Document And Entity Information
Document And Entity Information | 9 Months Ended |
Dec. 31, 2023 | |
Document Information Line Items | |
Entity Registrant Name | Zoomcar Holdings, Inc. |
Document Type | S-1/A |
Amendment Flag | true |
Amendment Description | AMENDMENT NO. 2 |
Entity Central Index Key | 0001854275 |
Entity Filer Category | Non-accelerated Filer |
Entity Small Business | true |
Entity Emerging Growth Company | true |
Entity Ex Transition Period | false |
Entity Incorporation, State or Country Code | DE |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheet (Unaudited) - Innovative International Acquisition Corp. - USD ($) | Dec. 31, 2023 | Mar. 31, 2023 | Mar. 31, 2022 |
Current assets : | |||
Cash and cash equivalents | $ 6,116,993 | $ 3,686,741 | $ 26,783,791 |
Accounts receivable, net of allowance for doubtful accounts | 290,871 | 255,175 | 204,198 |
Receivable from government authorities | 990,446 | 3,962,822 | 2,300,160 |
Short term investments with related parties | 164,381 | 166,540 | |
Prepaid expenses | 219,388 | 909,828 | |
Other current assets | 1,138,719 | 1,150,209 | |
Other current assets with related parties | 46,040 | 19,682 | |
Assets held for sale | 656,885 | 923,176 | 4,298,419 |
Total current assets | 9,623,723 | 11,074,173 | 35,556,039 |
Property and equipment, net of accumulated depreciation | 1,886,794 | 2,728,523 | 2,993,628 |
Operating lease right-of-use assets | 1,429,524 | 1,694,201 | 436,068 |
Intangible assets, net | 33,412 | 75,819 | |
Intangible assets, net of accumulated amortization | 21,062 | 33,412 | |
Long term investments | 219,142 | 158,455 | 123,406 |
Long term investments with related parties | 100,259 | 95,577 | 276,400 |
Receivable from government authorities | 3,241,783 | 248,321 | 2,348,940 |
Other non-current assets | 324,948 | 425,669 | 363,275 |
Total Assets | 16,847,235 | 16,458,331 | 42,173,575 |
Current liabilities : | |||
Accounts payable | 14,049,750 | 6,547,978 | 6,318,686 |
Accounts payable towards related parties | 129,935 | ||
Current portion of long-term debt | 1,631,068 | 1,415,861 | 3,902,183 |
Current portion of long-term debt from related parties | 922,300 | 1,054,887 | 842,707 |
Current portion of operating lease liabilities | 484,174 | 466,669 | 137,307 |
Current portion of finance lease liabilities | 2,143,253 | 1,257,423 | 1,093,695 |
Contract Liabilities | 802,787 | 786,572 | 346,750 |
Current portion of pension and other employee obligations | 178,439 | 146,006 | 176,891 |
Unsecured promissory note to related parties | 2,027,840 | ||
Other current liabilities | 3,315,493 | 2,917,965 | |
Other current liabilities towards related parties | 17,997 | 15,067 | |
Total current liabilities | 25,703,036 | 14,608,428 | 19,295,376 |
Long-term debt, less current portion | 1,865,032 | 3,039,200 | 5,726,052 |
Long-term debt from related parties, less current portion | 1,777,612 | ||
Operating lease liabilities, less current portion | 1,047,261 | 1,284,755 | 302,564 |
Finance lease liabilities, less current portion | 3,785,868 | 5,098,262 | 7,632,912 |
Pension and other employee obligations | 509,512 | 438,808 | 407,513 |
Preferred stock warrant liability | 1,190,691 | 1,610,938 | |
Convertible promissory note | 10,944,727 | ||
Senior Subordinated Convertible Promissory Notes | 17,422,132 | ||
Unsecured Convertible Note | 10,167,194 | ||
Derivative financial instrument | 14,373,856 | ||
Total Liabilities | 43,077,903 | 68,400,859 | 36,752,967 |
Redeemable noncontrolling interests | 25,114,751 | 25,114,751 | |
Mezzanine equity: | |||
Temporary equity, shares subject to possible redemption | 168,974,437 | 168,974,437 | |
Stockholders’ equity: | |||
Common stock, $0.0001 par value per share, 250,000,000 shares authorized as of December 31, 2023 and $0.0001 par value per share, 220,000,000 shares authorized as of March 31, 2023; 62,874,771 shares and 482,681 shares issued and outstanding as of December 31, 2023 and March 31, 2023 respectively | 6,287 | 48 | 48 |
Common stock, $0.0001 par value, 482,681 shares and 482,814 shares issued and outstanding at March 31, 2023 and March 31, 2022 respectively | 6,287 | 48 | 48 |
Additional paid-in capital | 272,057,034 | 22,142,518 | 18,532,420 |
Accumulated deficit | (300,032,230) | (270,002,281) | (207,970,205) |
Accumulated other comprehensive income | 1,738,241 | 1,827,999 | 769,156 |
Total stockholders’ equity | (26,230,668) | (246,031,716) | (188,668,580) |
Total liabilities, redeemable noncontrolling interests, mezzanine equity and stockholders’ equity | $ 16,847,235 | 16,458,331 | 42,173,575 |
Previously Reported | |||
Current assets : | |||
Other current assets | 2,060,037 | 1,969,471 | |
Current liabilities : | |||
Other current liabilities | 2,933,032 | 3,163,018 | |
Other current liabilities towards related parties | $ 3,314,139 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheet (Unaudited) (Parentheticals) - Innovative International Acquisition Corp. - USD ($) | Dec. 31, 2023 | Mar. 31, 2023 | Mar. 31, 2022 |
Property and equipment, net of accumulated depreciation | $ 6,627,554 | $ 6,189,452 | $ 8,678,263 |
Intangible assets, net of accumulated amortisation | $ 12,946 | $ 106,769 | |
Preferred stock, par value | $ 0.0001 | $ 0.0001 | $ 0.0001 |
Common shares, par value | $ 0.0001 | $ 0.0001 | |
Common shares, shares authorized | 220,000,000 | 220,000,000 | |
Common shares, shares issued | 16,987,064 | 16,991,740 | |
Common shares, shares outstanding | 16,987,064 | 16,991,740 |
Condensed Consolidated Statemen
Condensed Consolidated Statement of Operations (Unaudited) - USD ($) | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Mar. 31, 2023 | Mar. 31, 2022 | |
Revenue: | ||||||
Revenue | $ 2,421,438 | $ 2,981,600 | $ 7,717,064 | $ 6,677,727 | $ 8,826,206 | $ 12,797,041 |
Cost and Expenses | ||||||
Cost of revenue | 2,093,057 | 3,318,466 | 8,441,525 | 17,376,553 | 20,675,611 | 25,282,282 |
Technology and development | 1,261,101 | 1,550,009 | 3,507,839 | 3,943,400 | 5,176,391 | 4,233,860 |
Sales and marketing | 962,652 | 1,401,156 | 4,822,646 | 5,882,713 | 6,734,205 | 9,326,356 |
General and administrative | 9,782,855 | 3,729,529 | 14,424,956 | 9,999,425 | 12,695,839 | 10,533,993 |
Total costs and expenses | 14,099,665 | 9,999,160 | 31,196,966 | 37,202,091 | 45,282,046 | 49,376,491 |
Loss from operations before income tax | (11,678,227) | (7,017,560) | (23,479,902) | (30,524,364) | (36,455,840) | (36,579,450) |
Finance costs | 8,392,470 | 1,296,445 | 13,628,832 | 2,862,702 | 27,570,752 | 3,351,077 |
Finance costs to related parties | 12,426 | 10,674 | 38,203 | 79,081 | 64,844 | 110,714 |
Gain on troubled debt restructuring | (7,374,206) | |||||
Other income, net | (34,503,014) | 390,414 | (10,377,735) | (1,280,105) | (2,043,556) | (1,605,023) |
Other income from related parties | (5,548) | (2,393) | (11,224) | (12,122) | (15,804) | (16,860) |
Profit/(Loss) before income taxes | 14,425,439 | (8,712,700) | (26,757,978) | (32,173,920) | (62,032,076) | (31,045,152) |
Provision for income taxes | ||||||
Net Profit/(loss) attributable to common stock holders | $ 14,425,439 | $ (8,712,700) | $ (26,757,978) | $ (32,173,920) | $ (62,032,076) | $ (31,045,152) |
Net profit/(loss) per share | ||||||
Net profit/(loss) per share, Basic (in Dollars per share) | $ 4.51 | $ (18.05) | $ (19.25) | $ (66.66) | $ (128.52) | $ (64.88) |
Net profit/(loss) per share, Diluted (in Dollars per share) | $ 0.9 | $ (18.05) | $ (19.25) | $ (66.66) | $ (128.52) | $ (64.88) |
Weighted average shares used in computing profit/(loss) per share: | ||||||
Weighted average shares used in computing profit/(loss) per share, Basic (in Shares) | 3,195,381 | 482,681 | 1,390,202 | 482,681 | 482,681 | 478,529 |
Weighted average shares used in computing profit/(loss) per share Diluted (in Shares) | 16,053,374 | 482,681 | 1,390,202 | 482,681 | 482,681 | 478,529 |
Income from rentals | ||||||
Revenue: | ||||||
Revenue | $ 150,606 | $ 165,834 | $ 12,057,401 | |||
Revenues from services | ||||||
Revenue: | ||||||
Revenue | 2,421,438 | 2,981,600 | 7,717,064 | 6,452,950 | 8,586,785 | 589,331 |
Other revenues | ||||||
Revenue: | ||||||
Revenue | $ 74,171 | $ 73,587 | $ 150,309 |
Condensed Consolidated Statem_2
Condensed Consolidated Statement of Operations (Unaudited) (Parentheticals) - $ / shares | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Mar. 31, 2023 | Mar. 31, 2022 | |
Income Statement [Abstract] | ||||||
Net profit/(loss) per share, Diluted | $ 0.9 | $ (18.05) | $ (19.25) | $ (66.66) | $ (128.52) | $ (64.88) |
Weighted average shares used in computing profit/(loss) per share Diluted | 16,053,374 | 482,681 | 1,390,202 | 482,681 | 482,681 | 478,529 |
Condensed Consolidated Statem_3
Condensed Consolidated Statement of Comprehensive Income/(Loss) (Unaudited) - USD ($) | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Mar. 31, 2023 | Mar. 31, 2022 | |
Statement of Comprehensive Income [Abstract] | ||||||
Net Profit/(loss) | $ 14,425,439 | $ (8,712,700) | $ (26,757,978) | $ (32,173,920) | $ (62,032,076) | $ (31,045,152) |
Other comprehensive income/(loss), net of tax: | ||||||
Foreign currency translation adjustment | 1,775 | 404,675 | (12,305) | 1,228,124 | 1,031,760 | 762,399 |
Gain for defined benefit plan | (17,989) | 11,097 | (61,594) | 39,247 | 45,373 | 51,365 |
Reclassification adjustments: | ||||||
Amortization of gains on defined benefit plan | (5,250) | (4,466) | (15,859) | (13,826) | (18,290) | (1,992) |
Other comprehensive income/(loss) attributable to common stock holders | (21,464) | 411,306 | (89,758) | 1,253,545 | 1,058,843 | 811,772 |
Comprehensive income/(loss) | $ 14,403,975 | $ (8,301,394) | $ (26,847,736) | $ (30,920,375) | $ (60,973,233) | $ (30,233,380) |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Redeemable Non-Controlling Interests, Mezzanine Equity and Stockholders’ Equity (Unaudited) - USD ($) | Adjustments Redeemable Non- controlling Interest | Adjustments Mezzanine equity Preferred stock | Adjustments Common stock | Adjustments Additional paid-in capital | Adjustments Accumulated Deficit | Adjustments Accumulated other comprehensive income/(loss) | Adjustments Redeemable Non-controlling Interest | Adjustments | Retroactive Application Adjustments Redeemable Non- controlling Interest | Retroactive Application Adjustments Mezzanine equity Preferred stock | Retroactive Application Adjustments Common stock | Retroactive Application Adjustments Additional paid-in capital | Retroactive Application Adjustments Accumulated Deficit | Retroactive Application Adjustments Accumulated other comprehensive income/(loss) | Retroactive Application Adjustments Redeemable Non-controlling Interest | Retroactive Application Adjustments | Previously Reported Mezzanine equity Preferred stock | Previously Reported Common stock | Previously Reported Additional paid-in capital | Previously Reported Accumulated Deficit | Previously Reported Accumulated other comprehensive income/(loss) | Previously Reported Redeemable Non-controlling Interest | Previously Reported | Redeemable Non- controlling Interest | Mezzanine equity Preferred stock | Common stock | Additional paid-in capital | Accumulated Deficit | Accumulated other comprehensive income/(loss) | Redeemable Non-controlling Interest | Total |
Balance at Mar. 31, 2021 | $ 126,039,577 | $ 1,675 | $ 9,730,795 | $ (176,925,052) | $ (42,616) | $ 25,114,751 | $ (167,235,198) | $ 126,039,577 | $ 48 | $ 9,732,423 | $ (176,925,052) | $ (42,616) | $ 25,114,751 | $ (167,235,199) | |||||||||||||||||
Balance (in Shares) at Mar. 31, 2021 | 79,283,168 | 16,752,292 | 4,038,653 | 476,010 | |||||||||||||||||||||||||||
Retroactive application of Merger | $ (1,628) | $ 1,628 | |||||||||||||||||||||||||||||
Retroactive application of Merger (in Shares) | (75,244,515) | (16,276,282) | |||||||||||||||||||||||||||||
Stock based compensation | 3,879,618 | 3,879,618 | |||||||||||||||||||||||||||||
Stock issued against stock-based compensation plans | $ 1 | 108,587 | 108,588 | ||||||||||||||||||||||||||||
Stock issued against stock-based compensation plans (in Shares) | 6,244 | ||||||||||||||||||||||||||||||
Series E preference stock issued during the period | $ 27,657,450 | ||||||||||||||||||||||||||||||
Series E preference stock issued during the period (in Shares) | 14,424,657 | ||||||||||||||||||||||||||||||
Series E1 preference stock issued during the period | $ 15,277,410 | ||||||||||||||||||||||||||||||
Series E1 preference stock issued during the period (in Shares) | 3,379,863 | ||||||||||||||||||||||||||||||
Issuance of common stock warrants | 4,811,792 | 4,811,792 | |||||||||||||||||||||||||||||
Exercise of warrants during the year | $ 0 | 0 | |||||||||||||||||||||||||||||
Exercise of warrants during the year (in Shares) | 560 | ||||||||||||||||||||||||||||||
Gain for defined benefit plan, (net of taxes amounts to $ Nil) | 49,373 | 49,373 | |||||||||||||||||||||||||||||
Net loss (Profit) | $ (31,045,153) | (31,045,152) | (31,045,152) | ||||||||||||||||||||||||||||
Foreign currency translation adjustment, (net of taxes amounts to $ Nil) | 762,399 | 762,399 | |||||||||||||||||||||||||||||
Balance at Mar. 31, 2022 | $ 25,114,751 | $ 168,974,437 | $ 1,699 | 18,530,769 | (207,970,204) | 769,155 | (188,668,580) | $ 168,974,437 | $ 48 | $ 18,532,420 | $ (207,970,205) | $ 769,156 | $ 25,114,751 | (188,668,582) | $ 25,114,751 | $ 168,974,437 | $ 48 | 18,532,420 | (207,970,204) | 769,155 | (188,668,580) | ||||||||||
Balance (in Shares) at Mar. 31, 2022 | 99,309,415 | 16,991,740 | 21,843,173 | 482,814 | 21,843,173 | 482,814 | |||||||||||||||||||||||||
Retroactive application of Merger | $ (1,651) | 1,651 | |||||||||||||||||||||||||||||
Retroactive application of Merger (in Shares) | (77,466,242) | (16,508,926) | |||||||||||||||||||||||||||||
Stock based compensation | 1,645,515 | 1,645,515 | |||||||||||||||||||||||||||||
Loss on employee benefit, (net of taxes amounts to $ Nil) | (16,280) | (16,280) | |||||||||||||||||||||||||||||
Net loss (Profit) | (14,594,877) | (14,594,877) | |||||||||||||||||||||||||||||
Foreign currency translation adjustment, (net of taxes amounts to $ Nil) | 478,861 | 478,861 | |||||||||||||||||||||||||||||
Balance at Jun. 30, 2022 | 25,114,751 | $ 168,974,437 | $ 48 | 20,177,935 | (222,565,081) | 1,231,736 | (201,155,362) | ||||||||||||||||||||||||
Balance (in Shares) at Jun. 30, 2022 | 21,843,173 | 482,814 | |||||||||||||||||||||||||||||
Balance at Mar. 31, 2022 | 25,114,751 | $ 168,974,437 | $ 1,699 | 18,530,769 | (207,970,204) | 769,155 | (188,668,580) | $ 168,974,437 | $ 48 | 18,532,420 | (207,970,205) | 769,156 | 25,114,751 | (188,668,582) | 25,114,751 | $ 168,974,437 | $ 48 | 18,532,420 | (207,970,204) | 769,155 | (188,668,580) | ||||||||||
Balance (in Shares) at Mar. 31, 2022 | 99,309,415 | 16,991,740 | 21,843,173 | 482,814 | 21,843,173 | 482,814 | |||||||||||||||||||||||||
Net loss (Profit) | (32,173,920) | ||||||||||||||||||||||||||||||
Foreign currency translation adjustment, (net of taxes amounts to $ Nil) | 1,228,124 | ||||||||||||||||||||||||||||||
Balance at Dec. 31, 2022 | 25,114,751 | $ 168,974,437 | $ 48 | 21,664,888 | (240,144,123) | 2,022,700 | (216,456,488) | ||||||||||||||||||||||||
Balance (in Shares) at Dec. 31, 2022 | 21,843,173 | 482,682 | |||||||||||||||||||||||||||||
Balance at Mar. 31, 2022 | 25,114,751 | $ 168,974,437 | $ 1,699 | 18,530,769 | (207,970,204) | 769,155 | (188,668,580) | $ 168,974,437 | $ 48 | 18,532,420 | (207,970,205) | 769,156 | 25,114,751 | (188,668,582) | 25,114,751 | $ 168,974,437 | $ 48 | 18,532,420 | (207,970,204) | 769,155 | (188,668,580) | ||||||||||
Balance (in Shares) at Mar. 31, 2022 | 99,309,415 | 16,991,740 | 21,843,173 | 482,814 | 21,843,173 | 482,814 | |||||||||||||||||||||||||
Stock based compensation | 3,610,098 | 3,610,098 | |||||||||||||||||||||||||||||
Gain on employee benefit, (net of taxes amounts to $ Nil) | 27,083 | 27,083 | |||||||||||||||||||||||||||||
Net loss (Profit) | (62,032,076) | (62,032,076) | (62,032,076) | ||||||||||||||||||||||||||||
Cancellation of equity share issue | |||||||||||||||||||||||||||||||
Cancellation of equity share issue (in Shares) | (133) | ||||||||||||||||||||||||||||||
Foreign currency translation adjustment, (net of taxes amounts to $ Nil) | 1,031,760 | 1,031,760 | 1,031,760 | ||||||||||||||||||||||||||||
Balance at Mar. 31, 2023 | 25,114,751 | $ 168,974,437 | $ 1,699 | 22,140,867 | (270,002,281) | 1,827,999 | (246,031,716) | $ 168,974,437 | $ 48 | 22,142,518 | (270,002,281) | 1,827,999 | 25,114,751 | (246,031,717) | 25,114,751 | $ 168,974,437 | $ 48 | 22,142,518 | (270,002,281) | 1,827,999 | (246,031,716) | ||||||||||
Balance (in Shares) at Mar. 31, 2023 | 99,309,415 | 16,987,064 | 21,843,173 | 482,681 | 21,843,173 | 482,681 | |||||||||||||||||||||||||
Balance at Jun. 30, 2022 | 25,114,751 | $ 168,974,437 | $ 48 | 20,177,935 | (222,565,081) | 1,231,736 | (201,155,362) | ||||||||||||||||||||||||
Balance (in Shares) at Jun. 30, 2022 | 21,843,173 | 482,814 | |||||||||||||||||||||||||||||
Stock based compensation | 993,818 | 993,818 | |||||||||||||||||||||||||||||
Loss on employee benefit, (net of taxes amounts to $ Nil) | 35,070 | 35,070 | |||||||||||||||||||||||||||||
Net loss (Profit) | (8,866,342) | (8,866,342) | |||||||||||||||||||||||||||||
Foreign currency translation adjustment, (net of taxes amounts to $ Nil) | 344,587 | 344,587 | |||||||||||||||||||||||||||||
Balance at Sep. 30, 2022 | 25,114,751 | $ 168,974,437 | $ 48 | 21,171,753 | (231,431,423) | 1,611,394 | (208,648,229) | ||||||||||||||||||||||||
Balance (in Shares) at Sep. 30, 2022 | 21,843,173 | 482,814 | |||||||||||||||||||||||||||||
Stock based compensation | 493,135 | 493,135 | |||||||||||||||||||||||||||||
Gain for defined benefit plan, (net of taxes amounts to $ Nil) | 6,631 | 6,631 | |||||||||||||||||||||||||||||
Net loss (Profit) | (8,712,700) | (8,712,700) | |||||||||||||||||||||||||||||
Cancellation of equity share issue | $ 0 | 0 | |||||||||||||||||||||||||||||
Cancellation of equity share issue (in Shares) | (132) | ||||||||||||||||||||||||||||||
Foreign currency translation adjustment, (net of taxes amounts to $ Nil) | 404,675 | 404,675 | |||||||||||||||||||||||||||||
Balance at Dec. 31, 2022 | 25,114,751 | $ 168,974,437 | $ 48 | 21,664,888 | (240,144,123) | 2,022,700 | (216,456,488) | ||||||||||||||||||||||||
Balance (in Shares) at Dec. 31, 2022 | 21,843,173 | 482,682 | |||||||||||||||||||||||||||||
Balance at Mar. 31, 2023 | 25,114,751 | $ 168,974,437 | $ 1,699 | 22,140,867 | (270,002,281) | 1,827,999 | (246,031,716) | $ 168,974,437 | $ 48 | 22,142,518 | (270,002,281) | 1,827,999 | 25,114,751 | (246,031,717) | 25,114,751 | $ 168,974,437 | $ 48 | 22,142,518 | (270,002,281) | 1,827,999 | (246,031,716) | ||||||||||
Balance (in Shares) at Mar. 31, 2023 | 99,309,415 | 16,987,064 | 21,843,173 | 482,681 | 21,843,173 | 482,681 | |||||||||||||||||||||||||
Retroactive application of Merger | $ (1,651) | $ 1,651 | |||||||||||||||||||||||||||||
Retroactive application of Merger (in Shares) | (77,466,242) | (16,504,383) | |||||||||||||||||||||||||||||
Stock based compensation | 444,212 | 444,212 | |||||||||||||||||||||||||||||
Loss on employee benefit, (net of taxes amounts to $ Nil) | (79,400) | (79,400) | |||||||||||||||||||||||||||||
Net loss (Profit) | (28,781,134) | (28,781,134) | |||||||||||||||||||||||||||||
Foreign currency translation adjustment, (net of taxes amounts to $ Nil) | (44,777) | (44,777) | |||||||||||||||||||||||||||||
Balance at Jun. 30, 2023 | 25,114,751 | $ 168,974,437 | $ 48 | 22,586,730 | (298,783,415) | 1,703,822 | (274,492,815) | ||||||||||||||||||||||||
Balance (in Shares) at Jun. 30, 2023 | 21,843,173 | 482,681 | |||||||||||||||||||||||||||||
Balance at Mar. 31, 2023 | $ 25,114,751 | $ 168,974,437 | $ 1,699 | $ 22,140,867 | $ (270,002,281) | $ 1,827,999 | $ (246,031,716) | $ 168,974,437 | $ 48 | $ 22,142,518 | $ (270,002,281) | $ 1,827,999 | $ 25,114,751 | $ (246,031,717) | 25,114,751 | $ 168,974,437 | $ 48 | 22,142,518 | (270,002,281) | 1,827,999 | $ (246,031,716) | ||||||||||
Balance (in Shares) at Mar. 31, 2023 | 99,309,415 | 16,987,064 | 21,843,173 | 482,681 | 21,843,173 | 482,681 | |||||||||||||||||||||||||
Series E1 preference stock issued during the period (in Shares) | 3,617,333 | ||||||||||||||||||||||||||||||
Exercise of warrants during the year (in Shares) | 2,738,172 | ||||||||||||||||||||||||||||||
Net loss (Profit) | $ (26,757,978) | ||||||||||||||||||||||||||||||
Conversion of redeemable convertible preferred stock into common stock upon Merger (in Shares) | 27,327,481 | ||||||||||||||||||||||||||||||
Issuance of shares to vendors against services (in Shares) | 9,192,377 | ||||||||||||||||||||||||||||||
Foreign currency translation adjustment, (net of taxes amounts to $ Nil) | $ (12,305) | ||||||||||||||||||||||||||||||
Balance at Dec. 31, 2023 | $ 6,287 | 272,057,034 | (300,032,230) | 1,738,241 | (26,230,668) | ||||||||||||||||||||||||||
Balance (in Shares) at Dec. 31, 2023 | 62,874,771 | ||||||||||||||||||||||||||||||
Balance at Jun. 30, 2023 | 25,114,751 | $ 168,974,437 | $ 48 | 22,586,730 | (298,783,415) | 1,703,822 | (274,492,815) | ||||||||||||||||||||||||
Balance (in Shares) at Jun. 30, 2023 | 21,843,173 | 482,681 | |||||||||||||||||||||||||||||
Stock based compensation | 173,693 | 173,693 | |||||||||||||||||||||||||||||
Gain on employee benefit, (net of taxes amounts to $ Nil) | 25,186 | 25,186 | |||||||||||||||||||||||||||||
Net loss (Profit) | (12,402,285) | (12,402,285) | |||||||||||||||||||||||||||||
Foreign currency translation adjustment, (net of taxes amounts to $ Nil) | 30,697 | 30,697 | |||||||||||||||||||||||||||||
Balance at Sep. 30, 2023 | 25,114,751 | $ 168,974,437 | $ 48 | 22,760,423 | (311,185,700) | 1,759,705 | (286,665,524) | ||||||||||||||||||||||||
Balance (in Shares) at Sep. 30, 2023 | 21,843,173 | 482,681 | |||||||||||||||||||||||||||||
Accelerated vesting of stock based awards on cancellation | 1,265,828 | 1,265,828 | |||||||||||||||||||||||||||||
Gain on employee benefit, (net of taxes amounts to $ Nil) | (23,239) | (23,239) | |||||||||||||||||||||||||||||
Net loss (Profit) | 14,425,439 | 14,425,439 | |||||||||||||||||||||||||||||
Conversion of redeemable non-controlling interest into common stock upon Merger | (25,114,751) | $ 131 | 25,114,620 | 25,114,751 | |||||||||||||||||||||||||||
Conversion of redeemable non-controlling interest into common stock upon Merger (in Shares) | 1,306,091 | ||||||||||||||||||||||||||||||
Conversion of redeemable convertible preferred stock into common stock upon Merger | $ (168,974,437) | $ 3,782 | 168,970,655 | 168,974,437 | |||||||||||||||||||||||||||
Conversion of redeemable convertible preferred stock into common stock upon Merger (in Shares) | (21,843,173) | 37,827,907 | |||||||||||||||||||||||||||||
Issuance of shares to vendors against services | $ 362 | 19,051,638 | 19,052,000 | ||||||||||||||||||||||||||||
Issuance of shares to vendors against services (in Shares) | 3,617,333 | ||||||||||||||||||||||||||||||
Issuance of common stock upon settlement of SSCPN | $ 736 | 27,147,577 | 27,148,311 | ||||||||||||||||||||||||||||
Issuance of common stock upon settlement of SSCPN (in Shares) | 7,357,115 | ||||||||||||||||||||||||||||||
Issuance of common stock upon settlement of promissory notes | $ 107 | 3,953,749 | 3,953,856 | ||||||||||||||||||||||||||||
Issuance of common stock upon settlement of promissory notes (in Shares) | 1,071,506 | ||||||||||||||||||||||||||||||
Reclassification on conversion of preferred stock warrants and derivative financial instruments of Zoomcar, Inc. to common stock warrants of the Company | 24,314,334 | 24,314,334 | |||||||||||||||||||||||||||||
Issuance of Common Stock upon Merger | $ 1,121 | (20,521,790) | (3,271,969) | (23,792,638) | |||||||||||||||||||||||||||
Issuance of Common Stock upon Merger (in Shares) | 11,212,138 | ||||||||||||||||||||||||||||||
Foreign currency translation adjustment, (net of taxes amounts to $ Nil) | 1,775 | 1,775 | |||||||||||||||||||||||||||||
Balance at Dec. 31, 2023 | $ 6,287 | $ 272,057,034 | $ (300,032,230) | $ 1,738,241 | $ (26,230,668) | ||||||||||||||||||||||||||
Balance (in Shares) at Dec. 31, 2023 | 62,874,771 |
Condensed Consolidated Statem_5
Condensed Consolidated Statements of Redeemable Non-Controlling Interests, Mezzanine Equity and Stockholders’ Equity (Unaudited) (Parentheticals) - USD ($) | 3 Months Ended | 12 Months Ended | ||||||
Dec. 31, 2023 | Sep. 30, 2023 | Jun. 30, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2023 | Mar. 31, 2022 | |
Loss on employee benefit, net of taxes amounts | ||||||||
Foreign currency translation adjustment, net of taxes amounts | ||||||||
Gain for defined benefit plan, net of taxes amounts | ||||||||
Gain on employee benefit, net of taxes amounts | ||||||||
Previously Reported | ||||||||
Foreign currency translation adjustment, net of taxes amounts | ||||||||
Gain on employee benefit, net of taxes amounts |
Condensed Consolidated Statem_6
Condensed Consolidated Statement of Cash Flows (Unaudited) - USD ($) | 9 Months Ended | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Mar. 31, 2023 | Mar. 31, 2022 | ||
A. Cash flows from operating activities | |||||
Net loss | $ (26,757,978) | $ (32,173,920) | $ (62,032,076) | $ (31,045,152) | |
Adjustments to reconcile net loss to net cash used in operating activities: | |||||
Depreciation and amortization | 754,660 | 604,661 | 740,422 | 3,189,567 | |
Stock-based compensation | 1,883,733 | 3,132,467 | 3,610,097 | 3,879,618 | |
Gain on troubled debt restructuring | (7,632,463) | ||||
Interest on convertible notes | 126,575 | ||||
Interest income | (824) | (22,787) | |||
Change in fair value of preferred stock warrant | 5,284,494 | 840,490 | (420,245) | 455,265 | |
Change in fair value of convertible promissory note | (3,448,846) | 308,832 | 944,727 | ||
Change in fair value of Senior subordinated convertible promissory note | (6,990,870) | 9,312,177 | |||
Change in fair value of derivative financial instrument | 3,465,293 | 14,373,856 | |||
Change in fair value of unsecured convertible note | 1,732,589 | ||||
Discount on issue of unsecured convertible note | 632,595 | ||||
Note issue expenses | 1,564,210 | 961,628 | |||
Gain on termination /modification of finance leases | (130,719) | (369,583) | |||
Loss on sale and disposal of assets, net | 85,806 | 311,375 | (661,394) | ||
Loss/(gain) on sale and disposal of assets held for sale, net | 176,541 | (1,391,876) | (1,644,650) | (137,549) | |
Assets Written off | 39,650 | ||||
Liabilities written off | (385) | ||||
Net gains (losses) on foreign currency remeasurements | 4,052 | 7,483 | 7,820 | 7,808 | |
Amortization of operating lease right-of-use assets | 45,701 | 43,234 | 54,930 | (18,921) | |
Adjustments to reconcile net loss to net cash used in operating activities | (21,529,579) | (28,524,841) | (33,910,658) | (32,332,805) | |
Changes in operating assets and liabilities: | |||||
(Increase) in Trade receivables | (43,795) | (68,023) | (88,986) | (151,376) | |
(Increase)/ Decrease in Receivable from government authorities | (116,133) | 573,207 | 84,059 | 1,583,822 | |
Decrease in Prepaid expenses | 682,785 | ||||
(Increase)/Decrease in Other current assets | 86,909 | 90,030 | (550,098) | 64,649 | |
Increase/ (decrease) in Accounts payables | 11,838,986 | 973,035 | 707,572 | (1,405,292) | |
