Holdings, Inc. and its consolidated subsidiaries, and (ii)
prior to the Business Combination, Zoomcar, Inc. (the predecessor entity in existence prior to the consummation of the Business Combination)
and its consolidated subsidiaries.

Overview

During our fiscal year ended
March 31, 2022, Zoomcar’s business model shifted from a prior business model, in which we owned and leased vehicles to our customers,
to our current online peer-to-peer car sharing platform which connects Hosts (car owners) with Guests (persons in temporary need of vehicles).
Although our platform technology was already under development for several years prior to this transition and we began on-boarding Hosts
to our platform before the transition was complete, until our business model changed, most of our revenue was derived from what we refer
to as “short-term car rentals” and “vehicle subscriptions,” whereas, beginning in December 2021, a shift in our
business model occurred in connection with which “facilitation revenues” generated from