BENGALURU, India, Oct. 16, 2024 — Zoomcar Holdings, Inc. (“Zoomcar” or the “Company”) (NASDAQ: ZCAR), the NASDAQ-listed leading marketplace for self-drive car sharing, has reached a significant milestone in its debt restructuring process. The company aims to reduce its debt obligations by approximately $31 million, out of the total outstanding debt (“debt” and “payables”) as of June 30, 2024.

Zoomcar has successfully negotiated with lenders and vendors who account for roughly 75% of the immediately payable debt. These debts have been either converted into a deferred payment schedule of up to 24 months or reduced by up to half the outstanding amount on a short-term basis. The company anticipates completing the entire restructuring process by the end of November 2024, minimizing its immediate cash outflow. This will allow Zoomcar to allocate resources towards strategic initiatives that promote long-term sustainability and value for its stakeholders.

“Zoomcar’s core business performance is robust, and this debt restructuring represents a key step towards achieving long-term success. We are extremely grateful to all our partners for their unwavering support in our debt restructuring endeavors, demonstrating their commitment to our growth. Our unwavering focus remains on sustainable growth and fulfilling our financial obligations, which is paramount to maintaining trust with our partners and customers,” said Hiroshi Nishijima, CEO of Zoomcar.

Zoomcar continues to solidify its market leadership by enhancing customer experience, expanding its vehicle fleet, and driving technological advancements. With these ongoing initiatives and a clear path towards financial stability, Zoomcar is confident in its ability to accelerate its growth trajectory.

About Zoomcar

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

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SOURCE Zoomcar Holdings, Inc.