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Bengaluru, India – [January 9, 2025] – Zoomcar Holdings, Inc. (Nasdaq: ZCAR) (“Zoomcar,” or “we,” or “our”), the leading marketplace for car sharing in India, proudly announces a milestone achievement in its financial performance in select unaudited and unreviewed financial results for the third fiscal quarter ended December 31, 2024. The company recorded its highest-ever unaudited and unreviewed contribution profit for the single month in December 2024, amounting to $494,506 based on provisional financials for the month, sufficient to cover its operational costs in India (excluding exceptional items). Zoomcar currently only operates in India and does not incur operational costs in any other country. This accomplishment underscores Zoomcar’s commitment to operational excellence and sustainable growth.

December 2024 marked a significant growth in consumer demand, leading to a 17% growth in bookings compared to December 2023. This surge in activity highlights the growing appeal of Zoomcar’s platform among Hosts and Guests, as well as the increasing adoption of car-sharing solutions across India.

Zoomcar’s financial turnaround has been remarkable over the past year. Key highlights include:

• In the first fiscal quarter 2024-25 report, Zoomcar reported a contribution profit of $0.46 million (20%), a substantial improvement in contribution margin from a loss of $1.2 million (-45%) in first fiscal quarter 2023-24.
• Similarly, Zoomcar shared a record quarterly contribution profit of $1.21 million (54% of revenue) in second fiscal quarter 2024-25, up from a loss of $0.12 million (-5%) in second fiscal quarter 2023-24.
• December 2024’s unaudited and unreviewed monthly contribution profit continues this positive trajectory, following a streak of four consecutive quarters of contribution profit improvement filed by the company.

Hiroshi Nishijima, Interim CEO of Zoomcar, commented, “By achieving a record contribution profit (unaudited and unreviewed) in December 2024 which is our peak seasonal demand month and covering operational costs reflects that our business fundamentals are right on track by putting the customer experience at the center of our strategy. This focus drives repeat bookings from Guests and strengthens Host retention, all while minimizing our spend on discounts and marketing—an organic flywheel of growth. With improved profitability, we are committed to reinvesting in enhancing the customer journey and launching innovative products that add value to our community.”

As Zoomcar heads into 2025, the company remains dedicated to advancing its mission of empowering Hosts, offering affordable and convenient transportation for Guests, and driving financial sustainability. The continuous trend of improving contribution profits not only signals progress but also sets a strong foundation for the future.

Financial Disclosure Advisory:
The Company reports its financial results in accordance with U.S. generally accepted accounting principles (“GAAP”). The select unaudited and unreviewed results described in this press release are estimates only and are subject to revision until the Company reports its full financial and business results for the third quarter of the fiscal year 2024-2025. These estimates are not a comprehensive statement of the Company’s financial results for the third quarter of the fiscal year 2024-2025 and actual results may differ materially from these estimates as a result of the completion of year-end accounting procedures and adjustments, including the execution of the Company’s internal control over financial reporting, the completion of the preparation and audit of the Company’s financial statements and the subsequent occurrence or identification of events prior to the formal issuance of the reviewed financial statements for the third quarter of the fiscal year 2024-2025.

Non-GAAP Financial Measures:
Certain non-GAAP financial measures, including contribution profit, are presented in this press release to provide information that may assist investors in understanding the Company’s financial and operating results. The Company believes these non-GAAP financial measures are important performance indicators because they exclude items that are unrelated to, and may not be indicative of, the Company’s core financial and operating results. These non-GAAP financial measures, as calculated, may not necessarily be comparable to similarly titled measures of other companies and may not be appropriate measures for comparing the performance of other companies relative to the Company. These non-GAAP financial measures are not intended to represent, and should not be considered to be more meaningful measures than, or alternatives to, measures of operating performance as determined in accordance with GAAP. To the extent the Company utilizes such non-GAAP financial measures in the future, it expects to calculate them using a consistent method from period to period.

About Zoomcar:

Founded in 2013 and headquartered in Bengaluru, India, Zoomcar is a leading marketplace for car sharing focused in India. The Zoomcar community connects Hosts with Guests, who choose from a selection of cars for use at affordable prices, promoting sustainable, smart transportation solutions in India.

