# EDGAR Filing Document

**Accession Number:** 0001854275
**File Stem:** 0001213900-25-065648
**Filing Date:** 2025-7
**Character Count:** 106442
**Document Hash:** e336bba845f0950ece9cc5bae4c9eab9
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001213900-25-065648.hdr.sgml**: 20250718

**ACCESSION NUMBER**: 0001213900-25-065648

**CONFORMED SUBMISSION TYPE**: S-8

**PUBLIC DOCUMENT COUNT**: 7

**FILED AS OF DATE**: 20250718

**DATE AS OF CHANGE**: 20250718

**EFFECTIVENESS DATE**: 20250718

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Zoomcar Holdings, Inc.
- **CENTRAL INDEX KEY:** 0001854275
- **STANDARD INDUSTRIAL CLASSIFICATION:** SERVICES-AUTO RENTAL & LEASING (NO DRIVERS) [7510]
- **ORGANIZATION NAME:** 07 Trade & Services
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0331

**FILING VALUES:**
- **FORM TYPE:** S-8
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-288762
- **FILM NUMBER:** 251134444

**BUSINESS ADDRESS:**
- **STREET 1:** ANJANEYA TECHNO PARK, NO.147, 1ST FLOOR
- **STREET 2:** KODIHALLI
- **CITY:** BANGALORE
- **STATE:** K7
- **ZIP:** 560008
- **BUSINESS PHONE:** 91 99454-8382

**MAIL ADDRESS:**
- **STREET 1:** ANJANEYA TECHNO PARK, NO.147, 1ST FLOOR
- **STREET 2:** KODIHALLI
- **CITY:** BANGALORE
- **STATE:** K7
- **ZIP:** 560008

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Innovative International Acquisition Corp.
- **DATE OF NAME CHANGE:** 20210331

**As filed with the Securities and Exchange Commission on July 18, 2025**

**Registration No. 333-**

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM S-8**

**REGISTRATION STATEMENT**

**UNDER**

**THE SECURITIES ACT OF 1933**

**ZOOMCAR HOLDINGS, INC.** 

(Exact name of registrant as specified in its charter)

---

| | |
|:---|:---|
| **Delaware** | **99-0431609** |
| (State or other jurisdiction of<br> incorporation or organization) | (IRS Employer <br> Identification No.) |

---

---

| | |
|:---|:---|
| **Anjaneya Techno Park, No.147, 1st Floor**<br> **Kodihalli, Bangalore, India**  | **560008** |
| (Address of Principal Executive Offices) | (Zip Code) |

---

---

| |
|:---|
| **Zoomcar Holdings, Inc. 2023 Equity Incentive Plan**<br> **Zoomcar Holdings, Inc. Nonstatutory Inducement Award Agreement** |
| &nbsp;&nbsp;(Full Title of the Plan) |

---

**The Corporation Trust Company<br> Corporation Trust Center<br> 1209 Orange Street<br> Wilmington, Delaware 19801**

(Name and address of agent for service)

**Tel: (888) 724-9870**

(Telephone number, including area code, of agent for service)

 

*With copies to:*

**Morris C. Zarif** 

**Zarif Law Group P.C.**

**808 Springwood Avenue, Suite 110**

**Asbury Park, NJ 07712**

**Tel: (732) 755-0146**

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company" and "emerging growth company" in Rule 12b-2 of the Securities Exchange Act.

Large accelerated filer ☐ Accelerated filer ☐ <br> Non-accelerated filer ☒ Smaller reporting company ☒ <br> Emerging growth company ☒

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 7(a)(2)(B) of the Securities Act. ☐

**EXPLANATORY NOTE**

This Registration Statement registers additional securities of the same class as other securities for which a Registration Statement filed on Form S-8 by Zoomcar Holdings, Inc. ("we," "us," "our," the "Company," or the "Registrant") relating to the Zoomcar Holdings, Inc. 2023 Equity and Incentive Plan (the "2023 Plan") is already effective. Pursuant to Instruction E to Form S-8, we incorporate by reference into this Registration Statement the contents of the Registration Statements we filed on Form S-8 with the Securities and Exchange Commission (the "SEC") on February 11, 2025 (File No. 333-284814) including exhibits thereto to the extent not otherwise amended or superseded by the contents hereof, relating to the registration of 19,609 shares of our common stock (after giving effect to a reverse stock split of 20:1 effective on March 21. 2025), $0.0001 par value per share (the "Common Stock"), authorized for issuance under the 2023 Plan. This Registration Statement provides for the registration of an additional 5,008,017 shares of our Common Stock, consisting of (i) 369,311 shares of our Common Stock that our shareholders approved at a special meeting of stockholders held on February 18, 2025 and (ii) 4,638,706 shares of our Common Stock that our board of directors (the "Board") approved on July 7, 2025.

This Registration Statement is also being filed for the purpose of registering 1,000,000 shares of Common Stock issuable to Deepankar Tiwari to induce the employee to accept employment as the Company's Chief Executive Officer pursuant to a consulting agreement between the Company and Mr. Tiwari dated May 9, 2025. The inducement award was approved by the board of directors of the Registrant. The inducement award was granted outside of the 2023 Plan.

**PART I**

**INFORMATION REQUIRED IN THE SECTION 10(a) PROSPECTUS**

**Item 1. Plan Information.\***

**Item 2. Registration Information and Employee Plan Annual Information.\***

\* The documents containing the information specified in Item 1 and Item 2 of Part I of Form S-8 (Plan Information and Registration Information and Employee Plan Annual Information) will be sent or given to recipients of the grants under the Plan as specified by Rule 428(b)(1) under the Securities Act. In accordance with the rules and regulations of the Securities and Exchange Commission (the "Commission") and the instructions to Form S-8, such documents are not being filed with the Commission either as part of this Registration Statement or as prospectuses or prospectus supplements pursuant to Rule 424 under the Securities Act. These documents and the documents incorporated by reference in this Registration Statement pursuant to Item 3 of Part II hereof, taken together, constitute a prospectus that meets the requirements of Section 10(a) of the Securities Act. The Registrant will provide a written statement to participants advising them of the availability without charge, upon written or oral request, of the documents incorporated by reference in Item 3 of Part II hereof and including the statement in the preceding sentence. The written statement to all participants will indicate the availability without charge, upon written or oral request, of other documents required to be delivered pursuant to Rule 428(b) of the Securities Act, and will include the address and telephone number to which the request is to be directed.

**PART II**

**INFORMATION REQUIRED IN THE REGISTRATION STATEMENT**

**Item 3. Incorporation of Documents by Reference .**

We are "incorporating by reference" in this prospectus certain documents we file with the Commission, which means that we can disclose important information to you by referring you to those documents. The information in the documents incorporated by reference is considered to be part of this prospectus. Statements contained in documents that we file with the Commission and that are incorporated by reference in this prospectus will automatically update and supersede information contained in this prospectus, including information in previously filed documents or reports that have been incorporated by reference in this prospectus, to the extent the new information differs from or is inconsistent with the old information. We have filed or may file the following documents with the Commission and they are incorporated herein by reference as of their respective dates of filing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) our Annual Report on [Form 10-K](https://www.sec.gov/Archives/edgar/data/1854275/000121390025059675/ea0246595-10k_zoomcar.htm) for the year ended March 31, 2025 filed on June 30, 2025 (the "Form 10-K");

(ii) our Current Report on [Form 8-K](https://www.sec.gov/Archives/edgar/data/1854275/000121390025059741/ea0247620-8k_zoomcar.htm) dated June 30, 2025 and our Current Report on [Form 8-K/A](https://www.sec.gov/Archives/edgar/data/1854275/000121390025061221/ea0248110-8ka1_zoomcar.htm) filed on July 3, 2025.

(iii) the description of our Common Stock contained in Exhibit 4.1 to Form 10-K.

All documents that we file with the Commission pursuant to Sections 13(a), 13(c), 14, and 15(d) of the Exchange Act of 1934, as amended (the "Exchange Act") subsequent to the date of this prospectus that indicates that all securities offered under this prospectus have been sold, or that deregisters all securities then remaining unsold, will be deemed to be incorporated in this prospectus by reference and to be a part hereof from the date of filing of such documents.

Any statement contained in a document incorporated or deemed to be incorporated by reference in this prospectus shall be deemed modified, superseded or replaced for purposes of this prospectus to the extent that a statement contained in this prospectus, or in any subsequently filed document that also is deemed to be incorporated by reference in this prospectus, modifies, supersedes or replaces such statement. Any statement so modified, superseded or replaced shall not be deemed, except as so modified, superseded or replaced, to constitute a part of this prospectus. None of the information that we disclose under Items 2.02 or 7.01 of any Current Report on Form 8-K or any corresponding information, either furnished under Item 9.01 or included as an exhibit therein, that we may from time to time furnish to the Commission will be incorporated by reference into, or otherwise included in, this prospectus, except as otherwise expressly set forth in the relevant document. Subject to the foregoing, all information appearing in this prospectus is qualified in its entirety by the information appearing in the documents incorporated by reference.

You may request, orally or in writing, a copy of these documents, which will be provided to you at no cost (other than exhibits, unless such exhibits are specifically incorporated by reference), by contacting our General Counsel, at zoomcar-stockholders@zoomcar.com or by sending a letter to the attention of our General Counsel at the offices of the Company at Anjaneya Techno Park, No.147, 1<sup>st</sup> Floor, Kodihalli, Bangalore, India 560008. Information about us is also available at our website at http://www.zoomcar.com. However, the information in our website is not a part of this prospectus and is not incorporated by reference.

**Item 4. Description of Securities.**

Not applicable.

**Item 5. Interests of Named Experts and Counsel.**

Not applicable.

**Item 6. Indemnification of Directors and Officers.**

The Registrant's amended and restated certificate of incorporation (as amended, the "Charter") limits directors' liability to the fullest extent permitted under the General Corporation Law of the State of Delaware (the "DGCL"). The DGCL provides that directors of a corporation will not be personally liable for monetary damages for breach of their fiduciary duties as directors, except for liability:

● for any transaction from which the director derives an improper personal benefit;

● for any act or omission not in good faith or that involves intentional misconduct or a knowing violation of law;

● for any unlawful payment of dividends or redemption of shares; or

● for any breach of a director's duty of loyalty to the corporation or its stockholders.

If the DGCL is amended to authorize corporate action further eliminating or limiting the personal liability of directors, then the liability of the directors will be eliminated or limited to the fullest extent permitted by the DGCL, as so amended.

