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A timely partnership for today’s global traveler navigating rising tariffs, airfare hikes, and a return to local-first exploration

[Bengaluru, India | May 14, 2025] – Zoomcar Holdings, Inc. (“Zoomcar” or the “Company”) (OTCQX: ZCAR), the leading marketplace for self-drive car sharing in India, has partnered with Wego,the number 1 travel app and the largest online travel marketplace in the Middle East and North Africa (MENA), to offer seamless access to self-drive rentals for travelers exploring India.

This partnership comes at a pivotal moment in global tourism. With rising airfares, currency fluctuations, and tariff tensions between major economies causing uncertainty across global tourism and trade flows, travelers are shifting focus from long-haul luxury to cost-conscious, high-control experiences closer to home. India, with its expanding infrastructure, diverse road-trip routes, and favorable exchange rates, is emerging as a high-value destination for both domestic and inbound regional travel.

“We’re seeing a decisive shift in how people want to travel — flexibility, independence, and immersion matter more than ever,” said Anirudh Lamba – Head of Partnerships, Zoomcar. “Our partnership with Wego helps us serve evolving travellers better, especially those coming from the Middle East and Southeast Asia who want to explore India on their own terms.”

Through this partnership, Wego users will now be able to:

• Book from 25,000+ self-drive cars across 99+ cities in India directly via the Wego platform (website and app), with hyperlocal availability. 
• Enjoy a seamless booking process integrated into Wego’s global travel ecosystem. 

According to Wego’s 2025 Q1 data, travel interest from GCC countries to India has surged by over 40% YoY, driven by family travel, medical tourism, and digital nomad movement. Zoomcar’s data also reveals that travelers are increasingly choosing self-drive for longer duration itineraries especially during vacations and long weekends, valuing autonomy, privacy, and cost-effectiveness.

Bernard Corraya, General Manager, India, said:  “We are thrilled to partner with Zoomcar to bring greater convenience and control to travelers exploring India. This collaboration supports our mission to enhance every stage of the traveler’s journey from flight and stay to local mobility. With self-drive access now just a tap away, our users can unlock a more personal and memorable way to experience one of the world’s most diverse destinations.”

The Zoomcar-Wego partnership is timely, empowering users with greater flexibility amidst changes globally impacting travel choices. With ongoing tariff restructuring across Asia, increasing scrutiny on imported luxury goods and services, and a clear tilt towards domestic value creation, Zoomcar represents a homegrown, cost-efficient alternative to traditional ground transport for both domestic and international audiences.

As more travelers rethink how they move, discover, and spend, this partnership offers a powerful solution: freedom, value, and the open road.

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 Wego
Wego is the number 1 travel app and the largest online travel marketplace in the Middle East and North Africa (MENA).

It provides award-winning travel search websites and top-ranked mobile apps for travelers living in the Asia Pacific and the Middle East regions. Wego harnesses powerful yet simple to use technology that automates the process of searching and comparing results from hundreds of airlines, hotels, and online travel agency websites.

Wego presents an unbiased comparison of all travel products and prices offered in the marketplace by merchants, both local and global, and enables shoppers to quickly find the best deal and place to book whether it is from an airline or hotel directly or with a third-party aggregator website.

The company was founded in 2005 and is dual headquartered in Dubai and Singapore with regional operations in Bangalore, Riyadh, Cairo, Lahore, and Kuala Lumpur.

Media contact: nadine@wego.com

Forward Looking Statements

This press release may contain forward-looking statements about our plans, efforts, projections, goals, assumptions, commitments, expectations, or prospects related to our collaboration with Wego. These forward-looking statements reflect our management’s current expectations for this alliance and these statements entail significant risk and uncertainty. To identify these forward-looking statements, we use terms such as “may,” “will,” “aim,” “increase,” “estimate,” “intend,” “indicate,” “continue,” “expand,” “empower,” “believe,” “evolve,” “exponentially,” “emerging,” 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.

