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Bangalore, India, October 18, 2024 – Zoomcar Holdings, Inc. (Nasdaq: ZCAR) (“Zoomcar” or the “Company”), a Nasdaq-listed leading marketplace for self-drive car sharing, announced today that it will effect a reverse stock split of its issued and outstanding shares of common stock, par value $0.0001 per share, at a ratio of 1-for-100. The reverse stock split will become effective at 4:30 p.m. Eastern Time on October 21, 2024, and the Company’s common stock will begin trading on a split-adjusted basis when the market opens on October 22, 2024. The Company’s common stock will continue to trade on the Nasdaq Global Market (“Nasdaq”) under the symbol “ZCAR.” The new CUSIP number for the Company’s common stock following the reverse stock split will be 45784G200.

At the Company’s annual meeting of stockholders held on October 8, 2024, the stockholders approved a proposal to amend the Company’s Amended and Restated Certificate of Incorporation to effect a reverse stock split in the range of 1-for-50 to 1-for-150, with the final ratio to be determined by the Company’s Board of Directors (the “Board”). On October 8, 2024, the Board approved a 1-for-100 reverse stock split.

When the reverse stock split becomes effective, every 100 shares of the Company’s issued and outstanding common stock will automatically be combined into one share of common stock, without any change in the par value per share. In addition, (i) a proportionate adjustment will be made to the per share exercise price and the number of shares issuable upon the exercise of all outstanding stock options and warrants to purchase shares of common stock, and (ii) the number of shares reserved for issuance pursuant to the Company’s equity incentive plans will also be reduced proportionately. Any fraction of a share of common stock that would be created as a result of the reverse stock split will be rounded up to the nearest whole share.

The reverse stock split is intended to increase the per share trading price of the Company’s common stock to better attract certain institutional and other investors and comply with the minimum bid price requirement for maintaining the listing of the Company’s common stock on Nasdaq.

Equiniti Trust Company, LLC (“Equiniti”), the Company’s transfer agent, will act as the exchange agent for the reverse stock split. Registered stockholders holding pre-split shares of the common stock electronically in book-entry form are not required to take any action to receive post-split shares. Stockholders of record will be receiving information from Equiniti about the process for exchanging their pre-split shares for post-split shares.

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 Statements

This communication contains forward-looking statements that are subject to a number of risks and uncertainties, many of which are beyond the Company’s control. These forward-looking statements within the meaning under applicable law, can be identified by the use terms such as “may,” “will,” “aim,” “empower,” “estimate,” “intend,” “indicate,” “continue,” “promote,” “believe,” “boosting”, “elevate,” or “enhance,” 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 we 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 — [16 October, 2024] — Zoomcar Holdings, Inc. (“Zoomcar” or the “Company”) (Nasdaq: ZCAR), the NASDAQ-listed leading marketplace for self-drive car sharing, hit a major milestone in the debt restructuring process that is aimed at reducing the company’s debt obligations of approximately $31 MM out of the total outstanding debt (“debt” and “payables”) as on June 30, 2024. 

Zoomcar has successfully negotiated with lenders and vendors who approximately owe 75% of the immediately payable debt. These debts have been either converted into a deferred payment schedule of up to 24 months or reduced payout of up to half the outstanding amount in a short term. The company expects to complete the entire exercise by the end of November 2024 to reduce the immediate cash outflow. This will enable Zoomcar to further invest in strategic initiatives to provide long term sustainability and value for all its stakeholders. 

“Zoomcar’s business fundamentals are strong, and this debt restructuring is an important step towards positioning the company for long-term success. We are very grateful to all our partners who have stood by us and supported us in our debt restructuring endeavor showcasing their commitment towards our growth. Our focus remains on sustainable growth and fulfilling our financial obligations, which is key to maintaining trust with our partners and customers.” said Hiroshi Nishijima, CEO of Zoomcar. 

Zoomcar continues to build on its market leadership by enhancing customer experience, expanding its vehicle fleet, and driving technological innovations. With these ongoing initiatives and a clear path toward financial stability, Zoomcar believes they are well-positioned to accelerate its growth trajectory. 

