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

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