Delaware law and the Registrant's amended and restated bylaws ("Bylaws") provide that the Company will, in certain situations, indemnify its directors and officers and may indemnify other employees and other agents, to the fullest extent permitted by law. Any indemnified person is also entitled, subject to certain limitations, to advancement, direct payment, or reimbursement of reasonable expenses (including attorneys' fees and disbursements) in advance of the final disposition of the proceeding.

In addition, the Registrant has entered into separate indemnification agreements with its directors and officers. These agreements, among other things, require the Registrant to indemnify its directors and officers for certain expenses, including attorneys' fees, judgments, fines, and settlement amounts incurred by a director or officer in any action or proceeding arising out of their services as one of its directors or officers or any other company or enterprise to which the person provides services at its request.

The Registrant believes these provisions in the Charter and Bylaws and these indemnification agreements are necessary to attract and retain qualified persons as directors and officers. Insofar as indemnification for liabilities arising under the Securities Act may be permitted to directors, officers, or control persons, in the opinion of the Commission, such indemnification is against public policy as expressed in the Securities Act and is therefore unenforceable.

The Registrant also maintains a directors and officers liability insurance policy for its directors and officers.

**Item 7. Exemption from Registration Claimed.**

Not applicable.

**Item 8. Exhibits.**

The Exhibits listed on the accompanying Exhibit Index are filed as a part of, or incorporated by reference into, this Registration Statement. (See Exhibit Index below).

**Item 9. Undertakings.**

(a) The undersigned Registrant hereby undertakes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) To file, during any period in which offers or sales are being made, a post-effective amendment to this Registration Statement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) to include any prospectus required by Section 10(a)(3) of the Securities Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) to reflect in the prospectus any facts or events arising after the effective date of this Registration Statement (or the most recent post-effective amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information set forth in this Registration Statement. Notwithstanding the foregoing, any increase or decrease in volume of securities offered (if the total dollar value of securities offered would not exceed that which was registered) and any deviation from the low or high end of the estimated maximum offering range may be reflected in the form of prospectus filed with the Commission pursuant to Rule 424(b) if, in the aggregate, the changes in volume and price represent no more than 20% change in the maximum aggregate offering price set forth in the "Calculation of Registration Fee" table in the effective registration statement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) to include any material information with respect to the plan of distribution not previously disclosed in the Registration Statement or any material change to such information in the Registration Statement; to include any material information with respect to the plan of distribution not previously disclosed in the Registration Statement or any material change to that information in the Registration Statement

*provided, however*, that paragraphs (a)(1)(i) and (a)(1)(ii) above do not apply if the information required to be included in a post-effective amendment by those paragraphs is contained in reports filed with or furnished to the Commission by the Registrant pursuant to Section 13 or Section 15(d) of the Exchange Act that are incorporated by reference in this Registration Statement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) That, for the purpose of determining any liability under the Securities Act, each such post-effective amendment shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial *bona fide* offering thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) To remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold at the termination of the offering.

(b) The undersigned Registrant hereby undertakes that, for the purposes of determining liability under the Securities Act of, each filing of the Registrant's annual report pursuant to Section 13(a) or Section 15(d) of the Exchange Act (and, where applicable, each filing of an employee benefit plan's annual report pursuant to Section 15(d) of the Exchange Act) that is incorporated by reference in the Registration Statement shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be in the initial *bona fide* offering thereof.

(c) Insofar as indemnification for liabilities arising under the Securities Act may be permitted to directors, officers and controlling persons of the Registrant pursuant to the foregoing provisions, or otherwise, the Registrant has been advised that in the opinion of the Commission such indemnification is against public policy as expressed in the Securities Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the Registrant of expenses incurred or paid by a director, officer or controlling person of the Registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered, the Registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Securities Act and will be governed by the final adjudication of such issue.

**EXHIBIT INDEX**

---

| | |
|:---|:---|
| **Exhibit<br> Number** | **Description of Exhibit** |
| 4.1 | [Amended and Restated Certificate of Incorporation of Zoomcar Holdings, Inc. (Incorporated by reference to Exhibit 3.1 of the Registrant's Current Report on Form 8-K filed with the Commission on January 4, 2024).](https://www.sec.gov/Archives/edgar/data/1854275/000121390024001242/ea191008ex3-1_zoomcar.htm) |
| 4.2 | [Amended and Restated Bylaws of Zoomcar Holdings, Inc. (Incorporated by reference to Exhibit 3.2 of the Registrant's Current Report on Form 8-K filed with the Commission on January 4, 2024).](https://www.sec.gov/Archives/edgar/data/1854275/000121390024001242/ea191008ex3-2_zoomcar.htm) |
| 4.3^ | [Zoomcar Holdings, Inc. 2023 Equity Incentive Plan. (Incorporated by reference to Exhibit 10.13 of the Registrant's Annual Report on Form 10-K/A filed with the Commission on July 15, 2024).](https://www.sec.gov/Archives/edgar/data/1854275/000121390024001242/ea191008ex10-17_zoomcar.htm) |
| 4.4^ | [Form of Stock Option Agreement (incorporated by reference to Exhibit 4.4 to the Registration Statement on Form S-8 filed on February 11, 2025)](https://www.sec.gov/Archives/edgar/data/1854275/000121390025011878/ea023053401ex4-4_zoomcar.htm) |
| 4.5^ | [Form of Restricted Stock Unit Agreement (incorporated by reference to Exhibit 4.5 to the Registration Statement on Form S-8 filed on February 11, 2025)](https://www.sec.gov/Archives/edgar/data/1854275/000121390025011878/ea023053401ex4-5_zoomcar.htm) |
| 5.1\* | [Opinion of Zarif Law Group P.C.](ea024923201ex5-1_zoomcar.htm) |
| 10.1\*^ | [Consultant Agreement between Zoomcar Holdings, Inc., Zoomcar India Private Limited and Deepankar Tiwari, dated May 9, 2025](ea024923201ex10-1_zoomcar.htm) |
| 23.1\* | [Consent of Grant Thornton Bharat LLP.](ea024923201ex23-1_zoomcar.htm) |
| 23.2\* | [Consent of Zarif Law Group P.C. (included in Exhibits 5.1).](ea024923201ex5-1_zoomcar.htm) |
| 24.1\* | [Powers of Attorney (included on the signature page of this Registration Statement)](#poc_001) |
| 99.1\*^ | [Nonstatutory Inducement Award Agreement between Zoomcar Holdings, Inc. and Deepankar Tiwari dated July 17, 2025](ea024923201ex99-1_zoomcar.htm) |
| 107\* | [Filing Fee Table](ea024923201ex-fee_zoomcar.htm) |

---

**\*** **Filed herewith.**

---

| | |
|:---|:---|
| **^** | **Management Contract or Compensatory Plan or Arrangement.** |

---

**SIGNATURES**

Pursuant to the requirements of the Securities Act, the Registrant certifies that it has reasonable grounds to believe that it meets all of the requirements for filing on Form S-8 and has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized in the city of Bangalore, country of India, on July 18, 2025.

---

| | | |
|:---|:---|:---|
| **Zoomcar Holdings, Inc.** | **Zoomcar Holdings, Inc.** | **Zoomcar Holdings, Inc.** |
| By: | /s/ Deepankar Tiwari | /s/ Deepankar Tiwari |
|  | Name: | Deepankar Tiwari |
|  | Title: | Chief Executive Officer |

---

KNOW ALL PERSONS BY THESE PRESENTS that each individual whose signature appears below hereby constitutes and appoints Deepankar Tiwari and Sachin Gupta as his or her true and lawful attorney-in-fact and agent with full power of substitution, for him or her and in his or her name, place and stead, in any and all capacities, to sign any and all amendments, including post-effective amendments, to this registration statement, and to sign any registration statement for the same offering covered by this registration statement that is to be effective upon filing pursuant to Rule 462(b) promulgated under the Securities Act of 1933 increasing the number of shares for which registration is sought, and all post-effective amendments thereto, and to file the same, with all exhibits thereto and all documents in connection therewith, making such changes in this registration statement as such attorney-in-fact and agent so acting deem appropriate, with the Commission, granting unto said attorney-in-fact and agent full power and authority to do and perform each and every act and thing requisite and necessary to be done with respect to the offering of securities contemplated by this registration statement, as fully to all intents and purposes as he or she might or could do in person, hereby ratifying and confirming all that said attorney-in-fact and agent, or his, her or their substitute or substitutes, may lawfully do or cause to be done or by virtue hereof.

Pursuant to the requirements of the Securities Act of 1933, this Registration Statement on Form S-8 has been signed by the following persons in the capacities and on the dates indicated.

---

| | | |
|:---|:---|:---|
| **Signature** | **Title** | **Date** |
| /s/ Deepankar Tiwari | Chief Executive Officer | July 18, 2025 |
| Deepankar Tiwari | (Principal Executive Officer) |  |
| /s/ Sachin Gupta | Chief Financial Officer | July 18, 2025 |
| Sachin Gupta | (Principal Financial Officer and Principal Accounting Officer) |  |
| /s/ Uri Levine | Chairman of the Board of Directors | July 18, 2025 |
| Uri Levine |  |  |
| /s/ Mohan Ananda | Director | July 18, 2025 |
| Mohan Ananda |  |  |
|  | Director | July 18, 2025 |
| Evelyn D'An |  |  |
| /s/ Swatick Majumdar | Director | July 18, 2025 |
| Swatick Majumdar |  |  |
| /s/ John Clarke | Director | July 18, 2025 |
| John Clarke |  |  |

---

## Exhibit 5.1

**Exhibit 5.1**

![](ex5-1_001.jpg)

Morris Zarif

Tel:: +1-732-755-0146

Email: mzarif@zariflg.com

July 18, 2025

Zoomcar Holdings, Inc.

Anjaneya Techno Park, No. 147, First Floor

Kodilalli, Bangalore, India

Re: <u>Registration Statement on Form S-8</u>

Ladies and Gentlemen:

We are familiar with the Registration Statement on Form S-8 (the "Registration Statement") being filed by Zoomcar Holdings, Inc., a Delaware corporation (the "Company"), with the Securities and Exchange Commission (the "Commission") under the Securities Act of 1933, as amended (the "Securities Act"), on the date hereof. The Registration Statement relates to the offer and sale by the Company of up to 6,008,017 shares (the "Shares") of its common stock, par value $0.0001 per share ("Common Stock"), consisting of (i) 369,311 shares of our Common Stock that our shareholders approved as an increase to the available shares issuable under the Zoomcar Holdings, Inc. 2023 Equity Incentive Plan (the "plan") at a special meeting of stockholders held on February 18, 2025, (ii) 4,638,706 shares of our Common Stock that our board of directors (the "Board") approved on July 7, 2025, as an increase to the available shares issuable under the Plan, and (iii) 1,000,000 shares of Common Stock issuable to Deepankar Tiwari as an inducement grant to accept employment as the Company's Chief Executive Officer as a non-statutory restricted stock award outside of the Plan pursuant to a Non-Statutory Inducement Award Agreement (the "Inducement Award Agreement").

