BENGALURU, India, Aug. 16, 2024 /PRNewswire/ -- 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 substant ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2024 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number 001-40964 ZOOMCAR HOLDINGS, INC. (Exact name of registrant as specified in its charter) | --- | --- | |------------------------------ ...

Confirms expansions to 100+ fulfillment centers with 1000+ car additions by December 2024 BENGALURU, India, Aug. 9, 2024 /PRNewswire/ -- 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 and 1000+ cars by December 2024. These Fulfillment Centers are operated by 3rd party service providers who are verified, trained and ...

Core Insights - Zoomcar has launched a new unified app to enhance the car sharing experience for both Guests and Hosts, replacing the previous two-app system and introducing over 10 feature upgrades aimed at boosting platform growth and user satisfaction [1][2][3] Group 1: App Features and Enhancements - The new app combines functionalities for Guests and Hosts, allowing seamless switching between booking cars and managing listings, catering to the over 40% of Guests who also own cars [2] - Guests will experience a faster booking process with a catalog of top-rated cars and a 'Guest Favourites' section for reliable car selections based on reviews [2] - Hosts gain improved controls, including managing multiple cars in one tab, monitoring real-time rankings, and setting preferences for bookings, with new Hosts having the option for GPS tracking and keyless entry installations [2] Group 2: Company Performance and Strategy - CEO Hiroshi Nishijima emphasized the importance of customer feedback in designing the unified app, aiming to provide more control to Hosts and promote car sharing as a growing business in India [3] - The annual report for the fiscal year ending March 2024 showed an improvement in average trip ratings to 4.66 out of 5 and a 12% increase in net revenue from $8.83 million to $9.90 million, reflecting the company's commitment to service improvement [3]

Market Potential - The estimated serviceable addressable market for Zoomcar in emerging markets is approximately $20 billion by 2025, assuming a penetration rate of less than 25% among potential customers [59]. - The total addressable market is projected to reach approximately $90 billion by 2025, reflecting broader adoption across potential customer bases in 25 target countries [64]. - Zoomcar's platform is expected to expand its customer base to 75 million Guests by 2025, based on demographic criteria including urban residency and income levels [63]. - The company estimates that by 2025, 310 million people across target emerging markets will meet its core demographic criteria, with 24% expected to engage with the platform [63]. Revenue and Financial Performance - Currently, 99% of Zoomcar's revenue is derived from operations in India, with plans to focus investments in this market [59]. - Zoomcar's revenue share of total gross booking value (GBV) is estimated to be around 45% [63]. - For the year ended March 31, 2024, 40% of Gross Booking Value (GBV) was generated by trips booked with SUVs or other premium-segment vehicles [67]. - 85% of GBV was generated from vehicles ranked among the 20 top-selling new vehicle models within the markets where Zoomcar operates [67]. - A hypothetical 5% adverse change in the value of Indian Rupee against the U.S. Dollar would decrease total revenue by approximately $0.46 million and net loss by $1.04 million for the year ended March 31, 2024 [439]. Customer Experience and Platform Features - The platform aims to provide a cost-effective alternative to personal car ownership, which is often prohibitively expensive in emerging markets [66]. - The platform allows Guests to customize their vehicle usage, with longer trips (over 15 miles) representing the majority of bookings [67]. - Zoomcar's technology leverages data science and machine learning for real-time dynamic pricing and enhanced protection through image recognition [68]. - The pricing engine is highly dynamic, allowing Hosts to set minimum and maximum prices for their listings, optimizing their earnings [71]. - The platform's affordability is highlighted as a better value proposition compared to traditional chauffeured car services [72]. - Zoomcar's rating and review system enhances the search experience, promoting highly rated Hosts to improve booking conversion [73]. - The platform facilitates 24/7 GPS monitoring of vehicles, critical for roadside assistance and emergency