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 “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, including with respect to the Company’s ability to execute on its strategic plans and improve profitability and liquidity. 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 we 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 – [27 September 2024] – Zoomcar, Zoomcar Holdings, Inc. (“Zoomcar” or the “Company”) (Nasdaq: ZCAR), the NASDAQ-listed leading marketplace for self-drive car sharing, announced that the Annual Meeting of Stockholders, previously scheduled for September 26, 2024, has been adjourned to October 1, 2024. The meeting will reconvene virtually at 10:00 AM ET.

The adjournment will allow additional time for stockholders to cast their votes on the proposals outlined in the proxy materials. As described in the proxy materials previously distributed, stockholders as of the close of business on July 29, 2024, the record date, are entitled to participate in the Annual Stockholders Meeting. 

Zoomcar encourages all stockholders to actively participate in the meeting and exercise their voting rights. Stockholders may cast their votes prior to the meeting by visiting www.proxyvote.com, or they can vote during the meeting by visiting www.virtualshareholdermeeting.com/ZCAR2024 or by calling 1-800-690-6903.

Additionally, if you require assistance with voting your shares or have any other questions in relation to the meeting, please contact the proxy solicitor on the direct line at +1 206-265-0326 or write at ksmith@advantageproxy.com. 

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 communication contains forward-looking statements that are subject to a number of risks and uncertainties, many of which are beyond the Company’s control. These forward-looking statements within the meaning under applicable law, can be identified by the use terms such as “may,” “will,” “aim,”  “empower,” “estimate,” “intend,” “indicate,” “continue,” “promote,” “believe,” “boosting”, “elevate,” or “enhance,” 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 we 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 – [17 September 2024] – Zoomcar, Zoomcar Holdings, Inc. (“Zoomcar” or the “Company”) (Nasdaq: ZCAR), the NASDAQ-listed leading marketplace for self-drive car sharing, announced that it will hold its first Annual Stockholder Meeting on September 26, 2024. The meeting will be held virtually, allowing stockholders to participate from anywhere, beginning at 10:00 AM EST.

As described in the proxy materials previously distributed, stockholders as of the close of business on July 29, 2024, the record date, are entitled to participate in the Annual Stockholders Meeting. Zoomcar encourages all stockholders to actively participate in the meeting and exercise their voting rights. Stockholders may cast their votes prior to the meeting by visiting www.proxyvote.com, or they can vote during the meeting by visiting www.virtualshareholdermeeting.com/ZCAR2024 or by calling 1-800-690-6903.

“We are excited to hold our first Annual Stockholder Meeting and encourage all stockholders to join us as we  explore the company’s progress and future growth” said Hiroshi Nishijima, CEO of Zoomcar. 

For more information about the meeting and how to participate, stockholders can visit Zoomcar’s investor relations page or email on investors@zoomcar.com.

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.

Press Contact:

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

Bangalore, India – [11th September, 2024] –  Zoomcar, Zoomcar Holdings, Inc. (“Zoomcar” or the “Company”) (Nasdaq: ZCAR), the NASDAQ-listed leading marketplace for self-drive car sharing, is thrilled to announce its partnership with Mappls MapmyIndia, India’s pioneering and leading deep-tech digital mapping, geospatial software and location-based IoT company.  This unique collaboration enables users to seamlessly book a Zoomcar while getting their trips planned with the Mappls App, significantly enhancing the end-to-end travel planning and booking experience.

Zoomcar’s vast selection of over 25,000 cars across 99+ cities is fully integrated into the Mappls app, ensuring that there’s a car for every type of traveler. From affordable options for budget-conscious adventurers to premium rides for those seeking luxury, users can easily find and book the perfect vehicle to suit their needs. With zero security deposit, unlimited kilometers and easy availability of car pick up and delivery from popular destinations, Zoomcar has become the preferred choice for self-drive car sharing in India. 