Increase/ (Decrease) in Other current liabilities | 482,139 | (3,398,507) | (3,063,954) | 897,898 | |
Increase in Pension and other employee obligations | 29,617 | 53,859 | 72,689 | 74,852 | |
Increase/(decrease) in Contract liabilities | 26,927 | 908,610 | 479,859 | (386,796) | |
Net cash used in operating activities (A) | (8,542,144) | (29,392,631) | (36,269,517) | (31,655,048) | |
B. Cash flows from investing activities | |||||
Purchase of property, plant and equipment, including intangible assets and capital advances | (61,296) | (804,270) | (88,629) | (2,648,287) | |
Payment towards investments in fixed deposits | (130,132) | (43,906) | (102,140) | (23,717,576) | |
Proceeds from sale of property, plant and equipment | 7,160 | 2,657,297 | |||
Proceeds from sale of asset held for sale | 61,344 | 4,754,914 | 4,035,418 | 2,578,002 | |
Proceeds from maturity of investments in fixed deposits | 67,250 | 14,208 | 52,322 | 23,721,794 | |
Interest received on fixed deposits | 824 | 14,150 | |||
Net cash flows (used)/generated from investing activities (B) | (62,010) | 3,935,096 | 3,904,131 | 2,591,230 | |
C. Cash flows from financing activities | |||||
Proceeds from issue of Senior subordinated Convertible Promissory Note | 13,175,025 | 8,109,954 | |||
Proceeds from issue of preference shares including share warrants | 48,407,519 | ||||
Proceeds from issue of equity | 42,268 | ||||
Proceeds from issue of Convertible Promissory Note | 10,000,000 | 10,000,000 | |||
Payment of offering costs | (4,804,482) | ||||
Proceeds from Merger | 5,770,630 | ||||
Payment of notes issuance cost | (1,564,210) | (961,628) | |||
Repayment of debt | (1,026,291) | (5,871,152) | (5,942,961) | (18,217,162) | |
Principal payment of finance lease obligation | (346,248) | (928,663) | (1,618,551) | (3,399,696) | |
Net cash generated from financing activities (C) | 11,204,424 | 3,200,185 | 9,586,814 | 26,832,929 | |
Net increase / (decrease) in cash and cash equivalents (A+B+C) | 2,600,270 | (22,257,350) | (22,778,572) | (2,230,889) | |
Effect of foreign exchange on cash and cash equivalents. | (168,160) | (177,091) | (318,478) | (47,367) | |
Cash and cash equivalents | |||||
Beginning of period | 3,684,883 | 26,783,791 | 26,783,791 | 29,062,047 | |
End of period | 6,116,993 | 4,349,350 | 3,684,883 | 26,783,791 | |
Reconciliation of cash and cash equivalents to the Condensed Consolidated Balance Sheet | |||||
Cash and cash equivalents | 6,116,993 | 4,349,350 | 3,686,741 | 26,783,791 | |
Total cash and cash equivalents | 6,116,993 | 4,349,350 | 3,686,741 | 26,783,791 | |
Supplemental disclosures of cash flow information | |||||
Cash paid/ (refund) for income taxes | (57,337) | 8,765 | (100,845) | 41,946 | |
Interest paid on debt | (326,482) | (595,205) | (690,575) | (3,992,918) | |
Non cash element of finance lease liabilities | 446,939 | (581,843) | |||
Issue of unsecured convertible promissory note | 8,434,605 | ||||
Issue of common stock to vendors against services | 19,052,000 | ||||
Issue of common stock upon conversion of SSCPN | 27,147,577 | ||||
Issue of common stock upon conversion of convertible promissory notes | 3,953,749 | ||||
Payments for offering costs | 4,804,482 | ||||
Warrants issued on completion of Merger | $ 7,538,708 | ||||
Previously Reported | |||||
A. Cash flows from operating activities | |||||
Net loss | (62,032,076) | (31,045,153) | |||
Cash and cash equivalents | |||||
End of period | [1] | $ 3,686,741 | $ (26,783,791) | ||
[1]The cash and cash equivalents includes a balance of $13,426 as on March 31, 2023 with Silicon Valley Bank. The Company is safeguarded under Federal insurance up to an amount of $250,000. Accordingly, the entire balance is recoverable and no provision has been created for the same. |
Organization, Business Operatio
Organization, Business Operation and Going Concern. | 9 Months Ended | 12 Months Ended |
Dec. 31, 2023 | Mar. 31, 2023 | |
Organization, Business Operation and Going Concern. [Abstract] | ||
Organization, Business operation and Going concern. | 1. Organization, Business operation and Going concern. Zoomcar Holdings, Inc. (formerly “Innovative International Acquisition Corp”) On December 28, 2023 (the “Closing Date”), pursuant to a Merger Agreement dated October 13, 2022 by and among Innovative International Acquisition Corp (“IOAC” or “SPAC”), Innovative International Merger Sub, Inc. and Zoomcar, Inc., the parties consummated the merger of Innovative International Merger Sub, Inc. with and into Zoomcar, Inc., with Zoomcar, Inc., continuing as the surviving corporation (the “Merger”), as well as the other transactions contemplated by the Merger Agreement (the Merger and such other transactions, the “Reverse Recapitalization”). In connection with the closing (the “Closing”) of the Reverse Recapitalization, Zoomcar, Inc. became a wholly owned subsidiary of IOAC and IOAC changed its name to Zoomcar Holdings, Inc., and all of Zoomcar, Inc. common stock, convertible preferred stock and convertible notes automatically converted into shares of the Company’s common stock having a par value of $ 0.0001 per share. The Company’s Common Stock and Warrants commenced trading on the Nasdaq Global Market (“Nasdaq”) under the symbols “ZCAR” and “ZCARW,” respectively, on December 28, 2023. Refer to Note 3 to these Condensed Consolidated Financial Statements for more information on the Reverse Recapitalization. Zoomcar, Inc., determined that it was the accounting acquirer in the Reverse Recapitalization based on an analysis of the criteria outlined in ASC 805, Business Combinations. The determination was primarily based on the following facts: ● Zoomcar, Inc’s shareholders, prior to the Reverse Recapitalization, have the largest voting interest in the post-combination Company; ● Zoomcar, Inc., prior to the Closing, appointed the majority of the Company’s Board of Directors (effective upon the Reverse Recapitalization, the Company’s Board consists of seven directors, including two directors designated by IOAC prior to the Closing and five directors designated by Zoomcar, Inc., prior to the Closing; four of the Company’s directors immediately after the Closing have been determined to be independent within the meaning of the independent director standards of the Securities and Exchange Commission and The Nasdaq Stock Market LLC); ● The executive officers of Zoomcar, Inc. became the initial executive officers of the Company after the Reverse Recapitalization; ● Zoomcar, Inc., is the larger entity, in terms of substantive operations and employee base; ● Zoomcar, Inc., will comprise the ongoing operations of the combined entity; and ● The combined entity will continue under the name of Zoomcar Holdings, Inc. Accordingly, for accounting purposes, the Reverse Recapitalization was treated as the equivalent of Zoomcar, Inc., issuing stock for the net assets of IOAC. The primary asset acquired from IOAC was related to the cash amounts that were assumed. Separately, the Company also assumed warrants that were reclassified to equity upon Closing of the Reverse Recapitalization. No goodwill or other intangible assets were recorded as a result of the Reverse Recapitalization. While IOAC was the legal acquirer in the Reverse Recapitalization, because Zoomcar, Inc., was deemed to be the accounting acquirer, the historical financial statements of Zoomcar, Inc., became the historical financial statements of the combined entity upon the consummation of the Reverse Recapitalization. As a result, the financial statements included in this report reflect (i) the historical operating results of Zoomcar, Inc., prior to the Reverse Recapitalization; (ii) the results of the combined entity following the Closing of the Reverse Recapitalization; (iii) sum of the assets and liabilities of both Zoomcar, Inc., and the SPAC at their historical cost; and (iv) the combined entity’s equity structure for all periods presented. For periods before the Reverse Recapitalization, shareholders’ equity of the combined entity is presented based on the historical equity of Zoomcar, Inc., restated using the exchange ratio to reflect the equity structure of the SPAC. Going concern The Company incurred a net loss of $26,757,978 during the nine months ended December 31, 2023, and cash used in operations during the period was $8,542,144. The Company’s accumulated deficit amounts to $300,032,229 as of December 31, 2023 (March 31, 2023: $270,002,281). The Company has negative working capital of $16,079,313 (inclusive of cash received in merger transaction). The Company expects to continue to incur net losses and have significant cash outflows from operating activities for at least the next 12 months. Management has evaluated the significance of the conditions described above in relation to the Company’s ability to meet its obligations and concluded that, without additional funding, the Company will not have sufficient funds to meet its obligations within one year from the date the condensed consolidated financial statements were issued. On February 1, 2024, the Company entered into an agreement with two of the former members of the Sponsor pursuant to which the Company agreed to waive the lock-up restrictions provided for in the Letter Agreement with respect to the Lock-Up Release Parties for a period of 120 days in exchange for a cash fee to be paid by the Lock-Up Release Parties to the Company. Management expect that this will result in over $2,000,000 of net inflows to the company over the next 120 days. Additionally, the Company’s largest investor has committed to continue his support to the company in the event of any liquidity requirements arising in foreseeable future. Without raising additional capital, there is substantial doubt about the Company’s ability to continue as a going concern. Considering the commitment of support by the largest investor the accompanying condensed consolidated financial statements have been prepared assuming that the Company will continue as a going concern. This basis of accounting contemplates the recovery of the Company’s assets and the satisfaction of liabilities in the normal course of business. The financial statements do not include any adjustments related to the recoverability and classification of recorded asset amounts or the amounts and classification of liabilities that might be necessary should the Company be unable to continue as a going concern. | 1. Organization Zoomcar Holdings, Inc. (formerly “Innovative International Acquisition Corp”) a Delaware corporation provides mobility solutions to consumers and businesses. The accompanying Consolidated Financial Statements include the accounts and transactions of Zoomcar Holdings, Inc. and its subsidiaries (collectively, the “Company” or “the combined entity” or “Zoomcar”). The Company operates its facilitation services as well as rental business under the Zoomcar brand with its operations in India, Indonesia, and Egypt. On December 28, 2023 (the “Closing Date”), pursuant to a Merger Agreement dated October 13, 2022 by and among Innovative International Acquisition Corp (“IOAC” or “SPAC”), Innovative International Merger Sub, Inc. and Zoomcar, Inc., the parties consummated the merger of Innovative International Merger Sub, Inc. with and into Zoomcar, Inc., with Zoomcar, Inc., continuing as the surviving corporation (the “Merger”), as well as the other transactions contemplated by the Merger Agreement (the Merger and such other transactions, the “Reverse Recapitalization”). In connection with the closing (the “Closing”) of the Reverse Recapitalization, Zoomcar, Inc. became a wholly owned subsidiary of IOAC and IOAC changed its name to Zoomcar Holdings, Inc., and all of Zoomcar, Inc. common stock, convertible preferred stock and convertible notes automatically converted into shares of the Company’s common stock having a par value of $ 0.0001 per share. The Company’s Common Stock and Warrants commenced trading on the Nasdaq Global Market (“Nasdaq”) under the symbols “ZCAR” and “ZCARW,” respectively, on December 28, 2023. The Consolidated Balance Sheets, Statements of Operations and Comprehensive Loss and Consolidated Statement of Changes in Stockholders Equity prior to the Reverse Recapitalization are those of Zoomcar, Inc.. The stocks and corresponding capital amounts and loss per stock, prior to the Reverse Recapitalization, have been retroactively restated based on stocks reflecting the exchange ratio established in the Reverse Recapitalization. The equity structure has been recast in all comparative periods up to the Closing Date to reflect the number of shares of the Company’s common stock, $0.0001 par value per share, issued to Zoomcar, Inc.’s stockholders in connection with the Reverse Recapitalization. As such, the shares and corresponding capital amounts and earnings per share related to legacy Zoomcar, Inc. common stock prior to the Reverse Recapitalization have been retroactively recast as shares reflecting the exchange ratio of 0.0284 established in the Reverse Recapitalization. a. Risks and uncertainties The Company’s business, operations and financial results are subject to various risks and uncertainties, including those described below, that could materially adversely affect the business, results of operations and financial condition. b. Going concern The Company has incurred Net loss of $62,032,076 and $31,045,152 during the year ended March 31, 2023 and 2022 respectively, and cash used in operations was $36,436,057 and $31,655,049 for the years ended on March 31, 2023 and 2022 respectively. The Company had cash and cash equivalent of $26,783,791 as of March 31, 2022, which has reduced to $3,686,741 as of March 31, 2023. The Company’s accumulated deficit amounts to $270,002,280 and $207,970,204 as of March 31, 2023 and 2022 respectively. The Company expects to continue to incur net losses and have significant cash outflows from operating activities for at least the next 12 months. Management has evaluated the significance of the conditions described above in relation to the Company’s ability to meet its obligations and concluded that, without additional funding, the Company will not have sufficient funds to meet its obligations within one year from the date the Consolidated Financial Statements were issued. Additionally, the Company’s largest investor has committed to continue his support to the company in the event of any liquidity requirements arising in foreseeable future. Without raising additional capital, there is substantial doubt about the Company’s ability to continue as a going concern. The accompanying Consolidated Financial Statements have been prepared assuming that the Company will continue as a going concern. This basis of accounting contemplates the recovery of the Company’s assets and the satisfaction of liabilities in the normal course of business. The financial statements do not include any adjustments related to the recoverability and classification of recorded asset amounts or the amounts and classification of liabilities that might be necessary should the Company be unable to continue as a going concern. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 9 Months Ended | 12 Months Ended |
Dec. 31, 2023 | Mar. 31, 2023 | |
Summary of Significant Accounting Policies [Abstract] | ||
Summary of Significant Accounting Policies | 2. Summary of Significant Accounting Policies i. Basis of presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (US GAAP) and pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”) for interim reporting. As permitted under those rules, certain footnotes or other financial information that are normally required by US GAAP have been condensed or omitted. Any reference in these notes to applicable guidance is meant to refer to the authoritative GAAP as found in the Accounting Standards Codification (“ASC”) and an Accounting Standards Update (“ASU”) of the Financial Accounting Standards Board (“FASB”). The results of operations for the three and nine months ended December 31, 2023, are not necessarily indicative of the results for the fiscal year ending March 31, 2024, or any future interim period. These Condensed Consolidated Financial Statements follow the same significant accounting policies as those included in the audited consolidated financial statements of Zoomcar, Inc. for the year ended March 31, 2023. In the opinion of management, these condensed consolidated financial statements reflect all adjustments, consisting only of normal recurring adjustments, which are necessary for the fair statement of the condensed consolidated financial position, results of operations, and cash flows for these interim periods. The unaudited Condensed Consolidated Financial Statements include the accounts of the Company and its wholly owned subsidiaries and variable interest entities in which the Company is the primary beneficiary, including an entity in India and in other geographical locations. All intercompany accounts and transactions have been eliminated in the unaudited condensed consolidated financial statements herein. The equity of the comparative period of the Company has been presented based on the historical equity of Zoomcar, Inc. restated using the exchange ratio to reflect the equity structure of the SPAC. ii. Principles of consolidation The unaudited Condensed Consolidated Financial Statements include the accounts of Zoomcar Holdings, Inc. and of its wholly owned subsidiaries and variable interest entities in which the Company is the primary beneficiary, including an entity in India and in other geographical locations (collectively, the “Company”). The Company determines, at the inception of each arrangement, whether an entity in which it has made an investment or in which it has other variable interest is considered a VIE. The Company consolidates a VIE when it is the primary beneficiary. The primary beneficiary of a VIE is the party that meets both of the following criteria: (i) has the power to direct the activities that most significantly affect the economic performance of the VIE; and (ii) has the obligation to absorb losses or the right to receive benefits that in either case could potentially be significant to the VIE. Periodically, the Company determines whether any changes in its interest or relationship with the entity impact the determination of whether the entity is still a VIE and, if so, whether the Company is the primary beneficiary. As at December 31, 2023, following are the list of subsidiaries and step-down subsidiaries: Name of Entity Place of Incorporation Investor Entity Zoomcar, Inc. USA Zoomcar Holdings, Inc. Zoomcar India Private Limited India Zoomcar, Inc. Zoomcar Netherlands Holding B. V Netherlands Zoomcar, Inc. Fleet Holding Pte ltd Singapore Zoomcar, Inc. Fleet Mobility Philippines Corporation Philippines Zoomcar, Inc. Zoomcar Egypt Car Rental LLC Egypt Zoomcar Netherlands Holding PT Zoomcar Indonesia Mobility Service Indonesia Fleet Holding Pte ltd Zoomcar Vietnam Mobility LLC Vietnam Fleet Holding Pte ltd As at December 31, 2023, the subsidiaries and step-down subsidiaries of Zoomcar Holdings, Inc. have been consolidated using the Variable Interest Entity (‘VIE’) model as per ASC 810. In determining whether the VIE model was applicable to the subsidiaries the criteria prescribed under ASC 810 were examined as below: - The subsidiaries were incorporated as legal entities under the laws and regulations of the country in which they are incorporated. - The scope exemptions under ASC 810 were not applicable to the entities. - Zoomcar Holdings, Inc holds variable interest in all the subsidiaries by way of contribution towards equity and in the form of debt. - The entities are variable interest entities for Zoomcar Holdings, Inc since the legal entities do not have sufficient equity investment at risk and equity investors at risk. For the purpose of equity interests, the interests held by employees are also considered under ASC 810 since employees are considered as de-facto agents. Thus, Zoomcar Egypt Car Rental LLC, Fleet Mobility Philippines Corporation, and Zoomcar Vietnam Mobility LLC are considered as wholly owned subsidiaries of Zoomcar, Inc and step-down subsidiaries of Zoomcar Holdings, Inc Through the direct and indirect interest that Zoomcar Holdings, Inc. holds in the subsidiaries, Zoomcar Holdings, Inc. has the power to direct the activities of a VIE that most significantly impact the VIE’s economic performance and has the obligation to absorb losses of the VIE that could potentially be significant to the VIE or the right to receive benefits from the VIE that could potentially be significant to the VIE. Accordingly, Zoomcar Holdings, Inc. is the primary beneficiary with respect to all the subsidiaries and consolidates the subsidiaries under the VIE model except Zoomcar India Private Limited, Zoomcar Netherlands Holding B.V, Fleet Holding Pte Ltd and PT Zoomcar Indonesia Mobility Service which are consolidated as per the voting interest model. On August 14, 2023, Zoomcar Vietnam Mobility LLC has voluntarily filed application for bankruptcy with the local authorities of Vietnam. In accordance with ASC 205-30, the liquidation of the VIE is imminent and thus the financial statements of VIE are prepared on a liquidation basis, which entails valuing assets at their estimated net realizable values and recording liabilities at their expected settlement amounts. Further, in accordance with ASC 810-10-15-10, the Company consolidate the VIE as the bankruptcy application is pending with the authorities in Vietnam and unless the application is admitted, the Company holds a variable interest and still is the primary beneficiary. Refer Note 31. The assets/liabilities consolidated for the VIE are not material. iii. Use of estimates and assumptions The use of estimates and assumptions as determined by management is required in the preparation of the Condensed Consolidated Financial Statements in conformity with US GAAP. These estimates are based on management’s evaluation of historical trends and other information available when the Condensed Consolidated Financial Statements are prepared and may affect the amounts reported and related disclosures. Actual results could differ from those estimates. Estimates and underlying assumptions are reviewed on an ongoing basis. The significant estimates, judgments and assumptions that affect the condensed consolidated financial statements include, but are not limited to; are: a. Estimation of defined benefit obligation b. Estimation of useful lives and residual values of property, plant & equipment, and intangible assets c. Fair value measurement of financial instruments d. Fair value measurement of share-based payments e. Leases – assumption to determine the incremental borrowing rate f. Discount rate for discounting deferred payments g. Valuation allowance on deferred tax assets h. Estimation of utilization of receivable from government authorities iv. Revenue recognition The Company derives its revenue principally from short-term self-drive rentals. Self-drive rentals Zoomcar operates a fleet of rental vehicles comprising of both vehicles owned by them and vehicles leased from third-party leasing companies. The Company either leases or subleases vehicles to its customers as a result, the Company has considered itself to be the accounting lessor or sublessor, as applicable, in these arrangements in accordance with ASC 842. Rental revenues are recognized for rental and rental related activities on a straight-line basis evenly over the period of where an identified asset is transferred to the customer and the customer has the ability to control that asset in accordance with ASC 842. Transaction price charged by the Company is as per agreed rates between the Company and the customer. In the case of leased vehicles, the Company was solely responsible for paying vehicle lease costs to the lessor regardless of whether the vehicles were booked for use by guests on the platform and accordingly recognized vehicle lease revenue on a gross basis. For vehicles that are subleased, sublease income and related lease expense for these transactions are recognized on a gross basis in the condensed consolidated financial statements. Rental periods are generally short-term in nature and are classified as operating leases. Facilitation revenue (“Host services”) The Company has launched a new platform “Zoomcar Host Services” during the year ended March 2022. Zoomcar Host Services is a marketplace feature of the platform that helps owners of vehicles (“Hosts/ Customer/Lessors”) connect with users (“Renters/Lessee”) in temporary need of a vehicle on leasehold basis for their personal use. Facilitation Services revenue consists of facilitation fees charged to Hosts, net of incentives and refunds and trip protection charged to the Renters. The Company charges facilitation fees to its customers as a percentage of the value of the total booking, excluding taxes. The Company collects both the booking value on behalf of the Host and the trip protection charges from the renter. On a daily basis the Company, or its third-party payment processors, disburse the booking value to the host, less the fees due from the host to the Company. The amounts charged for trip fees for the Marketplace service vary based on factors such as the vehicle type, the day of the week, time of the trip, and the duration of the trip. Hence, the Company’s primary performance obligation in the transaction with respect to the Host is to facilitate the successful completion of the rental transaction and with respect to the renter is to offer trip protection. Customer support is rendered to both the Host (customer/lessor) and the renter (lessee). Company being the intermediary between the two provides its platform through which all communication takes place related to any services e.g., extension of trip period. Such services also include the normal customer support related to any vehicle breakdowns, tracking of vehicles, renter background checks, vehicle ownership checks and various other activities which are part of an ongoing set of series required for successful listing, renting and completion of trip. These activities are not distinct from each other and are not separate performance obligations. As a result, these series of services integrate together to form a single performance obligation. In case of booking value collected from the renter on behalf of the Host, the Company evaluates the presentation of revenue on a gross versus net basis based on whether or not it is the principal(gross) or the agent (net) in the transaction. The Company considers whether it controls the right to use the vehicle before control is transferred to the renter. Indicators of control that the Company considers include whether the Company is primarily responsible for fulfilling the promise associated with the booking of the vehicle, whether it has inventory risk associated with the vehicle, and whether it has discretion in establishing the prices for the vehicles booked. The Company determined that it does not establish pricing for vehicles listed on its platform and does not control the right to use the host’s vehicle at any time before, during, or after completion of a trip booked on the Company’s platform. Accordingly, the Company has concluded that it is acting in an agent capacity, and revenue