resolution [80]. - The platform aims to create a seamless experience for Guests, with 24/7 support and a frictionless booking process [97]. Host Engagement and Monetization - Hosts can generate income from underutilized vehicles, with the platform designed for ease of use in creating accounts and adding listings [82]. - Entrepreneurial Hosts, who list 2 to 10 vehicles, contribute to a majority of Zoomcar's bookings and overall business volume despite being a minority of active hosts [10]. - The platform provides tools for Hosts to manage listings, including performance analytics and demand heat maps, to optimize income generation [93]. - Zoomcar's marketplace allows Hosts to monetize underutilized vehicles, potentially generating significant income compared to average annual income in emerging markets [10]. - Less than 1% of all Zoomcar Hosts are classified as Professional Hosts, who typically list more than 10 cars and often supplement offline rental operations [10]. Operational Focus and Strategy - The company has ceased operations outside India as of the date of the report, focusing on maximizing revenue within its primary market [59]. - The company plans to enhance platform functionalities and improve core product offerings to capture additional bookings and increase organic traffic [111][112]. - Zoomcar aims to expand its high-quality vehicle listings and enhance post-booking engagement to stimulate further Guest interaction and bookings [112]. - The company is focused on strategic partnerships with adjacent businesses to broaden its distribution and improve brand awareness among potential Guests [112]. - Zoomcar's marketing strategy includes partnerships with dealerships and service centers to offer preferential financing and service packages to Hosts [113]. Regulatory and Financial Risks - The company is subject to various complex regulations in India, which could impact its business model and operations [124]. - The company is exposed to foreign currency risks primarily related to revenue and operating expenses denominated in currencies other than the U.S. Dollar, particularly Indian Rupees [439]. - Fluctuations in foreign currency exchange rates have not had a material effect on the company's business, results of operations, or financial condition [439]. - The company translates the financial statements of its foreign subsidiaries into U.S. Dollars, which may result in gains or losses recorded as a component of accumulated other comprehensive income (loss) [440]. Employee Engagement and Workplace Culture - The company routinely solicits employee feedback through engagement activities and an annually administered employer net promoter score (eNPS) survey [132]. - The company emphasizes a workplace culture guided by "Five Commandments" to strengthen employee bonds and enhance performance ratings [136]. - As of March 31, 2024, Zoomcar employed approximately 191 full-time employees, with 20.94% identified as women [128][129]. Environmental Impact - Zoomcar's business model promotes sustainability by reducing the total number of vehicles needed to meet transportation demands in emerging markets [106]. - The platform currently has approximately 26,262 Host vehicles registered, which could potentially reduce aggregate CO2 output by 115,500 to 266,700 metric tons annually [108].

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2023 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to INNOVATIVE INTERNATIONAL ACQUISITION CORP. (Exact name of registrant as specified in its charter) (Former name, former address and forme ...

PART 1 – FINANCIAL INFORMATION [Interim Unaudited Financial Statements](index=4&type=section&id=Item%201.%20Interim%20Unaudited%20Financial%20Statements) The unaudited financial statements for the quarter ended June 30, 2023, reflect the company's non-operational status as a SPAC, with a net loss and assets primarily held in trust [Unaudited Condensed Balance Sheets](index=4&type=section&id=Unaudited%20Condensed%20Balance%20Sheets) The balance sheet as of June 30, 2023, shows total assets of $34.1 million, a shareholders' deficit of $21.8 million, and $33.9 million in shares subject to redemption Condensed Balance Sheet Highlights (Unaudited) | Account | June 30, 2023 | March 31, 2023 | | :--- | :--- | :--- | | **Assets** | | | | Cash | $36,287 | $50,274 | | Marketable securities held in Trust Account | $33,949,490 | $33,058,050 | | **Total Assets** | **$34,095,880** | **$33,293,846** | | **Liabilities & Equity** | | | | Total current liabilities | $9,812,934 | $8,552,109 | | Deferred underwriters' discount | $12,100,000 | $12,100,000 | | **Total Liabilities** | **$21,912,934** | **$20,652,109** | | Class A ordinary shares subject to possible redemption | $33,949,490 | $33,058,050 | | **Total Shareholders' Deficit** | **($21,766,544)** | **($20,416,313)** | [Unaudited Condensed Statements of Operations](index=5&type=section&id=Unaudited%20Condensed%20Statements%20of%20Operations) The company reported a net loss of $458,791 for the quarter ended June 30, 2023, driven by operating costs and partially offset by interest income Statement of Operations Summary (Unaudited) | Account | Three Months Ended June 30, 2023 | Three Months Ended June 30, 2022 | | :--- | :--- | :--- | | Operating costs | $855,233 | $478,919 | | Loss from operations | ($855,233) | ($478,919) | | Interest earned on cash held in Trust Account | $396,440 | $316,796 | | **Net loss** | **($458,791)** | **($162,106)** | | Basic and diluted net loss per share | ($0.04) | ($0.01) | [Unaudited Condensed Statements of Changes in Shareholder's Deficit](index=6&type=section&id=Unaudited%20Condensed%20Statements%20of%20Changes%20in%20Shareholder's%20Deficit) The shareholders' deficit increased to $21.8 million by June 30, 2023, due to the quarterly net loss and accretion of redeemable shares Changes in Shareholders' Deficit for Three Months Ended June 30, 2023 | Description | Amount | | :--- | :--- | | Balance – March 31, 2023 | ($20,416,313) | | Accretion of Class A ordinary shares to redemption amount | ($891,440) | | Net loss | ($458,791) | | **Balance – June 30, 2023** | **($21,766,544)** | [Unaudited Condensed Statements of Cash Flows](index=7&type=section&id=Unaudited%20Condensed%20Statements%20of%20Cash%20Flows) Net cash used in operations was $513,987 for the quarter, with financing from sponsor promissory notes covering the deficit and extension payments Cash Flow Summary for Three Months Ended June 30, 2023 | Activity | Amount | | :--- | :--- | | Net cash used in operating activities | ($513,987) | | Net cash used in investing activities | ($495,000) | | Net cash provided by financing activities | $995,000 | | **Net Change in Cash** | **($13,987)** | | **Cash at the end of the period** | **$36,287** | [Notes to Condensed Financial Statements (unaudited)](index=8&type=section&id=Notes%20to%20Condensed%20Financial%20Statements%20(unaudited)) The notes disclose the company's SPAC nature, a pending merger with Zoomcar, Inc, and substantial doubt about its ability to continue as a going concern - The company is a SPAC formed to effect a business combination and **has not commenced any operations or generated revenue** as of June 30, 2023[20](index=20&type=chunk)[21](index=21&type=chunk) - On October 13, 2022, the Company entered into a **Merger Agreement with Zoomcar, Inc.** for a business combination[108](index=108&type=chunk) - The company extended its deadline to complete a business combination to October 29, 2023, which involved **shareholder redemptions of 20,289,579 public shares**, removing approximately **$210.3 million** from the Trust Account[35](index=35&type=chunk)[37](index=37&type=chunk)[38](index=38&type=chunk) - Management has determined that there is **substantial doubt about the Company's ability to continue as a going concern** due to its approaching deadline to consummate a Business Combination[51](index=51&type=chunk)[49](index=49&type=chunk) - As of June 30, 2023, the company had **$2,490,000 outstanding in promissory notes** from its Sponsor and an affiliate to fund working capital and extension payments[48](index=48&type=chunk)[92](index=92&type=chunk)[93](index=93&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=34&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) This analysis details the company's precarious financial condition as a blank check company, its reliance on sponsor funding, and significant going concern risks - The company is a blank check company that must complete a business combination by **October 29, 2023**[133](index=133&type=chunk)[151](index=151&type=chunk) - A definitive **Merger Agreement was signed with Zoomcar, Inc.