Forward Looking Statement:

Certain statements contained in this press release are not historical facts and may be forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as “plans,” “expects,” “believes,” “anticipates,” and similar words are intended to identify forward-looking statements. These forward-looking statements include, but are not limited to, statements relating to the Company’s preliminary, unaudited financial results for the the third quarter of the fiscal year 2024-2025, the Company’s progress against its strategic objectives, and the plans for and timing of the Company’s the Company’s release of its financial and business results for the third quarter of the fiscal year 2024-2025. Forward-looking statements are based on our current expectations and beliefs, and involve a number of risks and uncertainties that are difficult to predict and that could cause actual results to differ materially from those stated or implied by the forward-looking statements. A description of certain of these risks, uncertainties and other matters can be found in filings we make with the U.S. Securities and Exchange Commission, all of which are available at www.sec.gov. Because forward-looking statements involve risks and uncertainties, actual results and events may differ materially from results and events currently expected by us, readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. We undertake no obligation to publicly update these forward-looking statements to reflect events or circumstances that occur after the date hereof or to reflect any change in its expectations with regard to these forward-looking statements or the occurrence of unanticipated events.

Press Contact:

Bhagyashree Rewatkar: bhagyashree.rewatkar@zoomcar.com

Bangalore, India – [December 24, 2024]: In a recent survey conducted by Zoomcar Holdings, Inc. (“Zoomcar” or the “Company”) (NASDAQ: ZCAR), India’s leading car-sharing marketplace, reported a remarkable 43% year-on-year growth in bookings for November, driven primarily by a surge in demand during the wedding season. This year’s wedding season in India has been the strongest in recent years, emerging as one of the biggest contributors to this growth. With the assumption of a similar growth trend as the upcoming holiday season approaches, Zoomcar recognizes the importance of broadening and diversifying its booking channels to capture greater market potential and has revamped its website booking experience to provide a seamless and user-friendly booking experience, matching the convenience of its mobile app.

Zoomcar understands the importance of catering to a broader audience who may travel less frequently and not use an app as often and therefore upgraded their website experience. Key updates include integrating new sections for offers, curated car lists, and guest stories, along with city pages highlighting local travel options, further enrich the booking experience, enabling users to make well-informed decisions with real car images, ratings and reviews from other Guests. The website now boasts an enhanced user experience with a fresh design, updated color scheme, and a cleaner homepage for effortless navigation.

Hiroshi Nishijima, CEO, Zoomcar, said: “At Zoomcar, we are deeply committed to enabling hassle-free travel experiences for our Guests and our focus remains on providing Guests a Zoomcar to drive anytime, anywhere. Our website enhancements are a testament to our dedication to listening to our customers and evolving to meet their needs. We’re proud to see such a strong response for self-drive car sharing and are excited to continue empowering Guests to explore their destinations with freedom and flexibility.”

Over the last two quarterly reports, Zoomcar consistently reported significant profitability improvements and this is a step towards strategic investments aimed to meet growing customer demand and enhance the overall travel experience. By aligning its services with customer feedback, Zoomcar continues to lead in the self-drive car sharing space, empowering travelers with flexible and affordable solutions.

About Zoomcar: Founded in 2013 and headquartered in Bengaluru, India, Zoomcar is a leading marketplace for car sharing focused in India. The Zoomcar community connects Hosts with Guests, who choose from a selection of cars for use at affordable prices, promoting sustainable, smart transportation solutions in India.

Forward-Looking Statement:

Except for any historical/factual information contained herein, this press release may contain forward-looking statements about our plans, efforts, goals, assumptions, commitments, expectations, or prospects inter alia related to demand for self-driver cars, and reflect our management’s expectations for our business and revamped website. These forward-looking statements reflect our management’s current expectations for the Zoomcar Subscription services and these statements entail significant risk and uncertainty. To identify these forward-looking statements, we use terms such as “may,” “will,” “aim,” “enable,” “increase,” “estimate,” “intend,” “indicate,” “continue,” “expand,” “enhance,” “believe,” “elevate”, “supports,”, “ensure”, “drives,” “expect” or the negatives thereof, as well as other variations or comparable terminology. We ask that you read statements that contain these terms carefully because we believe this information is important for our investors and customers. Any forward-looking statement in this press release refers solely to what is accurate as of the day it is issued or based on assumptions that Zoomcar believes to be reasonable. The actual results and outcomes may materially differ due to various factors or events beyond our control which may not be foreseeable at all times. We cannot guarantee or assure any plan, initiative, projection, goal, assumption, commitment, expectation, or prospect set forth in this press release can or will be achieved. We undertake no obligation to alter or revise publicly any forward-looking statements, whether as a result of new information, future events, or otherwise, save and except as required by law. 

Press Contact:

•       Akarshit Gulati: akarshitg@avianwe.com
•       Bhagyashree Rewatkar: bhagyashree.rewatkar@zoomcar.com

Bengaluru, India – December 20, 2024 – Zoomcar Holdings, Inc. (“Zoomcar” or the “Company”) (Nasdaq: ZCAR), India’s leading car-sharing marketplace, has announced the launch of Zoomcar Cabs, as a pilot in Bengaluru that provides commercial cars with professional drivers at the best prices. Expanding beyond its successful self-drive offerings, this expansion into chauffeur-driven services marks Zoomcar’s commitment to diversifying its offerings and enhancing customer experiences.