is presented net reflecting the facilitation fees received from the Marketplace service. The customer simultaneously receives and consumes the benefits provided by the entity’s performance as the entity performs. Revenue is recognized ratably over the trip period. The Company recognizes facilitation revenue from these performance obligations on a straight-line basis over the duration of the rental trip using the output method as its performance obligation is satisfied over time. The Company uses the output method based on rental hours or days, where revenue is calculated based on the percentage of total time elapsed in relation to total estimated rental period. In the event a user books a trip extension, at the time the extension is booked, the service revenue is recognized on a straight-line basis over the duration of the extension period. The Company offers various incentive programs to hosts, including minimum guaranteed listing fees and vehicle listing bonus payments. The incentives are recorded in accordance with ASC 606- 10-32-25 and ASC 606-10-32-27 as a reduction to revenue and in cases where the amount of incentive paid to the Host are above the facilitation fees earned from that Host on cumulative basis the excess of the revenue amount is recorded as a marketing expense in the condensed consolidated statement of operations. These incentives are offered as part of overall marketing strategy of the company and incentivize the hosts to refer the platform. During the year ended March 31, 2023, company has stopped providing minimum guaranteed listing fees incentive. Loyalty program The Company offers loyalty program, Z-Points, wherein customers are eligible to earn loyalty points that are redeemable for payment towards facilitation fees, self-drive rentals and vehicle subscriptions. Under ASC 606 and ASC 842, each transaction that generates loyalty points results in the deferral of revenue equivalent to the retail value at the date the points are earned. The associated revenue or rental is recognized when the customer redeems the loyalty points at some time in future. The retail value of points is estimated based on the current retail value measured as of the date the loyalty points are earned, less an estimated amount representing loyalty points that are not expected to be redeemed (“breakage”). Breakage is reviewed on an annual basis and includes significant assumptions such as historical breakage trends, internal Company forecasts and extended redemption period, if any. As at December 31, 2023 and March 31, 2023, the Company’s deferred revenue balance amounted to $99,899 and $260,705 respectively. Others The Company has elected to exclude from revenue, taxes assessed by a governmental authority that are both imposed on and are concurrent with specific revenue producing transactions and collected from customers and remitted to governmental authorities. Accordingly, such amounts are not included as a component of revenue or cost of revenue. Contract liabilities Contract liabilities primarily consists of obligations to customers for advance received against a new booking, revenue-share payable to customers for vehicles listed by them on Company’s portal for short-term rentals and related to Company’s points-based loyalty program. v. Receivables from government authorities Receivables from government authorities represent amounts owed to the Company by government agencies which are recognized when the Company has performed the required services and when they meet the eligibility criteria outlined in the applicable government regulations. Receivables from government authorities are classified based on their expected period of utilization. If the receivables are expected to be utilized within twelve months from the reporting date, they are classified as current assets. If the receivables are not expected to be utilized within twelve months from the reporting date, they are classified as non-current assets. vi. Assets held for sale The Company classifies vehicles to be disposed of as held for sale in the period in which they are available for immediate sale in their present condition and the sale is probable and expected to be completed within one year. The Company initially measures assets held for sale at the lower of their carrying value or fair value less costs to sell and assesses their fair value annually until disposed. The fair value of Assets held for sale not traded in an active market is determined using valuation techniques which maximize the use of observable market data and rely as little as possible on entity-specific estimates. If all significant inputs required to fair value an asset are observable, the Valuation is included in Level 2. The Company has a policy of disposing vehicles once it has crossed 120,000 kilometers (approx. 75,000 miles) in order to ensure that customer experience is maintained at a premium level. In addition, the Company also disposes vehicles early if it has met with accident and is no more fit for use in the business once the insurance claims are realized on these vehicles. In case of certain vehicles which are not sold within one year from date of classification, the Company reassess the carrying value of the assets to compare it with the realizable value. vii. Stock-based compensation The Company accounts for stock-based compensation expense in accordance with the fair value recognition and measurement provisions of US GAAP, which requires compensation cost for grant-date fair value of stock-based awards to be recognized over the requisite service period. The Company includes a forfeiture estimate in the amount of compensation expense being recognized based on the Company’s estimate of equity instruments that will eventually vest. The fair value of stock-based awards, granted or modified, is determined on the grant date at fair value, using appropriate valuation techniques. The Company records stock-based compensation expense for service-backed stock options over the requisite service period, which ranges from 6 months to 4 years. For stock options with service-based vesting conditions only, the valuation model, typically the Black-Scholes option-pricing model, incorporates various assumptions including expected stock price volatility, expected term, and risk-free rates. Stock options with graded vesting the fair- value-based measure is estimated of the entire award by using a single weighted-average expected term. The Company estimates the volatility of common stock on the date of the grant based on weighted-average historical stock price volatility of comparable publicly traded companies in its industry group. The risk-free rate is based on the U.S. Treasury yield curve in effect at the time of grant with a term equal to the expected term. The Company estimates the term based on the simplified method for employee stock options considered to be “plain vanilla” options as the Company’s historical share option exercise experience does not provide a reasonable basis upon which to estimate the expected term. The expected dividend yield is 0.0% as the Company has not paid and does not anticipate paying dividend on its common stock. The Company estimates a forfeiture rate on an annual basis for the purpose of computation of stock-based compensation expense. The rate is used consistently across the subsequent interim periods during the year. In case of cancellation of stock-based awards with no concurrent grant of a replacement award or other valuable consideration, any unrecognized compensation cost is recognized immediately on the cancellation date. viii. Warrants When the Company issues warrants, it evaluates the proper balance sheet classification of the warrant to determine whether the warrant should be classified as equity or as a derivative liability on the condensed consolidated balance sheets. In accordance with ASC 815-40, Derivatives and Hedging-Contracts in the Entity’s Own Equity (ASC 815-40), the Company classifies a warrant as equity so long as it is “indexed to the Company’s equity” and several specific conditions for equity classification are met. A warrant is not considered indexed to the Company’s equity, in general, when it contains certain types of exercise contingencies or adjustments to exercise price. If a warrant is not indexed to the Company’s equity or it has net cash settlement that results in the warrants to be accounted for under ASC 480, Distinguishing Liabilities from Equity, or ASC 815-40, it is classified as a derivative liability which is carried on the condensed consolidated balance sheet at fair value with any changes in its fair value recognized currently in the condensed consolidated statement of operations. During the previous year ended March 31, 2023, and six months ended September 30, 2023, the Company had issued warrants along with Notes as defined in “Convertible Promissory notes and Senior Subordinated Convertible Promissory Note (SSCPN)” policy and also as consideration to placement agents for the issuance of SSCPN which were earlier classified as derivative instruments. The Company had also preferred stocks and common stocks warrants (as described below) issued during the year ended March 31, 2022, and were classified as liabilities and equity respectively. Each unit of Series E preferred stock issued by the Company consisted of one Series E preferred stock and a warrant which entitled the holder to purchase one share of common stock of the Company on the satisfaction of certain conditions. Warrants were also issued to placement agencies of Series E and Series E1. Warrants issued to placement agencies included the following two categories: a) warrants to purchase common stock of the company; and b) warrants to purchase Series E and Series E1 shares. Warrants to be converted into common stock: The Company’s warrants to purchase common stock were classified as equity. Upon issuance of the warrant, the Company had allocated a portion of the proceeds from the sale of its preferred stock to the warrant based on the relative fair values of warrants and preferred stock. Warrants to be converted into preferred stock: The Company’s warrants to purchase convertible preferred stock were classified as a liability and were held at fair value as the warrants were exercisable for contingently redeemable preferred stock, which was classified outside of stockholders’ deficits. The warrant instruments classified as liability were subject to re-measurement at each balance sheet date, and any change in fair value was recognized as a component of finance costs. The Company had adjusted the liability for changes in fair value as of the date of their reclassification on Reverse Recapitalization. Warrants issued along with SSCPN: The warrants issued along with the SSCPN satisfied the definition of a derivative in accordance with ASC 815-10-15-83 since they contained an underlying, had cash less payment provisions, that could have been net settled in shares and had a very minimal initial net investment. Accordingly, the derivatives were measured at fair value and subsequently revalued at each reporting date. The Company continued to adjust the liability classified warrant for changes in the fair value until the Reverse Recapitalization transaction at which time the warrants have been reclassified to additional paid-in-capital. Refer note- 17. ix. Financial liabilities measured at fair value - Convertible Promissory notes, Senior Subordinated Convertible Promissory Note (“SSCPN”) and Unsecured Convertible Note (“Atalaya Note”) On April 1, 2022, the Company adopted Accounting Standards Update (“ASU”) 2020-06 that simplifies the accounting for convertible instruments. ASU 2020-06 (i) reduced the number of accounting models for convertible instruments, by eliminating the models that require separation of cash conversion or beneficial conversion features from the host and (ii) revised the derivative scope exception and (iii) provided targeted improvements for Earnings Per Share (“EPS”). The adoption of ASU 2020-06 did not have a material impact on the Company’s outstanding convertible debt instruments as of April 1, 2022. The Company has issued convertible promissory notes, senior subordinated convertible promissory notes (“Notes”) and Atalaya Note, it evaluates the balance sheet classification to determine whether the instrument should be classified either as debt or equity, and whether the conversion feature should be accounted for separately from the host instrument. According to ASC 480-10-25-14, the notes are classified as liabilities because the Company intends to settle them by issuing variable number of shares with a fixed and known monetary value at the time of inception. The Company evaluates the conversion feature of notes would be separated from the instrument and classified as a derivative liability if the conversion feature, were it a standalone instrument, meets the definition of an “embedded derivative” in ASC 815, Derivatives and Hedging. However, the Company has elected fair value option for these notes, as discussed below and thus does not bifurcate the embedded conversion feature. Fair Value Option (“FVO”) Election The Company accounts for Convertible Promissory notes and Senior Subordinated Convertible Promissory Note and convertible promissory notes issued under the fair value option election of ASC 825, Financial Instruments (“ASC-825”) as discussed below. The convertible promissory notes accounted for under the FVO election are a debt host financial instruments containing conversion features which would otherwise be required to be assessed for bifurcation from the debt-host and recognized as separate derivative liabilities subject to measurements under ASC 815. Notwithstanding, ASC 825-10-15-4 provides for the “fair value option” (“FVO”) election, to the extent not otherwise prohibited by ASC 825-10-15- 5, to be afforded to financial instruments, wherein bifurcation of an embedded derivative is not necessary, and the financial instrument is initially measured at its issue-date estimated fair value and then subsequently remeasured at estimated fair value on a recurring basis at each reporting period date. The estimated fair value adjustment, as required by ASC 825-10-45-5, is recognized as a component of other comprehensive income (“OCI”) with respect to the portion of the fair value adjustment attributed to a change in the instrument-specific credit risk, with the remaining amount of the fair value adjustment recognized under Finance costs shown as “Change in fair value of convertible promissory note” and “Change in fair value of senior subordinated convertible promissory note” in the accompanying condensed consolidated statement of operations. With respect to the above convertible promissory notes, as provided for by ASC 825-10-50-30(b), the estimated fair value adjustment is presented as a separate line item in the accompanying condensed consolidated statement of operations, since the change in fair value of the convertible promissory notes payable was not attributable to instrument specific credit risk. During three month ended December 31, 2023, as a result of consummation of the Business Combination by way of a Reverse Recapitalization, the notes outstanding were converted into 4,248,178 shares of the Company’s Common Stock. The SSCPN and Notes were adjusted for their carrying value through statement of operations as on date of Reverse Recapitalization and credited at carrying value to the capital accounts upon conversion to reflect the stock issued. x. Net profit/(loss) per share attributable to common stockholders The Company computes net profit/(loss) per share using the two-class method required for participating securities. The two-class method requires income available to common stockholders for the period to be allocated between common stock and participating securities based upon their respective rights to receive dividends as if all the income for the period had been distributed. The Company’s convertible preferred stock is participating security. The holders of the convertible preferred stock would be entitled in preference to common shareholders, at specified rate, if declared. Then any remaining earnings would be distributed to the holders of common stock and convertible preferred stock on a pro-rata basis assuming conversion of all convertible preferred stock into common stock. This participating security do not contractually require the holders of such shares to participate in the Company’s losses. As such, net losses for the periods presented were not allocated to the Company’s participating securities. The Company’s basic profit/(loss) per share is computed using the weighted-average number of ordinary shares outstanding during the period. The diluted profit/(loss) per share is computed by considering the impact of potential issuance of common stock on the weighted average number of shares outstanding during the period, except where the results would be anti-dilutive. xi. Provisions and accrued expenses. A provision is recognized in the consolidated balance sheet when the Company has a present legal or constructive obligation as a result of a past event, and it is probable that an outflow of economic benefits will be required to settle the obligation. If the effect is material, provisions are recognized at present value by discounting the expected future cash flows at a pre-tax rate that reflects current market assessments of the time value of money. Provisions for onerous contracts are recognized when the expected benefits to be derived by the Company from a contract are lower than the unavoidable costs of meeting the future obligations under the contract. The provision is measured at the present value of the lower of the expected cost of terminating the contract and the expected net cost of continuing with the contract. Before a provision is established, the Company recognizes any impairment loss on the assets associated with that contract. The Company does not have any onerous contracts. xii. Fair value measurements and financial instruments Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. In accordance with ASC 820, Fair Value Measurement (“ASC 820”), the Company uses the fair value hierarchy, which prioritizes the inputs used to measure fair value. The hierarchy, as defined below, gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities and the lowest priority to unobservable inputs. The three levels of the fair value hierarchy are set forth below: Level Observable inputs such as quoted prices in active markets for identical assets or liabilities. Level 2 Observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities in active markets, quoted prices in markets that are not active or inputs other than the quoted prices that are observable either directly or indirectly for the full term of assets or liabilities. Level 3 Unobservable inputs in which there is little or no market data and that are significant to the fair value of the assets or liabilities. During the three months ended December 31, 2023, the Company’s primary financial instruments included cash and cash equivalents, investments, accounts receivables, other financial assets, accounts payable, and debt, convertible promissory note, SSCPN, warrant liability and other financial liabilities. The estimated fair value of cash equivalents, accounts receivable, accounts payable, and accrued liabilities approximate their carrying value due to short-term maturities of these instruments. xiii. Recent Accounting Pronouncements Accounting Pronouncement Adopted In July 2023, the FASB issued ASU 2023-03 - Presentation of Financial Statements (Topic 205), Income Statement—Reporting Comprehensive Income (Topic 220), Distinguishing Liabilities from Equity (Topic 480), Equity (Topic 505), and Compensation—Stock Compensation (Topic 718). The ASU amends or supersedes various SEC paragraphs within the Codification to conform to past SEC announcements and guidance issued by the SEC. The ASU is effective immediately upon issuance and did not have a material impact on the Company’s condensed consolidated financial sta | 2. Summary of Significant Accounting Policies i. Basis of presentation The accompanying consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (US GAAP). Any reference in these notes to applicable guidance is meant to refer to the authoritative GAAP as found in the Accounting Standards Codification (“ASC”) and an Accounting Standards Update (“ASU”) of the Financial Accounting Standards Board (“FASB”). These statements include the financial statements of Zoomcar, Inc. and its wholly owned and controlled subsidiaries and subsidiaries in which the Company holds a controlling financial interest or is the primary beneficiary. Intercompany transactions and accounts have been eliminated in consolidation. ii. Principles of consolidation The consolidated financial statements include the accounts of Zoomcar, Inc. and of its wholly owned subsidiaries and variable interest entities in which the Company is the primary beneficiary, including an entity in India and in other geographical locations (collectively, the “Company”). The Company determines, at the inception of each arrangement, whether an entity in which it has made an investment or in which it has other variable interest is considered a VIE. The Company consolidates a VIE when it is the primary beneficiary. The primary beneficiary of a VIE is the party that meets both of the following criteria: (i) has the power to direct the activities that most significantly affect the economic performance of the VIE; and (ii) has the obligation to absorb losses or the right to receive benefits that in either case could potentially be significant to the VIE. Periodically, the Company determines whether any changes in its interest or relationship with the entity impact the determination of whether the entity is still a VIE and, if so, whether the Company is the primary beneficiary. As at March 31, 2023, following are the list of subsidiaries and step-down subsidiaries: Name of Entity Place of Incorporation Investor Entity Zoomcar, Inc. USA Zoomcar Holdings, Inc. Zoomcar India Private Limited India Zoomcar, Inc. Zoomcar Netherlands Holding B.V Netherlands Zoomcar, Inc. Fleet Holding Pte ltd Singapore Zoomcar, Inc. Fleet Mobility Philippines Corporation Philippines Zoomcar, Inc. Zoomcar Egypt Car Rental LLC Egypt Zoomcar Netherlands Holding PT Zoomcar Indonesia Mobility Service Indonesia Fleet Holding Pte ltd Zoomcar Vietnam Mobility LLC Vietnam Fleet Holding Pte ltd As at March 31, 2023, the subsidiaries and step-down subsidiaries of Zoomcar Inc. have been consolidated using the Variable Interest Entity (‘VIE’) model as per ASC 810. In determining whether the VIE model was applicable to the subsidiaries the criteria prescribed under ASC 810 were examined as below: - The subsidiaries were incorporated as legal entities under the laws and regulations of the country in which they are incorporated. - The scope exemptions under ASC 810 were not applicable to the entities - Zoomcar Inc holds variable interest in all the subsidiaries by way of contribution towards equity and in the form of debt - The entities are variable interest entities for Zoomcar Inc since the legal entities do not have sufficient equity investment at risk and equity investors at risk. For the purpose of equity interests, the interests held by employees are also considered under ASC 810 since employees are considered as de-facto agents. Thus, Zoomcar Egypt Car Rental LLC, Fleet Mobility Philippines Corporation, and Zoomcar Vietnam Mobility LLC are considered as wholly owned subsidiaries of Zoomcar Inc. Through the direct and indirect interest that Zoomcar Inc. holds in the subsidiaries, Zoomcar Inc. has the power to direct the activities of a VIE that most significantly impact the VIE’s economic performance and has the obligation to absorb losses of the VIE that could potentially be significant to the VIE or the right to receive benefits from the VIE that could potentially be significant to the VIE. Accordingly, Zoomcar Inc. is the primary beneficiary with respect to all the subsidiaries and consolidates the subsidiaries under the VIE model except Zoomcar India Private Limited, Zoomcar Netherlands Holding B.V, Fleet Holding Pte Ltd and PT Zoomcar Indonesia Mobility Service which are consolidated as per the voting interest model. iii. Use of estimates and assumptions The use of estimates and assumptions as determined by management is required in the preparation of the Consolidated Financial Statements in conformity with US GAAP. These estimates are based on management’s evaluation of historical trends and other information available when the Consolidated Financial Statements are prepared and may affect the amounts reported and related disclosures. Actual results could differ from those estimates. Estimates and underlying assumptions are reviewed on an ongoing basis. The significant estimates, judgments and assumptions that affect the consolidated financial statements include, but are not limited to; are: a. Estimation of defined benefit obligation b. Estimation of useful lives and residual values of property, plant & equipment and intangible assets c. Fair value measurement of financial instruments d. Fair value measurement of share-based payments e. Leases – assumption to determine the incremental borrowing rate f. Valuation allowance on deferred tax assets g. Estimation of utilisation of receivable from government authorities iv. Currency translation The consolidated financial statements are presented in US Dollars (“$”) which is the reporting currency of the Company. Monetary assets and liabilities, and transactions denominated in currencies other than the functional currency are remeasured at the exchange rate on the balance sheet date and nonmonetary assets and liabilities are measured at historical exchange rates. The gains and losses resulting from remeasurement are recorded as foreign exchange gains (losses), within other income (expense), in the consolidated statement of operations. The functional currency of the Company’s foreign subsidiaries is either the local currency or U.S. dollar depending on the nature of the subsidiaries’ activities. The Company determines the functional currency for each of its foreign subsidiaries by reviewing their operations and currencies used in their primary economic environments. Assets and liabilities of the subsidiaries with functional currency other than U.S. Dollar are translated into U.S. Dollar at the rate of exchange existing at the Balance Sheet date. Retained earnings and other equity items are translated at historical rates, revenues and expenses are translated at average exchange rates during the year. Foreign currency translation adjustments are recorded within accumulated other comprehensive income, a separate component of total equity (deficit). v. Comprehensive Income (Loss) Comprehensive income (loss) consists of two components, net income (loss) and other comprehensive income (loss), net of tax. Other comprehensive income (loss), net of tax, refers to revenue, expenses, gains, and losses that under generally accepted accounting principles are recorded as an element of members’ equity but are excluded from net income (loss). The