Company: ZCARW
Filing Date: 2025-08-14
Form Type: 10-Q
Source: 0001213900-25-076590
Chunk: 197

Company: Zoomcar Holdings, Inc.
Filing Date: 2025-08-14
Form: 10-Q
Item: Part I, Item 2
Chunk 197
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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 months
ended June 30, 2025 and 2024. 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

Zoomcar’s current business
model is an online peer-to-peer car sharing platform which connects Hosts (car owners) with Guests (persons in temporary need of vehicles).
Our business model is explained in details under the “Standard booking Flow” section below.

As of August 13, 2025, we
had 6,374,874 shares of our Common Stock issued and outstanding. Except as otherwise indicated, all share and per share information in
this report gives effect to second reverse stock split effected on March 21, 2025 at a ratio of 1-for-20.  

Standard Booking Flow

We operated a peer-to-peer
car sharing platform in emerging markets across three countries and generated revenues from bookings by our Guests of vehicles listed
on our Zoomcar platform by our Hosts. Zoomcar receives a portion of the associated booking fee charged to the Guest (less any credits
or discounts applied), as well as platform fees charged to Guests and Hosts and trip protection fees (