Zoomcar Cabs stems from a clear need expressed by Guests for a reliable, transparent alternative to traditional cab services as Guests often compare self-drive options with chauffeur-driven services. In the last 6 months, Zoomcar has significantly improved profitability and is now strategically investing in new product lines to meet growing demand and elevate the overall customer experience. 

In the current cab market, options are often limited only to selecting a car category like sedan, hatchback, etc, leaving customers uncertain about the exact car model or the condition of the car they will receive. Zoomcar’s AI technology in cataloging, pricing, and image enhancement ensures every inventory item is unique so Guests have the benefit to select the exact car model, see reviews and ratings by other Guests, car quality and condition preferences like year make, age, boot space, etc. Additionally, Guests simply need to add their pick up or start location on the Zoomcar app and have full control of their stops, route, destination, etc without the need to update it on app. Zoomcar Cabs offers the freedom to book a car for as little as two hours to extended periods of over 30 days.

Hiroshi Nishijima, CEO, Zoomcar, said: “The launch of Zoomcar Cabs reflects Zoomcar’s focus on listening to customer feedback and delivering tailored solutions with an added layer of transparency and flexibility that sets it apart from other apps. Guests can effortlessly book their preferred vehicles, whether for self-drive or with a driver, all through the single Zoomcar app – eliminating the need for multiple apps to meet their travel needs.”

These technological advancements position Zoomcar to offer a seamless, scalable service that sets a new standard in the cab industry. The Bengaluru pilot serves as a beta project to validate this model, with plans for expansion to other cities in 2025 based on its success. These unique features set Zoomcar Cabs apart from other cab services and apps, ensuring Guests experience a combination of diversity, quality, choice and freedom. Whether for business trips, family vacations, or everyday commutes, Zoomcar Cabs is designed to meet diverse use cases, ensuring comfort, reliability, and affordability. 

About Zoomcar: Founded in 2013 and headquartered in Bengaluru, India, Zoomcar is a leading marketplace for car sharing focused in India. The Zoomcar community connects Hosts with Guests, who choose from a selection of cars for use at affordable prices, promoting sustainable, smart transportation solutions in India.

Forward-Looking Statement:

Except for any historical/factual information contained herein, this press release may contain forward-looking statements about our plans, efforts, goals, assumptions, commitments, expectations, or prospects inter alia related to Zoomcar’s Cab services offering and reflect our management’s expectations for the business. These forward looking statements entail significant risk and uncertainty. To identify these forward-looking statements, we use terms such as “may,” “will,” “aim,” “enable,” “increase,” “estimate,” “intend,” “indicate,” “continue,” “expand,” “enhance,” “believe,” “elevate”, “supports,”, “ensure”, “drives,” “expect” or the negatives thereof, as well as other variations or comparable terminology. We ask that you read statements that contain these terms carefully because we believe this information is important for our investors and customers. Any forward-looking statement in this press release refers solely to what is accurate as of the day it is issued or based on assumptions that Zoomcar believes to be reasonable. The actual results and outcomes may materially differ due to various factors or events beyond our control which may not be foreseeable at all times. We cannot guarantee or assure any plan, initiative, projection, goal, assumption, commitment, expectation, or prospects set forth in this press release can or will be achieved. We undertake no obligation to alter or revise publicly any forward-looking statements, whether as a result of new information, future events, or otherwise, save and except as required by law.

Press Contact:

•       Akarshit Gulati: akarshitg@avianwe.com
•       Bhagyashree Rewatkar: bhagyashree.rewatkar@zoomcar.com

Bangalore, India – [28 November, 2024]: Zoomcar Holdings, Inc. (“Zoomcar” or the “Company”) (Nasdaq: ZCAR), the leading marketplace for car sharing in India, has announced the release of its latest whitepaper, “Growth Of Peer-to-Peer Car Sharing Marketplace.” This whitepaper provides an overview of the car-sharing industry in India, with a focus on Zoomcar’s peer-to-peer car sharing marketplace business model, market presence, and strategic enhancements.

By analysing global trends, emerging opportunities and current offerings, stakeholders including car owners, self-drive car users, potential business partners and micro entrepreneurs can gain valuable insights into the future of peer-to-peer car-sharing marketplace and its potential impact on urban mobility. Aimed to offer valuable insights into the car-sharing ecosystem, Zoomcar’s unique approach and contributions add to the evolving landscape of shared mobility.