In arriving at the opinion expressed below, we have examined and relied upon the Certificate of Incorporation and Bylaws of the Company, each as amended and restated to date, the records of meetings and consents of the Company's Board of Directors, or committees thereof, records of the proceedings of stockholders deemed to be relevant to this opinion letter, the Plan, and the Inducement Award Agreement, each as provided to us by the Company, and the Registration Statement.

![](ex5-1_001.jpg)

Morris Zarif

Tel:: +1-732-755-0146

Email: mzarif@zariflg.com

In addition, we have examined such matters of fact and questions of law as we have considered appropriate for the purposes of this letter. We have relied upon certificates and other assurances of officers of the Company and others as to factual matters without having independently verified such factual matters. In our examination, we have assumed the genuineness of all signatures, the authenticity of all documents submitted to us as originals, the conformity to authentic original documents of all documents submitted to us as copies and the due authorization, execution and delivery of all documents by all persons other than the Company where authorization, execution and delivery are prerequisites to the effectiveness of such documents.

We have assumed that the Company will continue to have sufficient authorized, unissued and otherwise unreserved shares of Common Stock available for issuance at the time of each issuance of the Shares pursuant to the Plan and the Inducement Award Agreement. We have also assumed that the purchase price or other consideration to be received by the Company for the Shares will be valid consideration equal to or in excess of the par value of the Common Stock. In rendering the opinion expressed below, we express no opinion other than as to the Delaware General Corporation Law.

On the basis of the foregoing, it is our opinion that the Shares, when issued and delivered by the Company in accordance with the terms of the Plan and Inducement Award Agreement and the awards thereunder against the Company's receipt of the purchase price or other consideration therefor, will be validly issued, fully paid and non-assessable.

This opinion is to be used only in connection with the offer and sale of the Shares while the Registration Statement is in effect.

This opinion is being delivered solely for the benefit of the Company and such other persons as are entitled to rely upon it pursuant to the applicable provisions of the Securities Act. This opinion may not be used, quoted, relied upon or referred to for any other purpose, nor may this opinion be used, quoted, relied upon or referred to by any other person, for any purpose, without our prior written consent.

This opinion is based upon currently existing statutes, rules and regulations and judicial decisions and is rendered as of the date hereof, and we disclaim any obligation to advise you of any change in any of the foregoing sources of law or subsequent developments in law or changes in facts or circumstances which might affect any matters or opinions set forth herein.

This opinion letter shall be interpreted in accordance with the Core Opinion Principles jointly issued by the Committee on Legal Opinions of the American Bar Association's Business Law Section and the Working Group on Legal Opinions Foundation as published in 74 Business Lawyer 815 (2019).

We consent to the filing of this opinion as an exhibit to the Registration Statement. In giving such consent, we do not admit that we are within the category of persons whose consent is required under Section 7 of the Securities Act or the rules and regulations of the Commission promulgated thereunder.

Very truly yours,

ZARIF LAW GROUP P.C.

---

| | |
|:---|:---|
| By:<u> </u> | /s/ Morris C. Zarif |

---

Partner

## Exhibit 10.1

**Exhibit 10.1**

**CONSULTANT AGREEMENT**

THIS CONSULTANT AGREEMENT (the "**Agreement**") is made and entered into this **09<sup>th</sup> day of May, 2025** ("**Effective Date**"), by and between, **Zoomcar India Private Limited**, a company registered under the Companies Act, 1956 and having its registered office at registered office Anjaneya Techno Park, First Floor, No. 147, HAL Old Airport Road, ISRO Colony, Kodihalli, Bengaluru, 560008, India (the "**Zoomcar India**"), Zoomcar Holdings, Inc., a Delaware corporation and the parent of the Company (the "**Zoomcar US**") and **Mr. Deepankar Tiwari** ("**Consultant**").

Zoomcar India and Zoomcar US are hereinafter collectively referred to as the "**Company**".

Zoomcar India, Zoomcar US and the Consultant are hereinafter individually referred to as a "**Party**" and collectively as "**Parties**," as the context may require.

WHEREAS:

A. The Company has observed that the Consultant possesses the relevant experience and skills that may be
employed for betterment of the Company. Accordingly, the Company desires to engage the Consultant, and the Consultant desires to accept
the engagement with the Company for provision of services, on the terms and conditions set forth in this Agreement.

B. In the course of employment with the Company, the Consultant will have access to certain Confidential
Information (as defined below) that relates to or will relate to the business of the Company and will be introduced to important business
contacts, and therefore, the Consultant has agreed to be bound by the covenants or provisions contained herein.

NOW, THEREFORE, in consideration for the premises, mutual agreements and covenants contained in this Agreement and other good and valuable consideration (the receipt and sufficiency of which is hereby mutually acknowledged), the Parties hereby agree as follows:

1. Scope of Engagement.

1.1. <u>Position</u>: The Consultant shall be engaged as the **Chief Executive Officer** of the Company
in accordance with the terms and conditions of this Agreement. The designation of the Consultant may be changed by the Company at any
time.

1.2. <u>Term</u>: The Company shall engage the Consultant as its Chief Executive Officer, and the Consultant
hereby agrees to serve the Company in such capacity until the earlier of (i) expiry of a period of 1 (one) year from the Effective Date,
or (ii) termination of this Agreement by either Party in terms of this Agreement ()"**Term** ").

1.3. This Agreement shall supersede and terminate all prior agreements entered into by the Parties in relation
to the engagement of the Consultant with the Company. All such prior agreements shall stand terminated with effect from the Effective
Date. The Consultant confirms that he has no claims of whatsoever nature against the Company as on the Effective Date.

2. Duties & Responsibilities.

2.1. Subject to the overall superintendence, control and direction of the Board and Company, the Consultant
shall perform such duties and responsibilities as are consistent with his designation.

2.2. The Consultant shall perform the duties and exercise the powers which the Board / Company may from time
to time assign to him/her in connection with the business and operations of the Company, and their direct and indirect subsidiaries (collectively
" **Company Group** "). For the purpose of this Agreement, the term "Board" means the board of directors of each
of Zoomcar US.

2.3. The Consultant shall perform and discharge all duties and functions in connection with his engagement
hereunder in a competent and professional manner.

2.4. The Consultant shall devote most of his business time and attention to the business and affairs of the
Company Group and shall make best endeavours in promoting the Company Group's interests.

2.5. The Consultant shall use his/her best efforts to promote, develop and extend the business of the Company
Group and at all times and in all respects, conform and comply with the directions and regulations of the Board and the Company Group.

2.6. The Consultant shall observe the policies, procedures and practices set forth from time to time by the
Company Group and undertake all such compliances that may be imposed by the applicable law.

2.7. The Consultant agrees to comply with all applicable US securities laws and regulations, as well as the
Company's insider trading policy. The Consultant further agrees to participate in periodic training and certification programs as
required by the Company to ensure continued compliance.

2.8. The Consultant shall comply with all applicable rules, regulations, administrative instructions/guidelines
and policies of the Company Group in force from time to time including insider trading policy and policies relating to leave, IT usage,
travel, transfers, reimbursements, deputation etc., and applicable to the Consultant / persons at the level of the Consultant ()"**Policies** ").
The Consultant hereby acknowledges that he has received and understands the applicable Policies.

2.9. The Consultant shall make full and true disclosure in writing to the Company of any direct or indirect
interest or benefit that he has derived or is likely to derive through or in connection with any contractual arrangements, dealings, transactions
or affairs of the Company Group and/or any transactions which are or are likely to be detrimental to the Company Group's interest.

2.10. The Consultant shall at all times keep the Board / management of the Company, promptly and fully informed
of the discharge of his responsibilities and also provide such further information, written records and/or explanation required.

3. Place of Work.

The Consultant will primarily be based in Delhi, India, and shall frequently travel to the Company's office in Bangalore, India as required by the Company. The Consultant agrees to perform duties from both locations, with such travel forming a regular part of the role. The Company shall reimburse reasonable travel expenses incurred by the Consultant for travel to Bangalore in accordance with the Company's travel and expense policy, however, accommodation expenses for Bangalore shall not be reimbursed. The Consultant's duties may also require travel to other domestic or international locations, including at short notice.

4. Compensation.

4.1. As consideration for services rendered as per the terms of this Agreement, the Consultant shall be eligible
to receive consultancy fee from Zoomcar India and Restricted Stock Units ()"**RSUs**") issued by Zoomcar US, as set forth
in **Annexure A**. The grant and vesting of RSUs shall be subject to the terms and conditions of the applicable equity incentive plan
and award agreements, as may be amended from time to time.

4.2. The compensation structure (including the quantity, frequency, and terms of RSU grants) shall be subject
to review and modification at the discretion of the Board / Company, subject to applicable laws and corporate policies.

4.3. The Company shall be entitled to withhold from Consultant's monthly fee, (a) any payments due from
the Consultant pursuant to the provisions of this Agreement, (b) any amounts required to be withheld by any applicable taxing or other
authority, or (c) any amounts loaned to the Consultant by the Company or (d) any bonuses/variable pay that are contingent to certain performance
metrics as may be set by the Board / management of the Company for the Consultant. Additionally, the Consultant shall remain individually
responsible for complying with all applicable tax obligations in relation to RSUs or any other compensation received under this Agreement.

4.4. Notwithstanding any other provisions of this Agreement, any bonus, equity compensation, or other incentive-based
compensation paid to the Consultant shall be subject to clawback or recovery by the Company to the extent required under any applicable
law, regulation, or Company policy, including but not limited to the Company's Clawback Policy (provided under **Annexure B**),
as may be adopted or amended from time to time.

5. Policies and Practices.

The Consultant agrees to abide by all the Company and Company Group rules, regulations, instructions, policies, practices, and procedures which the Company Group may amend from time to time and to indemnify, hold harmless and make good the Company Group for any loss suffered as a consequence of a breach by the Consultant of the Company Group rules, regulations, instructions, policies, practices and procedures.