Zoomcar Press Contact: Press@zoomcar.com
Investor Relations Contact: Investors@zoomcar.com

Bangalore, India — May 12, 2025 — Zoomcar Holdings, Inc. (“Zoomcar” or the “Company”) (OTCQX: ZCAR), the leading marketplace for self-drive car sharing in India, today announced the appointment of Mr. Deepankar Tiwari as its Chief Executive Officer, effective May 9, 2025. This change in leadership sets the stage for Zoomcar to deepen its market presence while driving strategic initiatives and elevating the user experience.

Mr. Tiwari brings over 25 years of leadership experience in the automotive and mobility sectors. He spent more than two decades with the Tata Group, serving in various leadership roles within Tata Motors’ Passenger Vehicle division, and later at Tata Sons, the Group’s holding company. Following this, he led Vehicle Solutions and Business Development for the Asia-Pacific region at Uber Technologies until 2020. Since 2019, Mr. Tiwari has served as an advisor to Zoomcar India Private Limited, and since February 2025, he has been a board observer to the Company.

“Deepankar’s deep industry expertise, strategic mindset, and strong execution capabilities make him the ideal leader to take Zoomcar into its next chapter,” said Uri Levine, Chairman of the Board. “His familiarity with the business and passion for mobility will help us scale new heights.”

“I’m excited to take on the role of CEO at such a pivotal moment,” said Deepankar Tiwari. “Zoomcar has built a strong foundation in shared mobility, and I look forward to working with our talented team to unlock the next wave of value for our customers, partners, and shareholders.”

Under Mr. Tiwari’s leadership, Zoomcar aims to deepen its presence in key emerging markets, enhance platform efficiencies, and reinforce its position as a category-defining leader in peer-to-peer car sharing. His extensive background in both corporate and entrepreneurial settings is expected to bring strategic focus, agile execution, and long-term value creation for the Company.

About Zoomcar:

Founded in 2013 and headquartered in Bengaluru, India, Zoomcar is a leading marketplace for self-drive 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 press release 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:

Press@zoomcar.com 

Investor Relations Contact:

Investors@zoomcar.com

Bangalore, India — May 8, 2025 — Zoomcar Holdings, Inc. (“Zoomcar” or the “Company”) (OTCQX: ZCAR), a leading marketplace for self-drive car sharing in India, announced that its common shares and warrants are transitioning from the Nasdaq Global Markets to trading on the OTCQX Best Market and the OTCQB Venture Market, respectively, under the ticker symbols of “ZCAR” and “ZCARW”, respectively. The OTCQX Market represents the highest market of OTC Markets Group’s offerings and is designed for established, investor-focused U.S. and international companies. Trading on OTCQX enables Zoomcar to provide the greatest transparency, increased visibility, and accessibility to investors available in the OTC Markets.

Zoomcar’s transition to the OTCQX Market is expected to ensure continuity in trading of its common stock while supporting its mission of empowering hosts and providing affordable, flexible transportation solutions to guests.

US investors can find current financial disclosure and real time Level 2 quotes for the company on www.otcmarkets.com.

Zoomcar will aim to list later this year on a national exchange in the U.S.

About Zoomcar

Founded in 2013 and headquartered in Bengaluru, India, Zoomcar is a leading marketplace for self-drive 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 press release 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:

Press@zoomcar.com

Investor Relations Contact:

Investors@zoomcar.com

Bengaluru, India — April 8, 2025 — Zoomcar Holdings, Inc. (“Zoomcar” or the “Company”) (Nasdaq: ZCAR), the Nasdaq-listed leading marketplace for self-drive car sharing, announces the launch of Zoomcar Vouchers, enabling users to prepay for future trips on the app. With the repeat booking rate doubling and bookings from repeat users now exceeding bookings from new users, Zoomcar expands its product range to include prepaid vouchers, which is expected to improve user retention and encourage repeat user behavior. Zoomcar Vouchers, launching in the mid-April across three major cities, empowers users to plan travel in advance while providing a modest bonus credit upon purchase.