Zoomcar’s whitepaper covers what is P2P car sharing, the factors that drive demand including urbanization, shift in lifestyle, growth of tech and environmental awareness. It also contains insights on car sharing’s potential in emerging markets, government’s outlook, global leader’s approach on the matter and how Zoomcar is solving car-sharing in India. 

“Car sharing is changing how people move, offering a smarter, more affordable, and sustainable alternative to owning a car,” said Hiroshi Nishijima, CEO of Zoomcar. “As cities grow and lifestyles evolve, the need for flexible transportation has become essential. Our whitepaper highlights the power of car sharing in solving real-world problems, and how Zoomcar is paving the way with innovative solutions that make mobility easy and accessible for everyone.”

Zoomcar’s whitepaper is a significant step towards Zoomcar’s efforts to grow the car sharing marketplace in India and changing the way Indian’s travel.

Download the whitepaper by clicking here.

About Zoomcar: Founded in 2013 and headquartered in Bengaluru, India, Zoomcar is a leading marketplace for car sharing focused in India. The Zoomcar community connects Hosts with Guests, who choose from a selection of cars for use at affordable prices, promoting sustainable, smart transportation solutions in India.

Forward-Looking Statement:

Except for any historical/factual information contained herein, this press release may contain forward-looking statements about our plans, efforts, goals, assumptions, commitments, expectations, or prospects inter alia related to Zoomcar’s  peer-to-peer car sharing business and reflect our management’s expectations for our business. These forward looking statements entail significant risk and uncertainty. To identify these forward-looking statements, we use terms such as “may,” “will,” “aim,” “enable,” “increase,” “estimate,” “intend,” “indicate,” “continue,” “expand,” “enhance,” “believe,” “elevate”, “supports,”, “ensure”, “drives,” “expect” or the negatives thereof, as well as other variations or comparable terminology. We ask that you read statements that contain these terms carefully because we believe this information is important for our investors and customers. Any forward-looking statement in this press release refers solely to what is accurate as of the day it is issued or based on assumptions that Zoomcar believes to be reasonable. The actual results and outcomes may materially differ due to various factors or events beyond our control which may not be foreseeable at all times. We cannot guarantee or assure any plan, initiative, projection, goal, assumption, commitment, expectation, or prospects set forth in this press release can or will be achieved. We undertake no obligation to alter or revise publicly any forward-looking statements, whether as a result of new information, future events, or otherwise, save and except as required by law.

Additionally, the press release may include references to market data and other statistical information from internal or third party sources that Zoomcar believes to be reasonable or that is based on Zoomcar’s  good faith estimates that are derived from both internal and third party sources.  None of Zoomcar or its affiliates have independently verified the accuracy or completeness of such information and none of Zoomcar, its respective affiliates, nor their respective advisors, directors, officers, employees, members, partners, shareholders or agents make any representation or warranty with respect to such information. Accordingly, none of Zoomcar and its respective affiliates, advisors, directors, officers, employees, members, partners, shareholders or agents or the providers of the third party information are responsible for any errors or omissions and expressly disclaim any responsibility or liability for any damages or losses in connection with the use of such information herein.

Press Contact:

•       Akarshit Gulati: akarshitg@avianwe.com
•       Bhagyashree Rewatkar: bhagyashree.rewatkar@zoomcar.com

Bangalore, India – [19 November, 2024]: Zoomcar Holdings, Inc. (“Zoomcar” or the “Company”) (Nasdaq: ZCAR), the leading marketplace for car sharing in India, is excited to introduce Zoomcar Subscription, a new service designed to provide affordable long-term car sharing options. Through this offering, Guests can now book self-drive cars for extended periods, starting with minimum 7 days to more than 30  days, benefiting from progressively lower daily rates for longer durations. 

Zoomcar currently operates on an hourly pricing model, optimized for short-term bookings of less than seven days. After seeing a strong demand from Guests, Zoomcar Subscription was launched to offer a daily pricing model with discounts for longer bookings, ensuring flexibility and affordability. Easily accessible from the Zoomcar App, Zoomcar Subscription enables Guests to browse vehicles, view discounted rates, and book for longer periods with ease.

Zoomcar Subscription’s booking process is designed to offer Guests a seamless experience right from the flexibility of customizing the subscription package, access to quality selection of trusted cars from select Hosts and priority customer support. All this at competitive prices with easy pick up/return at any time of the booking date, with no restrictions of hours or kms per day, unlike other options available in the market. 

Zoomcar Subscription is ideal for a variety of needs – whether you’re relocating to a new city and need a car for a month or two, embarking on a week-long business or leisure trip, or managing longer daily commutes without owning a car. With affordable daily rates, this service offers the convenience and privacy of your own vehicle at a cost often cheaper than daily cabs, making it a perfect choice for those seeking flexibility without long-term commitments.