Mappls App is India’s own one-stop app with inbuilt digital maps for easy navigation, hyperlocal discovery & travel planning. Aimed to simplify the way Indians travel, users can book a Zoomcar directly on Mappls App and enjoy unique features like 3D junction views for navigation through complex flyovers & junctions with real-time safety & speed alerts, breakers & more. Mappls additionally provides an AI-powered travel platform that offers tailored travel solutions to its users, from destination selection to hotel bookings and detailed itinerary planning. 

“We are thrilled to partner with Mappls and be a part of their cutting-edge maps and travel platform. Whether it’s a spontaneous road trip or a meticulously planned journey, we’re committed to making every trip seamless and enjoyable with Mappls.” – Hiroshi Nishijima, CEO of Zoomcar

“Our partnership with Zoomcar brings added convenience and freedom to travelers and marks a significant milestone in our mission to simplify and enhance the travel experience for users. We’re excited to bring more value to Mappls app users through this partnership, and go deeper into travel tech” added Rohan Verma, CEO & Executive Director of MapmyIndia.

Through this collaboration with Mappls, Zoomcar continues to redefine how people explore the world, offering users the tools and flexibility to plan their perfect journeys. An all-in-one solution for today’s tech-savvy travelers ensuring a smooth and hassle-free journey, this integration allows Zoomcar customers to save time and effort, where every trip is carefully organized and optimized for convenience and comfort.

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.

About MapmyIndia & Mappls (C.E. Info Systems Ltd): C.E. Info Systems Ltd (NSE: MAPMYINDIA; BSE: 543425) is India’s leading advanced digital maps and deep-tech company, popularly known in India as MapmyIndia and globally as Mappls. The company offers proprietary digital maps as a service (“MaaS”), software as a service (“SaaS”) and platform as a service (“PaaS”), including its advanced digital map data, software products, platforms, application programming interfaces (“APIs”), IoT and solutions to new-age tech companies, large businesses, automotive OEMs, government organisations, developers and consumers.

Forward Looking Statement:

This press release may contain forward-looking statements about our plans, efforts, projections, goals, commitments, expectations, or prospects related to the integration of its car sharing services with Mappls app. These forward-looking statements reflect our management’s current expectations with respect to its partnership with Mappls and these statements may entail significant risk and uncertainty. To identify these forward-looking statements, we use terms such as “may,” “will,” “aim,”  “empower,” “estimate,” “intend,” “indicate,” “continue,” “promote,” “believe,” “boosting”, “elevate,” or “enhance,” 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 we 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 
• pr@mapmyindia.com

Anil Nagwani (+91 9811268046; anil@wfc.in) – White Fish Communications

Bangalore, India – [30 August, 2024] – Zoomcar, Zoomcar Holdings, Inc. (“Zoomcar” or the “Company”) (Nasdaq: ZCAR), the NASDAQ-listed leading marketplace for self-drive car sharing, is thrilled to announce the beta launch of our cutting-edge Generative AI (Gen AI) Assistant, now available to select Hosts. This AI assistant is designed to provide 24/7 support, guiding Hosts through every step of their journey, from seamless onboarding to understanding the platform and safety of their vehicles, and also maximizing their earnings.

Becoming a car-sharing Host is still a novel concept in India, and many potential Hosts have numerous questions before they attach their cars to the platform. Traditionally, this process has required significant one-on-one interaction, which, while effective, is logistically challenging. With the introduction of the Gen AI assistant, Zoomcar aims to bridge this gap by offering a scalable, always-on solution that assists Hosts with onboarding, answers their queries, and provides valuable insights.

Hiroshi Nishijima, CEO of Zoomcar said “Our business model is unique and involves a complex product and process, particularly for onboarding Hosts. We’re excited to introduce this first-of-its-kind GenAI assistant, which we have customized and trained to ease the process for both Hosts and Guests. This is a significant step forward in enhancing the overall experience on our platform.”