Hiroshi Nishijima, CEO of Zoomcar stated “Zoomcar Vouchers is designed to provide users with freedom of choice and greater flexibility in planning future travel. We’re finding greater ways to deepen the relationships with our customers, while encouraging repeat bookings and long-term brand loyalty. Building trust with our users is key to building a sustainable long-term business.”

Amidst the launch, the Company also indicated that the business is not impacted by the United States (“US”) tariffs. “Given our India-first operating model and focus on domestic mobility solutions, we do not believe that the recent development on tariffs between US and India impact our operations or growth plans. Zoomcar remains committed to expanding its user base and product offerings within India.” stated Mr. Nishijima. “We continue to have conviction in the growth plan that we’ve set out for Fiscal 2025 and beyond. Our business remains resilient and we remain optimistic about the future prospects of the car-sharing marketplace in India. Given our expertise and leading position in this market, we continue to be well positioned to capture the tremendous opportunity ahead.”

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 press release 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:

Press@zoomcar.com

Investor Relations Contact:

Investors@zoomcar.com

Bangalore, India — March 31, 2025 — Zoomcar Holdings, Inc. (“Zoomcar” or the “Company”) (Nasdaq: ZCAR), the Nasdaq-listed leading marketplace for self-drive car sharing, announced today the appointment of Uri Levine, co-founder of Waze and Moovit, as Chairman of its Board of Directors, effective today March 31, 2025. This strategic move signals Zoomcar’s renewed focus on driving rapid expansion, leveraging Mr. Levine’s unparalleled expertise in revolutionizing mobility. Mohan Ananda, current Chairman, will remain an active member of the Board and will assume the title of Chairman Emeritus upon this transition.

Mr. Levine, a globally recognized visionary in the mobility technology space, brings a proven track record of disruptive innovation and scaling successful ventures. His co-founding of Waze, the world’s largest community-based traffic and navigation app, and Moovit, a leading Mobility as a Service (MaaS) platform, underscores his profound understanding of user-centric, data-driven strategies. This expertise is critical as Zoomcar accelerates its growth trajectory in the dynamic Indian market, a key focus for the Company.

“We are delighted to welcome Uri Levine back to Zoomcar as Chairman,” said Hiroshi Nishijima, CEO of Zoomcar. “His strategic insights and proven ability to build and scale transformative mobility solutions will be instrumental in propelling our growth, especially within India. Uri’s return reaffirms our commitment to leading the car-sharing revolution in emerging markets. I’m confident that with his contributions, the Company will benefit greatly as we continue our growth journey and ultimately deliver value to our shareholders.”

Zoomcar has demonstrated significant momentum in India, driven by the increasing demand for accessible and flexible mobility solutions. Mr. Levine’s appointment is expected to further strengthen the Company’s strategic direction, optimize operations, and enhance its ability to capture the vast potential of the Indian market.

“I am excited to rejoin Zoomcar and contribute to its mission of democratizing mobility across emerging markets, with a strong focus on India,” stated Mr. Levine. “Zoomcar’s innovative business model and commitment to addressing the unique needs of these markets present a tremendous opportunity. I look forward to working closely with the team to drive growth, enhance user experience, and solidify Zoomcar’s position as the leading car-sharing platform.”

Mr. Levine’s role as Chairman will encompass strategic oversight, mentorship, and active participation in driving Zoomcar’s growth initiatives. His experience in navigating the complexities of emerging markets, especially India, will be invaluable in ensuring the Company’s sustained success.

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 Statements

This press release 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:

Press@zoomcar.com

Investor Relations Contact:

Investors@zoomcar.com

Bangalore, India, March 19, 2025 (GLOBE NEWSWIRE) — 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-20. The reverse stock split will become effective at 4:30 p.m. Eastern Time on March 21, 2025, and the Company’s common stock will begin trading on a split-adjusted basis when the market opens on March 24, 2025. 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 45784G309.