Hiroshi Nishijima, CEO of Zoomcar said “With Zoomcar Subscription, we are making it easier and more affordable for Guests to access vehicles for longer duration, whether it’s for trips or using it for personal weekly/monthly usage. This offering is designed to meet the needs of our Guests who want both flexibility and cost-effectiveness without car ownership.”

Earlier this month, Zoomcar announced doubling its customer support team to deliver faster, more efficient assistance to both Guests and Hosts. With the launch of Zoomcar Subscription, another great initiative for Guests, Zoomcar reaffirms its commitment to delivering an exceptional experience, with these efforts showcasing its dedication to continuously enhancing guest satisfaction.

About Zoomcar: Founded in 2013 and headquartered in Bengaluru, India, Zoomcar is a leading marketplace for car sharing focused in India. The Zoomcar community connects Hosts with Guests, who choose from a selection of cars for use at affordable prices, promoting sustainable, smart transportation solutions in India.

Forward-Looking Statement:

This press release may contain forward-looking statements about our plans, efforts, goals, assumptions, commitments, expectations, or prospects inter alia related to our management’s new initiatives to enhance the Guest experience through the Zoomcar Subscription Services. These forward-looking statements reflect our management’s current expectations for the Zoomcar Subscription services and these statements entail significant risk and uncertainty. To identify these forward-looking statements, we use terms such as “may,” “will,” “aim,” “enable,” “increase,” “estimate,” “intend,” “indicate,” “continue,” “expand,” “enhance,” “believe,” “elevate”, “supports,”, “ensure”, “drives,” “expect” or the negatives thereof, as well as other variations or comparable terminology. We ask that you read statements that contain these terms carefully because we believe this information is important for our investors and customers. Any forward-looking statement in this press release refers solely to what is accurate as of the day it is issued or based on assumptions that Zoomcar believes to be reasonable. The actual results and outcomes may materially differ due to various factors or events beyond our control which may not be foreseeable at all times. We cannot guarantee or assure any plan, initiative, projection, goal, assumption, commitment, expectation, or prospect set forth in this press release can or will be achieved. We undertake no obligation to alter or revise publicly any forward-looking statements, whether as a result of new information, future events, or otherwise, save and except as required by law.

Press Contact:

•       Akarshit Gulati: akarshitg@avianwe.com
•       Bhagyashree Rewatkar: bhagyashree.rewatkar@zoomcar.com

BANGALORE, India – [Nov. 7, 2024] – Zoomcar Holdings, Inc. (“Zoomcar” or the “Company”) (NASDAQ: ZCAR), the Nasdaq-listed leading marketplace for self-drive car sharing, today announced the closing of a private placement with certain institutional investors. The aggregate gross cash proceeds were $9.15 million, before deducting fees to the placement agent and other offering expenses payable by the Company, and includes a $2.5 million investment by one of the Company’s directors. The Company used the net proceeds from the private placement to repay approximately $3.8 million of outstanding indebtedness to certain institutional investors and intends to use the remainder for general corporate purposes and working capital.

In connection with the private placement, the Company issued an aggregate of 2,137,850 units. Each unit was sold at an effective unit price of $4.28 per unit and consisted of one share of common stock (or one pre-funded warrant in lieu thereof), two (2) Series A warrants, each exercisable for one share of common stock at an initial exercise price of $4.03 per share and resulting in the issuance of Series A warrants exercisable for an aggregate of up to 4,275,700 shares common stock, and one Series B warrant at an exercise price of $0.0001 to purchase such number of shares of common stock as will be determined on the Reset Date (as defined in the Series B warrant). The Series A warrants and the Series B warrants are exercisable beginning on the date that Stockholder Approval (as defined in the Series A warrant) is obtained. The Series A warrants have a term of 5 years and the Series B warrants are exercisable until exercised in full. The exercise price and number of shares of common stock issuable upon exercise of the Series A warrants are subject to adjustment on the Reset Date, upon future dilutive issuances and following reverse stock splits, in each case, subject to a floor of $0.806, and the exercise price and number of shares of common stock issuable upon exercise of the Series B warrants are subject to adjustment upon reverse stock splits, subject to a floor, and in each case, as will be described in more detail in the Current Report on Form 8-K to be filed in connection with the private placement.

Aegis Capital Corp. acted as the Exclusive Placement Agent for the private placement. 