The AI assistant will continue to evolve, becoming smarter at each stage. In the coming months, it will transform into a personal assistant for Hosts, helping them grow their earnings. Zoomcar also plans to introduce a similar GenAI assistant for Guests, offering personalized, curated suggestions for selecting the most suitable vehicle for their trips based on their needs. This assistant will also provide comprehensive summaries of the last few bookings and the experience of previous guests. 

“We are committed to investing the majority of our engineering resources into developing GenAI-based products this year. Our focus is on making onboarding easier for Hosts and speeding up decision-making for Guests. This is just the beginning of what we have in store,” added Vishal Ramrakhyani, Head of Engineering at Zoomcar.

Zoomcar is leading the way in leveraging AI technology to enhance the car-sharing experience for both Hosts and Guests, setting a new standard for the industry.

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, projections, goals, commitments, expectations, or prospects related to the launch of Zoomcar’s Generative AI (Gen AI) Assistant. These forward-looking statements reflect our management’s current expectations with respect to the use and implementation of the Gen AI Assistant extended thereof and these statements may entail significant risk and uncertainty. To identify these forward-looking statements, we use terms such as “may,” “will,” “aim,”  “empower,” “estimate,” “intend,” “indicate,” “continue,” “promote,” “believe,” “boosting”, “elevate,” or “enhance,” 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 we 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 – [16 August, 2024] – Zoomcar Holdings, Inc. (Nasdaq: ZCAR) (“Zoomcar,” the “Company,” “we,” or “our”), the leading marketplace for car sharing in emerging markets, today reported select financial results for the first fiscal quarter ended June 30, 2024.

Management Commentary: “Our first fiscal quarter results reflect a robust performance in our ongoing efficiency efforts. We achieved record non-GAAP gross profit and contribution profit, while also laying the groundwork for substantial revenue growth in the coming quarters,” stated Hiroshi Nishijima, CEO of Zoomcar. “This period also marked a significant milestone with the third consecutive quarter of contribution profit. As we look ahead to the end of Fiscal year 2025, we anticipate a meaningful return to growth, supported by enhanced profitability due to our streamlined operational infrastructure.”

Zoomcar continues to make significant progress across the company’s strategic priorities:

1. Number of bookings: Total number of bookings increased by 9% from 103,643 bookings during the three months ended June 30, 2023, to 112,944 for the three months ended June 30, 2024. This is an important milestone as we achieved this marginal growth with lower expenditure on performance marketing and host incentivisation, a reflection of strong demand and brand strength. 
2. Contribution Margin: Our contribution margin improved significantly from a contribution loss of 45% or $1.2 million for the three months ended June 30, 2023, to a contribution profit of 20% or $0.5 million for the three months ended June 30, 2024. This is the third consecutive quarter where we have posted a contribution profit.
3. Cost Optimisation Efforts: We successfully reduced our cost of revenue by 58%, from $3.6 million during the three months ended June 30, 2023, to $1.5 million during the three months ended June 30, 2024. This significant reduction was a result of broad-based cost optimization initiatives driven by technology and product. An example is a tighter guest verification process which uses multiple inputs from Aadhar, driving license and selfie authentication. This has led to a healthy reduction in late returns and accidents.
4. Reduction in adjusted EBITDA: Our adjusted EBITDA demonstrated significant improvement, narrowing from a loss of $6.8 million during the three months ending June 30, 2023, to a loss of $3.3 million during the three months ending June 30, 2024. This reduction underscores the effectiveness of our cost management strategies and our unwavering commitment to operational efficiency. 
5. Guest trip rating has reached an all-time high: During the three months ending June 30, 2023, the platform’s average guest trip rating was 4.16. By the end of Q1 2024, our product-focused approach to enhancing the customer experience continued to yield dividends. Our commitment to improving in-trip communication between guests and hosts resulted in a significant step function improvement in the overall in-trip experience for both customer groups. The average guest trip rating now stands at an impressive 4.71, the highest to date. Additionally, the number of active vehicles with a platform rating exceeding 4.5 reached 5,648 in the quarter. As we look ahead, we remain dedicated to enhancing the quality of the guest and host experience, expecting further improvements in guest trip ratings and the number of active vehicles with ratings exceeding 4.5.