** on October 13, 2022[140](index=140&type=chunk) - Extensions of the business combination deadline were accompanied by significant redemptions, reducing the Trust Account balance from over $234 million to approximately **$30.17 million**[144](index=144&type=chunk)[145](index=145&type=chunk)[147](index=147&type=chunk)[148](index=148&type=chunk) - The company's liquidity is severely constrained, with only **$36,287 in cash** and a **working capital deficit of $9.7 million**, relying on **$2.49 million in promissory notes** from its Sponsor[162](index=162&type=chunk)[186](index=186&type=chunk) - Management has concluded there is **substantial doubt about the company's ability to continue as a going concern** due to the risk of not consummating a business combination by the deadline[174](index=174&type=chunk) [Quantitative and Qualitative Disclosures about Market Risk](index=51&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20about%20Market%20Risk) The company states that this item is not applicable - Not applicable[204](index=204&type=chunk) [Controls and Procedures](index=51&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were effective as of June 30, 2023, with no material changes in internal controls - Based on an evaluation as of June 30, 2023, the principal executive officer and principal financial officer concluded that the company's **disclosure controls and procedures were effective**[205](index=205&type=chunk) - There were **no material changes** to the company's internal control over financial reporting during the quarter ended June 30, 2023[208](index=208&type=chunk) PART II – OTHER INFORMATION [Legal Proceedings](index=54&type=section&id=Item%201.%20Legal%20Proceedings) The company reports that there are no legal proceedings - None[211](index=211&type=chunk) [Risk Factors](index=54&type=section&id=Item%201A.%20Risk%20Factors) Key risks include a potential excise tax on redemptions, rising inflation and interest rates, and geopolitical uncertainty impacting a business combination - The company may be subject to a **1% excise tax on stock redemptions** under the Inflation Reduction Act of 2022, which could negatively impact a business combination[213](index=213&type=chunk) - Recent increases in **inflation and interest rates** could make it more difficult to consummate an initial business combination[214](index=214&type=chunk) - **Geopolitical uncertainty**, including military conflicts, may lead to price volatility and make it more difficult to complete a business combination[215](index=215&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=55&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company details the $230 million in gross proceeds from its IPO and the subsequent deposit of $234.6 million into the Trust Account - Following the IPO and private placement, a total of **$234,600,000 was placed in a trust account**[220](index=220&type=chunk) - Total offering costs amounted to **$16,664,843**, which included $3,173,059 in immediate underwriting fees and **$12,100,000 in deferred fees**[219](index=219&type=chunk) [Defaults Upon Senior Securities](index=55&type=section&id=Item%203.%20Defaults%20Upon%20Senior%20Securities) The company reports no defaults upon senior securities - None[223](index=223&type=chunk) [Mine Safety Disclosures](index=55&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) The company states that this item is not applicable - Not applicable[224](index=224&type=chunk) [Other Information](index=55&type=section&id=Item%205.%20Other%20Information) The company reports no other information - None[225](index=225&type=chunk) [Exhibits](index=56&type=section&id=Item%206.%20Exhibits) This section lists key legal and financial documents filed with the report, including charter documents, agreements, and officer certifications List of Exhibits | Exhibit No. | Description | | :--- | :--- | | 3.1 | Amended and Restated Memorandum and Articles of Association | | 10.1 | Amendment No. 2 to the Investment Management Trust Agreement | | 10.3 | Promissory Note, dated July 20, 2023, issued to Sponsor | | 31.1, 31.2 | Certifications of Principal Executive and Financial Officers (SOX 302) | | 32.1, 32.2 | Certifications of Principal Executive and Financial Officers (SOX 906) |

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2023 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to INNOVATIVE INTERNATIONAL ACQUISITION CORP. (Exact name of registrant as specified in its charter) Cayman Islands 001-40964 98-1630742 (State ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2022 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number: 001-40964 Innovative International Acquisition Corp. (Exact name of registrant as specified in its charter) | Cayman Isla ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2022 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to INNOVATIVE INTERNATIONAL ACQUISITION CORP. (Exact name of registrant as specified in its charter) Cayman Islands 001-40964 98-1630742 (S ...