At the Company’s special meeting of stockholders held on February 18, 2025, 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-2 to 1-for-20, with the final ratio to be determined by the Company’s Board of Directors (the “Board”). On March 9, 2025, the Board approved a 1-for-20 reverse stock split.

When the reverse stock split becomes effective, every 20 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 will reduce the Company’s issued and outstanding shares of common stock from approximately 14,208,606 shares to approximately 710,431 shares.

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 maintain compliance 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:

Press@zoomcar.com

Investor Relations Contact:

Investors@zoomcar.com

Bengaluru, India — March 5, 2025 — TechBullion, a news platform dedicated to finance, technology, and company features, as well as Citybiz, a leading digital business news platform delivering local and national coverage across key industries, including finance, real estate, technology, and startups, both published yesterday interviews with Hiroshi Nishijima, Chief Executive Officer of Zoomcar Holdings, Inc. (“Zoomcar” or the “Company”) (Nasdaq: ZCAR), the Nasdaq-listed leading marketplace for self-drive car sharing.

In the TechBullion interview, Mr. Nishijima addresses questions about the transformation of the company from asset heavy to the leading car-sharing marketplace in India today, the future of technology and how AI will impact Zoomcar, as well as the growth and profitability of the Company through prioritization of supply growth and its strong unit economics.

In the Citybiz interview, Mr. Nishijima discusses the changes to the business since taking over the role of Chief Executive Officer in 2024, near term growth priorities, and the changing landscape of mobility and technology and how Zoomcar is well positioned in this evolution.

The interviews referenced can be found here:

https://techbullion.com/driving-the-future-of-mobility-an-interview-with-hiroshi-nishijima-ceo-of-zoomcar/

https://www.citybiz.co/article/667836/qa-with-hiroshi-nishijima-ceo-zoomcar/

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 in this press release or the published interview referred herein may contain forward-looking statements that entail significant risks (including but not limited to risks identified in our SEC filings) and uncertainties. These forward-looking statements reflect our management’s expectations of Zoomcar’s ability to operate the business, execute its anticipated business plans and strategy and these statements are based on assumptions related to the Company’s goals, strategy, plans, projections or intentions and other factors many of which are beyond the Company’s control.

To identify these forward-looking statements, we use terms such as “may,” “will,” “aim,”  “improve,” “estimate,” “efficient”, “underscores,” “intend,” “indicate,” “continue,” “promote,” “believe,” “boosting”, “progresses,” or “empower,”, “grow,” 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/interview 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:

Press@zoomcar.com

Investor Relations Contact:

Investors@zoomcar.com

Bengaluru, India / ACCESS Newswire / March 5 / Hiroshi Nishijima, Chief Executive Officer of Zoomcar Holdings, Inc., will be presenting at this year’s Investor Summit Virtual on March 11th.

About Zoomcar Holdings, Inc.
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.

Event: Q1 Investor Summit
Presentation Time: 10:00 AM ET
Location: https://www.webcaster4.com/Webcast/Page/3082/52111

Conference Overview and Structure
The Investor Summit is an exclusive event for investors who specialize in small and microcap stocks. It is an opportunity to be introduced to and speak with management at some of the most attractive small companies, learn from various subject matter experts, and see what your peers are doing in this market.

This quarter’s event is focused on MicroCap companies who are undervalued, have a catalyst, and are undervalued.

Registration for Investors
To request free registration, please go to our website (https://investorsummitgroup.com/), and click the “Registration” button.