Together as a team, we are working towards making the fiscal year ending March 31, 2025, a year of sustainable growth and profitability. Under the new leadership team, we are committed to becoming a customer obsessed company for our Hosts and Guests.

For a detailed look at the financials and more insights, you can access the full quarterly report 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.

Non-GAAP Financial Measure:

To supplement our financial statements, which are presented on the basis of U.S. generally accepted accounting principles (GAAP), the following non-GAAP measures of financial performance are included in this release: Net loss per share, contribution margin, and adjusted EBITDA. A reconciliation of GAAP to adjusted non-GAAP financial measures is included as an attachment to this press release. We believe these non-GAAP financial measures are useful to investors in assessing our operating performance. We use these financial measures internally to evaluate our operating performance and for planning and forecasting of future periods. We also believe it is in the best interests of investors to provide this non-GAAP information.While we believe these non-GAAP financial measures provide useful supplemental information to investors, there are limitations associated with the use of these non-GAAP financial measures. These non-GAAP financial measures may not be reported by competitors, and they may not be directly comparable to similarly titled measures of other companies due to differences in calculation methodologies. The non-GAAP financial measures are not an alternative to GAAP information and are not meant to be considered in isolation or as a substitute for comparable GAAP financial measures. They should be used only as a supplement to GAAP information and should be considered only in conjunction with our consolidated financial statements prepared in accordance with GAAP.

Forward Looking Statement:

This press release may contain forward-looking statements about our plans, efforts, projections, goals, commitments, expectations, or prospects related to our business. These forward-looking statements reflect our management’s expectations of financial performance and ability to operate the business and execute our anticipated business plans and strategy. These statements entail significant risk and uncertainty. To identify these forward-looking statements, we use terms such as “may,” “will,” “aim,”  “improve,” “estimate,” “efficient”, “intend,” “indicate,” “continue,” “promote,” “believe,” “boosting”, “elevate,” or “enhance,” 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 we 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.

Contact Details:

Akarshit Gulati: akarshitg@avianwe.com

Bhagyashree Rewatkar: bhagyashree.rewatkar@zoomcar.com

Reconciliation of GAAP to Non-GAAP Metrics

The following is the reconciliation of adjusted EBITDA to the most comparable GAAP measure, Net Loss.

Adjusted EBITDA is a non-GAAP financial measure that represents our net income or loss adjusted for (i) provision for income taxes; (ii) other income and (expense), net; (iii) depreciation and amortization; (iv) stock-based compensation expense; and (v) finance costs.

Contribution Profit/(Loss)

We define contribution profit (loss) as our gross profit plus (a) depreciation expense included in cost of revenue, (b) stock-based compensation expense included in cost of revenue, (c) other general costs included in cost of revenue (rent, software support, insurance, travel); less (i) Host incentive payments and (ii) marketing and promotional expenses (excluding brand marketing).

Bengaluru, India – [9 August, 2024] – Zoomcar, Zoomcar Holdings, Inc. (“Zoomcar” or the “Company”) (Nasdaq: ZCAR), the NASDAQ-listed leading marketplace for self-drive car sharing, has successfully launched their first Fulfillment Center in Chennai with plans to add 100+ centers & 1000+ cars by December 2024. These Fulfillment Centers are operated by 3rd party service providers who are verified, trained and guided by Zoomcar. Designed to elevate Guest experiences, these centers manage end to end operations of car listings on behalf of Hosts who want to earn by sharing their cars but find it challenging to do it themselves.

The key success factors of top Zoomcar Hosts who earn up to ₹60,000 per month with a single car is a 4.5+ rating, easy availability at high demand locations, and a good car model. Zoomcar with its 11 years of expertise in running a car sharing business helps these Fulfillment Centers on providing high quality services to Guests. Hosts pay a nominal fee to get an array of services from these centers like managing their car, regular cleanliness, safe & secure parking space at top locations in hot spots, delivery & pick up of car to Guests & service centers, one on one coordination with Guests, & many more.