Company’s other comprehensive income (loss), net of tax, consists of foreign currency translation adjustments that result from consolidation of its foreign entities and actuarial gain/ (loss) on defined benefit obligations. vi. Revenue recognition The Company derives its revenue principally from short-term self-drive rentals and vehicle subscriptions. Self-drive rentals Zoomcar operates a fleet of rental vehicles comprising of both vehicles owned by them and vehicles leased from third-party leasing companies. The Company either leases or subleases vehicles to its customers as a result, the Company has considered itself to be the accounting lessor or sublessor, as applicable, in these arrangements in accordance with ASC 842. Rental revenues are recognized for rental and rental related activities on a straight-line basis evenly over the period of where an identified asset is transferred to the customer and the customer has the ability to control that asset in accordance with ASC 842. Transaction price charged by the Company is as per agreed rates between the Company and the customer. In case of leased vehicles, the Company was solely responsible for paying vehicle lease costs to the lessor regardless of whether the vehicles were booked for use by guests on the platform and accordingly recognized vehicle lease revenue on a gross basis. For vehicles that are subleased, sublease income and related lease expense for these transactions are recognized on a gross basis in the consolidated financial statements. Rental periods are generally short-term in nature and are classified as operating leases. Vehicle subscriptions The Company provides vehicles under subscription model to subscribers for a period of 1 month to 24 months. The subscription amount for each month is fixed based on number of months and vehicle type subscribed. The subscription model permits the subscribers to list back the vehicle on the Company’s portal whereby any revenue earned through self-drive rentals are shared between the subscriber and the Company. Under the subscription model, where an identified asset is transferred to the customer and the customer has the ability to control that asset, rental revenues are recognized in accordance with ASC 842. Facilitation revenue (“Host services”) The Company has launched a new platform “Zoomcar Host Services” during the year. Zoomcar Host Services is a marketplace feature of the platform that helps owners of vehicles (“Hosts/ Customer/Lessors”) connect with users (“Renters/Lessee”) in temporary need of a vehicle on leasehold basis for their personal use. Facilitation Services revenue consists of facilitation fees charged to Hosts, net of incentives and refunds and trip protection charged to the Renters. The Company charges facilitation fees to its customers as a percentage of the value of the total booking, excluding taxes. The Company collects both the booking value on behalf of the Host and the trip protection charges from the renter. On a daily basis the Company, or its third-party payment processors, disburse the booking value to the host, less the fees due from the host to the Company. The amounts charged for trip fees for the Marketplace service vary based on factors such as the vehicle type, the day of the week, time of the trip, and the duration of the trip. Hence, the Company’s primary performance obligation in the transaction with respect to the Host is to facilitate the successful completion of the rental transaction and with respect to the renter is to offer trip protection Customer support is rendered to both the Host (customer/lessor) and the renter (lessee). Company being the intermediary between the two provides its platform through which all communication takes place related to any services e.g., extension of trip period. Such services also include the normal customer support related to any vehicle breakdowns, tracking of vehicles, renter background checks, vehicle ownership checks and various other activities which are part of an ongoing set of series required for successful listing, renting and completion of trip. These activities are not distinct from each other and are not separate performance obligations. As a result, these series of services integrate together to form a single performance obligation. In case of booking value collected from the renter on behalf of the Host, the Company evaluates the presentation of revenue on a gross versus net basis based on whether or not it is the principal(gross) or the agent (net) in the transaction. The Company considers whether it controls the right to use the vehicle before control is transferred to the renter. Indicators of control that the Company considers include whether the Company is primarily responsible for fulfilling the promise associated with the booking of the vehicle, whether it has inventory risk associated with the vehicle, and whether it has discretion in establishing the prices for the vehicles booked. The Company determined that it does not establish pricing for vehicles listed on its platform and does not control the right to use the host’s vehicle at any time before, during, or after completion of a trip booked on the Company’s platform. Accordingly, the Company has concluded that it is acting in an agent capacity, and revenue is presented net reflecting the facilitation fees received from the Marketplace service. The customer simultaneously receives and consumes the benefits provided by the entity’s performance as the entity performs. Revenue is recognised rateably over the trip period. The Company recognizes facilitation revenue from these performance obligations on a straight-line basis over the duration of the rental trip using the output method as its performance obligation is satisfied over time. The Company uses the output method based on rental hours or days, where revenue is calculated based on the percentage of total time elapsed in relation to total estimated rental period. In the event a user books a trip extension, at the time the extension is booked, the service revenue is recognized on a straight-line basis over the duration of the extension period. The Company offers various incentive programs to hosts, including minimum guaranteed listing fees and vehicle listing bonus payments. The incentives are recorded in accordance with ASC 606-10-32-25 and ASC 606-10-32-27 as a reduction to revenue and in cases where the amount of incentive paid to the Host are above the facilitation fees earned from that Host on cumulative basis the excess of the revenue amount are recorded as a marketing expense in the consolidated statement of operations. These incentives are offered as part of overall marketing strategy of the company and incentivize the hosts to refer the platform. During the year, company has stopped providing minimum guaranteed listing fees incentive. Loyalty program The Company offers loyalty program, Z-Points, wherein customers are eligible to earn loyalty points that are redeemable for payment towards facilitation fees, self-drive rentals and vehicle subscriptions. Under ASC 606 and ASC 842, each transaction that generates loyalty points results in the deferral of revenue equivalent to the retail value at the date the points are earned. The associated revenue or rental is recognized when the customer redeems the loyalty points at some time in future. The retail value of points is estimated based on the current retail value measured as of the date the loyalty points are earned, less an estimated amount representing loyalty points that are not expected to be redeemed (“breakage”). Breakage is reviewed on an annual basis and includes significant assumptions such as historical breakage trends, internal Company forecasts and extended redemption period, if any. The Company had deferred revenue amounting to $260,705 and $277,399 as at March 31, 2023 and March 31, 2022, respectively Others The Company has elected to exclude from revenue, taxes assessed by a governmental authority that are both imposed on and are concurrent with specific revenue producing transactions and collected from customers/subscribers and remitted to governmental authorities. Accordingly, such amounts are not included as a component of revenue or cost of revenue. Contract liabilities Contract liabilities primarily consists of obligations to customers for advance received against a new booking, revenue-share payable to customers for vehicles listed by them on Company’s portal for short-term rentals and related to Company’s points-based loyalty program. vii. Cash and cash equivalents Cash and cash equivalents include cash on hand, bank balances and certificate to deposits (highly liquid investments with an original maturity of three months or less). Cash and cash equivalents are recorded at cost, which approximates fair value. Cash and cash equivalents includes amounts collected on behalf of but not yet remitted to the Hosts which are included in accrued and other current liabilities in the consolidated financial statements. viii. Accounts receivables, net of allowance Accounts receivables are stated net of allowances and primarily represent corporate debtors and dues from payment gateways for amounts paid by customers. In case of corporate debtors, the payment terms generally include a credit of 30-60 days. The amounts receivable from payment gateways are settled within 2 days. The Company records an allowance for credit losses for amounts owed for completed transactions that may never settle or be collected. The Company estimates its exposure to balances deemed to be uncollectible based on factors including known facts and circumstances, historical experience, and the age of the uncollected balances. Accounts receivable balances are written off against the allowance of credit losses after all means of collection has been exhausted and potential recovery is considered remote. ix. Other receivables Other receivables include amounts recoverable from host. The receivable from host is adjusted for an allowance on account of host which are not active on the platform for more than 90 days. x. Receivables from government authorities Receivables from government authorities represent amounts owed to the Company by government agencies which are recognized when the Company has performed the required services and when they meet the eligibility criteria outlined in the applicable government regulations. Receivables from government authorities are classified based on their expected period of utilization. If the receivables are expected to be utilized within twelve months from the reporting date, they are classified as current assets. If the receivables are not expected to be utilized within twelve months from the reporting date, they are classified as non-current assets. xi. Concentration of credit risk Cash and cash equivalents, investments, other receivables, and accounts receivable are potentially subject to credit risk concentration. The Company have not experienced any material losses related to these concentrations during the years presented. No customers accounted for 10% or more of revenue for the years ended March 31, 2023 and 2022. xii. Property and equipment, net Property and equipment are stated at cost less accumulated depreciation and amortization. Depreciation is calculated using the straight-line method over the estimated useful lives The Company follows the practice of charging maintenance and repair costs for furniture and fixtures, office equipment and computers, including minor costs of replacements, to maintenance expenses. The IOT devices installed on host vehicles in the marketplace business have been depreciated over 5 years with a residual value of 0 -30%. When assets are retired or otherwise disposed of, the cost and accumulated depreciation are removed from the consolidated balance sheet and any resulting gain or loss is reflected on the consolidated statement of operations in the period realized. xiii. Intangible assets, net Intangible assets are carried at cost less accumulated amortization and impairment losses, if any. Intangible assets are amortized over their estimated useful life of 3 years on straight line method. xiv. Assets held for sale The Company classifies vehicles to be disposed of as held for sale in the period in which they are available for immediate sale in their present condition and the sale is probable and expected to be completed within one year. The Company initially measures assets held for sale at the lower of their carrying value or fair value less costs to sell and assesses their fair value annually until disposed. The fair value of Assets held for sale not traded in an active market is determined using valuation techniques which maximise the use of observable market data and rely as little as possible on entity-specific estimates. If all significant inputs required to fair value an asset are observable, the Valuation is included in Level 2. The Company has a policy of disposing vehicles once it has crossed 120,000 kilometres in order to ensure that customer experience is maintained at a premium level. In addition, the Company also disposes vehicles early if it has met with accident and is no more fit for use in the business once the insurance claims are realized on these vehicles. In case of certain vehicles which are not sold within one year from date of classification, the Company reassess the carrying value of the assets to compare it with the realisable value. xv. Impairment Long-lived assets such as property and equipment, right-of-use assets and intangible assets that are held and used by the Company are reviewed for impairment when events or changes in circumstances indicate that the carrying amount of the asset may not be recoverable. The Company monitors the long-lived assets for impairment indicators on an on-going basis. If impairment indicators exist, the Company determines the recoverability of the asset by comparing the undiscounted cash flows expected to be generated from the use and eventual disposition the long-lived asset groups to the related net book values. If the net book value of the asset group exceeds the undiscounted cash flows, an impairment loss is recognized as the difference between the carrying value of the asset and its estimated fair value. The Company estimate cash flows and fair value using internal budgets based on recent sales data and economic uncertainties. The key factors that affect estimates are (1) future revenue estimates; (2) customer preferences and decisions; and (3) product pricing. Any differences in actual results from the estimates could result in fair values different from the estimated fair values, which could materially affect our future results of operations and financial condition. The Company believe the projections of anticipated future cash flows and fair value assumptions are reasonable; however, changes in assumptions underlying these estimates could affect its valuations. xvi. Leases The Company has made a policy election not to separate non-lease components from lease components, therefore, it accounts for lease and non-lease components as a single lease component. The Company has also elected the short-term lease recognition exemption for all leases that qualify. As a lessee The Company determines if a contract contains a lease at the inception of the arrangement based on whether it has the right to obtain substantially all of the economic benefits from the use of an identified asset and whether it has the right to direct the use of an identified asset in exchange for consideration, which relates to an asset which the Company does not own. If any of the following criteria are met, the Company classifies the lease as a financing lease (as a lessee) or as a direct financing or sales-type lease (both as a lessor): ● The lease transfers ownership of the underlying asset to the lessee by the end of the lease term; ● The lease grants the lessee an option to purchase the underlying asset that the Company is reasonably certain to exercise; ● The lease term is for 75% or more of the remaining economic life of the underlying asset, unless the commencement date falls within the last 25% of the economic life of the underlying asset; ● The present value of the sum of the lease payments equals or exceeds 90% of the fair value of the underlying asset; or ● The underlying asset is of such a specialized nature that it is expected to have no alternative use to the lessor at the end of the lease term Leases that do not meet any of the above criteria are accounted for as operating leases. Right of use (“ROU”) assets and lease liabilities are recognized at the commencement date based on the present value of the lease payments over the lease term. Lease liabilities represent the present value of lease payments not yet paid and ROU assets represent the Company’s right to use an underlying asset and are based upon the operating lease liabilities adjusted for prepayments or accrued lease payments, initial direct costs, lease incentives, and impairment of lease assets, if any. Lease payments may be fixed or variable; however, only fixed payments or in-substance fixed payments are included in the Company’s lease liability calculation. Variable lease payments may include costs such as common area maintenance, utilities, real estate taxes or other costs. Variable lease payments are recognized in operating expenses in the period in which the obligation for those payments is incurred. The interest rate used to determine the present value of the future lease payments is the Company’s incremental borrowing rate (“IBR”), because the interest rate implicit in most of the Company’s leases is not readily determinable. The IBR is obtained from financial institutions based on the understanding of the Company’s credit rating and resulting interest rate the Company would have to pay to borrow an amount equal to the lease payments in a similar economic environment over the lease term on a collateralized basis. The lease liability is subsequently measured by increasing the carrying amount to reflect interest on the lease liability (using the effective interest method) and by reducing the carrying amount to reflect the lease payments made. The Company remeasures the lease liability (and makes a corresponding adjustment to the related right-of-use asset) whenever: - The lease term has changed or there is a significant event or change in circumstances resulting in a change in the assessment of exercise of a purchase option, in which case the lease liability is remeasured by discounting the revised lease payments using a revised discount rate. - A lease contract is modified, and the lease modification is not accounted for as a separate lease, in which case the lease liability is remeasured based on the lease term of the modified lease by discounting the revised lease payments using a revised discount rate at the effective date of the modification. The Company recognises the amount of the remeasurement of the lease liability as an adjustment to the right-of-use asset. However, if the carrying amount of the right-of-use asset is reduced to zero and there is a further reduction in the measurement of the lease liability, any remaining amount is recognised as a gain on modification in the consolidated statement of operations. Certain lease arrangements include the options to extend or terminate the lease before the end of the lease term. ROU assets and lease liabilities includes these options when it is reasonably certain that they will be exercised. For operating leases, lease expense is recognized on a straight-line basis in operations over the lease term. For finance leases, amortization is recorded on a straight-line basis over the lease term and interest using the effective interest method. As a Lessor The Company’s lease arrangements include vehicle rentals to its ultimate customers. Certain lease arrangements include the options to extend or terminate the lease before the end of the lease term. Due to the short-term nature of these arrangements, the Company classifies these leases as operating leases. The Company does not separate lease and non-lease components in its lessor lease arrangements. Lease payments are primarily fixed and are recognized as revenue in the period over which the lease arrangement occurs. xvii. Investments Investments in fixed deposits consist of term deposits with original maturities of more than three months with banks. These are designated as financial assets at amortized cost. xviii. Expenses Cost of revenue Cost of revenue expenses primarily consist of personnel-related compensation costs of local operations teams and teams who provide phone, email and chat support to users, repairs and maintenance expenses of vehicles, vehicle site rentals, vehicle depreciation, power and fuel charges and other direct expenses. Technology and development Technology and development expenses primarily consist of personnel-related compensation costs and information technology and data science expenses. Technology and development costs are expensed as incurred. Sales and marketing Sales and marketing expenses primarily consist of personnel-related compensation costs, advertising expenses and marketing partnerships with third parties. Sales and marketing costs are expensed as incurred. Advertising expenses incurred for the year ended March 31, 2023 amounts to $3,329,731 (March 31, 2022: $4,748,059). General and administrative General and administrative expenses primarily consist of personnel-related compensation costs, professional services fees, administrative fees, depreciation, facility costs, and other corporate costs. General and administrative expenses are expensed as incurred. Finance costs Finance costs comprises interest cost on debt, transaction costs, interest cost on defined contribution plans and interest expense on lease liabilities. Borrowing costs are recognized in the Consolidated Statement of Operations using the effective interest method. xix. Employee benefits Defined benefit plan Employees in India are entitled to a defined benefit retirement plan covering eligible employees of the Company. The plan provides for a lump-sum payment to eligible employees, at retirement, death, and incapacitation or on termination of employment, of an amount based on the respective employees’ salary and tenure of employment. The Company’s benefit plan is unfunded. Management makes certain assumptions relating to discount rates, salary growth, retirement rates, mortality rates and other factors when calculating annual amounts to be recognized. These assumptions are reviewed annually by management, assisted by the enrolled actuary, and updated as warranted. Amortization of a net gain or loss included in accumulated other comprehensive income shall be included as a component of net pension cost for a year if, as of the beginning of the year, that net gain or loss exceeds 10 percent of the greater of the projected benefit obligation or the market-related value of plan assets. If amortization is required, the minimum amortization shall be that excess divided by the average remaining service period of active employees expected to receive benefits under the plan. Prior service cost is amortized on a straight-line basis from the date recognized over the average remaining service period of active participants, when applicable. Compensated absences The Company’s liability for compensated absences is determined based on an actuarial valuation using the projected unit credit method and is charged to Consolidated Statement of Operations in the year in which they accrue. Defined contribution plan Eligible employees of the Company in India participate in a defined contribution fund in accordance with the regulatory requirements in the Indian jurisdiction. Both the employee and the Company contribute an equal amount to the fund which is equal to a specified percentage of the employee’s salary. The Company has no further obligation under defined contribution plans beyond the contributions made under these plans. Contributions are charged to profit or loss and are included in the consolidated statement of operations in the year and/or period in which they accrue. xx. Stock-based compensation The Company accounts for stock-based compensation expense in accordance with the fair value recognition and measurement provisions of US GAAP, which requires compensation cost for grant-date fair value of stock-based awards to be recognized over the requisite service period. The Company includes a forfeiture estimate in the amount of compensation expense being recognized based on the Company’s estimate of equity instruments that will eventually vest. The fair value of stock-based awards, granted or modified, is determined on the grant date at fair value, using appropriate valuation techniques. The Company records stock-based compensation expense for service-backed stock options over the requisite service period, which ranges from 6 months to 4 years. For stock options with service-based vesting conditions only, the valuation model, typically the Black-Scholes option-pricing model, incorporates various assumptions including expected stock price volatility, expected term, and risk-free rates. Stock options with graded vesting the fair-value-based measure is estim |
Reverse Recapitalization
Reverse Recapitalization | 9 Months Ended |
Dec. 31, 2023 | |
Reverse Recapitalization [Abstract] | |