6. Termination.

6.1. <u>Termination with Cause</u>. The Company may, immediately and without severance pay, terminate this
Agreement with "Cause", without prior notice or opportunity to cure, upon occurrence of any of the following events:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the commission of a crime involving moral turpitude, theft, fraud, or deceit;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any act or omission done wilfully with the intent to harm the Company Group or its stakeholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) substantial or continued unwillingness to perform duties as reasonably directed by the Board / Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Engaging in gross negligence, gross or deliberate, misconduct, fraud, or embezzlement in connection with the Consultant's duties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) violation of the Company Group's policies including the insider trading policy, as in effect from time to time; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) Breach or failure to carry out any of the obligations laid down under Clause 2 of this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) any breach of terms and conditions of this Agreement as determined by the Board / Company.

In the event of termination with Cause pursuant to this Clause 6.1, the Consultant shall not be entitled to any compensation, severance, or continued vesting of any equity awards (including RSUs), whether vested or unvested, except as required by applicable law. All unvested RSUs as of the termination date shall be immediately forfeited. The Consultant acknowledges continuing obligations under this Agreement, including but not limited to Clauses 7 and 8, following a termination with Cause.

6.2. <u>Termination without Cause</u>. Either of the Company or the Consultant may terminate this Agreement
without Cause upon providing ninety (90) days' written notice to the other Party. In the event of such termination, the Consultant
shall be entitled to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Vesting of any RSUs through the date of termination, in accordance with the applicable equity award agreements and Company's
equity incentive plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Any accrued but unpaid fees as per the terms of this Agreement through the date of termination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Any bonuses or other compensation earned but not yet paid, in accordance with the Company's incentive compensation plan and
related policies.

Additionally in the event of termination by the Company without Cause, the Consultant will also be entitled to severance pay equal to ninety (90) days of the Consultant's fee, payable either in lumpsum or in instalments as decided by the Board in accordance with the Company's normal policies and practices. The Consultant agrees that such severance compensation shall be subject to reduction or offset by any fees, compensation, or income earned or received by the Consultant for services rendered to any other party during the severance period. The Consultant shall promptly disclose to the Company any such earnings received during the severance period.

6.3. As a condition for provision of severance benefits / compensation to the Consultant as described under
this subsection 6.2 or otherwise agreed to be paid by the Company pursuant to this Agreement, the Consultant shall execute and deliver
to the Company a separation and release of claims agreement in substantially the form to be provided by the Company (the "**Release** "),
which Release shall become irrevocable within thirty (30) days following the date of the Consultant's termination of engagement
hereunder (or such shorter period as may be directed by the Company). Consultant acknowledges it's continuing obligations under
this Agreement including, but not limited to Clause 7 and Clause 8, in the event that the Consultant is terminated without Cause.

6.4. <u>Board Positions upon Termination</u>. If, as of the date that the Agreement terminates for any reason,
the Consultant is a member of the Board (or the board of directors of any entity affiliated with the Company), or holds any other offices
or positions with the Company (or any entity affiliated with the Company), the Consultant shall, unless otherwise requested by the Company,
immediately relinquish and/or resign from any such board memberships, offices and positions as of the date the this Agreement terminates.
The Consultant agrees to execute such documents and take such other actions as the Company may request to reflect such relinquishments
and/or resignation(s).

7. Non-Compete & Non-Solicitation Obligations.

7.1. The Consultant acknowledges that, in the course of engagement with the Company Group, the Consultant may
obtain access to Confidential Information and have dealings with the customers, suppliers and other stakeholders of the Company Group.
The Consultant acknowledges the breadth of the covenants under this Clause and acknowledges that Consultant possesses various other skill
sets which, if deployed by him after he ceases to be associated with the Company Group would be sufficient to be gainfully employed without
having to compete with the Company Group. The Consultant undertakes that he shall not, during the Non-Compete Period, within the Restricted
Territory (as defined below), either jointly or severally, directly or indirectly, and whether as an individual, investor, promoter, proprietor,
shareholder, joint venture partner, collaborator, consultant, advisor, principal contractor or sub-contractor, director, trustee, committee
member, office bearer or agent or in any other manner whatsoever, whether for profit or otherwise:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) commence, engage or be concerned in any business that competes with the whole or any part of any of the
current or proposed business of the Company Group;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) solicit or accept business from any customer, supplier, or client of the Company Group with whom the Consultant
had material contact or dealings during the last 12 (twelve) months of engagement, if such business directly competes with the Company
Group's products or services;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) induce or attempt to induce any customer/client of the Company Group to cease to be a customer/client,
or otherwise interfere with the relationship between such a customer/client and the Company Group (save and except actions taken during
the course of his engagement with the Company in what he believes to be, in the Company Group's interest); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) induce or attempt to induce any director of the Company, senior management personnel or key employee of
the Company to leave the employment of the Company.

Nothing in this Clause 7.1 shall apply to (i) any holding of shares by the Consultant in a publicly listed company where his holding is for investment purposes and is less than 2% (two percent) of the capital of such company; (ii) general solicitations of employment not specifically directed at employees of the Company Group, including but not limited to: (a) public advertisements or job postings made on mass media, job boards, or corporate websites; (b) participation in industry job fairs, recruiting events, or similar public forums; (c) hiring a person from the Company Group who applies for a position voluntarily in response to any such general recruitment activity or is referred by a third party not acting at the Consultant's direction or has independently approached the Consultant or their new employer without any prior solicitation or inducement; and (d) responding to unsolicited inquiries or interest from current or former employees or contractors of the Company Group, provided the Consultant does not encourage or induce such individuals to resign or breach their obligations to the Company Group.

For the purpose of this Clause 7, "**Non-Compete Period**" shall mean the period in which the Consultant remains in the engagement of the Company Group, and for a period of 24 (Twenty Four) months after such Consultant ceases to be Interim Chief Executive Officer of the Company Group, or such lower maximum amount allowable by law in such jurisdiction.

"**Restricted Territory**" shall mean any geographic region where the Company Group actively conducts business or has plans to enter during the Consultant's final 12 (twelve) months of engagement with the Company.

7.2. During the Non-Compete Period, the Consultant shall not in the Restricted Territory, either jointly or
severally, directly or indirectly, and whether as an individual, investor, promoter, proprietor, shareholder, joint venture
partner, collaborator, consultant, advisor, principal contractor or sub-contractor, director, trustee, committee member, office bearer
or agent or in any other manner whatsoever, whether for profit or otherwise:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) solicit any Person then engaged by the Company Group as an employee, full-time equivalent, officer, consultant,
contractor or director or so engaged within the preceding 24 (twenty four) month period ()"**Existing Employee**") to leave
the employment of the Company Group, and shall use his best efforts to prevent any of his related entities or Persons from taking any
such action;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) disclose to any third party the names, backgrounds or qualifications of any the Existing Consultants or
otherwise identify them as potential candidates for employment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) approach, recruit or otherwise solicit Existing Employees to work for any other employer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) persuade any Person which is a vendor / consultant of the Company Group, to cease doing business or to
reduce the amount of business which any such Person has customarily done or might propose doing with the Company Group.

7.3. The covenants in this Clause 7 and the time and other limitations with respect thereto, are agreed by
the Consultant to be fair and reasonable to adequately protect the Company Group's legitimate business interests, including its
goodwill, trade secrets, and Confidential Information.

7.4. It is the intention of the Parties that
the provisions of this Clause 7 shall be enforced to the fullest extent permissible under the applicable law, but that the unenforceability
(or the modification to conform with such applicable laws) of any provision hereof shall not render unenforceable or impair the remainder
of this Clause 7. If any provision of Clause 7 shall be determined to be invalid or unenforceable, either in whole or in part, Clause
7 shall be deemed to be amended or modified, as necessary, to conform to the maximum extent allowed by law.

8. Protective Covenants.

8.1. The Consultant covenants and agrees that during the Consultant's engagement with the Company or
any time after the termination of this Agreement, the Consultant shall not directly or indirectly, reveal or disclose to third parties
any and all information concerning or related to the Company Group's business or affairs, which is considered material non-public
information and / or confidential by the Company Group and which is not, at the time in question, lawfully in the public domain ()"**Confidential Information** "), except as required by compulsory legal process or as authorized by the Company Group or as otherwise necessary
for the Consultant to perform his/her duties as an Consultant of the Company Group. Notwithstanding the above, the Consultant agrees that
"Confidential Information" includes but is not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any information of a technical nature such as, but not limited to, methods, know- how, formulae, compositions,
processes, discoveries, machines, inventions, research, drawings, design tolerances, materials used, performance data, compilations of
information including electronic data compilations, service techniques, service documentation, manufacturing techniques, computer systems,
computer architectures and computer software;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any information of a business nature such as, but not limited to, information about cost, purchasing,
profits, markets, sales, suppliers, supplier lists, customers, customer contacts and customer lists, pricing, sales volume or strategy,
marketing plans, the number, names, telephone numbers, addresses, locations, job duties or compensation of Company Group sales representatives
and Consultants, product plans, marketing or delivery methods and techniques and financial data;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) any information pertaining to plans or future developments such as, but not limited to, mergers, acquisitions,
divestitures, new facilities, closing operations, research and development or marketing or merchandising initiatives; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) any information furnished to the Company Group on a confidential basis by customers, suppliers, business
partners or members of strategic alliances, including, but not limited to, information concerning their business affairs, property, technology,
methods of operation, trade secrets or other data.

The Company shall have no obligation to specifically identify any information as to which the protection of this Clause 8.1. extends by any notice or other action, and the Consultant agrees that all information relating to the business of the Company Group shall be deemed Confidential Information.

"Confidential Information" shall not, however, include any information that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Was publicly known and made generally available in the public domain prior to the time of disclosure by
the Company Group;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) becomes publicly known and made generally available after disclosure by the Company Group to the Consultant
without any breach by the Consultant of his/her obligations hereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) is already in the possession of the Consultant at the time of disclosure by the Company Group which is
not in the nature of Confidential Information as described in Clause 8.2;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) is obtained by the Consultant from a third party lawfully in possession of such information and without
a breach of such third party's obligations of confidentiality; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) is independently developed by the Consultant without use of or reference to the Company's Confidential
Information.

8.2. Consultant acknowledges and understands that nothing in this Agreement limits or prohibits Consultant
from filing a charge or complaint with, or otherwise communicating or cooperating with or participating in any investigation or proceeding
that may be conducted by, any federal, state, or local government agency or commission, including the Securities and Exchange Commission,
the Equal Employment Opportunity Commission, the Occupational Safety and Health Administration, and the National Labor Relations Board
(" **Government Agencies** "), including disclosing documents or other information as permitted by law, without giving notice
to, or receiving authorization from, the Company Group, and discussing the terms and conditions of Consultant's service relationship
with others to the extent expressly permitted by Clause 8 of the National Labor Relations Act. Notwithstanding, in making any such disclosures
or communications, Consultant agrees to take all reasonable precautions to prevent any unauthorized use or disclosure of any information
that may constitute Confidential Information to any parties other than the Government Agencies.