Cars managed through the Fulfillment Center are tagged as “Assured by Zoomcar” on the Zoomcar app, offering Guests reliable booking options with 24/7 pick-up and drop-off. Zoomcar’s pilot in Chennai has shown promising results, where over 20 Hosts showed interest in listing their cars within days of launch and got an average of 3 bookings within 24 hours of car listing.

Hiroshi Nishijima, CEO of Zoomcar, said: “Since 2013 we’ve been the largest platform for self drive cars in India and we are obsessed with providing assured bookings to our Guests. With our decade long experience we wanted to extend our expertise to Hosts to simplify car sharing for them and help manage their cars without any operational hustle. It’s like signing up for an SIP and getting regular returns.”

“As a Zoomcar Host, I’ve been thrilled with the earnings potential from car sharing. Signing up with the Fulfillment Center has made the entire process incredibly easy and convenient. I no longer have to worry about the logistics allowing me to earn a steady income without any hassle. It’s the perfect solution for someone like me who wants to share my car but doesn’t have the time to manage it personally.” said Mr. A Prathap, a satisfied Zoomcar Host from Chennai. 

Zoomcar previously operated on a car ownership business model before it turned to a marketplace. Their expertise in providing smooth Guest experiences over 11 years will translate into Host success stories via these Fulfillment Centers. Zoomcar aims to grow this model and encourage the addition of over 1000+ Hosts across 100+ cities by December 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 may contain forward-looking statements about our plans, efforts, projections, goals, commitments, expectations, or prospects related to the Fulfillment Centers launched in partnership with our service providers. These forward-looking statements reflect our management’s current expectations with respect to this partnership and enhanced Guest experience through these Fulfillment Centers thereof and these statements may entail significant risk and uncertainty. To identify these forward-looking statements, we use terms such as “may,” “will,” “aim,” “elevate”, “promising” “encourage,” “estimate,” “intend,” “indicate,” “continue,” “promote,” “believe,” “grow”,  or “enhance,” 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 we 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.

Contact:

Akarshit Gulati: akarshitg@avianwe.com

Bhagyashree Rewatkar: bhagyashree.rewatkar@zoomcar.com 

Bangalore, India – [7 August, 2024] – Zoomcar, Zoomcar Holdings, Inc. (“Zoomcar” or the “Company”) (Nasdaq: ZCAR), the NASDAQ-listed leading marketplace for self-drive car sharing, has announced the launch of its new & improved unified app that’s designed ​​to upgrade the car sharing experience for both Guests and Hosts. The new app will be faster, smoother to use packed with over 10+ feature upgrades that will further boost the growth of addition of more cars & Hosts on to the platform. 

Previously, Zoomcar had two apps – Zoomcar app was used by over 10M Guests to book a self drive car from widest range of 25,000+ car options while Zoomcar Host app was used by its community of 20,000+ Hosts who share their car on Zoomcar for managing their car listings. This strategic move is vital for Zoomcar’s business, where over 40% of Guests also own cars. With this new app, Guests can effortlessly start their micro business as a Zoomcar Host, and Hosts can seamlessly book a car as Guests, all with just one app.

Guests will have access to a quicker experience while booking a car as Zoomcar improves their catalog with top rated cars and a dedicated “Guest Favourites” feature that has a selection of frequently booked & highly rated cars by other Guests. This feature is designed to facilitate more reliable car selections, enhancing the overall booking experience with trustworthy reviews.

Zoomcar Hosts will now have more control on running their micro business on Zoomcar with the unified app. They can manage multiple cars in just one tab “Your cars” and also simultaneously check their car’s ranking real time to stay updated with how cars from other Hosts in their area are listed as competition. Additionally, Hosts will have the flexibility to choose minimum booking duration, opt out of late night bookings and also switch on automatic listing extensions so their listings don’t expire. New Zoomcar Hosts can now opt for installation of a GPS tracker and keyless entry device right after signing up on the app. 