Reverse Recapitalization | 3 Reverse Recapitalization As discussed in Note 1, “Organization and Description of Business”, on the Closing Date, Zoomcar, Inc. completed the acquisition of IOAC and Zoomcar, Inc. received net proceeds of $5,770,630, after adjustment of cost amounting to $21,499,578 recorded in cash and cash equivalents in the unaudited condensed consolidated balance sheet as of December 31, 2023. Further, unsecured promissory notes of $3,259,208 were assumed. As of December 31, 2023, the Company recorded $10,947,805 of transaction costs, which consisted of legal, accounting, and other professional services related to the Merger, of which $4,804,482 was related to common stock issued during the Reverse Recapitalization and was recorded as a reduction to additional paid-in capital. The cash outflows related to these costs were presented as financing activities in the Company’s unaudited condensed consolidated statements of cash flows. In addition, upon closing of the Reverse Recapitalization, certain employees received a one-time transaction bonus for an aggregate amount of $392,725, which was to be paid in cash. The transaction bonus is included in compensation and benefits in the unaudited condensed consolidated statement of operations and comprehensive (loss) income for the nine months ended December 31, 2023. On the Closing Date, each then-outstanding IOAC ordinary share was cancelled and converted into one share of common stock of the registrant, par value $0.0001 per share (“Common Stock”), and each then-outstanding IOAC warrant was assumed and converted automatically into a warrant of the Company, exercisable for shares of Common Stock. Additionally, outstanding units of the IOAC were separated into their component parts, and outstanding IOAC Class B shares were converted into Class A shares on a 1-for-1 basis. As of the Closing Date, upon consummation of the Reverse Recapitalization, the only outstanding shares of capital stock of the IOAC are shares of Common Stock. See Note 20, “Common Stock” and Note 17, “Warrants”, for additional details of the Company’s stockholders’ equity prior to and subsequent to the Merger. All equity awards of Zoomcar, Inc. were assumed by the Company and converted into comparable equity awards that are settled or exercisable for shares of the Company’s common stock. As a result, each outstanding stock option of Zoomcar, Inc. was converted into an option to purchase shares of the Company’s common stock based on the Exchange Ratio and each outstanding warrant of Zoomcar, Inc. was converted into a warrant to purchase shares of the Company’s common stock based on the Exchange Ratio. As additional consideration for the acquisition of Zoomcar, Inc. securities, at the Closing, IOAC issued and deposited into an escrow account established for this purpose (the “Earnout Escrow Account”) 20,000,000 shares of Common Stock (the “Earnout Shares”) to be held in the Earnout Escrow Account in accordance with the terms of an earnout escrow agreement. The Original Earnout Terms were modified pursuant to the terms and provisions set forth in the Post-Closing Amendment, effective immediately upon the adoption of the Post-Closing Amendment on December 29, 2023 resulting in the Earnout Shares becoming distributable to stockholders in accordance with the terms of the Merger Agreement. The Merger was accounted for as a Reverse Recapitalization with Zoomcar, Inc. as the accounting acquirer and IOAC as the acquired company for accounting purposes. As discussed in Note 1, the merger was accounted as a Reverse Recapitalization. Accordingly, all historical financial information presented in these unaudited condensed consolidated financial statements represents the accounts of Zoomcar, Inc. and its subsidiaries. Net assets were stated at historical cost consistent with the treatment of the transaction as a Reverse Recapitalization of Zoomcar, Inc. In connection with Reverse Recapitalization, then-outstanding 11,500,000 public warrants of IOAC were assumed and converted automatically into a warrant of the Company on the closing. Public warrants entitled each holder to the right to purchase one share of common stock at an exercise price of $11.50 per share and classified as equity instruments. Ananda Trust Closing Subscription Agreement On December 19, 2023, IOAC and Ananda Trust, an affiliate of the Sponsor, entered into a subscription agreement (the “Ananda Trust Closing Subscription Agreement”), pursuant to which, upon the Closing, Ananda Trust purchased 1,666,666 IOAC Class A ordinary shares at a price of $3.00 per share for aggregate gross proceeds of $5,000,000. This investment was consummated concurrently with the closing of the Reverse Recapitalization. The number of shares of common stock issued immediately following the consummation of the Reverse Recapitalization was as follows: Particulars December 31, Conversion of Zoomcar, Inc. Common Stock and Preferred Stock outstanding prior to Merger 27,327,481 Common stock – issuance to IOAC shareholders 9,192,377 Shares issued to Mohan Ananda 2,738,172 Other vendors 3,617,333 Total 42,875,363 The number of Zoomcar, Inc. shares was determined as follows: Particulars Zoomcar, Inc. Common Common shares 16,987,064 482,681 Preferred stock 99,309,415 21,842,458 Redeemable NCI - Shares of Zoomcar India Private Limited 10,848,308 754,169 Issue of common shares on conversion of SSCPN 4,248,173 Total 27,327,481 |
Cash and Cash Equivalents
Cash and Cash Equivalents | 9 Months Ended | 12 Months Ended |
Dec. 31, 2023 | Mar. 31, 2023 | |
Cash and Cash Equivalents [Abstract] | ||
Cash and cash equivalents | 4 Cash and cash equivalents The components of cash and cash equivalents were as follows: (In USD) As at December 31, March 31, 2023 Balances in bank accounts $ 6,028,945 $ 3,657,580 Certificate to deposits 86,373 15,633 Cash 1,675 13,528 Cash and cash equivalents 6,116,993 3,686,741 | 3 Cash and cash equivalents The components of cash and cash equivalents were as follows: (In USD) March 31, March 31, Balances in bank accounts $ 3,657,580 $ 26,723,963 Certificate to deposits 15,633 41,548 Cash 13,528 18,280 Cash and cash equivalents 3,686,741 26,783,791 |
Accounts Receivable, Net of All
Accounts Receivable, Net of Allowance for Doubtful Accounts | 9 Months Ended | 12 Months Ended |
Dec. 31, 2023 | Mar. 31, 2023 | |
Accounts Receivable, Net of Allowance for Doubtful Accounts [Abstract] | ||
Accounts receivable, net of allowance for doubtful accounts | 5 Accounts receivable, net of allowance for doubtful accounts The components of accounts receivables were as follows: (In USD) As at December 31, March 31, 2023 Accounts receivable $ 290,871 $ 255,175 Net accounts receivable 290,871 255,175 The Company records an allowance for credit losses for amounts owed for completed transactions that may never settle or be collected. As at December 31, 2023 and March 31, 2023, no allowance was created for expected credit losses. | 4 Accounts receivable, net of allowance for doubtful accounts The components of accounts receivables were as follows: (In USD) March 31, March 31, Accounts receivable $ 255,175 $ 204,198 Net accounts receivable 255,175 204,198 The Company records an allowance for credit losses for amounts owed for completed transactions that may never settle or be collected. For the year ended March 31, 2023 and March 31, 2022, no allowance was created for expected credit losses. |
Receivable from Government Auth
Receivable from Government Authorities | 9 Months Ended | 12 Months Ended |
Dec. 31, 2023 | Mar. 31, 2023 | |
Receivable from Government Authorities [Abstract] | ||
Receivable from government authorities | 6 Receivable from government authorities The components of receivable from government authorities were as follows: (In USD) As at December 31, March 31, Current Goods and service tax receivable $ 990,446 $ 3,962,822 990,446 3,962,822 Non current Goods and service tax receivable* $ 3,226,844 $ 196,483 Other tax receivables 14,939 51,838 3,241,783 248,321 * Although these taxes are contractually available to the Company immediately, the Company has accounted for these credits as non-current based upon their expected utilization period. | 5 Receivable from government authorities The components of receivable from government authorities were as follows: (In USD) March 31, March 31, Current Goods and service tax receivable $ 3,962,822 $ 2,290,367 Other tax receivables — 9,793 3,962,822 2,300,160 Non current Goods and service tax receivable* $ 196,483 $ 2,335,572 Other tax receivables 51,838 13,368 248,321 2,348,940 * These taxes are contractually available to the Company immediately. However, the Company has determined the non-current amount based upon their expected utilization of these available credits. |
Short Term Investments with Rel
Short Term Investments with Related Parties | 9 Months Ended | 12 Months Ended |
Dec. 31, 2023 | Mar. 31, 2023 | |
Short Term Investments with Related Parties [Abstract] | ||
Short term investments with related parties | 7 Short term investments with related parties The components of short term investments with related parties were as follows: (In USD) As at December 31, March 31, Certificate to deposits with related parties* $ 164,381 $ 166,540 Short term investments with related parties 164,381 166,540 * These deposits are under lien against debt availed from related parties. | 6 Short term investments with related parties As at March 31, March 31, Certificate to deposits with related parties* $ 166,540 $ — Short term investments with related parties 166,540 — * These deposits are under lien against debt availed from related parties |
Other Current Assets
Other Current Assets | 9 Months Ended | 12 Months Ended |
Dec. 31, 2023 | Mar. 31, 2023 | |
Other Current Assets [Abstract] | ||
Other current assets | 8 (a) Other current assets The components of other current assets were as follows: (In USD) As at December 31, March 31, Insurance claims receivable $ 23,389 $ 23,677 Advance to suppliers 57,989 88,115 Security deposits 135,962 53,585 Advance income taxes, net 115,412 174,654 Advance to employees 113,512 87,679 Receivables from car sale 537,290 578,523 Other receivables 155,165 143,976 Other current assets 1,138,719 1,150,209 8 (b) Other current assets with related parties The components of other current assets with related parties were as follows: (In USD) As at December 31, March 31, Advance to director $ 46,040 $ 19,682 Other current assets with related parties 46,040 19,682 | 7(a) Other current assets The components of other current assets were as follows: (In USD) March 31, March 31, Insurance claims receivable $ 23,677 $ 90,885 Prepaid expenses 909,828 239,651 Advance to suppliers 88,115 319,255 Security deposits 53,585 84,774 Advance income taxes, net 174,654 195,640 Advance to employees 87,679 98,429 Receivables from car sale 578,523 720,697 Other receivables 143,976 220,140 Other current assets 2,060,037 1,969,471 7(b) Other current assets with related parties The components of other current assets with related parties were as follows: (In USD) March 31, March 31, Advance to director $ 19,682 $ — Other current assets with related parties 19,682 — |
Assets Held for Sale
Assets Held for Sale | 9 Months Ended | 12 Months Ended |
Dec. 31, 2023 | Mar. 31, 2023 | |
Assets Held for Sale [Abstract] | ||
Assets held for sale | 9 Assets held for sale The components of assets held for sale were as follows: (In USD) As at December 31, March 31, Vehicles $ 656,885 $ 923,176 Total assets held for sale 656,885 923,176 Vehicles represent the vehicles held for sale in Indian subsidiary, Zoomcar India Private Limited. The gain or loss on sale of these assets is included in Loss/ (gain) on sale of assets held for sale under Other income of Condensed Consolidated Statement of Operations. During the three and nine months ended December 31, 2023, total loss of $9,940 and total loss of $11,325 respectively was recorded against Loss/ (gain) on sale of vehicles held for sale. During the three and nine months ended December 31, 2022, total profit of $1,690,003 and $1,659,575 respectively was recorded against Loss/ (gain) on sale of vehicles held for sale. During the three and nine months ended December 31, 2023, the Company has recorded the impairment amount of $165,216 and $165,216 respectively. During the three and nine months ended December 31, 2022, the Company has recorded the impairment amount of $51,032 and $93,884 respectively. The impairment amount is adjusted with Loss/ (gain) on sale of assets held for sale under Other income of Condensed Consolidated Statement of Operations. The Company is actively taking steps to liquidate these “Assets held for sale”, pending the capacity to foreclose loans and issue NOCs to buyers. With the current fundraising projections, the Company anticipate full asset sale completion by Q3 of the calendar year 2024. | 8 Assets held for sale The components of assets held for sale were as follows: (In USD) March 31, March 31, Vehicles $ 923,176 $ 4,298,419 Total assets held for sale 923,176 4,298,419 Vehicles represent the vehicles held for sale in Indian subsidiary, Zoomcar India Private Limited. The gain or loss on sale of these assets is included in Loss/ (gain) on sale of assets held for sale under Other income of Consolidated Statement of Operations. During the year ended March 31, 2023, total profit of $1,644,650 (loss of $31,383 for year ended March 31, 2022) was recorded against Loss/ (gain) on sale of vehicles held for sale. During the year ended March 31, 2023, the Company has recorded the impairment amount of $93,144 ($524,662 for year ended March 31, 2022) on vehicles held for sale and $87,436 ($ NIL |
Property and Equipment, Net
Property and Equipment, Net | 9 Months Ended | 12 Months Ended |
Dec. 31, 2023 | Mar. 31, 2023 | |
Property and Equipment, Net [Abstract] | ||
Property and equipment, net | 10 Property and equipment, net The components of property and equipment were as follows: (In USD) As at Estimated useful life December 31, March 31, Devices 3 - 5 years $ 3,303,843 $ 3,402,749 Computer equipment 2 - 7 years 827,174 873,178 Office equipment 3 - 10 years 248,008 452,489 Furniture and fixtures 10 years 10,235 10,287 Total, at cost 4,389,260 4,738,703 Less: Accumulated depreciation (2,502,466 ) (2,010,180 ) 1,886,794 2,728,523 Right-of-use assets under finance leases: Vehicles, at cost $ 4,125,088 $ 4,179,272 Accumulated depreciation (4,125,088 ) (4,179,272 ) - - Total property and equipment, net 1,886,794 2,728,523 Depreciation expense for the three months ended December 31, 2023 and December 31, 2022 was $244,050 and $291,301 respectively, and for the nine months ended December 31, 2023 and December 31, 2022 was $754,658 and $604,661 respectively. Depreciation expense has been shown under cost of revenue amounting to $205,260 and $624,630 for the three and nine months ended December 31, 2023 respectively and under General and administrative expenses amounting to $38,790 and $130,028 for the three and nine months ended December 31, 2023. Depreciation expense has been shown under cost of revenue amounting to $90,499 and $294,522 for the three and nine months ended December 31, 2022 respectively and under General and administrative expenses amounting to $200,803 and $310,139 for the three and nine months ended December 31, 2022. Vehicles are pledged against debt from financial institutions. There is no change in useful life of the assets during the year. As of December 31, 2023 and March 31, 2023, the Company believes no impairment exists because the long-lived asset’s future undiscounted net cash flows expected to be generated exceeds its carrying value; however, there can be no assurances that long-lived assets will not be impaired in future periods. | 9 Property and equipment, net The components of property and equipment were as follows: (In USD) Estimated March 31, March 31, Devices 3 – 5 years $ 3,402,749 $ 3,970,324 E-bikes 3 years — 980,615 Computer equipment’s 2 – 7 years 873,178 1,210,790 Office equipment’s 3 – 10 years 452,489 261,808 Furniture and fixtures 10 years 10,287 52,172 Total, at cost 4,738,703 6,475,709 Less: Accumulated depreciation (2,010,180 ) (3,485,308 ) 2,728,523 2,990,401 Right-of-use assets under finance leases: Vehicles, at cost $ 4,179,272 $ 5,196,182 Accumulated depreciation (4,179,272 ) (5,192,955 ) — 3,227 Total property and equipment, net 2,728,523 2,993,628 Depreciation expense for the year ended March 31, 2023 and March 31, 2022 was $699,091 and $3,185,123 respectively. Depreciation expense has been shown under cost of revenue amounting to $337,010 ($3,059,096 for year ended March 31, 2022) for the year ended March 31, 2023 and under General and administrative expenses amounting to $362,081 ($126,027 for year ended March 31, 2022) for the year ended March 31, 2023. Vehicles are pledged against debt from financial institutions. There is no change in useful life of the assets during the year. As of March 31, 2023 and 2022, the Company believes no impairment exists because the long-lived asset’s future undiscounted net cash flows expected to be generated exceeds its carrying value; however, there can be no assurances that long-lived assets will not be impaired in future periods. |
Leases
Leases | 9 Months Ended | 12 Months Ended |
Dec. 31, 2023 | Mar. 31, 2023 | |
Leases [Abstract] | ||
Leases | 11 Leases The Company’s lease primarily includes vehicles and corporate offices which have been classified as finance leases and operating leases, respectively. The lease term of operating and finance leases varies between 3 to 7 years. The lease agreements do not contain any covenants to impose any restrictions except for market-standard practice for similar lease arrangements. In assessment of the lease term, the Company considers the extension option as part of its lease term for those lease arrangements where the Company is reasonably certain of availing the extension option. The components of lease expense were as follows: (In USD) Three months ended Nine months ended Period ended 2023 2022 2023 2022 Finance lease cost: Amortization of right-of-use assets - - $ - $ 3,075 Interest on lease liabilities 152,659 203,115 469,140 637,164 Operating lease cost 127,399 135,301 387,681 408,713 Short term lease cost 43,691 21,744 123,364 82,494 Total lease cost 323,749 360,160 980,185 1,131,446 December 31, 2023 March 31, 2023 Maturities of lease liabilities are as follows: Operating Finance Operating Finance 2024 $ 141,237 $ 527,085 497,344 1,877,744 2025 456,962 2,590,349 471,185 2,103,127 2026 346,229 3,008,978 350,777 3,048,501 2027 363,061 663,553 367,830 672,269 2028 380,734 - 385,735 - Thereafter 399,291 - 404,536 - Total Lease Payments 2,087,514 6,789,965 2,477,407 7,701,641 Less : Imputed Interest 556,080 860,843 725,982 1,345,957 Total Lease Liabilities $ 1,531,434 $ 5,929,122 1,751,425 6,355,684 An amount of $364,223 and $369,007 which is receivable from LeasePlan India Private Limited has been netted off with lease liability balance as on December 31, 2023 and March 31, 2023 respectively. As of December 31, 2023, the Company continues to default on EMI payments for December 2023, owed to LeasePlan India Private Limited (Lender). The total lease commitment balance as of December 31, 2023 is $5,761,308 (including $492,261 for defaulted lease payments). In adherence to the agreement, the Company has accumulated penal interest at a simple interest rate of 1% per month on the overdue EMIs, amounting to $16,669 for the nine months ended December 31, 2023. If the overdue amount remains unpaid after 60 days from the date of default, an additional simple interest of 1.5% per month is levied for the subsequent 30 days. In case the default persists beyond this extended period, it will be deemed a breach of the agreement, resulting in; a) entire outstanding debt becoming due and payable, inclusive of all accrued interests, b) the lender can seek and cause compulsory re-possession of all vehicles from Zoomcar which were financed from Lender, c) withdrawal of conditional waiver of USD 1.2 million (INR 10 crores) given during restructuring and shall become immediately due and payable with interest of 1.5% per month. The Company had subsequently made the EMI payment for the month of October 2023. | 10 Leases The Company’s lease primarily includes vehicles and corporate offices which has been classified as finance leases and operating leases, respectively. The lease term of operating and finance leases varies between 3 to 7 years. The lease agreements do not contain any covenants to impose any restrictions except for market-standard practice for similar lease arrangements. In assessment of the lease term, the Company considers the extension option as part of its lease term for those lease arrangements where the Company is reasonably certain of availing the extension option. The components of lease expense were as follows: (In USD) March 31, March 31, Finance lease cost: Amortization of right-of-use assets $ 3,298 $ 266,410 Interest on lease liabilities 844,424 1,046,991 Operating lease cost 540,908 50,391 Short term lease cost 181,337 208,507 Total lease cost 1,569,967 1,572,299 Supplemental cash flow information related to leases was as follows: (In USD) March 31, March 31, Cash paid for amounts included in the measurement of lease liabilities: Operating cash outflows for operating leases $ (485,453 ) $ (50,000 ) Financing cash outflows for finance leases (1,618,551 ) (3,399,696 ) Right-of-use assets obtained in exchange for lease obligations: Operating leases 1,575,468 469,879 Supplemental balance sheet information related to leases was as follows: (In USD) March 31, March 31, Operating Leases Operating lease right-of-use assets $ 1,694,201 $ 436,068 Current operating lease liabilities $ 466,669 $ 137,307 Non current operating lease liabilities 1,284,755 302,564 Total operating lease liabilities 1,751,424 439,871 Finance Leases Property and equipment, at cost $ 6,012,559 $ 7,431,804 Accumulated depreciation (4,179,272 ) (5,192,955 ) Accumulated impairment (1,833,287 ) (2,235,622 ) Property and equipment, net — 3,227 Other current liabilities $ 1,257,423 $ 1,093,695 Other long-term liabilities 5,098,262 7,632,912 Total finance lease liabilities 6,355,685 8,726,607 Weighted Average Remaining Lease Term Operating leases 63 months 33 months Finance leases 41 months 49 months Weighted Average Discount Rate Operating leases 13.00 % 13.00 % Finance leases 10.00 % 10.00 % The Company determines the incremental borrowing rate by adjusting the benchmark reference rates, with appropriate financing spreads applicable to the respective geographies where the leases were entered and lease specific adjustments for the effects of collateral. Year ended March 31, 2023 2022 Operating Finance Operating Finance Maturities of lease liabilities are as follows: 2023 $ — $ — $ 184,360 $ 1,915,040 2024 497,344 1,877,744 192,867 2,224,474 2025 471,185 2,103,127 147,833 2,593,917 2026 350,777 3,048,501 — 3,689,742 Year ended March 31, 2023 2022 Operating Finance Operating Finance 2027 367,830 672,269 — 727,294 2028 385,735 — — — Thereafter 404,536 — — — Total Lease Payments 2,477,407 7,701,641 525,060 11,150,467 Less : Imputed Interest 725,982 1,345,957 85,189 2,423,860 Total Lease Liabilities $ 1,751,425 $ 6,355,684 $ 439,871 $ 8,726,607 An amount of $369,007 and $399,210 which is receivable from Leaseplan India Private Limited has been netted off with lease liability balance as on March 31, 2023 and March 31, 2022 respectively. |
Investments
Investments | 9 Months Ended | 12 Months Ended |
Dec. 31, 2023 | Mar. 31, 2023 | |
Investments [Abstract] | ||
Investments | 12 Investments The components of investments were as follows: (In USD) As at December 31, March 31, Long term investments Investments in fixed deposits* $ 219,142 $ 158,455 Investments in fixed deposits with related parties** 100,259 95,577 319,401 254,032 Investments includes fixed deposits and interest accrued on the same. * includes a fixed deposit of $120,205 with IndusInd bank against which a bank guarantee has been given to Lease Plan India Private Limited for the vehicles taken on lease. ** these fixed deposits have a maturity of more than 12 months and hence have been considered under long term. However, these have been given under lien against debt availed from related parties. | 12 Investments The components of investments were as follows: (In USD) March 31, March 31, Long term investments Investments in fixed deposits $ 158,455 $ 123,406 Investments in fixed deposits with related parties* 95,577 276,400 254,032 399,806 Investments includes fixed deposits and interest accrued on the same. * these fixed deposits have a maturity of more than 12 |
Other Non-Current Assets
Other Non-Current Assets | 9 Months Ended | 12 Months Ended |
Dec. 31, 2023 | Mar. 31, 2023 | |
Other Non-Current Assets [Abstract] | ||
Other non-current assets | 13 Other non-current assets The components of other non-current assets were as follows: (In USD) As at December 31, March 31, Security deposits $ 324,948 $ 425,669 Other non current assets 324,948 425,669 | 13 Other non-current assets The components of other non-current assets were as follows: (In USD) March 31, March 31, Security deposits $ 425,669 $ 363,275 Other non current assets 425,669 363,275 |
Debt
Debt | 9 Months Ended | 12 Months Ended |
Dec. 31, 2023 | Mar. 31, 2023 | |
Debt [Abstract] | ||