The securities described above were sold in a private placement exempt from the registration requirements of the Securities Act of 1933, as amended (the “Act”), and have not been registered under the Act, or applicable state securities laws. Accordingly, the securities may not be offered or sold in the United States except pursuant to an effective registration statement or an applicable exemption from the registration requirements of the Act and such applicable state securities laws. Pursuant to a registration rights agreement with the investors, the Company has agreed to file one or more registration statements with the Securities and Exchange Commission (the “SEC”) covering the resale of the common stock sold in the private placement and the common stock issuable upon exercise of the pre-funded warrants and the warrants sold in the private placement.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy any of the securities described herein, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

About Zoomcar

Founded in 2013 and headquartered in Bengaluru, India, Zoomcar is a leading marketplace for car sharing focused in India. The Zoomcar community connects Hosts with Guests, who choose from a selection of cars for use at affordable prices, promoting sustainable, smart transportation solutions in India.

Safe Harbor Statement

This press release contains, or may contain, among other things, certain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve significant risks and uncertainties. Such statements include, without limitation, statements related to the closing of this offering, the exercise of the warrants and receipt the proceeds therefrom, the ability for the Company to utilize the financing to fund operations and other statements identified by words such as “projects,” “may,” “will,” “could,” “would,” “should,” “believes,” “expects,” “anticipates,” “estimates,” “intends,” “plans,” “potential” or similar expressions. These statements are based upon the current beliefs and expectations of the Company’s management and are subject to significant risks and uncertainties, including, but not limited, to market conditions and those other risks detailed in the Company’s filings with the Securities and Exchange Commission. Actual results and timing may differ significantly from those set forth or implied in the forward-looking statements. Forward-looking statements involve certain risks and uncertainties that are subject to change based on various factors (many of which are beyond the Company’s control). The Company undertakes no obligation to publicly update any forward-looking statements, whether as a result of new information, future presentations or otherwise, except as required by applicable law.

Press Contact:

•       Akarshit Gulati: akarshitg@avianwe.com
•       Bhagyashree Rewatkar: bhagyashree.rewatkar@zoomcar.com

BANGALORE, India, Nov. 5, 2024 /PRNewswire/ — Zoomcar Holdings, Inc. (“Zoomcar” or the “Company”) (NASDAQ: ZCAR), the Nasdaq-listed leading marketplace for self-drive car sharing, today announced the pricing of a private placement with certain institutional investors. The aggregate gross cash proceeds are expected to be $9.15 million, before deducting fees to the placement agent and other offering expenses payable by the Company. The Company intends to use the net proceeds from the private placement to repay approximately $3.6 million of outstanding indebtedness to certain institutional creditors and for general corporate purposes and working capital.

In connection with the private placement, the Company is planning to issue an aggregate of  2,137,850 units. Each unit will be sold at an effective unit price of $4.28 per unit and will consist of one share of common stock (or one pre-funded warrant in lieu thereof), two (2) Series A warrants, each exercisable for one share of common stock at an initial exercise price of $4.03 per share and one Series B warrant at an exercise price of $0.0001 to purchase such number of shares of common stock as will be determined on the Reset Date (as defined in the Series B warrant). The Series A warrants and the Series B warrants are exercisable beginning on the date that Stockholder Approval (as defined in the Series A warrant) is obtained. The Series A warrants will have a term of 5 years and the Series B warrants are exercisable until exercised in full. The exercise price and number of shares of common stock issuable upon exercise of the Series A warrants are subject to adjustment on the Reset Date, upon future dilutive issuances and following reverse stock splits, in each case, subject to a floor, and the exercise price and number of shares of common stock issuable upon exercise of the Series B warrants are subject to adjustment upon reverse stock splits, subject to a floor, and in each case, as will be described in more detail in the Current Report on Form 8-K to be filed in connection with the private placement.

The closing of the private placement is expected to occur on or about November 6, 2024, subject to the satisfaction of certain customary closing conditions.

Aegis Capital Corp. is acting as the Exclusive Placement Agent for the private placement. 

The securities described above are being sold in a private placement exempt from the registration requirements of the Securities Act of 1933, as amended (the “Act”), and have not been registered under the Act, or applicable state securities laws. Accordingly, the securities may not be offered or sold in the United States except pursuant to an effective registration statement or an applicable exemption from the registration requirements of the Act and such applicable state securities laws. Pursuant to a registration rights agreement with the investors, the Company has agreed to file one or more registration statements with the Securities and Exchange Commission (the “SEC”) covering the resale of the common stock sold in the private placement and the common stock issuable upon exercise of the pre-funded warrants and the warrants sold in the private placement.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy any of the securities described herein, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

About Zoomcar

Founded in 2013 and headquartered in Bengaluru, India, Zoomcar is a leading marketplace for car sharing focused in India. The Zoomcar community connects Hosts with Guests, who choose from a selection of cars for use at affordable prices, promoting sustainable, smart transportation solutions in India.