8.3. Further, notwithstanding the Consultant's confidentiality and nondisclosure obligations, the Consultant
is hereby advised as follows pursuant to the U.S. Defend Trade Secrets Act: "An individual shall not be held criminally
or civilly liable under any Federal or State trade secret law for the disclosure of a trade secret that (A) is made (i) in confidence
to a Federal, State, or local government official, either directly or indirectly, or to an attorney; and (ii) solely for the purpose of
reporting or investigating a suspected violation of law; or (B) is made in a complaint or other document filed in a lawsuit or other proceeding,
if such filing is made under seal. An individual who files a lawsuit for retaliation by an employer for reporting a suspected violation
of law may disclose the trade secret to the attorney of the individual and use the trade secret information in the court proceeding, if
the individual (A) files any document containing the trade secret under seal; and (B) does not disclose the trade secret, except pursuant
to court order."

8.4. The Consultant further agrees and undertakes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) To promptly disclose in writing to the Company all Inventionswhether patentable or not, which are conceived
or made by the Consultant, either alone or jointly with others, during the period of engagement with the Company, whether or not made
or conceived during working hours which:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) relate in any manner to the existing or contemplated business or research activities of the Company Group,
or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) are suggested by or result from the Consultant's work at the Company; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) result from the use of the Company Group's time, materials, technology, or facilities; and that
all such Inventions shall be the exclusive property of the Company Group.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) To execute assignments, at the Company's request and expense, to any such Inventions and execute,
acknowledge, and deliver such other documents and take such further action as may be considered necessary by the Company Group at any
time during or subsequent to the Consultant's period of engagement with the Company to obtain and defend patents in any and all
countries or to vest title in such Inventions in the Company Group or its successors and assigns. The Consultant agrees to keep and maintain
adequate and current written records of all Inventions made by the Consultant (solely or jointly with others) during the terms of his
engagement with the Company. The records will be in the form of notes, sketches, drawings, and any other format that may be specified
by the Company. The records will be available to and remain the sole property of the Company Group at all times.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) To assist the Company Group, or its designee, at the Company's expense, in every proper way to secure
the Company Group's rights in the Inventions and any copyrights, patents, mask work rights or other intellectual property rights
relating thereto in any and all countries, including the disclosure to the Company of all pertinent information and data with respect
thereto, the execution of all applications, specifications, oaths, assignments and all other instruments which the Company shall deem
necessary in order to apply for and obtain such rights and in order to assign and convey to the Company Group, its successors, assigns,
and nominees the sole and exclusive rights, the title and interest in and to such Inventions, and any copyrights, patents, mask work rights
or other intellectual property rights relating thereto. The Consultant further agrees that the Consultant's obligation to execute
or cause to be executed, when it is in the power of the Consultant to do so, any such instrument or papers shall continue after the expiration
or termination of the Consultant's engagement with the Company. If the Company is unable because of the Consultant's mental
or physical incapacity or for any other reason to secure his/her signature to apply for or to pursue any application for any patents or
copyright registrations covering Inventions or original works of authorship assigned to the Company Group as above, then the Consultant hereby irrevocably
designates and appoints the Company and its duly authorized officers and agents as the Consultant's agent and attorney in fact,
to act for and in the Consultant's behalf and stead to execute and file any such applications and to do all other lawfully permitted
acts to further the prosecution and issuance of letters patent or copyright registrations thereon with the same legal force and effect
as if executed by the Consultant.

For purposes of this Agreement, "**Inventions**" means any invention, discovery, improvement, process, design, know-how or work product that: (a) is conceived, developed or reduced to practice by the Consultant, alone or with others, during the Engagement; and (b) relates directly to the Company's then-existing or specifically planned research, development or business activities.

8.5. During and after the Term, to not remove from the Company Group's premises any documents, records,
files, notebooks, correspondence, computer printouts, computer programs, computer software, price lists, microfilm, or other similar documents
containing Confidential Information, including copies thereof, whether prepared by him/her or others, except as his/her duty shall require,
and in such cases, will promptly return such items to the Company Group. Upon termination of his/her engagement with the Company, the
Consultant shall deliver promptly to the Company all documents, records, files, notebooks, correspondence, computer printouts, computer
programs, computer software, price lists, microfilm, or other similar documents containing Confidential Information, including copies
thereof, which are the property of the Company Group or which relate in any way to the business, products, practices or techniques of
the Company Group, and all other property, trade secrets, Confidential Information of the Company Group, which in any of these cases are
in his/her possession or under his/her control.

8.6. That the covenants contained in this Clause 8 shall be construed as a series of separate and severable
covenants. The Consultant and the Company agree that if in any proceeding, any court or tribunal shall refuse to enforce fully any covenants
contained herein because such covenants cover too extensive a geographic area or too long a period of time or for any other reason whatsoever,
any such covenant shall be deemed amended to the extent (but only to the extent) required by law. Each Party acknowledges and agrees that
the services to be rendered by the Consultant to the Company hereunder are of a special and unique character. Each Party shall have the
right to injunctive relief, in addition to all of its other rights and remedies at law or in equity, to enforce the provisions of this
Agreement.

8.7. The Consultant shall devote all of his/her professional and business time, attention and energies to his/her
duties and responsibilities as provided hereunder. During the Term, the Consultant shall not hold any other executive, managerial or directorial
positions or responsibilities in any entity other than the Company Group without the prior written approval of the Company. The Consultant
acknowledges that his/her primary duties are to the Company Group.

9. Representations and Warranties.

9.1. In return for the consideration described in this Agreement, and other good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, and as a condition precedent to the Company entering into this Agreement,
and as an inducement to the Company to do so, the Consultant hereby represents, warrants, and covenants as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Consultant has executed and delivered this Agreement as his/her free and voluntary act, after having determined that the provisions
contained herein are of a material benefit to him/her, and that the duties and
obligations imposed on him/her hereunder are fair and reasonable and will not prevent him/her from earning a comparable livelihood following
the termination of his/her engagement with the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The Consultant has read and fully understood the terms and conditions set forth herein, has had time to
reflect on and consider the benefits and consequences of entering into this Agreement, and has had the opportunity to review the terms
hereof with an attorney or other representative, if he/she so chooses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) The execution and delivery of this Agreement by the Consultant does not conflict with, or result in a
breach of, or constitute a default under, any agreement or contract, whether oral or written, to which the Consultant is a party or by
which the Consultant may be bound.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) The Consultant has no right, title or interest in any Inventions that relate to the Company Group's
business, or actual or demonstrably anticipated research or development of the Company Group.

10. Specific Performance.

The Consultant acknowledges and agrees that this Agreement, including, without limitation, the restraints imposed upon him/her pursuant to Clause 7 and Clause 8 hereto do not constitute an agreement by which the Consultant is restrained from exercising a lawful profession, trade, or business of any kind. The Consultant acknowledges and agrees that any breach or anticipated or threatened breach of any of the Consultant's covenants contained in this Agreement specifically Clauses 7, 8 and 9 hereto, will result in irreparable harm and continuing damages to the Company Group and its business and that the Company Group's remedy at law for any such breach or anticipated or threatened breach will be inadequate and, accordingly, in addition to any and all other remedies that may be available to the Company Group at law or in equity in such event, any court of competent jurisdiction may issue a decree of specific performance or issue a temporary and permanent injunction, without the necessity of the Company Group posting bond or furnishing other security and without proving special damages or irreparable injury, enjoining and restricting the breach, or threatened breach, of any such covenant, including, but not limited to, any injunction restraining the Consultant from disclosing, in whole or part, any Confidential Information. The Consultant acknowledges the truthfulness of all factual statements in this Agreement and agrees that he/she is estopped from and will not make any factual statement in any proceedings that is contrary to any covenants of this Agreement or any part thereof. The Parties also agree that the prevailing Party shall be entitled to reimbursement for costs and expenses, including reasonable attorneys' and accountants' fees, incurred in successfully enforcing or defending, as the case may be, such covenants.

11. Notices.

All notices required or permitted to be given under the provisions of this Agreement shall be in writing and delivered personally, or by email, or by certified or registered mail, return receipt requested, postage prepaid, or given by a nationally recognized courier service providing for proof of delivery to the following persons at the following addresses, or to such other persons at such other addresses as any Party may request by notice in writing to the other Party to this Agreement:

<u>If to Consultant</u>:

Address: House Number – 503, Sector – 38A, Chandigarh, Sector 14, Chandigarh - 160014

Email: deepankar.tiwari@zoomcar.com

<u>If to the Company</u>:

Attn: Board of Directors,

Address: Anjaneya Techno Park, First Floor, No. 147, HAL Old Airport Road, ISRO Colony, Kodihalli, Bengaluru, 560008, India.

Email: legal@zoomcar.com

12. Waiver of Breach.

A waiver by the Company of a breach of any provision of this Agreement by the Consultant shall not operate or be construed as a waiver or estoppel of any subsequent breach by the Consultant. No waiver shall be valid unless in writing and signed by an authorized officer of the Company.

13. Assignment.

The Consultant acknowledges that the services to be rendered by him/her are unique and personal. Accordingly, while engaged by the Company, the Consultant may not assign any of his/her rights or delegate any of his/her duties or obligations under this Agreement without the prior written consent of the Board.

14. Entire Agreement.

This Agreement sets forth the entire and final agreement and understanding of the Parties and contains all of the agreements made between the Parties with respect to the subject matter hereof. This Agreement supersedes any and all other agreements (including the Prior Agreement), either oral or in writing, between the Parties hereto, with respect to the subject matter hereof. No change or modification of this Agreement shall be valid unless in writing and signed by the Parties.

15. Survival.

The provisions of Clauses 7, 8, 9, 10, 17, 18 and this Clause 15 of this Agreement shall survive the termination of Consultant's engagement with the Company for any reason.

16. Binding Effect.

This Agreement shall inure to the benefit of, and may be enforced by, the Company Group, its subsidiaries, successors and assigns and shall be binding upon the Consultant, Consultant's respective heirs, executors, administrators, devisees, legal representatives, successors and permitted assigns.