Debt | 14 Debt The components of long term and short term debt were as follows: (In USD) As at December 31, 2023 March 31, 2023 Current Non-convertible debentures 7.7% Debentures $ 361,817 $ 454,969 Term loans - from non-banking financial companies (NBFCs) 1,269,251 960,892 - from related parties (NBFCs) 922,300 1,054,887 2,553,368 2,470,748 Non current Term loans - from non-banking financial companies (NBFCs) $ 1,865,032 $ 3,039,200 1,865,032 3,039,200 Total maturity as of December 31, 2023 is as follows: Year ending March 31, 2024 (January 1, 2024 till March 31, 2024) $ 2,030,936 2025 654,744 2026 488,297 2027 903,093 2028 341,330 $ 4,418,400 Non-convertible debentures (a) 10% Series A, B and C The terms and conditions of the debentures have remain unchanged since the year ended March 31, 2022. The debentures were to be fully repaid by July 2022 as per the restructured terms agreed on May 2021. However, the Company had sought a further extension in May 2022 basis which these were fully repaid on October 20, 2022. This change has been accounted for as a debt modification. The Company has recorded an interest expense amounting to $ NIL (b) 7.7% Debenture The Company has recorded an interest expense amounting to $9,523 and $31,609 for the three and nine months period ended December 31, 2023 respectively, and $15,043 and $51,612 for the three and nine months ended December 31, 2022 respectively. (c) Term loans from NBFCs The terms and conditions of the loans taken from NBFC’s remain unchanged since the year ended March 31, 2023. The Company has recorded an interest expense amounting to $100,243 and $294,872 for the three and nine months period ended December 31, 2023 respectively, and $97,222 and $453,927 for the three and nine months ended December 31, 2022 respectively. As of December 31, 2023, the Company continues to default on Equated monthly installment (“EMI”) for October, November and December 2023 owed to Kotak Mahindra Finance (Lender). The outstanding balance as of December 31, 2023 is $372,645 (including $73,652 for defaulted EMI). As per the restructuring agreement, in case of any default by the Company (Borrower), the Lender may issue Loan Recall notice thereafter the outstanding loan amount shall become payable immediately with penal interest of 1% per month. The Company had subsequently made the EMI payment for the month of October 2023 and is not in receipt of any such notice till date. The outstanding amount of borrowing is classified under current liabilities in the Condensed Consolidated balance sheet. The Company has defaulted on EMI for the month of December 2023 owed to Tata Motors Finance Limited and Orix Leasing and Financial Services India Limited for an amount of $52,427, $26,866, respectively. As per the restructuring agreement, in case of default on payment, interest charge of 36% pa. on overdue amount and 15% pa. on the outstanding amount shall be levied by Tata Motors Finance Limited and Orix Leasing and Financial Services India Limited, respectively. The Company has defaulted on EMI for the month of December 2023 owed to Blacksoil Capital Private Limited and Jain and Sons Services Limited for an amount of $14,291 and $9,675 respectively. The Company has recorded a penal interest expense amounting to $5,157 for the three and nine months period ended December 31, 2023 respectively. Subsequently the Company has remedied the default by paying EMI overdue for Blacksoil Capital Private Limited and Tata Motors Finance Limited as of December 31, 2023. | 14 Debt The components of long term and short term debt were as follows: (In USD) March 31, March 31, Current Non-convertible debentures 10% Series A $ — $ 881,917 10% Series B — 423,320 10% Series C — 564,267 7.7% Debentures 454,969 171,629 Term loans – from banks — 102,766 – from non-banking financial companies (NBFCs) 960,892 1,758,284 – from related parties (NBFCs) 1,054,887 842,707 2,470,748 4,744,890 Non current Non-convertible debentures 7.7% Debentures $ — $ 461,485 Term loans – from banks — 79,275 – from non-banking financial companies (NBFCs) 3,039,200 5,185,292 – from related parties (NBFCs) — 1,777,612 3,039,200 7,503,664 Total maturity for the year ending on March 31, 2024 $ 2,470,747 2025 982,836 2026 634,390 2027 1,042,901 2028 379,074 $ 5,509,948 Non-convertible debentures (a) 10% Series A, B and C The Company had issued 14.5% non-convertible debentures to Trifecta Venture Debt Fund I for a period of 30 months from the date of issuance of the Series A (May 17, 2018), Series B (October 12, 2018) and Series C (March 08, 2019) debentures. The debentures are secured by way of transferring following in favor of the Debenture trustee: 1) Exclusive first charge over the Company’s hypothecated property, and 2) Unconditional and irrevocable corporate guarantee of Zoomcar, Inc. Hypothecated property includes accounts receivables, other receivables, outstanding moneys, claims, demands, bills, contracts, stocks of raw materials, finished and semi-finished goods, movable plant and machinery, equipment, computers, appliances, furniture, product(s), machinery spares and stores, tools and accessories, whether or not installed, excluding vehicles; all of Company’s books and records. In May 2021, the Company completed negotiations and received concession from the debenture trustee. Under the revised terms, the Company has received an extension period of fourteen (14) months to repay the outstanding amounts at an effective interest rate of 10% per annum. These debentures under the original terms were repayable on March 31, 2021 carrying a coupon rate of 14.3% per annum. Company has further taken an extension in May 2022 basis which these were fully repaid on October 20, 2022. Undiscounted future cash flows post such concession are greater than the carrying amount and therefore no gain has been recognized on account of troubled debt restructurings. The Company has recorded an interest expense amounting to $80,891 and $268,008 for the year ended March 31, 2023 and March 31, 2022. (b) 7.7% Debenture The Company had issued Non Convertible Debentures to Blacksoil Capital Private Limited for a period of 36 months from the date of allotment i.e. April 16, 2019. The original issue of debentures was at a variable interest rate of MCLR + 2%, with MCLR at the date of signing being 12%. The debentures are secured against: 1) First and exclusive charge on 100% assets purchased using the loans, 2) Post-dated cheques from Company, and 3) Personal guarantee of Mr. Gregory B Moran (CEO of the Company). In February 2021, the Company restructured the debt with the lender with a coupon rate of 10%. The effective interest rate pursuant to the restructuring is 7.7% per annum. The Company also received temporary moratorium till December 30, 2021 along with extension in maturity term by twenty eight (28) months starting from 31 October 2021 The Company has recorded an interest expense amounting to $65,047 and $85,858 for the year ended March 31, 2023 and March 31, 2022. Term loans from banks The loans outstanding as on 31 March 2022 represent dues from IndusInd Bank which carried rate of interest of 9.09% per annum. This loan was restructured in April 2021 post which, as per the revised terms, the loan was repayable in monthly instalments aggregating to $220,365 in 2021-22, $104,712 in 2022-23, $107,397 in 2023-24 and balance by June 2024 amounting to $127,292. The Company based on available proceeds from sale of vehicles made periodic prepayments of scheduled instalments. Subsequently, the loan was fully paid-off in June 2022. As at 1 April 2021, the Company had term loans from IndusInd Bank, ICICI Bank and Yes Bank. These loans were repayable in 9-13 monthly instalments, each ranging from $16,299 to $232,476 along with interest. In December 2021, Company engaged with ICICI Bank and Yes Bank for debt restructuring which resulted in one-time settlement of the term loans with significant principal reductions. The above troubled debt restructurings led to a gain of $4,211,559 ($0.25 per share) for the year ended 31 March 2022 which has been presented in the consolidated income statement. These loans were procured to finance the purchase of vehicles and therefore are secured against vehicles purchased from the loan. The Company has recorded an interest expense amounting to $2,549 and $483,876 for the year ended March 31, 2023 and March 31, 2022. Term loans from NBFCs Includes loans outstanding as at March 31, 2023 and March 31, 2022 of $ 50,54,979 In the month of June 2021 there has been a restructuring agreement entered between the group and BMW India Financial Service wherein the outstanding amounts has been settled on revised payment schedule by December 2021. In the month of July 2021, the group has entered into a restructuring agreement with Toyota Financial Services and Ford Credit India Pvt Ltd. for one time settlement of the loans outstanding against these financiers wherein the outstanding amounts has been settled on revised payment schedule by July 2021. In the month of December 2021 there has been a restructuring agreement entered between the group and Hero Fincorp Ltd. wherein as per the revised terms the debt has been settled in 2 tranches by December 2021 All of the above troubled debt restructurings led to a gain of $3,162,647 ($0.19 per share) for the year ended March 31, 2022 which has been presented in the consolidated income statement. In the month of August 2021 there has been a restructuring agreement entered between the group and Volkswagen Finance wherein as per the revised terms the debt has been restructured in the form of upfront payment and revised repayment schedules. The repayment of sustainable debt starts from 30 December 2020 to 30 June 2023 and thereafter the unsustainable debt starting from 31 July 2023 to 31 August 2027. One time settlement payment shall be based on the liquidation of proceeds collected from sale of secured assets on completion of their useful life on or before 30 June 2023. The Company has recorded an interest expense amounting to $536,567 and $1,030,040 for the year ended March 31, 2023 and March 31, 2022. |
Convertible Promissory Note (_N
Convertible Promissory Note (‘Notes’) | 9 Months Ended | 12 Months Ended |
Dec. 31, 2023 | Mar. 31, 2023 | |
Convertible Promissory Note (‘Notes’) [Abstract] | ||
Convertible promissory note (‘Notes’) | 15 Convertible promissory note (‘Notes’) The following is a summary of the Company’s Notes payable for which it elected the fair value option as of December 31, 2023 and March 31, 2023: (In USD) Fair Value Outstanding As at December 31, March 31, Notes $ - $ 10,944,727 Total - 10,944,727 In October 2022, the Company entered into a Convertible Promissory Note agreement with Ananda Small Business Trust for $10,000,000 accruing interest at a simple rate of six percent (6%) per annum. Under the terms of the aforementioned agreement, the Convertible Promissory Note were to be converted into the Common Stock of Innovative International Acquisition Corp. on the successful closing of the SPAC transaction. At the Company’s election, the Company may settle the accrued and unpaid interest on the Convertible Promissory Note by cash instead. In the event of termination of the agreement with Innovative International Merger Sub, Inc. or after a period of one year from the issue date of the Convertible Promissory Note, the Note shall automatically be exchanged and cancelled in its entirety for a ‘Company Note’. The Company note is a convertible private note to be issued by the Company which will be issued at the aggregate price of principal and interest accrued till the date of conversion of the Note. Pursuant to the Amendment to Note Purchase Agreement dated September 11, 2023, the maturity date of the Notes had been amended to December 31, 2023. All other terms of the Note remain unchanged. The Convertible Promissory Note was converted into the Company’s Common Stock on the consummation of the Business Combination by way of a Reverse Recapitalization. The outstanding principal along with interest at a simple rate of 6% were considered to arrive at 1,071,506 shares at a Conversion Price of $10.00 per share. The (gain)/loss on fair value change of the Notes recorded was $(7,986,326) and $(6,990,870) for the three and nine months ended December 31, 2023, respectively, and $308,832 for the three and nine months ended December 31, 2022 which were recognized in the Condensed Consolidated Statement of Operations for their respective period (as no portion of such fair value adjustment resulted from instrument-specific credit risk). As of both December 31, 2023 and March 31, 2023, the principal balance of the Notes was $ NIL NIL 15A Unsecured promissory note The following is a summary of the Company’s Notes payable as of December 31, 2023 and March 31, 2023: (In USD) Outstanding As at December 31, March 31, Unsecured promissory note $ 2,027,840 $ - Total 2,027,840 - Prior to the Merger, in August 2022, the SPAC had issued a interest free Convertible Promissory Note to Ananda Small Business Trust with a principal amount for $2,027,840. The principal amount is repayable in 90 days (the ‘Maturity Date’) after the consummation of the Business Combination by way of a Reverse Recapitalization. The principal balance can be repaid at any time before the Maturity Date. The Note is also convertible at the option of the holder on the Maturity Date at a Conversion Price of $3.00 per share. The principal amount of the Note is outstanding as on December 31, 2023 is $2,027,840. | 15 Convertible promissory note (‘Notes’) The following is a summary of the Company’s notes payable for which it elected the fair value option as of March 31, 2023 and March 31, 2022: Fair Value Outstanding (In USD) March 31, March 31, Notes $ 10,944,727 $ — Total 10,944,727 — For the years ended March 31, 2023 and 2022, the fair value of the notes recorded as $944,727 and NIL As of both March 31, 2023 and 2022, the principal balance of the notes was $10,000,000. As of March 31, 2023 and 2022, the fair value of the notes of $10,944,727 and NIL Terms of notes In October 2022, the Company entered into an ‘Agreement and Plan of Merger and Reorganization’ with Innovative International Acquisition Corp. for the purpose of merger of Innovative International Merger Sub, Inc., with the Company, with the Company continuing as the surviving entity (’SPAC Transaction). Subsequently, the Company entered into a convertible promissory note agreement with Ananda Small Business Trust for $10,000,000 accruing interest at a simple rate of six percent (6%) per annum. The Convertible promissory note will be converted into the Common Stock of Innovative International Acquisition Corp. on the successful closing of the SPAC transaction. At the Company’s election, the Company may settle the accrued and unpaid interest on the Convertible promissory note by cash instead. In the event of termination of the agreement with Innovative International Merger Sub, Inc. or after a period of one year from the issue date of the Convertible promissory note, the Note shall automatically be exchanged and cancelled in its entirety for a ‘Company Note’. The Company note is a convertible private note to be issued by the Company which will be issued at the aggregate price of principal and interest accrued till the date of conversion of the Note. The notes were accounted for at fair value with changes in fair value being recognized under ‘Change in fair value of convertible promissory note’ within the Statement of Operations. See Note 31, Fair value measurements. |
Senior Subordinated Convertible
Senior Subordinated Convertible Promissory Note (’SSCPN’ or ‘Convertible note’) | 9 Months Ended | 12 Months Ended |
Dec. 31, 2023 | Mar. 31, 2023 | |
Senior Subordinated Convertible Promissory Note [Abstract] | ||
Senior Subordinated Convertible Promissory Note (’SSCPN’ or ‘Convertible note’) | 16 Senior Subordinated Convertible Promissory Note (’SSCPN’ or ‘Convertible note’) The following is a summary of the Company’s Convertible Notes payable for which it elected the fair value option as of December 31, 2023 and March 31, 2023: (In USD) Fair Value Outstanding As at December 31, March 31, Convertible note $ - $ 17,422,132 Warrants issued against SSCPN - 14,373,856 Total - 31,795,988 The Company has raised $8,109,954 during the year ended March 31, 2023 and $13,175,027 during the nine months ended December 31, 2023 against SSCPN, Warrants and placement agents warrants. The terms and conditions are given below in note. During the three months ended December 31, 2023, as a result of consummation of the Business Combination by way of a Reverse Recapitalization, the convertible note outstanding were converted into 4,248,178 shares of the Company’s Common Stock. The Company had measured the SSCPN under the fair value option election of ASC 825 and were adjusted for their carrying value through statement of operations up to the date of conversion on reverse recapitalization. On the date of Reverse Recapitalization, the carrying amounts of the SSCPN and Notes were credited to the capital accounts upon conversion. The (gain)/ loss on change in fair value of the SSCPN recorded was $(20,110,058) and $(3,448,846) for the three and nine months ended December 31, 2023, respectively, and $ NIL As of March 31, 2023, and December 31, 2023, the principal balances of the SSCPN were $8,109,954 and $ NIL NIL The warrants were classified as derivative financial liabilities in Zoomcar, Inc.’s consolidated balance sheet. The Company remeasured the Warrants at each balance sheet date to fair value. On the close date of Reverse Recapitalization, the Warrants were reclassified to equity-classified common stock warrants. As a result, the Warrants were adjusted to fair value through statement of operations on reclassification which resulted in a gain of $6,571,082 for the three months ended December 31, 2023.. The carrying value was then adjusted in the additional paid-in capital. Refer note 25. The term and conditions of the SSCPN, warrants issued with SSCPNs and placement agent warrants issued during the year ended March 31, 2023 and nine months ended December 31, 2023 is as follows: Terms of SSCPN: The Notes carried a simple interest rate of 6% per annum, with a maturity term of two years from the date of the initial closing (i.e., March 23, 2023) (the ‘Maturity Date’). They embodied a variable-share obligation upon their conversion. The Notes issued by the Company were convertible into common stock at an aggregate price of principal, including interest accrued up to the date of conversion. The Notes were convertible either automatically or voluntarily into Common Stock of the Company. Since the SPAC merger was consummated prior to the maturity date, it was converted via automatic conversion route. As per the terms of automatic conversion immediately prior to the closing of the SPAC Merger, the outstanding principal amount of this Note and all accrued and unpaid interest on this Note that has accrued as of the date have been automatically converted into a number of fully paid common stock at the conversion price as defined in the agreement. Redemption The Notes were also redeemable for cash upon the earlier of: (i) two years from the initial closing; (ii) a Change in Control and (iii) when, upon the occurrence and during the continuance of an Event of Default. Terms of Warrants: The warrants were exercisable from the completion of any event that results in the Company (or the surviving corporation) being subject to the reporting requirements of the Exchange Act, and its (or the surviving corporation’s capital stock) capital stock trading on a national securities exchange, OTC Markets or Pink Sheets (any of the foregoing, a “Public Event”). The warrants have an expiry period of five years from the effective date of any Public Event. If the warrants were exercised prior to the automatic conversion of the SSCPN, the exercise price would have been a fixed amount, as defined in the agreement, divided by the number of shares of Common Stock outstanding on the date of Public Event. In case warrants are exercised concurrently with or following the automatic conversion of the SSCPN, the exercise price is the amount equal to the conversion price. In case of recapitalization of the Company, any consolidation or merger of the Company with another corporation, shall be effected in a way that holders of Common Stock shall be entitled to receive stock, securities, or other assets or property (an “Organic Change”), then, as a condition of such Organic Change, that the Company would made adequate provisions whereby the Holder hereof shall have the right to adjust number of shares receivable on such event according to the conversion price determined for issuance of shares to other common stockholders. The Company’s Warrants to purchase common stock were classified as a derivative liability (“derivative financial instrument”) which are now reclassified to equity on the Condensed Consolidated Balance Sheet. Placement agent warrants: The placement agent was compensated with a cash fee and was also issued agent warrants to purchase 10% of the shares of the Company capital stock issuable upon: a) Conversion of Notes at an exercise price equal to the conversion price of the Notes and b) Exercise of the warrants at an exercise price equal to the exercise price of the warrants. The terms of the warrants issued to the placement agents are similar to the warrants issued to the investors as mentioned above. In accordance with ASC 815-40, the warrants issuable to Placement agent on satisfaction of above contingencies are considered as issued and are accounted accordingly. These were accounted as per ASC 480 as liability because the Company intended to settle them by issuing variable number of shares with a fixed and known monetary value at the time of inception. These warrants were classified as a derivative liability (“derivative financial instrument”) on the Condensed Consolidated Balance Sheet and were held at fair value till the date of Reverse Recapitalization. Refer note 32, Fair value measurements. On the date of Reverse Recapitalization, these warrants were reclassified to equity. | 16 Senior Subordinated Convertible Promissory Note (’SSCPN’ or ‘Convertible note’) The following is a summary of the Company’s convertible notes payable for which it elected the fair value option as of March 31, 2023 and March 31, 2022: Fair Value Outstanding (In USD) March 31, March 31, Convertible note $ 17,422,132 $ — Warrants issued against SSCPN 14,373,856 — Total 31,795,987 — Pursuant to the SPAC transaction, in March 2023, the Company entered into a convertible note and warrants agreement with new investors. The Convertible Note has two units of accounts, the Senior Subordinated Convertible Promissory Note (’SSCPN’) and the Warrants to purchase Common Stock. The notes carry a simple interest of 6% per annum and carry a maturity term of two years from the date of initial closing (the “Maturity Date”), refer below for detailed terms. The Company recorded the fair value on issuance of the SSCPN and Warrants as $17,422,132 and $14,373,856, respectively. The instrument issued by the company was priced at a significant discount, considering the current market dynamics and the unique circumstances surrounding the investors entering before the deSPAC (Special Purpose Acquisition Company) is completed. The decision to offer the instrument at a discount was driven by the board’s objective to de-risk the business and secure capital ahead of the deSPAC process. This approach ensures that the Company can continue executing its planned strategies, considering the potential impact of factors beyond our direct control on the SPAC timeline. By raising this capital, we aim to safeguard our ability to meet operational goals and maintain business continuity throughout the deSPAC process. For the years ended March 31, 2023 and 2022, the fair value of the SSCPN recorded as $9,312,177 and $ NIL For the year ended March 31, 2023 and 2022, the fair value of the Warrant was recorded as $14,373,856 and $ NIL As of both March 31, 2023 and 2022, the principal balance of the SSCPN was $8,109,954. As of March 31, 2023 and 2022, the fair value of the SSCPN of $17,422,132 and $ NIL 14,373856 NIL Terms of SSCPN: The notes carry a simple interest of 6% per annum and carry a maturity term of two years from the date of initial closing (i.e., March 23, 2023) (the “Maturity Date”). It also embodies a variable-share obligation in the event of conversion. The notes will be issued by the Company at the aggregate price of principal and interest accrued till the date of conversion of the SSCPN. The notes are convertible either automatically or voluntarily into Common Stock of the Company in the following manner: Automatic Conversion — If a SPAC Merger is consummated on or prior to the Maturity Date, then, immediately prior to the closing of such SPAC Merger, the outstanding principal amount of this Note and all accrued and unpaid interest on this Note that has accrued as of date shall automatically convert into a number of fully paid and divided by an amount of conversion price as defined in the agreement. — If a Financing wherein the Company issues and sells Equity Securities for aggregate gross proceeds of at least $10,000,000 (“Qualified Financing”) is consummated on or prior to the Maturity Date, then the outstanding principal amount of this Note and all accrued and unpaid interest on this Note that has accrued as of date shall automatically convert into a number of fully paid and nonassessable Equity Securities issued in such Qualified Financing equal to (i) the Qualified Financing Conversion Amount divided by (ii) the Conversion Price. Voluntary Conversion can be exercised in the event of Change in Control or Non-Qualified Financing done by the Company in accordance with agreement Redemption The notes are redeemable for cash upon the earlier of: (i) two years from the initial closing; (ii) a Change in Control and (iii) when, upon the occurrence and during the continuance of an Event of Default. The notes are redeemable in cash upon occurrence of specific events; however, it is automatically converted into common shares of the Company on a) SPAC merger or b) in case of a qualified financing and can be voluntarily converted in case of a) change in control or b) upon non-qualified financing. Terms of Warrants: The warrants are exercisable from the completion of any event that results in the Company (or the surviving corporation) being subject to the reporting requirements of the Exchange Act, and its (or the surviving corporation’s capital stock) capital stock trading on a national securities exchange, OTC Markets or Pink Sheets (any of the foregoing, a “Public Event”). The warrants will expire five If the warrants are exercised prior to the automatic conversion of the SSCPN, the exercise price is an fixed amount, as defined in the agreement, divided by the number of shares of Common Stock outstanding on the date of Public Event. If the warrant is exercised concurrently with or following the automatic conversion of the SSCPN, exercise price is the amount equal to the conversion price. The Company’s warrants to purchase common stock are classified as a derivative liability (“derivative financial instrument”) on the consolidated balance sheet and held at fair value. Refer note 31. Placement agent warrants: The placement agent is compensated with a cash fee and also issued agent warrants to purchase 10% of the shares of the Company capital stock issuable upon : a) Conversion of Notes at an exercise price equal to the conversion price of the Notes and b) Exercise of the warrants at an exercise price equal to the exercise price of the warrants. The terms of the warrants issued to the placement agents are similar to the warrants issued to the investors. The Company’s warrants issuable to Placement agent on satisfaction of above contingencies are considered as issued under ASC 815-40. These have been accounted as per ASC 480 as liability because the Company intends to settle them by issuing variable number of shares with a fixed and known monetary value at the time of inception. The purchase common stock under this warrant are classified as a derivative liability (“derivative financial instrument”) on the consolidated balance sheet and held at fair value. Refer note 31. The warrants issued to the placement agents as additional consideration are in the nature of issue cost and hence recognized as a finance cost in the earnings in the period incurred. |
Warrants
Warrants | 9 Months Ended |
Dec. 31, 2023 | |
Warrants [Abstract] | |
Warrants | 17 Warrants As a result of the Reverse Recapitalization (see Note 3), the Company has retroactively adjusted the Zoomcar, Inc. warrants outstanding to give effect to the Exchange Ratio to determine the number of Company warrants that they were exchanged for. Warrants to be converted into common stock: The total outstanding warrants to be converted into common stock was 32,999,472 prior to the consummation of Business Combination by way of a Reverse Recapitalization on December 28, 2023. The Company’s warrants to purchase common stock were classified as equity on the Condensed Consolidated Balance Sheet. Upon issuance of the warrant, the Company allocated a portion of the proceeds from the sale of its preferred stock to the warrant based on the relative fair values of warrants and preferred stock. Warrants to be converted into preferred stock: The total outstanding warrants to be converted into preferred stock was 3,502,040 prior to the consummation of the Business Combination by way of a Reverse Recapitalization on December 28, 2023. The Company’s warrants to purchase convertible preferred stock were classified as a liability on the Condensed Consolidated Balance Sheets and held at fair value because the warrants are exercisable for contingently redeemable preferred stock, which is classified outside of stockholders’ deficits. The convertible preferred stock warrant liability is subject to remeasurement at the end of each reporting period, and changes in the fair value of the warrant liability are reflected in other income and expense, net in the Company’s Condensed Consolidated Statement of Operations. See Note 32, Fair value measurements. Refer Note 16 for details on warrants issued along with SSCPN. 17 (a) Warrants Related to the Reverse Recapitalization Public warrants Prior to the Reverse Recapitalization, the SPAC issued Public Warrants. The Company’s Public Warrants were classified as equity instruments, in accordance with ASC 815-40. On the Closing Date, there were 11,500,000 Public Warrants issued and outstanding. Private warrants The common stock, preferred stock and SSCPN warrants described above have been converted into private warrants of the Company at the Exchange Ratio. Accordingly, the warrants holders received 39,057,679 warrants at the Closing of the Reverse Recapitalization. The Private Warrants are classified as equity instruments, in accordance with ASC 815-40. |