Safe Harbor Statement

This press release contains, or may contain, among other things, certain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve significant risks and uncertainties. Such statements include, without limitation, statements related to the closing of this offering, the exercise of the warrants and receipt the proceeds therefrom, the ability for the Company to utilize the financing to fund operations and other statements identified by words such as “projects,” “may,” “will,” “could,” “would,” “should,” “believes,” “expects,” “anticipates,” “estimates,” “intends,” “plans,” “potential” or similar expressions. These statements are based upon the current beliefs and expectations of the Company’s management and are subject to significant risks and uncertainties, including, but not limited, to market conditions and those other risks detailed in the Company’s filings with the Securities and Exchange Commission. Actual results and timing may differ significantly from those set forth or implied in the forward-looking statements. Forward-looking statements involve certain risks and uncertainties that are subject to change based on various factors (many of which are beyond the Company’s control). The Company undertakes no obligation to publicly update any forward-looking statements, whether as a result of new information, future presentations or otherwise, except as required by applicable law.

Bangalore, India — [November 5, 2024] — Zoomcar Holdings, Inc. (“Zoomcar” or the “Company”) (Nasdaq: ZCAR), the Nasdaq-listed leading marketplace for self-drive car sharing, announced a major expansion in its customer support efforts, doubling its customer support team to ensure faster, more efficient assistance for both Hosts and Guests on its platform. This expansion marks a significant step in addressing customer feedback and improving overall service quality.

In a key initiative, Zoomcar has also launched a dedicated team called Host Success Team, to assist new Hosts in onboarding their vehicles and optimising earnings. This specialised team guides Hosts through every stage of their journey on the platform, providing continuous support to help them thrive.

In addition to expanding the team, Zoomcar has moved to a multi-channel support model. This now includes inbound and outbound calls, chatbot based ticketing support and a Generative AI (Gen AI) Assistant that offers 24×7 assistance. This enhanced customer support framework has already led to an 50% reduction in in-app escalations, with continued improvements expected as the new measures take full effect.

Hiroshi Nishijima, CEO of Zoomcar said “We’ve achieved significant profitability improvement in the past few months and have reinvested in customer support expansion to continue our commitment of making Zoomcar a frictionless experience.”

About Zoomcar: Founded in 2013 and headquartered in Bengaluru, India, Zoomcar is a leading marketplace for car sharing focused in India. The Zoomcar community connects Hosts with Guests, who choose from a selection of cars for use at affordable prices, promoting sustainable, smart transportation solutions in India.

Forward-Looking Statement:

This press release may contain forward-looking statements about our plans, efforts, goals, assumptions, commitments, expectations, or prospects inter alia related to our management’s initiatives to enhance Host and Guest experience through expansion of such support teams. These forward-looking statements reflect our management’s current expectations for these new business initiatives  and these statements entail significant risk and uncertainty. To identify these forward-looking statements, we use terms such as “may,” “will,” “aim,” “extend,” “increase,” “estimate,” “intend,” “indicate,” “continue,” “expand,” “enhance,” “believe,” “elevate”, “build,”, “ensure”, “expect” or the negatives thereof, as well as other variations or comparable terminology. We ask that you read statements that contain these terms carefully because we believe this information is important for our investors and customers. Any forward-looking statement in this press release refers solely to what is accurate as of the day it is issued or based on assumptions that Zoomcar believes to be reasonable. The actual results and outcomes may materially differ due to various factors or events beyond our control which may not be foreseeable at all times. We cannot guarantee or assure any plan, initiative, projection, goal, assumption, commitment, expectation, or prospect set forth in this press release can or will be achieved. We undertake no obligation to alter or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, save and except as required by law.

Press Contact:

•       Akarshit Gulati: akarshitg@avianwe.com
•       Bhagyashree Rewatkar: bhagyashree.rewatkar@zoomcar.com

Bangalore, India — [October 28, 2024] — Zoomcar Holdings, Inc. (“Zoomcar” or the “Company”) (Nasdaq: ZCAR), the Nasdaq-listed leading marketplace for self-drive car sharing, plans to report its financial and operating results for the second quarter ending September 30, 2024 before markets open on November 14, 2024. The Company will post the release on its Investor Relations website investor-relations.zoomcar.com. 

The Company management will host a live Zoom Webinar at 11.30 am Eastern Time (US) on Thursday, November 14, 2024 to discuss the financial results and provide corporate updates. A link to the call will be posted on the Company’s investor relations website at investor-relations.zoomcar.com prior to the call. Following the webinar, a replay of the webinar, along with the earnings press release will be available at the same website. 