17. Severability.

If any provision of this Agreement shall be found invalid or unenforceable for any reason, in whole or in part, then such provision shall be deemed modified, restricted, or reformulated to the extent and in the manner necessary to render the same valid and enforceable, or shall be deemed excised from this Agreement, as the case may require, and this Agreement shall be construed and enforced to the maximum extent permitted by law, as if such provision had been originally incorporated herein as so modified, restricted, or reformulated or as if such provision had not been originally incorporated herein, as the case may be. The Parties further agree to seek a lawful substitute for any provision found to be unlawful; provided, that, if the Parties are unable to agree upon a lawful substitute, the Parties desire and request that a court or other authority called upon to decide the enforceability of this Agreement modify those restrictions in this Agreement that, once modified, will result in an agreement that is enforceable to the maximum extent permitted by the law in existence at the time of the requested enforcement.

18. Governing Law & Dispute Resolution.

18.1. This Agreement shall be governed by and construed in accordance with the laws of India. The grant of RSUs
to the Consultant shall be governed separately by the applicable equity grant documents issued by Zoomcar US, which shall be governed
by the laws of the State of Delaware, USA.

18.2. Any dispute or claim arising out of or in relation to this Agreement, including any question regarding
its existence, validity, or termination, shall be subject to the exclusive jurisdiction of the competent courts in Bengaluru, India. Notwithstanding
the foregoing, nothing herein shall restrict either Party from seeking injunctive or equitable relief, including with respect to the RSUs,
from a court of competent jurisdiction, whether in India or elsewhere, as appropriate under the circumstances.

18.3. Notwithstanding anything to the contrary in this Agreement, any dispute, claim or controversy arising
under or in connection with the RSU grants in Annexure A (each, a "Securities Dispute") shall be submitted to arbitration
under the rules of the International Chamber of Commerce then in effect. The seat of arbitration shall be New York, New York, USA, and
the substantive law governing such arbitrations shall be the Delaware General Corporation Law. All other disputes arising under this Agreement
shall continue to be subject to the courts and laws specified above.

19. Headings.

The headings in this Agreement are inserted for convenience only and are not to be considered a construction of the provisions hereof.

20. Counterparts and Electronic Signatures.

This Agreement may be executed in several counterparts, each of which shall be considered original, but which when taken together, shall constitute one agreement. Signatures delivered by electronic means (e.g., PDF via email, DocuSign, or other electronic signature platforms) shall be deemed to be original for all purposes.

*[SIGNATURE PAGE FOLLOWS]*

 

IN WITNESS HEREOF, the Parties have set their hand and seal as of the date first set forth below.

---

| | | | |
|:---|:---|:---|:---|
| **For Zoomcar US** | **For Zoomcar US** | **For the Consultant** | **For the Consultant** |
| /s/ Uri Levine | /s/ Uri Levine | /s/ Deepankar Tiwari | /s/ Deepankar Tiwari |
| By: | Uri Levine | By: | Mr. Deepankar Tiwari |
| Title: | Chairman of the Board | Date: | May 9, 2025 |
| Date: | May 9, 2025 |  |  |

---

---

| | |
|:---|:---|
| **For Zoomcar India** | **For Zoomcar India** |
| /s/ Shachi Singh | /s/ Shachi Singh |
| By: | Shachi Singh |
| Title: | Director |
| Date: | May 9, 2025 |

---

*[SIGNATURE PAGE TO CONSULTANCY AGREEMENT]*

**ANNEXURE A**

1. **Consultancy Fee.** 

In consideration of the services rendered as per the terms of this Agreement, the Consultant shall be paid by Zoomcar India a monthly fee of INR 12,70,600 (Rupees Twelve Lakh Seventy Thousand and Six Hundred Only) exclusive of applicable taxes, which shall be effective from the Effective Date. The Consultant shall raise a valid tax invoice of the payment of such fees.

2. Initial Grant.

Subject to approval by the Board, the Consultant shall be granted **1,000,000 (one million) RSUs** of Zoomcar US, pursuant to the applicable equity incentive plan and applicable law. These RSUs shall vest as follows:

● **250,000 RSUs shall vest at the end of each quarter**, beginning from the Effective Date of this Agreement, such that the full grant is vested over a period of **one (1) year**, subject to continued service and the terms of the applicable RSU award agreement.

3. Kicker Grant.

If the Consultant and the Board mutually agree to extend the term of the Consultant's role by an additional one (1) year beyond the initial term, the Consultant shall be eligible for an additional grant of 1,000,000 (one million) RSUs, subject to Board approval. The vesting schedule and set of performance objectives and key performance indicators (KPIs) for this grant shall be mutually agreed upon at the time of extension.

4. General Terms.

All RSU grants described above shall be subject to:

● The terms and conditions of Zoomcar US's applicable equity incentive plan;

● The execution of relevant RSU award agreements; and

● Compliance with applicable securities laws and tax regulations in the relevant jurisdictions.

5. **Expenses**. Zoomcar India shall reimburse all business-related expenses incurred by the Consultant
in the performance of his duties hereunder, including those incurred in connection with business-related travel, boarding and lodging,
telecommunications and entertainment in accordance with Company's Policies in this regard.

6. **Benefits**. The Consultant's entitlement to the benefit schemes of Zoomcar India shall be in
accordance with the applicable law and as per Company policies in force from time to time. The Consultant is entitled to join the benefit
schemes of Zoomcar India, which may include health or other insurance packages, if the Company decides to offer these to its consultants.
The Consultant understands that, if offered, the terms of these schemes may be changed from time to time by the Company and agrees to
keep himself/herself informed of the same.

**ANNEXURE B**

**ZOOMCAR HOLDINGS, INC.**

**EXECUTIVE COMPENSATION CLAWBACK POLICY**

**Adopted as of December 29, 2023**

The Board of Directors (the "**Board**") of Zoomcar Holdings, Inc. (the "**Company**") has adopted the following executive compensation clawback policy (this "**Policy**"). This Policy shall supplement any other clawback or compensation recovery policy or policies adopted by the Company or included in any agreement between the Company, or any subsidiary of the Company, and a person covered by this Policy. If any such other policy or agreement provides that a greater amount of compensation shall be subject to clawback, such other policy or agreement shall apply to the amount in excess of the amount subject to clawback under this Policy.

This Policy shall be interpreted to comply with Securities and Exchange Commission ("**SEC**") Rule 10D-1 and Listing Rule 5608 (the "**Listing Rule**") of The Nasdaq Stock Market, LLC ("**Nasdaq**"), as may be amended or supplemented and interpreted from time to time by Nasdaq. To the extent this Policy is any manner deemed inconsistent with the Listing Rule, this Policy shall be treated as having been amended to be compliant with the Listing Rule.

1.  **<u>Definitions</u>** . Unless the context otherwise the following definitions apply for purposes of this Policy:

●  **<u>Executive Officer</u>** . An executive officer is the Company's chief executive officer and/or president, chief financial officer, principal accounting officer (or if there is no such accounting officer, the controller), chief operating officer, any vice-president of the Company in charge of a principal business unit, division, or function (such as sales, administration, or finance), any other officer who performs a policy-making function, or any other person who performs similar policy-making functions for the Company. Executive officers of the Company's parent(s) or subsidiaries are deemed executive officers of the Company if they perform such policy making functions for the Company. Policy-making function is not intended to include policy-making functions that are not significant. Identification of an executive officer for purposes of the Listing Rule would include at a minimum executive officers identified in the Listing Rule.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.  **<u>Financial Reporting Measures</u>** . Financial reporting measures are measures that are determined
and presented in accordance with the accounting principles used in preparing the Company's financial statements, and any measures
that are derived wholly or in part from such measures. Stock price and total shareholder return are also financial reporting measures.
A financial reporting measure need not be presented within the financial statements or included in a filing with the SEC and may be such
financial measures as may be determined by the Board or the Compensation Committee thereof (the "**Compensation Committee** ").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.  **<u>Incentive-Based Compensation</u>** . Incentive-based compensation is any compensation that is granted,
earned or vested based wholly or in part upon the attainment of a financial reporting measure.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c.  **<u>Received</u>** . Incentive-based compensation is deemed "received" in the Company's
fiscal period during which the financial reporting measure specified in the incentive-based compensation award is attained, even if the
payment or grant of the incentive-based compensation occurs after the end of that period.

2.  **<u>Application of this Policy</u>** <u>.</u> This recovery of Incentive-Based Compensation from an
Executive Officer as provided for in this Policy shall apply only in the event that the Company is required to prepare an accounting restatement
due to the material noncompliance of Company with any financial reporting requirement under the United States securities laws, including
any required accounting restatement to correct an error in previously issued financial statements that is material to the previously issued
financial statements, or that would result in a material misstatement
if the error were corrected in the current period or left uncorrected in the current period.

3.  **<u>Recovery Period</u>** .

● The Incentive-Based Compensation subject to recovery is the Incentive-Based Compensation Received during the three (3) completed fiscal years immediately preceding the date that the Company is required to prepare an accounting restatement as described in Section 2 above, provided that the person served as an Executive Officer at any time during the performance period applicable to the Incentive-Based Compensation in question. The date that the Company is required to prepare an accounting restatement shall be determined pursuant to the Listing Rule.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Notwithstanding the foregoing, this Policy shall only apply if the Incentive-Based Compensation is Received
(i) while the Company has a class of securities listed on Nasdaq and (ii) on or after October 2, 2023.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. The provisions of the Listing Rule shall apply with respect to Incentive-Based Compensation received during
a transition period arising due to a change in the Company's fiscal year.

4.  **<u>Erroneously Awarded Compensation</u>** . The amount of Incentive-Based Compensation subject to recovery from
the applicable Executive Officers under this Policy ()"**Erroneously Awarded Compensation**") shall be equal to the amount
of Incentive-Based Compensation Received that exceeds the amount of Incentive Based-Compensation that otherwise would have been Received
had it been determined based on the restated amounts and shall be computed without regard to any taxes paid. For Incentive-Based Compensation
based on stock price or total shareholder return, where the amount of Erroneously Awarded Compensation is not subject to mathematical
recalculation directly from the information in an accounting restatement: (a) the amount shall be based on a reasonable estimate by the
Company's Chief Financial Officer (or principal accounting officer, if the office of Chief Financial Officer is not then filled)
of the effect of the accounting restatement on the stock price or total shareholder return upon which the Incentive-Based Compensation
was received, which estimate shall be subject to the review and approval of the Compensation Committee; and (b) the Company must maintain
reasonable documentation of the determination of that reasonable estimate and provide such documentation to Nasdaq if requested. Notwithstanding
the foregoing, if the proposed Incentive-Based Compensation recovery would affect compensation paid to the Company's Chief Financial
Officer, the determination shall be made by the Compensation Committee.

