Company: ZCARW
Filing Date: 2025-03-28
Form Type: DRS
Source: 0001013762-25-003498
Chunk: 194

Company: Zoomcar Holdings, Inc.
Filing Date: 2025-03-28
Form: DRS
Chunk 194
---
center'>113</div>

Effects of COVID-19 on Our Business

While the onset of the global
COVID-19 pandemic created considerable uncertainty in our business, as many countries begin to emerge from the COVID-19 pandemic or are
experiencing gradual reductions in associated restrictions in personal activities, we are also benefiting from some of the associated
changes we have observed in behavior and transportation preferences among residents of the emerging markets in which we currently operate.
India, for example, after having imposed periodic lockdowns between early 2020 and mid-2021, witnessed considerable growth in domestic
tourism since mid-2021, with domestic air travel, for example, eclipsing pre-pandemic levels by mid-2022. Zoomcar’s ATV for trips
completed within India, in turn, increased from $43 per trip during the three-month period from January 1, 2022 to March 31, 2022, to
$71 per trip during the three-month period from June 30, 2022 to September 30, 2022, without material changes to our pricing models during
the same period. During 2022, when some of the effects of COVID-19 and attendant travel restrictions have begun to ease, Zoomcar has experienced
a platform-wide increase in longer-duration trips, as Zoomcar has observed increasing prevalence of use cases that did not play a meaningful
role in bookings prior to the pandemic. For example, during 2022, more Guests reported booking having booked vehicles on our platform
than during prior periods because they were unable to find vehicles to purchase or because vehicles, they owned were taking substantially
longer than usual to repair due to supply chain shortages in the automotive industry. We believe that the year to date has been marked
by an uptick in “try before you buy” use cases and in Guests generally reporting the flexibility of our platform as a major
motivation for bookings. Moreover, during and in the aftermath of the COVID-19 pandemic, we observed an increase in demand for cars booked
through car sharing platforms which we believe is partly due to the perceived health and hygiene benefits associated with driving a Host
vehicle compared with transportation options such as taxis and public transit, where a rider is sharing space with strangers.

While these changes in consumer
preferences may have occurred in response to the effects of COVID-19, we believe that these trends reflect foundational behavior-based
transformations that we expect will outlast the direct impact of COVID-19 global pandemic.

Trip-based