Hiroshi Nishijima, CEO of Zoomcar, stated, “We’ve been spending a lot of time listening & meeting with our Hosts in the past few months and our unified app has been meticulously designed to provide far more controls to our Hosts and encourage car sharing as a growing business in India. We are obsessed with our customers’ experience and the timing of the launch fits perfectly as we continue to see rising high demand for the Independence Day long weekend.”

Vishal Ramrakhyani, Head of Engineering at Zoomcar, added, “Our engineering & product teams dedicated their time in understanding customer feedback and developed a unified Zoomcar app that integrates all functionalities required by both Guests and Hosts. The new features, such as ‘Guest Favourites’ and easy car listing control for Hosts, are designed to make the platform more intuitive and user-friendly.”

In their annual report for fiscal year ending March 2024, Zoomcar reported improvement in their platform’s average trip rating to 4.66 on a 5 point scale along with an increase in net revenue by 12% from $8.83 million to $9.90 million. Their unified app initiative reflects Zoomcar’s commitment to continuously improving its services and ensuring that both Guests and Hosts enjoy a superior experience under its new leadership team. 

To experience their all new app, download the Zoomcar app from the App Store or Google Play Store.

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, projections, goals, commitments, expectations, or prospects related to the launch of the unified app. These forward-looking statements reflect our management’s current expectations with respect to the use and implementation of the unified app extended thereof and these statements may entail significant risk and uncertainty. To identify these forward-looking statements, we use terms such as “may,” “will,” “aim,”  “empower,” “estimate,” “intend,” “indicate,” “continue,” “promote,” “believe,” “boosting”, “elevate,” or “enhance,” 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 we 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.

Contact:

Akarshit Gulati: akarshitg@avianwe.com

Bhagyashree Rewatkar: bhagyashree.rewatkar@zoomcar.com 

If we look at the fiscal year ended March 31, 2023, it was the year of transitioning from asset-heavy rental car model to peer-to-peer car sharing marketplace model.

And, in the beginning of the fiscal year ended March 31, 2024, we had positioned it as the year of optimization driven by technology and operational efficiency.

As we delve into Zoomcar Holdings Inc.’s annual report for fiscal year ended March 31, 2024, we would like to highlight the significant strides made by us in improving our financial performance:

1. Revenue Growth: Our net revenue increased by 12% from $8.83 million in fiscal year ended March 31, 2023 to $9.90 million in fiscal year ended March 31, 2024. This is a positive sign of our successful transition to a peer to peer car sharing marketplace.
2. Cost Optimization Efforts: We successfully reduced our cost of revenue by 50%, from $20.68 million in fiscal year ended March 31, 2023 to $10.33 million in fiscal year ended March 31, 2024. This significant reduction was a result of broad-based cost optimization initiatives driven by technology and product. One example is a tighter Guest verification process which uses multiple inputs from Aadhar, driving license and selfie authentication. This has led to reduction in late return and accidents.
3. Reduction in adjusted EBITDA: Our adjusted EBITDA improved from a loss of $32.11 million in fiscal year ended March 31, 2023 to a loss of $17.85 million in fiscal year ended March 31, 2024​. This reduction is a testament to the company’s effective cost management strategies and our focus on achieving operational efficiencies.
4. Platform quality continues to improve at a steady pace: The platform’s average Guest trip rating was 4.16 in Q1 of fiscal year ended March 31, 2023 and we ended Q4 of fiscal year ended March 31, 2023 at 4.66. This clearly demonstrates that our product focused approach to the customer experience on the Zoomcar platform is continuing to pay dividends. A constant focus on building tools to better improve in-trip communication between Guests and Hosts represented a noticeable step function improvement in the overall in-trip experience for both sets of customers on the platform.

Together as a team, we are working towards making the fiscal year ending March 31, 2025 a year of sustainable growth and profitability. Under the new leadership team, we are committed to becoming a customer obsessed company for our Hosts and Guests.

For a detailed look at the financials and more insights, you can access the full annual report here.

–
Hiroshi Nishijima
CEO, Zoomcar