5.  **<u>Timing of Recovery</u>** . The Company shall recover any Erroneously Awarded Compensation reasonably
promptly except to the extent that the conditions of paragraphs (a), (b), or (c) below apply. The Compensation Committee shall determine
the repayment schedule for each amount of Erroneously Awarded Compensation in a manner that complies with this "reasonably promptly"
requirement. Such determination shall be consistent with any applicable legal guidance by the SEC, Nasdaq, judicial opinion, or otherwise.
The determination of "reasonably promptly" may vary from case to case and the Compensation Committee is authorized to adopt
additional rules or policies to further describe what repayment schedules satisfy this requirement.

● Erroneously Awarded Compensation need not be recovered if the direct expense paid to a third party to assist in enforcing (or making determinations in connection with the enforcement of) this Policy would exceed the amount to be recovered and the Compensation Committee has made a determination that recovery would be impracticable. Before concluding that it would be impracticable to recover any amount of Erroneously Awarded Compensation based on expense of enforcement, the Company shall (i) make a reasonable attempt to recover such Erroneously Awarded Compensation, (ii) document such reasonable attempt or attempts to recover, and (iii) provide appropriate documentation to the Compensation Committee or Nasdaq, if requested.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Erroneously Awarded Compensation need not be recovered if recovery would violate home country law where
that law was adopted prior to November 28, 2022. Before concluding that it would be impracticable to recover any amount
of Erroneously Awarded Compensation based on a violation of home country law, the Company shall obtain an opinion of home country counsel,
in form an substance that would be reasonably acceptable to Nasdaq, that recovery would result in such a violation and shall provide such
opinion to Nasdaq, if requested.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Erroneously Awarded Compensation need not be recovered if recovery would likely cause an otherwise tax-qualified
retirement plan, under which benefits are broadly available to employees of the Company, to fail to meet the requirements of 26 U.S.C.
401(a)(13) or 26 U.S.C. 411(a) and the regulations thereunder (as such provision may be amended, modified or supplemented).

6.  **<u>Compensation Committee Decisions</u>** . Decisions of the Compensation Committee with respect to this Policy
shall be final, conclusive and binding on all Executive Officers subject to this Policy.

7.  **<u>No Indemnification</u>** . Notwithstanding anything to the contrary in any other policy of the
Company or any agreement between the Company and an Executive Officer, no Executive Officer shall be indemnified by the Company against
the loss arising from the recovery of any Erroneously Awarded Compensation.

8.  **<u>Agreement to Policy by Executive Officers</u>** . The Company shall take reasonable steps to inform Executive Officers
of this Policy and obtain their express agreement to this Policy, which steps may constitute the inclusion of this Policy as an attachment
to any award that is accepted by an Executive Officer. This Policy shall be deemed to apply to each employment or grant agreement between
the Company or any of its subsidiaries and any Executive Officer subject to this Policy.

---

| |
|:---|
| **Acknowledged and Accepted By** |
| **/s/ Deepankar Tiwari** |
| **Mr. Deepankar Tiwari** |

---

## Exhibit 23.1

**Exhibit 23.1**

***CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM***

 

*We have issued our report dated June 30, 2025, with respect to the consolidated financial statements of Zoomcar Holdings, Inc. included in the Annual Report on Form 10-K for the year ended March 31, 2025, which is incorporated by reference in this Registration Statement. We consent to the incorporation by reference of the aforementioned report in this Registration Statement.*

*GRANT THORNTON BHARAT LLP*

 

*Gurugram, India*

 

*July 17, 2025*

## Exhibit 99.1

**Exhibit 99.1**

THIS INDUCEMENT AWARD AGREEMENT (this "<u>Agreement</u>"), effective as of [ ], 2025 (the "<u>Effective Date</u>"), represents the grant of restricted shares of common stock, par value $.0001 per share ("<u>Restricted Shares</u>") of Zoomcar Holdings, Inc. (the "<u>Company</u>") to Mr. Deepankar Tiwari (the "<u>Participant</u>"), subject to the terms and conditions set forth below. The Company and the Participant agree as follows:

**1. Grant of Restricted Shares.**

(a) <u>Initial Shares</u>. The Company hereby grants to the Participant 1,000,000 (one million) Restricted Shares, subject to the terms and conditions of this Agreement.

(b) <u>Potential Additional Shares</u>. Additional Restricted Shares may become issuable with respect to the portion of this Award described below, subject to approval of the Compensation Committee ("Committee"). Any such additional Restricted Shares that are earned will be issued automatically upon certification by the Committee of the decision to grant such shares. Once issued, such additional Restricted Shares will be subject to the service-based vesting requirements described in Section 2(a), as well as all the other terms then applicable to this Award. For avoidance of doubt, the Participant will not have the rights of a stockholder (including voting rights) and will not be able to make a Section 83(b) election with respect to any such additional Restricted Shares unless and until those additional Shares are issued pursuant to this paragraph.

(c) <u>Incorporation of Plan Terms</u>. This Award constitutes a non-plan "inducement award," and is therefore not made pursuant to the Zoomcar Holdings, Inc. 2023 Equity Incentive Plan (as amended, the "<u>Plan</u>"). Nonetheless, the terms and provisions of the Plan relating to restricted stock are hereby incorporated into this Agreement by this reference, as though fully set forth herein, as if this Award were granted pursuant to the Plan. Unless the context herein otherwise requires, the terms defined in the Plan shall have the same meanings herein. A copy of the Plan has been provided to the Participant along with this Agreement.

**2. Vesting Period:**

(a) <u>In General.</u> Subject to the terms of this Agreement, the Restricted Shares granted hereunder shall vest as follows:

● 25% or 250,000 Restricted Shares shall vest on June 30, 2025; and

● The remaining 75% or 750,000 Restricted Shares will shall in equal quarterly instalments on each of September 30, 2025, December 31, 2025 and March 31, 2026.

provided that the Participant remains continuously employed by or in service with the Company or any of its affiliates from the Effective Date through each such vesting date. If any vesting date occurs during a blackout period on the trading of the shares of the Company, the Restricted Shares that were scheduled to vest on such date shall not vest until the first business day following the end of such blackout period, subject to the Participant's continued engagement as a Service Provider through such date.

(b) <u>Acceleration</u>. The vesting of this Award may be accelerated by the Committee in its discretion, pursuant to the Company's Retirement Policy or otherwise, or may be subject to acceleration as set forth in the Participant's employment agreement with the Company.

(c) <u>Termination Before Vesting</u>. If the Participant's employment or service with the Company terminates, any portion of this Award that is unvested as of the date of such termination shall be forfeited, unless otherwise provided in the Company's Retirement Policy or the Participant's employment agreement with the Company (if any).

(d) <u>Effect of a Change in Control</u>. Unless otherwise specified in the Participant's employment agreement with the Company (if any), the effect of a Change in Control on this Award will be determined as per the related terms under Section 14 of the Plan.

(e) <u>No Partial Shares</u>. Any fractional Restricted Share otherwise vesting hereunder will be rounded down to the next whole share.

**3. Voting Rights.** All Restricted Shares issued hereunder, whether vested or unvested, shall have full voting rights accorded to outstanding Shares.

**4. Dividend Rights.**

(a) <u>Cash Dividends</u>. The Participant shall be entitled to receive any cash dividends or other distributions paid with respect to Restricted Shares granted hereunder, provided that such distributions shall accumulate and be paid to the Participant only upon the vesting of the Shares with respect to which such distributions were paid.

(b) <u>Non-Cash Dividends</u>. Any Share dividends or other distributions or dividends of property other than cash with respect to Restricted Shares granted hereunder shall be subject to the same forfeiture restrictions and restrictions on transferability as apply to the Restricted Shares with respect to which such property was paid.

(c) <u>Dividend Equivalent Amounts</u>. Any additional Restricted Shares issued pursuant to Section 1(b) will be credited with dividend equivalent amounts equal to any cash dividends that would have been paid with respect to an equal number of outstanding Shares between the Effective Date and the date such additional Restricted Shares are actually issued, and such dividend equivalent amounts will be paid to the Participant only upon the vesting of such additional Restricted Shares.

**5. Nontransferability.** The Restricted Shares granted hereby may not be assigned or transferred (other than by will or the laws of descent and distribution), pledged or sold, until such Shares have vested. No assignment or transfer of any Restricted Shares in violation of this Section 5, whether voluntary or involuntary, by operation of law or otherwise, shall vest in the assignee or transferee any interest whatsoever.

**6. Issuance of Restricted Shares.** As soon as practicable after the date of this Agreement (in the case of Shares described in Section 1(a)) or as soon as practicable after the Committee's certification of performance results (in the case of earned Shares issuable under Section 1(b), if any), the Company shall cause to be transferred on the books of the Company, Shares registered in the name of the Company, as nominee for the Participant, evidencing the Restricted Shares issued pursuant to this Agreement; provided, however, such Shares shall be subject to forfeiture to the Company retroactive to the date of grant, if this Agreement is not duly executed by the Participant and timely returned to the Company. Until the lapse or release of all restrictions applicable to an Award of Restricted Shares, any share certificates representing such Restricted Shares shall be held in custody by the Company or its designee.

**7. Administration.** This Agreement and the rights of the Participant hereunder are subject to such rules and regulations as the Committee may adopt for administration of the Plan. It is expressly understood that the Committee is authorized to administer, construe, and make all determinations necessary or appropriate to the administration of this Agreement, all of which shall be binding upon the Participant.

**8. Adjustments.** The number of Restricted Shares issued or issuable hereunder shall be subject to adjustment in accordance with Section 13.6 of the Plan.

**9. Exclusion from Pension Computations.** The Participant hereby agrees that any income or gain realized upon the receipt, vesting or payment of this Award is special incentive compensation and shall not be taken into account, to the extent permissible under applicable law, as "wages", "salary" or "compensation" in determining the amount of any payment under any pension, retirement, incentive, profit sharing, bonus or deferred compensation plan of the Company or any of its affiliates.

**10. Amendment.** The Committee may, with the consent of the Participant or otherwise as permitted by the Plan, at any time or from time to time amend the terms and conditions of this Award. For the avoidance of doubt, the establishment, memorialization and incorporation of the performance goals contemplated by Section 2(a)(ii) herein shall not be deemed to be an amendment of this Award; therefore, consent of the Participant is not required.

**11. Notices.** Any notice which either party hereto may be required or permitted to give to the other shall be in writing, and may be delivered personally or by mail, postage prepaid, or overnight courier, addressed as follows: if to the Company, at its office at Anjaneya Techno Park, No. 147, 1<sup>st</sup> Floor, Kodihalli, Bangalore, India 560008, Attn: Human Resources, or at such other address as the Company by notice to the Participant may designate in writing from time to time; and if to the Participant, at the address shown below his or her signature below, or at such other address as the Participant by notice to the Company may designate in writing from time to time. Notices shall be effective upon receipt.