Investors and analysts that wish to submit questions to management should send an email to investors@zoomcar.com by 1:00 pm ET on Monday, November 11, 2024. 

About Zoomcar: 

Founded in 2013 and headquartered in Bengaluru, India, Zoomcar is a leading marketplace for car sharing focused in India. The Zoomcar community connects Hosts with Guests, who choose from a selection of cars for use at affordable prices, promoting sustainable, smart transportation solutions in India.

Forward Looking Statement:

This press release includes statements that are or maybe considered, “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Except for statements of historical facts, these forward-looking statements are based on assumptions relating to the Company’s revenue, earnings, margins, growth rates and other financial results for future periods and these assumptions entail significant risk and uncertainty including but not limited to risks identified in the Company’s most recent filing on Form 10-K and other SEC filings, all of which are available on the Company’s website. You can identify forward-looking statements with words such as “believes,” “expects,” “may,” “will,” “should,” “seeks,” “intends,” “plans,” “estimates,” or “anticipates” or the negatives thereof, as well as other variations or comparable terminology related to Company’s strategy, plans, projections or intentions. These statements are not guarantees of future performance and undue reliance should not be placed on them. Any forward-looking statement in this press release refers solely to what is accurate as of the day it is issued or based on assumptions that Zoomcar believes to be reasonable. The actual results and outcomes may materially differ due to various factors or events beyond our control which may not be foreseeable at all times. We cannot guarantee or assure any plan, initiative, projection, goal, commitment, expectation, or prospect set forth in this press release can or will be achieved. We undertake no obligation to alter or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, save and except as required by law.

Press Contact:

• Akarshit Gulati: akarshitg@avianwe.com
• Bhagyashree Rewatkar: bhagyashree.rewatkar@zoomcar.com 

Bangalore, India — [22 October, 2024] — Zoomcar Holdings, Inc. (“Zoomcar” or the “Company”) (Nasdaq: ZCAR), the Nasdaq-listed leading marketplace for self-drive car sharing, welcomes back Waze Co-Founder Uri Levine as the Strategic and Financial Advisor. Mr. Levine served as Zoomcar’s Chairman of the Board from 2021 to 2023, prior to its public listing, and will now provide strategic oversight to the Zoomcar team with a strong focus on problem solving, operational excellence, and capital growth. As part of this Strategic Advisory agreement, Mr. Levine has the opportunity, pending Board approval to return as Chairman of Zoomcar. 

“I’m thrilled to be back,” said Uri Levine. “I am honored to rejoin Zoomcar and leverage my experience to drive its next phase of growth. Our aim is to enhance mobility solutions in emerging markets, ensuring we meet the growing demand efficiently and sustainably. I look forward to the journey ahead.”

Zoomcar’s Interim CEO, Hiroshi Nishijima, expressed his enthusiasm for Mr. Levine’s return, stating, “Uri has a proven track record. His talent for solving customer challenges and scaling businesses makes him a perfect fit as we drive Zoomcar’s growth forward. We’re excited about the future with Uri on board.”

About Uri Levine: Uri Levine is no stranger to making waves. A serial entrepreneur and visionary, in 2007, Mr. Levine co-founded Waze, the world’s leading traffic and navigation app, which was acquired by Google in June 2013 for $1.1 billion. Today, Waze boasts over 140 million monthly active users across 185 countries. He was also an early board member and investor in Moovit, known as the “Waze for public transportation.” Moovit, used today by over 750 million people globally, was acquired by Intel for $1 billion in 2020. 

About Zoomcar: Founded in 2013 and headquartered in Bengaluru, India, Zoomcar is a leading marketplace for car sharing focused in India. The Zoomcar community connects Hosts with Guests, who choose from a selection of cars for use at affordable prices, promoting sustainable, smart transportation solutions in India.

Forward Looking Statement:

This press release includes statements that are or maybe considered, “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are based on assumptions about many important factors, including risks identified in the Company’s most recent filing on Form 10-K and other SEC filings, all of which are available on the Company’s website. These statements may entail significant risk and uncertainty. Any forward-looking statement in this press release refers solely to what is accurate as of the day it is issued or based on assumptions that Zoomcar believes to be reasonable. The actual results and outcomes may materially differ due to various factors or events beyond our control which may not be foreseeable at all times. We cannot guarantee or assure any plan, initiative, projection, goal, commitment, expectation, or prospect set forth in this press release can or will be achieved. We undertake no obligation to alter or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, save and except as required by law.

Press Contact:

• Akarshit Gulati: akarshitg@avianwe.com

Bhagyashree Rewatkar: bhagyashree.rewatkar@zoomcar.com