Unsecured Convertible Note (_At
Unsecured Convertible Note (‘Atalaya Note’) | 9 Months Ended |
Dec. 31, 2023 | |
Unsecured Convertible Note (‘Atalaya Note’) [Abstract] | |
Unsecured Convertible Note (‘Atalaya Note’) | 18 Unsecured Convertible Note (‘Atalaya Note’) The following is a summary of the Company’s notes payable for which it elected the fair value option as of December 31, 2023 and March 31, 2023: (In USD) Fair Value Outstanding As at December 31, March 31, Notes $ 10,167,194 $ - Total 10,167,194 - The unsecured convertible notes were issued to ACM Zoomcar Convert LLC (“Atalaya”) for making payment of $1,231,368 against the outstanding unsecured promissory note and $6,570,642 to various vendors on behalf of the Company. All outstanding payments to vendors are recorded within accounts payable in the condensed consolidated balance sheet. Payments made by Atalaya to the vendors are recorded as a decrease in accounts payable and accrued liabilities. Further, Atalaya also made payment to promissory note holder which were recorded as a decrease in Unsecured promissory note. The Atalaya Note were initially recorded at the fair value of $10,167,194. The Atalaya note was issued at 7.5% discount on principal amounting to $632,596. The change in fair value of $1,732,589 was recorded for the three and nine months ended December 31, 2023 in the Unaudited Condensed Consolidated Statement of Operations (as no portion of such fair value adjustment resulted from instrument-specific credit risk). As of December 31, 2023 and March 31, 2023, the principal balance of the Atalaya Note was $8,434,605 (amount received $7,802,009) and $ NIL NIL Terms of notes In December 2023, the Company entered into a securities purchase agreement (the “Securities Purchase Agreement”) with ACM Zoomcar Convert LLC (the “Purchaser” or “Atalaya”) relating to an unsecured convertible note (the ‘Atalaya Note’), obligations under which after the Closing, a Convertible Note for $8,434,605 (the “Original Note Principal Amount”), in connection with certain transaction expenses associated with the Reverse Recapitalization that were incurred but paid at the Closing was issued. The Atalaya Note is subject to an original issue discount equal to 7.5% of the principal amount of the Note. The Atalaya Note bears an interest of 8%. Commencing at the end of the month in which Company’s Registration Statement, for registering the shares issued under Reverse Recapitalization, is declared effective, the Purchaser may, in its sole discretion, require the Company to pay the Purchaser, in monthly installments of amounts equal to one-twelfth (1/12) of the Original Note Principal Amount, until the total principal amount of the Note has been paid in full, prior to or on the maturity date or, if earlier, upon acceleration, conversion or prepayment of the Note in accordance with its terms. Such monthly payments shall be made in cash or in shares of Common Stock, subject to certain further conditions set forth in the Atalaya Note. In connection with any monthly payments made in Common Stock, the number of shares required to be delivered by the Company shall be determined by dividing the monthly payment amount by the lower of (i) the Conversion Price or (ii) the Amortization Conversion Price (each as defined below). The Note Purchaser shall also have the right, to convert all or any portion of the Atalaya Note, at the Conversion Price, at the Amortization Conversion Price, up to an amount equal to 25% of the highest trading day value of shares of Common Stock on a daily basis during the 20 trading days preceding the applicable Conversion Date, or a greater amount upon obtaining the Company’s prior written consent. “Amortization Conversion Price” means the lower of (i) the Conversion Price, and (ii) a 7.5% discount to the lowest VWAP over the 20 trading days immediately preceding the applicable payment date or other date of determination, subject to the terms of the Note. The “Conversion Price” of the Atalaya Note, immediately after the Original Note Issuance Date is $10.00, provided, however, that Conversion Price is subject to adjustment under various circumstances, including in the event of a future issuance of Common Stock at a price that is lower than the then Conversion Price, and other circumstances, subject in all cases to a conversion floor price of $0.25 (the “Conversion Floor”), provided, that if the Conversion Price or the Amortization Conversion Price is lower than the Conversion Floor, the amount due to the holder of the Note upon an applicable Conversion Date shall be made in cash, in lieu of shares, unless otherwise agreed by the Note Purchaser and the Company. Additionally, 164,000 registered and unrestricted shares of Common Stock were issued and delivered to Midtown Madison Management LLC, the service provider of the Atalaya Note Purchaser. This was recorded at the fair value of the shares issued, with $542,000 recorded under Finance costs in the condensed consolidated statement of operations. |
Other Current Liabilities
Other Current Liabilities | 9 Months Ended | 12 Months Ended |
Dec. 31, 2023 | Mar. 31, 2023 | |
Other Current Liabilities [Abstract] | ||
Other current liabilities | 19(a) Other current liabilities The components of other current liabilities were as follows: (In USD) As at December 31, March 31, Payable to customers $ 635,144 $ 647,283 Statutory dues payable 1,731,891 1,583,639 Capital creditors 32,103 88,484 Employee benefit expenses payable 510,406 379,167 Other liabilities 405,949 219,392 Other current liabilities 3,315,493 2,917,965 19(b) Other current liabilities towards related parties (In USD) As at December 31, 2023 March 31, 2023 Other liabilities with related parties $ 17,997 $ 15,067 Other current liabilities towards related parties 17,997 15,067 | 18(a) Other current liabilities The components of other current liabilities were as follows: (In USD) March 31, March 31, Payable to customers $ 647,283 $ 646,075 Statutory dues payable 1,583,639 1,592,210 Capital creditors 88,484 104,067 Employee benefit expenses payable 379,167 336,004 Other liabilities 234,459 484,662 Other current liabilities 2,933,032 3,163,018 18(b) Other current liabilities towards related parties (In USD) As at March 31, March 31, Other liabilities with related parties $ — $ 3,314,139 Other current liabilities towards related parties — 3,314,139 |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income/ (Loss) | 9 Months Ended | 12 Months Ended |
Dec. 31, 2023 | Mar. 31, 2023 | |
Accumulated Other Comprehensive Income/ (Loss) [Abstract] | ||
Accumulated other comprehensive income/ (loss) | 20 Accumulated other comprehensive income/ (loss) The components of accumulated other comprehensive income/(loss) were as follows: (In USD) As at December 31, March 31, Gain on employee benefit Balance, beginning of period $ 115,818 $ 88,735 (Loss)/gain on employee benefit - Gratuity Recognized during the period, net of taxes amounts to $ Nil (61,594 ) 45,373 Reclassification to net income: Amortization losses/(gains) (15,859 ) (18,290 ) Balance, end of period 38,365 115,818 Foreign currency translation adjustment Balance, beginning of period $ 1,712,181 $ 680,421 Translation adjustments (gain)/loss recognized during the period, net of taxes amounts to $ Nil (12,305 ) 1,031,760 Balance, end of period 1,699,876 1,712,181 Accumulated other comprehensive income 1,738,241 1,827,999 | 19 Accumulated other comprehensive income/ (loss) The components of accumulated other comprehensive income/(loss) were as follows: (In USD) March 31, March 31, Gain on employee benefit Balance, beginning of period $ 88,735 $ 39,362 Gain on employee benefit – Gratuity Recognised during the period, net of taxes amounts to $ Nil 45,373 51,365 Reclassification to net income: Amortization losses/(gains) (18,290 ) (1,992 ) Balance, end of period 115,818 88,735 Foreign currency translation adjustment Balance, beginning of period $ 680,421 $ (81,978 ) Translation adjustments gain recognised during the period, net of taxes amounts to $ Nil 1,031,760 762,399 Balance, end of period 1,712,181 680,421 Accumulated other comprehensive income / (loss) 1,827,999 769,156 |
Capital Stock
Capital Stock | 9 Months Ended | 12 Months Ended |
Dec. 31, 2023 | Mar. 31, 2023 | |
Capital Stock [Abstract] | ||
Capital Stock | 21 Capital Stock Common stock capital On December 28, 2023, the Company consummated a Business Combination which was accounted for as a Reverse Recapitalization (refer to Note 3 for additional information). The Company had 220,000,000 shares of Zoomcar, Inc. Common Stock authorized for issuance prior to the closing of the Reverse Recapitalization. Pursuant to the Company’s restated certificate of incorporation, the Company is authorized to issue 260,000,000 shares of capital stock, consisting of (a) 250,000,000 shares of Common Stock with a par value of $0.0001 per share, and (b) 10,000,000 shares of preferred stock with a par value of $0.0001 per share. As a result of the Reverse Recapitalization, 16,987,064 shares of Zoomcar, Inc. Common Stock, were converted into shares of the Company’s Common Stock at an Exchange Ratio of 0.0284. The holders of Common Stock are entitled to one vote per share on all matters submitted to the stockholders for their vote or approval. On all matters to be voted upon, holders of Common Stock and holders of Preferred Stock will vote together as a single class on all matters submitted to the stockholders for their vote or approval. As on the Closing date, a) 27,327,481 shares were issued at an exchange ratio of 0.0284 in exchange for 16,987,064 shares of common stock and 112,660,583 shares of Preferred Stock of Zoomcar, Inc. Also, 9,192,377 shares of the Company were issued at a conversion ratio of 1:1 in exchange for 9,192,377 shares of the SPAC, b) 1,071,506 common shares were issued to Mohan Ananda against Ananda Note having outstanding principal and interest amount of $10,715,068 c) 1,666,666 new common shares were issued to Mohan Ananda in exchange for cash consideration of $ 5,000,000 and d) 3,617,333 shares of common stock were issued to vendors as compensation for services received by Zoomcar, Inc. The Original Earnout Terms were modified pursuant to the terms and provisions set forth in the Post-Closing Amendment, effective immediately upon the adoption of the Post- Closing Amendment on December 29, 2023 resulting in distribution of 19,999,407 shares of common stock to the holders of common stock, preferred stock and holders of Senior Subordinated Convertible Promissory Notes of Zoomcar, Inc. as it became distributable to stockholders in accordance with the terms of the Merger Agreement. The holders of the Common Stock are entitled to receive dividends out of funds legally available therefore at such times and in such amounts as the Board of Directors may determine in its sole discretion. In the event of liquidation, dissolution, distribution of assets or winding up of the Company, whether voluntary or involuntary, after the payment or provision for payment of all debts and liabilities of the Company and any and all preferential amounts to which the holders of the Preferred Stock are entitled with respect to the distribution of the net assets of the Company in liquidation, the holders of Common Stock shall be entitled to share ratably in the remaining net assets of the Company available for distribution. | 20 Capital Stock Common stock capital The Company’s authorized common stock consists of 220,000,000 shares with par value of $0.0001 per share. Common stock is entitled to one vote per share. The holders of the common stock are entitled to receive dividends out of available profits only when, (i) such dividends are declared by the Board of Directors, and (ii) dividends are paid or declared and set aside for payment to the holders of preferred stock. In the event of liquidation, dissolution, distribution of assets or winding up of the Company, the holders of common stock have right to receive all the assets of the Company after the rights of the holders of the preferred stock, if any, have been satisfied. Contributed capital On January 31, 2022, the Company issued 2,029 equity shares at issue price of $29.56 to XTO10X Technologies Pte Ltd towards legal and professional fees incurred in Zoomcar India Private Limited amounting to $60,000. This has been considered as contributed capital by the Company. |
Preferred Stock
Preferred Stock | 9 Months Ended | 12 Months Ended |
Dec. 31, 2023 | Mar. 31, 2023 | |
Preferred Stock [Abstract] | ||
Preferred Stock | 22 (a) Preferred Stock A summary of the Zoomcar, Inc. Preferred Stock authorized, issued and outstanding as of the date of the Reverse Recapitalization is as follows: As at December 28, 2023 Authorized shares Shares issued Conversion Ratio Net carrying value Liquidation preference Preferred Stock Series Seed 6,836,726 6,836,726 1.42 1,542,203 1,542,203 Series A 11,379,405 11,379,405 2.00 9,288,872 9,288,872 Series A2 4,536,924 4,536,924 2.25 10,760,224 10,760,224 Series B 18,393,332 18,393,332 2.25 31,416,488 31,416,488 Series C 12,204,208 4,125,666 2.33 10,534,889 10,534,889 Series D 21,786,721 19,016,963 2.31 34,894,262 34,894,262 Series E 32,999,472 29,999,520 16.92 55,260,089 55,260,089 Series E1 32,000,000 5,020,879 23.69 15,277,410 15,277,410 Total preferred stock 140,136,788 99,309,415 168,974,437 168,974,437 Upon the closing of the Reverse Recapitalization, 112,660,583 shares of Zoomcar Inc. Series Seed, A, A2, B, C, D, E, and E-1 Preferred Stock were converted into Common Stock of the Company at the exchange ratio of 0.0284. Shares Authorized and Shares Issued above have been retroactively adjusted to reflect the exchange. As a result of the conversion of the Zoomcar, Inc. convertible Preferred Stock, the Company reclassified the amount of convertible Preferred Stock to additional paid in capital above their par value. Upon the consummation of the Business Combination by way of a Reverse Recapitalization, the Company is authorized to issue 10,000,000 shares of Preferred Stock with a par value of $ 0.0001 per share. The Company has no Preferred Stock outstanding as of December 31, 2023. 22 (b) Redeemable non-controlling interests Series P1 and P2 Preferred stock represents the minority preferred stockholder’s ownership in the Indian subsidiary of the Company which is classified as a redeemable non- controlling interest, because it is redeemable on a deemed liquidation event that is outside of its control. The redeemable non-controlling interest is not accreted to redemption value because it is currently not probable that the non-controlling interest will become redeemable. The Company do not attribute the pro rata share of the Indian subsidiary’s loss to the redeemable non-controlling interests because these shares are entitled to a liquidation preference and therefore do not participate in losses that would cause their interest to be below the liquidation preference. Upon liquidation, these preferred stocks are entitled to the greater of either (i) the original issue price for such series plus any dividend declared but unpaid thereon, or (ii) such amount per share as would have been payable had all shares of such series been converted into common stock immediately prior to such liquidation, dissolution, winding up or deemed liquidation event. There was no further issue of preferred stock in the Indian subsidiary after initial issuance and on the closing of the Reverse Recapitalization, these Redeemable non-controlling interests have been converted into Common Stock of the Company at the Exchange Ratio of 0.0284. | 21(a) Preferred Stock Voting Each holder of outstanding shares of preferred stock will be entitled to cast the number of votes equal to the number of whole shares of common stock into which the shares of preferred stock held by such holder are convertible. The total number of directors of the company are set at 9. The holders of Series Seed preferred stock, Series A Company Stock (Series A and Series A2 collectively), Series B preferred stock and Series C preferred stock, voting as a single, separate class are entitled to elect 1 director each as long as 360,000 shares of preferred stock remain outstanding under each series whereas the holders of Series E preferred stock, voting as a single, separate class are entitled to elect 2 directors of the total number of directors as long as 360,000 shares of preferred stock remains outstanding under this series. Additionally, the holders of common stock and preferred stock, voting together as a single class, and on an as-converted-to-common basis, shall be entitled to elect all other directors. Dividend The holders of Series B preferred stock, Series C preferred stock, Series D preferred stock, Series E preferred stock and Series E1 preferred stock are entitled to receive, ratably on a pari passu basis, in preference to the holders of the Series Seed preferred stock, Series A Company Stock and the common stock, dividends at the rate of seven percent (7%) of the Original Issue Price for each such series of preferred stock. Preferential dividends shall be non-cumulative and payable only when declared by the Board of Directors. The holders of Series Seed preferred stock, Series A preferred stock, are entitled to receive, ratably on a pari passu basis, in preference to the holders of the common stock, dividends at the rate of seven percent (7%) of the Original Issue Price for each such series of preferred stock. Preferential dividends shall be non-cumulative and payable only when declared by the Board of Directors. The company has not declared any dividend since inception. Conversion Each share of Series Seed preferred stock, Series A Group preferred stock, Series B preferred stock, Series C preferred stock, Series D preferred stock, Series E preferred stock and Series E1 preferred stock shall be convertible at the option of the holder without payment of any additional consideration into such number of fully-paid shares as determined by dividing the original issue price of the respective series by the applicable conversion price. The Original Issue Price shall mean $0.288 per share in the case of Series Seed preferred stock, $0.8368 per share in the case of Series A preferred stock, $2.3717 per share in the case of Series A2 preferred stock, $1.7443 per share in the case of Series B preferred stock, $2.5535 per share in the case of Series C preferred stock, $2.2267 per share in the case of Series D preferred stock, $2.50 per share in the case of Series E preferred stock and $3.50 per share in case of Series E1 preferred stock subject to appropriate adjustment in the event of any stock dividend, stock split, combination or similar recapitalization. The preferred stock shall be subject to mandatory conversion as follows: All outstanding shares of preferred stock shall automatically be converted into shares of common stock at the then effective applicable conversion ratio in a firm-commitment underwritten public offering pursuant to an effective registration statement under the Securities Act of 1933, as amended, resulting in at least $40,000,000 of gross proceeds to the Corporation (a “Qualified IPO”); All outstanding shares of Series A Company Stock shall automatically be converted into shares of Common Stock at the then effective applicable conversion ratio upon the date and time, or the occurrence of an event, specified by vote or written consent of the holders of at least a majority of the then outstanding shares (on an as-converted-to-Common basis) of Series A Company Stock; All outstanding shares of Series B preferred stock shall automatically be converted into shares of common stock at the then effective applicable conversion rate upon the date and time, or the occurrence of an event, specified by vote or written consent of the holders of at least 62% of the shares of Series B preferred stock then outstanding; and All outstanding shares of any other series of preferred stock shall automatically be converted into shares of common stock at the then effective applicable conversion ratio upon the date and time, or the occurrence of an event, specified by vote or written consent of the holders of at least a majority of the then outstanding shares of such series of preferred stock. Adjustment of Conversion Price upon issuance of Additional Shares of Common Stock: In the event the Company shall, at any time after the Original Issue Date, issue Additional Shares of Common Stock, without consideration or for a consideration per share less than the Conversion Price for a series of Preferred Stock in effect immediately prior to such issue, then such Conversion Price shall be reduced, concurrently with such issue. No adjustment in the Conversion Price for a series of Preferred Stock shall be made as the result of the issuance or deemed issuance of Additional Shares of Common Stock if the Company receives written notice from the holders of (i) with respect to the Series B Preferred Stock, at least 62% of the then outstanding shares of Series B Preferred Stock, and (ii) with respect to the Series Seed Preferred Stock, Series A Preferred Stock, Series A2 Preferred Stock, Series C Preferred Stock, Series D Preferred Stock, Series E Preferred Stock and Series E-1 Preferred Stock, at least a majority of the then outstanding shares of such series of Preferred Stock, agreeing that no such adjustment shall be made as the result of the issuance or deemed issuance of such Additional Shares of Common Stock. Liquidation event In the event of any voluntary or involuntary liquidation, dissolution or winding up of the Company or Deemed liquidation event, the holders of the shares of Series B preferred stock, Series C preferred stock, Series D preferred stock, Series E preferred stock and Series E1 preferred stock (collectively, “Senior Preferred Stock”) then outstanding shall be entitled to be paid out of the assets of the Company available for distribution to its stockholders, ratably and on a pari passu basis, before any payment shall be made to the holders of the Series Seed preferred stock, Series A preferred stock or Series A2 preferred stock (collectively, “Junior Preferred Stock”) or common stock by reason of their ownership thereof, an amount per share equal to the greater of (i) the Original issue price for such series plus any dividend declared but unpaid thereon, or (ii) such amount per share as would have been payable had all shares of such series been converted into common stock immediately prior to such liquidation, dissolution, winding up or deemed liquidation event. The holders of shares of each series of Junior Preferred Stock then outstanding shall be entitled to be paid out of the assets of the Company available for distribution to its stockholders, ratably and on a pari passu basis, before any payment shall be made to the holder of Common Stock by reason of their ownership thereof, an amount per share equal to the greater of (i) the Original issue price for such series plus any dividend declared but unpaid thereon, or (ii) such amount per share as would have been payable had all shares of such series been converted into common stock immediately prior to such liquidation, dissolution, winding up or deemed liquidation event. A merger, consolidation, sale, lease, transfer, exclusive license or other disposition of all or substantially all of the Company’s assets would constitute a redemption event (the “Deemed Liquidation Event”) which may be outside of its control. Accordingly, the shares of Preferred Stock are considered contingently redeemable and have been presented outside of permanent equity on the consolidated balance sheets. Because the timing of any such Deemed Liquidation Event is uncertain, the Company elected not to adjust the carrying values of its Preferred Stock to their respective liquidation values until it becomes probable that redemption will occur. Contingent redemption Except upon the occurrence of a Deemed Liquidation Event, the holders of Preferred Stock have no voluntary rights to redeem shares. Units — Series E preferred stock and Warrants In April 2021 and May 2021, the Company issued 15,005,368 Series E preferred stock and 15,005,368 Warrants at a combined price of $2.50 per unit further to its issue in March 2021. Units — Series E1 preferred stock On August 17, 2021, the Company made an initial closing of its private offering. The Company issued 5,020,879 Series E1 preferred stock at a price of $3.50 per unit. Capital stock outstanding outstanding is as follows: As at March 31, 2023 As at March 31, 2022 Type Authorized Shares Conversion Net Liquidation Authorized Shares Conversion Net Liquidation Preferred Stock Series Seed 6,836,726 6,836,726 1.05 1,542,203 1,542,203 6,836,726 6,836,726 1.00 1,542,203 1,542,203 Series A 11,379,405 11,379,405 1.24 9,288,872 9,288,872 11,379,405 11,379,405 1.00 9,288,872 9,288,872 Series A2 4,536,924 4,536,924 1.30 10,760,224 10,760,224 4,536,924 4,536,924 1.36 10,760,224 10,760,224 Series B 18,393,332 18,393,332 1.30 31,416,488 31,416,488 18,393,332 18,393,332 1.00 31,416,488 31,416,488 Series C 12,204,208 4,125,666 1.32 10,534,889 10,534,889 12,204,208 4,125,666 1.07 10,534,889 10,534,889 Series D 21,786,721 19,016,963 1.32 34,894,262 34,894,262 21,786,721 19,016,963 1.00 34,894,262 34,894,262 Series E 32,999,472 29,999,520 10.61 55,260,089 55,260,089 32,999,472 29,999,520 1.00 55,260,089 55,260,089 Series E1 32,000,000 5,020,879 14.85 15,277,410 15,277,410 32,000,000 5,020,879 1.00 15,277,410 15,277,410 Total preferred stock 140,136,788 99,309,415 168,974,437 168,974,437 140,136,788 99,309,415 168,974,437 168,974,437 Preferred stock warrant In conjunction with Company’s issuance of Series E and E-1 preferred stock, the Company issued followings warrants to preferred stockholders and placement agencies: (i) 32,999,472 warrants as on March 31, 2023 (32,999,472 as on March 31, 2022) to purchase common stock of the Company at an initial exercise price of $2.50 per share; (ii) 2,999,952 warrants as on March 31, 2023 (2,999,952 as on March 31, 2022) to purchase Series E preferred stock of the Company at an initial exercise price of $2.50 per share; (iii) 502,088 warrants as on March 31, 2023 (502,088 as on March 31, 2022) to purchase Series E1 preferred stock of the Company at an initial exercise price of $3.50 per share. Warrants to be converted into common stock: The Warrants are exercisable for common stock at an initial exercise price of $2.50 per share. The Warrants are exercisable at the earliest of: (i) the effectiveness of the Series E Registration Statement, (ii) the closing of any IPO of the Company’s common stock or (iii) the closing of any transaction or set of events that results in the Company being subject to the reporting requirements of the Exchange Act (any of the foregoing, a “Public Event”). The Warrants will expire five The Warrants may be redeemed at any time provided that, (i) there is an effective registration statement covering the resale of the shares of Common Stock underlying the Investor Warrants, and (ii) the closing price of the Company’s Common Stock for ten (10) consecutive trading days prior to the date of the notice of redemption is at least $7.50, as proportionately adjusted to reflect any stock splits, stock dividends, combination of shares or like events. The Company’s warrants to purchase common stock are classified as equity on the consolidated balance sheets. Upon issuance of the warrant, the Company allocated a portion of the proceeds from the sale of its preferred stock to the warrant based on the relative fair values of warrants and preferred stock. Warrants to be converted into preferred stock: The warrants are exercisable at an initial exercise price of $2.50 per share for Series E preferred stock and $3.50 per share for Series E-1 preferred stock. The remaining conditions of the warrants to be converted into preferred stock are similar to the conditions of the warrants to be converted into common stock. The Company’s warrants to purchase convertible preferred stock are classified as a liability on the consolidated balance sheets and held at fair value because the warrants are exercisable for contingently redeemable preferred stock, which is classified outside of stockholders’ deficits. The convertible preferred stock warrant liability is subject to remeasurement at the end of each reporting period, and changes in the fair value of the warrant liability are reflected in other income and expense, net in the Company’s consolidated statement of operations. See Note 31, Fair value measurements. Exercise of warrants Warrants issued on March 17, 2016 to an individual to purchase common stock of the Company have been exercised by a net exercise option during the year ended March 31, 2022. The warrants were initially valued at $0.33 and subsequently at the time of net exercise, 19,708 shares have been allotted for settlement of the warrants. 