**12. Withholding Taxes.** The Company and any of its affiliates shall have the right to withhold from wages or other amounts otherwise payable to the Participant or otherwise require the Participant to pay, any federal, state, local or foreign income taxes, withholding taxes, or employment taxes required to be withheld by law or regulations ("Withholding Taxes") arising as a result of the grant, vesting or payment of this Award, the making of an election under Section 83(b) (or any similar provision) of the Internal Revenue Code of 1986 (the "Code"), the payment of dividends or dividend equivalent amounts or any other taxable event occurring in connection with this Award. Except with respect to Withholding Taxes due in connection with an election under Section 83(b) of the Code, the Company, in its sole discretion, may elect to satisfy part or all of any obligation for Withholding Taxes by retaining a sufficient number of Shares that it would otherwise release from restriction on a particular vesting date with a fair market value equal to the amount of Withholding Taxes intended to be so satisfied (as determined by the Company in its sole discretion).

**13. Registration; Legend.** The Company may postpone the issuance and delivery of the Restricted Shares granted hereby until (a) the admission of such Shares to listing on any stock exchange or exchanges on which shares of the Company of the same class are then listed and (b) the completion of such registration or other qualification of such Shares under any state or federal law, rule or regulation as the Company shall determine to be necessary or advisable. The Participant shall make such representations and furnish such information as may, in the opinion of counsel for the Company, be appropriate to permit the Company, in light of the then existence or non-existence with respect to such Shares of an effective Registration Statement under the Securities Act of 1933, as amended, to issue the Shares in compliance with the provisions of that or any comparable act.

The Company may cause the following or a similar legend to be set forth on each certificate representing Restricted Shares granted hereby unless counsel for the Company is of the opinion as to any such certificate that such legend is unnecessary:

THE SECURITIES REPRESENTED BY THIS CERTIFICATE MAY BE SUBJECT TO FORFEITURE AND OTHER LIMITATIONS AND RESTRICTIONS AS SET FORTH IN A LONG-TERM INCENTIVE AWARD AGREEMENT ON FILE WITH THE COMPANY. IN ADDITION, THE SECURITIES REPRESENTED BY THIS CERTIFICATE MAY NOT BE OFFERED FOR SALE, SOLD OR OTHERWISE TRANSFERRED EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE "ACT"), OR PURSUANT TO AN EXEMPTION FROM REGISTRATION UNDER THE ACT, THE AVAILABILITY OF WHICH IS ESTABLISHED BY AN OPINION FROM COUNSEL TO THE COMPANY.

**14. Section 83(b) Election.** If the Participant makes the election contemplated by Section 83(b) of the Code (a "Section 83(b) Election") (or any similar provision of federal, state or local law) with respect to any Restricted Shares awarded hereunder, the Participant shall provide the Company with a copy of such election within 30 days after the issuance of such Shares (or such earlier date required by law) and otherwise comply with the provisions of this Section 14. On or prior to the date of filing of any Section 83(b) Election with respect to such Restricted Shares, Participant shall satisfy the Company's Withholding Tax obligations with respect to such Section 83(b) Election by tendering payment to the Company, in readily available funds, of an amount equal to such Withholding Tax obligation (or enter into such other arrangement as shall be acceptable to the Company to satisfy such Withholding Tax obligation).

**15. No Tax Advice.** Participant hereby acknowledges that the Company has not provided any specific tax advice to Participant in connection with this Award. The Company makes no representations concerning the tax consequences of this Agreement. Participant will consult with his or her own tax advisors with respect to the tax consequences of this Award.

**16. Miscellaneous.**

(a) This Agreement shall not confer upon the Participant any right to continuation of employment or service with the Company, nor shall this Agreement interfere in any way with the Company's right to terminate the Participant's employment or service at any time.

(b) This Agreement shall be subject to all applicable laws, rules, and regulations, and to such approvals by any governmental agencies or national securities exchanges as may be required.

(c) To the extent not preempted by federal law, this Agreement shall be governed by, and construed in accordance with the laws of the State of Delaware.

(d) The provisions of this Agreement are severable and if any one or more provisions are determined to be illegal or otherwise unenforceable, in whole or in part, the remaining provisions shall nevertheless be binding and enforceable.

(e) The Participant, every person claiming under or through the Participant, and the Company hereby waives to the fullest extent permitted by applicable law any right to a trial by jury with respect to any litigation directly or indirectly arising out of, under, or in connection with this Agreement.

(f) The Award and any Shares of stock delivered hereunder will remain subject to any non-competition or other restrictive covenant agreement to which the Participant is a party and shall remain subject to any applicable forfeiture or clawback provisions as set forth in any such document and in any clawback policy maintained by the Company from time to time.

(g) This Agreement, including terms of the Plan incorporated herein, contains the parties' entire agreement regarding the Award evidenced hereby and merges and supersedes all prior and contemporaneous discussions, agreements and understandings of every nature relating hereto. Without limiting the generality of the foregoing, this Award is in satisfaction of, and hereby merges and supersedes, Section 3(d)(ii) of that certain Executive Employment Agreement between the Participant and the Company dated March 21, 2019.

**17. Exculpation.** This Award and all documents, agreements, understandings and arrangements relating hereto have been issued on behalf of the Company by officers acting on its behalf and not by any person individually. None of the officers, Directors or stockholders of the Company, nor the Directors, officers or stockholders of any affiliate of the Company, shall have any personal liability hereunder or thereunder. The Participant shall look solely to the assets of the Company for satisfaction of any liability of the Company in respect of this Award and will not seek recourse or commence any action against any of the Directors, officers or stockholders of the Company or any of the Directors, officers or stockholders of any affiliate, or any of their personal assets, for the performance or payment of any obligation hereunder. The foregoing shall also apply to any future documents, agreements, understandings, arrangements and transactions between the parties hereto with respect to this Award.

**18. Captions.** The captions in this Agreement are for convenience of reference only, and are not intended to narrow, limit or affect the substance or interpretation of the provisions contained herein.

**19. Electronic Delivery of Documents.** The Participant hereby authorizes the Company to deliver electronically any prospectuses or other documentation related to this Award, the Plan and any other compensation or benefit plan or arrangement in effect from time to time (including, without limitation, reports, proxy statements or other documents that are required to be delivered to participants in such plans or arrangements pursuant to federal or state laws, rules or regulations). For this purpose, electronic delivery will include, without limitation, delivery by means of e-mail or e-mail notification that such documentation is available on the Company's Intranet site. Upon written request, the Company will provide to the Participant a paper copy of any document also delivered to the Participant electronically. The authorization described in this paragraph may be revoked by the Participant at any time by written notice to the Company.

[Remainder of Page Intentionally Left Blank; Signature Page Follows]

IN WITNESS WHEREOF, the parties have each executed this Inducement Award Agreement on the date set forth below, respectively.

---

| | | |
|:---|:---|:---|
| ZOOMCAR HOLDINGS, INC. | ZOOMCAR HOLDINGS, INC. | ZOOMCAR HOLDINGS, INC. |
| By: | /s/ Sachin Gupta | /s/ Sachin Gupta |
| Name: | Sachin Gupta | Sachin Gupta |
| Title: | Chief Financial Officer | Chief Financial Officer |
| Date: |  |  |
| ACCEPTED: | ACCEPTED: | ACCEPTED: |
| Name: | Deepankar Tiwari | Deepankar Tiwari |
| Address | Address | Address |
| City | State | Zip Code |
| Date |  |  |

---

## Ex-Filing

**Exhibit 107**

**Calculation of Filing Fee Tables** 

**Form S-8**

(Form Type)

**RELIANCE GLOBAL GROUP, INC.**

(Exact Name of Registrant as Specified in its Charter)

<u>Table 1: Newly Registered Securities</u>

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Security<br> Type** | **Security Class Title** | **Fee<br> Calculation <br> Rule** | **Amount<br> Registered(1)** |  | **Proposed<br> Maximum<br> Offering Price<br> Per Share** |  | **Maximum<br> Aggregate Offering <br> Price** | **Fee Rate** | **Amount of<br> Registration<br> Fee** |
| Equity | Common stock, par value $0.0001 per share, that may be issued pursuant to an inducement award | 457(h) | 1000000 | (2) | $0.53 | (3) | $530000 | 0.00015310 | $81.15 |
| Equity | Common stock, par value $0.0001 per share, that may be issued under the Zoomcar Holdings, Inc. 2023 Equity Incentive Plan | 457(h) | 5008017 | (2) | $0.53 | (3) | $2654249.01 | 0.00015310 | $406.37 |
| Total Offering Amounts | Total Offering Amounts | Total Offering Amounts | Total Offering Amounts | Total Offering Amounts | Total Offering Amounts | Total Offering Amounts | $3184249.01 |  | $487.52 |
| Total Fee Offsets | Total Fee Offsets | Total Fee Offsets | Total Fee Offsets | Total Fee Offsets | Total Fee Offsets | Total Fee Offsets |  |  |  |
| Net Fee Due | Net Fee Due | Net Fee Due | Net Fee Due | Net Fee Due | Net Fee Due | Net Fee Due |  |  | $487.52 |

---

(1) Pursuant to Rule 416(a) under the Securities Act of 1933, as amended (the "Securities Act"), this registration statement shall also cover any additional shares of common stock, par value $0.0001 per share, of the Registrant (the "Common Stock") that may become issuable under the Zoomcar Holdings, Inc. 2023 Equity and Incentive Plan (the "2023 Plan") or that certain Inducement Award Agreement entered into between the Registrant and its Chief Executive Officer (the "Inducement Award" as a result of any stock dividend, stock split, recapitalization or other similar transaction which results in an increase in the number of shares of the Registrant's outstanding Common Stock.

(2) This Registration Statement covers 6,008,017 shares of the Registrant's Common Stock, consisting of (i) 369,311 shares of our Common Stock that our shareholders approved at a special meeting of stockholders held on February 18, 2025, (ii) 4,638,706 shares of our Common Stock that our board of directors approved on July 7, 2025, in each case, issued pursuant to the 2023 Plan, and (iii) 1,000,000 shares of Common Stock issuable to the Registrant's Chief Executive Officer pursuant to an inducement award issued outside the 2023 Plan.

(3) Estimated solely for the purpose of calculating the registration fee pursuant to Rules 457(h) and 457(c) under the Securities Act, based upon the last reported sales price of the Common Stock, as reported on the OTCQX on July 16, 2025 which date is within five business days prior to the filing of this registration statement.