Zoomcar Business Model

How Zoomcar’s Asset-Light Car-Sharing Marketplace Works

Zoomcar Holdings, Inc. operates an online, peer-to-peer car-sharing marketplace that connects vehicle owners, known as Hosts, with people seeking temporary access to a car, known as Guests. Through its digital platform, Zoomcar facilitates vehicle discovery, bookings, payments, trip protection and related support services.

Under this asset-light marketplace model, Hosts list their vehicles on Zoomcar, Guests book available cars through the platform, and Zoomcar earns revenue by facilitating transactions and providing related services. Rather than relying primarily on owning or leasing the vehicles offered for rent, Zoomcar connects vehicle supply with customer demand through its technology platform.

How Zoomcar’s Marketplace Works

Zoomcar’s business model brings together three participants and activities:

1. 1. Hosts list their vehicles

Vehicle owners register on Zoomcar, complete the applicable onboarding process and list their cars for booking. The platform provides tools for managing listings, pricing, availability and interactions with Guests.

1. 2. Guests discover and book cars

Guests search available vehicles, compare options and complete bookings through Zoomcar’s website or mobile applications. Booking prices and trip-protection options are determined using Zoomcar’s pricing systems, with prices influenced by factors such as vehicle type, trip timing, duration and market conditions.

1. 3. Zoomcar facilitates the transaction

Zoomcar facilitates the booking and payment process, provides platform-related services and allocates the applicable amounts between the platform and the Host. Zoomcar retains the revenue attributable to its services, while the Host receives the applicable share of booking-related amounts.

How Zoomcar Earns Revenue

Zoomcar generates revenue primarily by facilitating bookings on its car-sharing marketplace. Its revenue model includes a share of booking fees, platform fees, trip-protection fees and applicable fees charged to Hosts.

1. 1. Booking Fees

Guests pay booking fees to use vehicles listed on Zoomcar. These fees are influenced by factors such as vehicle type, location, day of the week, trip timing and booking duration.

Zoomcar and Hosts share the applicable booking-fee amounts under the marketplace’s revenue-sharing arrangement. The Form 10-K describes an average allocation in which Zoomcar receives approximately 40% of booking fees and the Host retains approximately 60%.

The applicable amount can vary with the booking, discounts, credits, incentives and other terms. The percentage should therefore be understood as the reported average allocation, not as a guarantee for every transaction.

1. 2. Platform Fees

Zoomcar charges platform-related fees to Guests and Hosts. Guest platform fees form part of the total amount associated with a booking. Zoomcar also charges Hosts minimum marketplace fees to help offset the costs of installed vehicle devices.

These fees contribute to the revenue generated by facilitating transactions and supporting the marketplace’s operations. Applicable fees depend on the relevant booking and platform terms.

1. 3. Trip-Protection Fees

Guests select from available trip-protection options when booking a vehicle. These options are priced according to Zoomcar’s pricing systems and are designed to establish the applicable terms and limits of Guest liability for vehicle damage.

Trip-protection fees are an important component of Zoomcar’s marketplace revenue. The Form 10-K describes these fees as value-added fees retained by Zoomcar. Revenue from trip protection is recognized over the trip-completion period.

Trip-protection terms, coverage limits, exclusions and applicable processes are governed by the relevant product terms and policies.

1. 4. Host Revenue Share

Hosts provide the vehicles available on the marketplace and receive a share of applicable booking-related amounts. Zoomcar retains its share in exchange for facilitating the transaction and providing related platform services.

According to the Form 10-K, Zoomcar receives approximately 40% of booking fees on average, while Hosts retain approximately 60%. Certain other charges may be allocated differently: the filing describes Host shares ranging from 0% to 40% for certain other charges, depending on the charge.

Some amounts, such as fuel costs, are paid fully to Hosts, while trip-protection fees are described as retained fully by Zoomcar. Zoomcar also deducts applicable Host fees and accounts for incentives, refunds and other adjustments when determining its net revenue.

Understanding Gross Booking Value and Revenue

Gross Booking Value (GBV) and net revenue measure different aspects of Zoomcar’s business.

Gross Booking Value (GBV) represents the total value associated with bookings on the platform, including booking fees after applicable discounts and credits, trip-protection fees, Guest and Host platform fees, and other charges. GBV can include pass-through taxes that are excluded from net revenue.

Net revenue represents the revenue Zoomcar recognizes from its services and other operating activities, rather than the full amount paid by Guests. Under its marketplace model, Zoomcar acts as an agent for Host-fulfilled trips and records its applicable share of service fees on a net basis. Revenue from bookings is recognized over the duration of the trip as the relevant services are provided.

GBV is therefore a measure of marketplace transaction activity and a leading indicator of revenue; it is not equivalent to Zoomcar’s net revenue.

Zoomcar’s Business Model at a Glance

Business Model Metrics

For the financial year ended March 31, 2026, Zoomcar reported the following marketplace metrics:

• • Gross Booking Value: Approximately US$25.27 million.
  • Booking Days: Approximately 743,239.
  • Net Revenue: Approximately US$9.16 million.

These measures provide different views of marketplace activity and financial performance. GBV reflects the value of transactions facilitated through the platform, Booking Days measures vehicle booking activity, and net revenue reflects revenue recognized by Zoomcar under its accounting policies.

Investors should refer to Zoomcar’s latest annual and interim financial filings for updated metrics, definitions and financial disclosures.

Why the Marketplace Model Matters

Zoomcar’s marketplace model is designed to connect existing vehicle supply with customer demand through technology. It provides Hosts with an opportunity to earn from their vehicles and gives Guests access to cars without requiring them to own one.

The model’s revenue potential is linked to marketplace activity, booking volumes, pricing, the mix of fees, Host participation and the revenue retained by Zoomcar after applicable Host shares, incentives and refunds. Its financial performance should therefore be evaluated using GBV, Booking Days, net revenue, operating expenses and other reported financial measures together.

Investor Resources

For the complete financial and operating disclosures supporting this overview, please refer to Zoomcar Holdings, Inc.’s official filings:

• • Annual Report on Form 10-K for the financial year ended March 31, 2026
  • Quarterly reports and other SEC filings
  • Financial results and investor disclosures