Sponsors:

• Access Newswire
• PCG Advisory
• QuoteMedia
• AGP
• MZ Group

News Compliments of Access Newswire

For More Information
Please visit: https://investorsummitgroup.com/
Or, contact johnna-mae@investorsummitgroup.com

SOURCE: Investor Summit Group

Contribution Profit continues to increase in FQ3, reaching all time high

Bookings growth of 19% vs prior year

Achieved record Repeat User Rates and High Quality Host Retention Rates

Debt restructuring under way 

Bangalore, India – [14 February, 2025] – Zoomcar Holdings, Inc. (Nasdaq: ZCAR) (“Zoomcar,” or “we,” or “our”), the leading marketplace for car sharing in India, today announced results for its fiscal third quarter ended December 31, 2024.

Hiroshi Nishijima, CEO of Zoomcar stated,. “We’re seeing the improvements we’ve made in the customer experience bearing fruit, with repeat users doubling this quarter, high quality Host retention rates continuing to rise, and contribution profit reaching an all time high in FQ3. Combining a greater customer experience and our efforts to increase supply, the number of Hosts on our platform continues to increase along with high quality Host retention. These improvements enable us to continue optimizing our marketing spend, and, in addition to other cost reduction projects, have led to achieving record contribution profit this quarter, making this the fifth consecutive quarter of positive contribution profit.”

Key Highlights:

1. Contribution profit reached a record high of $1.28 million (52% of revenue), a significant improvement from $0.21 million (9% of revenue) in the same quarter last year, and was $1.21 million (54% of revenue) in the previous quarter.  This is the fifth consecutive quarter of positive contribution profit. On a per booking basis, our Contribution profit increased to $12.39 during the three months ended December 31, 2024 as compared to $2.40 per booking during the three months ended December 31, 2023.
2. The number of bookings rose by 19%, from 86,917 in the prior year period to 103,599, during  the three months ended December 31, 2024, driven by 2.0x increase in the repeat user booking rate.
3. Cost optimization efforts resulted in a 28% reduction in Cost of Revenue, a 41% reduction in technology expenses (such as cloud services and tech vendor related expenses), and an 80% decrease in marketing costs. All reductions are a comparison of the three months ended December 31, 2024 vs the same period last year.
4. Adjusted EBITDA loss decreased significantly from $10.17 million during the three months ended December 31, 2023 to $3.15 million during the three months ended December 31, 2024.
5. Average Guest trip ratings saw a significant improvement, rising from 4.16 (out of 5) on March 31, 2024, to 4.70 on December 31, 2024, reflecting our ongoing commitment to enhancing the customer experience. 
6. Active high quality cars (with an average rating of more than 4.5 out of 5) increased by 24% from 5,830 cars at the end of September 30, 2024  to 7,247 cars  as on  December 31, 2024, signaling the improvement of Host retention rate. 

We will dive deeper into the results during our FQ3 2024 Earnings call:
We would like to invite all shareholders to our FQ3 2024 Earnings Call, scheduled for February 14, 2025, at 8:00 AM Eastern Time. Please register through this link – https://us06web.zoom.us/meeting/register/usrVrgzlTjCS72sQkjwV8w 

For more details, you may access the Q3 earnings presentation and other materials found on our Investor Relations website at https://investor-relations.zoomcar.com/in/. 

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 concerning our expected revenue growth and improved profitability, and our financial forecasts. 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.

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: 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.

Reconciliation of GAAP to Non-GAAP Metrics

The following is the reconciliation of adjusted EBITDA to the most comparable GAAP measure for three months and nine months ending December 31, 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; (v) finance costs; and (vi) Gain on troubled debt restructuring.

Contribution Profit/(Loss)

The following is the calculation of Contribution Profit/(Loss) to the most comparable GAAP measure for three months and nine months ending December 31 Net Revenue.

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 — [January 24, 2025] — 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 third quarter ending December 31, 2024 before markets open on February 14, 2025. 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 8.00 am Eastern Time (US) on Friday, February 14, 2025 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 10:00 am ET on Monday, February 10, 2025.

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:

Press@zoomcar.com

Investors Contact:

Investors@zoomcar.com