21(b) Redeemable Noncontrolling Interests Series P1 and P2 preferred stock issued in Indian subsidiary During the year ended March 31, 2018, the Company’s Indian subsidiary issued 375,185 Series P1 preferred stock aggregating to $20,139,883. In June 2019, the Company’s Indian subsidiary issued unsecured 18 percent Optionally Convertible Debentures (OCD) to investors amounting to $3,704,487. The OCD’s may be converted to Series P2 preferred stock of Company’s Indian subsidiary through the automatic conversion route in the event of qualified financing or through the voluntary conversion route in any other case. The conversion would happen at a price which would be lower of (i) 80% of the price per share paid by the other purchaser of the equity securities in a qualified financing or non-qualified financing and (ii) a price per share equal to USD 350,000,000 divided by the fully-diluted outstanding shares. The above OCD was classified as liability and measured at fair value with changes in fair value reported in the statement of operations and comprehensive losses under finance cost. On February 02, 2021, the Company’s Indian subsidiary issued 149,986 Series P2 preferred stock in exchange of 18% Optionally Convertible Debentures (OCD) at $1.7814 per share aggregating to $4,936,418 as per the terms of the OCD subscription agreement. Series P1 and P2 Preferred stock represents the minority preferred stockholders ownership in the Indian subsidiary of the Company which is classified as a redeemable non-controlling interest, because it is redeemable on a deemed liquidation event that is outside of its control. The redeemable non-controlling interest is not accreted to redemption value because it is currently not probable that the non-controlling interest will become redeemable. Redemption event On completion of an initial public offering (IPO) of the Company, the Company or its Indian subsidiary will be obligated to redeem Zoomcar India securities in three instalments if the exchange of Series P1 and P2 shares to Series C and Series D preferred stock does not take place : (i) one-third of the securities at the IPO price (net of underwriting discounts) within 30 days following the IPO, (ii) one-third one year after the IPO at a price determined on the basis of a 12-month trailing average closing price; and (iii) the remainder two years after the IPO at a price determined in the same manner. In the event of an IPO of the Indian subsidiary following a merger of the Company into the Indian subsidiary, the Shares will be exchanged for the same number and class of shares of the Indian subsidiary as the investor would have received had the Exchange occurred immediately prior to such merger In the event of an IPO of Indian subsidiary that is not accompanied or preceded by a merger of the Company into the Indian subsidiary, the investors shall have the option to convert each Share into a number of equity shares of the Indian subsidiary (subject to appropriate and equitable adjustment for any stock split, combination or stock dividend affecting the Shares or the equity shares of the Indian subsidiary) equal to the fraction obtained by dividing $2.5535 and the Conversion Price of the Series C Preferred Stock in effect at the end of the Secondary Purchase Period. As a result of financial restrictions imposed by the Reserve Bank of India (RBI), certain Indian investors (including one of the largest investor in the Company) could not invest directly in the Series C preferred stock and Series D preferred stock of the Company but instead invested in the Company’s Indian subsidiary. Series P1 preferred stock and Series P2 preferred stock (collectively, Zoomcar India securities) is convertible into Series C preferred stock and Series D preferred stock, respectively, subject to approval of RBI. Dividend The holder of Series P1 Shares and series P2 Shares shall be entitled to receive non-cumulative dividends at the rate of 0.0001% at such time and in such manner as may be determined by the Board of Directors of the Company, as further agreed between the holders of the shares and the Company However, in as of any dividend paid to Series C and Series D preferred stock holders, simultaneously the Company or its Indian subsidiary shall make a similar distribution to the holders of Series P1 and P2 shares. Voting The holders of Series P1 and P2 shares are entitled to the voting rights as applicable to Series C and Series D preferred stock holders and are not entitled to any voting rights in the Company’s Indian subsidiary. The holders of series P1 and P2 has irrevocably waived off any fiduciary duty that the Zoomcar India’s board may owe to them based on their status as holder of shares including right to participate in any dividend or other distribution that Zoomcar India may pay to the holder of P1 and P2 preferred stock or any other shareholder of Zoomcar India. Liquidation In the event of any liquidation, Deemed liquidation, dissolution or winding up of the Company, the holders of Series P1 and P2 shares are entitled to receive the same consideration as it would have received in respect of Series C and Series D shares of the Company. For Deemed liquidation event, refer note 17(a) Preferred stock. Conversion After the expiration of 19 The Company do not attribute the pro rata share of the Indian subsidiary’s loss to the redeemable non-controlling interests because these shares are entitled to a liquidation preference and therefore do not participate in losses that would cause their interest to be below the liquidation preference. Upon liquidation, these preferred stocks are entitled to the greater of either (i) the Original issue price for such series plus any dividend declared but unpaid thereon, or (ii) such amount per share as would have been payable had all shares of such series been converted into common stock immediately prior to such liquidation, dissolution, winding up or deemed liquidation event. The balance are summarised as follows: (In USD) March 31, March 31, Zoomcar India Preferred stock $ 25,114,751 $ 25,114,751 Total 25,114,751 25,114,751 |
Revenue
Revenue | 9 Months Ended | 12 Months Ended |
Dec. 31, 2023 | Mar. 31, 2023 | |
Revenue [Abstract] | ||
Revenue | 23 Revenue The components of revenue, net were as follows: Three months ended Nine months ended (In USD) 2023 2022 2023 2022 Income from rentals Self-drive rentals $ - $ - $ - $ 150,606 Revenues from services Facilitation revenue (net) 2,421,438 2,981,600 7,717,064 6,452,950 Other revenues - - - 74,171 Total 2,421,438 2,981,600 7,717,064 6,677,727 Revenue by geographical location 2023 2022 2023 2022 India $ 2,391,332 $ 2,959,219 $ 7,615,314 $ 6,547,377 Egypt 27,868 - 78,259 60,991 Indonesia 2,238 544 5,618 697 Vietnam 21,837 17,873 68,662 2,421,438 2,981,600 7,717,064 6,677,727 Contract balances The Company’s contract liabilities for consideration collected prior to satisfying the performance obligations is $802,787 and $786,572 as at December 31, 2023 and March 31, 2023 respectively. The Company has collected $702,889 as advance from customers during the period ended December 31, 2023. The Company offers loyalty program, Z-Points, that results in the deferral of revenue equivalent to the retail value at the date the points are earned. The Company had accumulated deferred revenue amounting to $99,899 and $260,705 as at December 31, 2023 and March 31, 2023, respectively in relation to Loyalty program. Revenue recognized during the three months and nine months ended December 31, 2023 which was included in contract liabilities balance at the beginning of the period is $ NIL | 22 Revenue The components of revenue, net were as follows: (In USD) March 31, March 31, Income from rentals Self-drive rentals $ 165,834 $ 11,732,935 Vehicle subscription — 324,466 Revenues from services Facilitation revenue (net) 8,586,785 589,331 Other revenues 73,587 150,309 Total 8,826,206 12,797,041 Revenue by geographical location March 31, March 31, India $ 8,615,615 $ 12,752,181 Egypt 110,092 36,655 Indonesia 1,554 10 Vietnam 98,945 7,155 Philippines — 1,040 8,826,206 12,797,041 Contract balances The amount of contract assets for performance obligations satisfied prior to payment are not material for the year ended March 31, 2023 and March 31, 2022, respectively. The Company’s contract liabilities for consideration collected prior to satisfying the performance obligations is $786,572 and $69,352 as at March 31, 2023 and March 31, 2022 respectively. The Company has collected $525,868 as advance from customers during the year ended March 31, 2023. The Company offers loyalty program, Z-Points, that results in the deferral of revenue equivalent to the retail value at the date the points are earned. The Company had accumulated deferred revenue amounting to $260,705 and $277,398 as at March 31, 2023 and March 31, 2022, respectively in relation to Loyalty program. Revenue recognized during the year ended March 31, 2023 and March 31, 2022 which was included in contract liabilities balance at the beginning of the period is $77,226 and $269,170 respectively. |
Finance Costs
Finance Costs | 9 Months Ended | 12 Months Ended |
Dec. 31, 2023 | Mar. 31, 2023 | |
Finance Costs [Abstract] | ||
Finance costs | 24 Finance costs The components of finance costs were as follows: Three months ended Nine months ended (In USD) 2023 2022 2023 2022 Finance costs -other than related parties Interest on vehicle loans $ 97,341 $ 100,486 $ 288,279 $ 510,561 Interest on finance leases 152,659 203,115 469,140 637,164 Interest on subcontractor liability 23,435 73,261 70,585 73,261 Change in fair value of preferred stock warrant 5,704,739 210,123 5,284,494 840,490 Change in fair value of convertible promissory note - 308,832 - 308,832 Discount on issue of unsecured convertible note 632,595 - 632,595 - Change in fair value of unsecured convertible note 1,732,589 - 1,732,589 - Change in fair value of derivative financial instrument - - 3,465,293 - Interest on promissory note - 126,575 - 126,575 Note issue expenses - - 1,564,210 - Bank charges 4,990 32,181 28,920 67,047 Other borrowings cost 44,122 241,872 92,727 298,772 Total 8,392,470 1,296,445 13,628,832 2,862,702 Finance costs -to related parties Interest on vehicle loans $ 12,426 $ 10,674 $ 38,203 $ 79,081 Total 12,426 10,674 38,203 79,081 | 23 Finance costs The components of finance costs were as follows: (In USD) March 31, March 31, Finance costs – other than related parties Interest on vehicle loans $ 620,211 $ 1,757,068 Interest on finance leases 844,424 1,046,991 Interest on subcontractor liability 96,762 — Change in fair value of preferred stock warrant — 455,265 Change in fair value of convertible promissory note 944,727 — Change in fair value of senior subordinated convertible promissory notes 9,312,177 — Change in fair value of derivative financial instrument 14,373,856 — Note issue expenses 961,628 — Bank charges 85,434 66,218 Other borrowings cost 331,533 25,535 Total 27,570,752 3,351,077 Finance costs – to related parties Interest on vehicle loans $ 64,844 $ 110,714 Total 64,844 110,714 |
Other (Income) _Expense, Net
Other (Income) /Expense, Net | 9 Months Ended | 12 Months Ended |
Dec. 31, 2023 | Mar. 31, 2023 | |
Other (Income) /Expense, Net [Abstract] | ||
Other (income) /expense, net | 25 Other (income) /expense, net The components of other income (expense), net were as follows: Three months ended Nine months ended (In USD) 2023 2022 2023 2022 Other (income) /expense, net - other than related parties Interest income $ (13,412 ) $ (886 ) $ (33,799 ) $ (11,470 ) Change in fair value of convertible promissory note (7,986,326 ) - (6,990,870 ) - Change in fair value of senior subordinated convertible promissory notes (20,110,058 ) - (3,448,846 ) - Change in fair value of derivative financial instrument (6,571,082 ) - - - Loss/(gain) on sale of assets 1,713 - 85,806 - Loss/ (gain) on sale of assets held for sale 175,156 78,706 176,541 (1,391,876 ) Net losses/(gains) on foreign currency remeasurements 5,188 470,343 18,886 313,236 Loss on assets written off (364 ) - 39,650 - Payable to customers written back (762 ) (136,012 ) (58,265 ) (141,514 ) Provision written off 384 - (113,443 ) - Other, net (3,451 ) (21,737 ) (53,395 ) (48,481 ) Total (34,503,014 ) 390,414 (10,377,735 ) (1,280,105 ) Other (income) - from related parties Interest income $ (5,548 ) $ (2,393 ) $ (11,224 ) $ (12,122 ) Total (5,548 ) (2,393 ) (11,224 ) (12,122 ) | 24 Other (income) /expense, net The components of other income (expense), net were as follows: (In USD) March 31, March 31, Other (income) /expense, net – other than related parties Interest income $ (13,097 ) $ (125,700 ) Gain on termination/ modification of finance leases (130,719 ) (369,583 ) Change in fair value of preferred stock warrant (420,245 ) — Loss/ (gain) on sale of assets 311,375 (523,845 ) Loss/ (gain) on sale of assets held for sale (1,644,650 ) (137,549 ) Net (gains)/ losses on foreign currency remeasurements 313,584 9,083 Other, net (459,804 ) (457,428 ) Total (2,043,556 ) (1,605,022 ) Other (income) – from related parties Interest income $ (15,804 ) $ (16,860 ) Total (15,804 ) (16,860 ) |
Income Taxes
Income Taxes | 9 Months Ended | 12 Months Ended |
Dec. 31, 2023 | Mar. 31, 2023 | |
Income Taxes [Abstract] | ||
Income taxes | 26 Income taxes The components of loss before income taxes consist of the following: Three months ended Nine months ended (In USD) 2023 2022 2023 2022 Domestic $ (19,809,584 ) $ (2,551,738 ) $ (11,367,084 ) $ (3,944,747 ) Foreign 5,384,145 (6,160,962 ) (15,390,894 ) (28,229,173 ) Income/(Loss) before income taxes $ 14,425,439 $ (8,712,700 ) $ (26,757,978 ) $ (32,173,920 ) The Company has computed income tax expense/(benefit) for the three months and nine months ended December 31, 2023 and December 31, 2022 by using a forecasted annual effective tax rate and adjust for any discrete items arising during the period. The Company has recorded $ NIL The Company files tax returns in the U.S. federal, various state, and foreign jurisdictions. In the normal course of business, the Company is subject to examination by tax authorities. Our major tax jurisdiction is in India. The Indian tax authority is currently examining our 2016 through 2022 tax returns. As at December 31, 2023, tax returns for years ended March 31, 2020 and onward remain subject to examination by tax authorities in India. There are other ongoing audits in various other jurisdictions that are not material to our financial statements. The Company has received various orders from Indian tax authorities, for details refer note 34. | 25 Income taxes The components of loss before income taxes consist of the following: (In USD) March 31, March 31, Domestic $ (28,261,210 ) $ (2,177,073 ) Foreign (33,770,866 ) (28,868,079 ) Loss before income taxes $ (62,032,076 ) $ (31,045,152 ) The components of the provision for income taxes were as follows: (In USD) March 31, March 31, Current Taxes U.S. federal $ — $ — U.S. state and local — — Foreign — — Current taxes $ — $ — Deferred Taxes U.S. federal $ — $ — U.S. state and local — — Foreign — — Deferred Taxes $ — $ — Provision for income taxes $ — $ — The following is a reconciliation of the statutory federal income tax rate to our effective tax rate March 31, March 31, Accounting profit/(loss) before tax $ (62,032,076 ) $ (31,045,152 ) Tax using the Company’s domestic tax rate (13,026,736 ) (6,519,482 ) Federal statutory income tax rate 21 % 21 % Tax impact of : Valuation allowance -22 % -20 % Difference in tax rates -2 % -1 % Permanent Differences – Fair valuation of Warrants /convertible notes 3 % 0 % Effective tax rate 0 % 0 % Current Tax expense — — Deferred Tax expense — — Income tax expense reported in the Statement of profit and loss/Effective Tax Rate — — The Company has unused tax losses amounting to $6,692,473 and $9,127,777 as at March 31, 2023 and March 31, 2022. $5,877,347 can be carried forward indefinitely, whereas $64,347 can be carried forward upto 2033; $294,720 upto 2034; $220,520 upto 2035; $115,253 upto 2036 and $120,286 upto 2037. The Company’s operations are primarily based out of Indian jurisdiction. There are unused tax losses amounting to $126,274,947 and $91,346,996 as at March 31, 2023 and March 31, 2022, respectively in the Indian subsidiary. The tax benefit for these losses, if not utilized, will expire on various dates starting from financial year 2024 to 2031. Additionally, net operating losses amounting to $39,079,569 (March 31, 2022: $40,336,839) is available for set-off against future income without any expiration date. Under the Indian jurisdiction, a period of eight financial years remain open to assessment by tax authorities. The Company has created valuation allowance on the deferred tax asset resulting from such losses due to Company’s history of past losses and lack of conclusive evidence to support the view that sufficient taxable profit will be generated in the future by the Company to offset such losses. The Company files tax returns in the U.S. federal, various state, and foreign jurisdictions. In the normal course of business, the Company is subject to examination by tax authorities. Our major tax jurisdiction is in India. The Indian tax authority is currently examining our 2016 through 2022 tax returns. As at March 31, 2023, tax returns for years ended March 31, 2020 and onward remain subject to examination by tax authorities in India. There are other ongoing audits in various other jurisdictions that are not material to our financial statements. The Company received an order for fiscal year 2015-16 in relation to non deduction of tax deducted at source withholding taxes on certain payments to resident payees/service providers amounting to $130,966 (March 31, 2022: $141,686) including interest of $46,472 (March 31, 2022: $50,276). Penalty of $130,966 has been claimed but the proceedings are kept under abeyance until the above order is disposed off. The Company has received an order for disallowance of lease payment, interest and prior period expense for the fiscal year 2015 – 16 amounting to $1,176,524 (March 31, 2022: $1,272,820) and for fiscal year 2017 – 18 amounting to $2,154,971 (March 31, 2022: $2,331,352) for disallowance of lease payment and PF contribution. The Company has filed appeals against the above orders before higher authority. The Company has not recognized any uncertain tax position for the year ended March 31, 2023 and March 31, 2022, respectively. The Company believes these orders are unlikely to be sustained at the higher appellate authorities. Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. The Company’s deferred income tax assets and liabilities as of March 31, 2023 and 2022 consisted of the following Year ended March 31, March 31, Deferred tax assets: Net operating loss carryforwards 35,315,394 26,198,432 Depreciation on property plant and equipment and intangible assets — 508,801 Lease liability 431,669 124,683 Others — 165,230 Total deferred tax assets 35,747,063 26,997,146 Less: Valuation allowance (34,877,803 ) (26,882,929 ) Deferred tax assets, net of valuation allowance $ 869,260 $ 114,217 Year ended March 31, March 31, Deferred tax liabilities: Right of use assets (440,418 ) (114,217 ) Depreciation on property plant and equipment and intangible assets (342,678 ) — Others (86,164 ) — Total deferred tax liabilities (869,260 ) (114,217 ) Net deferred tax assets $ — $ — In assessing the realization of the deferred tax assets, management considers whether it is more likely than not that some portion of all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which temporary differences representing net future deductible amounts become deductible. Management considers the scheduled reversal of deferred tax liabilities, projected future taxable income and tax planning strategies in making this assessment. After consideration of all of the information available, management believes that significant uncertainty exists with respect to future realization of the deferred tax assets and has therefore established a full valuation allowance. For the year ended March 31, 2023, the change in the valuation allowance was $7,994,874. The Company has received various orders from Indian tax authorities, for details refer note 33. |
Net Profit_(Loss) Per Share
Net Profit/(Loss) Per Share | 9 Months Ended | 12 Months Ended |
Dec. 31, 2023 | Mar. 31, 2023 | |
Net Profit/(Loss) Per Share[Abstract] | ||
Net profit/(loss) per share | 27 Net profit/(loss) per share The components of basic and diluted profit/(loss) per share were as follows: Three months ended Nine months ended (In USD, except profit/(loss) per share) 2023 2022 2023 2022 Net Profit/(loss) available for common shareholders (A) $ 14,425,439 $ (8,712,700 ) $ (26,757,978 ) $ (32,173,920 ) Weighted average outstanding shares of common stock (B) 3,195,381 482,681 1,390,202 482,681 Common stock and common stock equivalents (C) 3,195,381 482,681 1,390,202 482,681 Profit/(Loss) per share Basic (A/B) $ 4.51 $ (18.05 ) $ (19.25 ) $ (66.66 ) Diluted (A/C) $ 0.90 $ (18.05 ) $ (19.25 ) $ (66.66 ) Since the Company was in a loss position for the nine months ended December 31, 2023 and December 31, 2022 basic loss per share was same as diluted net loss per share for the periods presented. The following potentially dilutive outstanding securities as of December 31, 2023 and December 31, 2022 were excluded from the computation of diluted loss per share because their effect would have been anti-dilutive for the periods presented, or issuance of such shares is contingent upon the satisfaction of certain conditions which were not satisfied by the end of the period. Three months ended Nine months ended As at 2023 2022 2023 2022 Convertible preferred stock $ - $ 112,660,326 $ - $ 112,660,326 Preferred stock warrants - 36,501,508 - 36,501,508 Stock options 674 8,178,840 224 8,178,840 Public warrants 11,500,000 - 11,500,000 - Private warrants 1,287,616 - 427,639 - Unsecured convertible note 69,704 - 23,150 - Total 12,857,994 157,340,674 11,951,013 157,340,674 | 26 Net loss per share The components of basic and diluted loss per share were as follows: (In USD, except loss per share) March 31, March 31, Net income available for common shareholders (A) $ (62,032,076 ) $ (31,045,152 ) Weighted average outstanding shares of common stock (B) 482,681 478,529 Common stock and common stock equivalents (C) 482,681 478,529 Loss per share Basic (A/B) $ (128.52 ) $ (64.88 ) Diluted (A/C) $ (128.52 ) $ (64.88 ) Since the Company was in a loss position for the year ended March 31, 2023 and March 31, 2022 basic loss per share was same as diluted net loss per share for the periods presented. The following potentially dilutive outstanding securities as of March 31, 2023 and March 31, 2022 were excluded from the computation of diluted loss per share because their effect would have been anti-dilutive for the periods presented, or issuance of such shares is contingent upon the satisfaction of certain conditions which were not satisfied by the end of the period. As at March 31, March 31, Convertible preferred stock 3,201,201 3,110,345 Preferred stock warrants 1,037,177 981,565 Stock options 14,645 63,179 Senior subordinated convertible promissory note 15,307 - Derivative financial instruments 18,369 - Total 4,286,698 4,155,089 |
Employee Benefit Plans (Unfunde
Employee Benefit Plans (Unfunded) | 9 Months Ended | 12 Months Ended |
Dec. 31, 2023 | Mar. 31, 2023 | |
Employee Benefit Plans (Unfunded) [Abstract] | ||
Employee benefit plans (unfunded) | 28 Employee benefit plans (unfunded) Employee benefit plans include gratuity and compensated absences payable to employees. These benefit plans consist of a defined benefit plan for gratuity payable by the Indian subsidiary of the Company under Indian regulations. These are determined under the projected unit credit method, with actuarial valuations being carried out at each reporting date. The retirement benefit obligations recognized in the Condensed Consolidated Balance Sheet represent the present value of the defined obligations. Under an employee benefit plan, it is the Company’s obligation to provide agreed benefits to the employees. The related actuarial and investment risks fall on the Company. The summary of current and non-current employee benefit plans obligations along with its components are as below: Pension and other employee obligations As at December 31, March 31, Current Gratuity $ 88,040 $ 70,872 Compensated absences 90,399 75,134 178,439 146,006 Non current Gratuity 262,376 215,841 Compensated absences 247,136 222,967 509,512 438,808 Three months ended Nine months ended I. Gratuity 2023 2022 2023 2022 Changes in projected benefit obligation (PBO) PBO at the beginning of the year $ 347,647 $ 283,073 $ 286,713 $ 341,726 Service cost 20,975 26,445 71,084 77,391 Interest cost 3,748 4,558 13,541 14,427 Actuarial loss/ (gain) 17,989 (11,097 ) 61,594 (39,247 ) Benefits paid (39,713 ) (5,507 ) (78,390 ) (75,131 ) Effect of exchange rate changes (230 ) (5,681 ) (4,126 ) (27,375 ) PBO at the end of the period 350,416 291,791 350,416 291,791 Accrued pension liability Current liability $ 88,040 $ 82,661 Non-current liability 262,376 209,130 350,416 291,791 Accumulated benefit obligation 254,630 208,211 Three months ended Nine months ended Net gratuity cost recognized in income statement 2023 2022 2023 2022 Service cost $ 20,975 $ 26,445 $ 71,084 $ 77,391 Interest cost 3,748 4,558 13,541 14,427 Amortization of net actuarial (gains)/loss (5,250 ) (4,466 ) (15,859 ) (13,826 ) Net periodic benefit cost 19,473 26,537 68,766 77,992 Three months ended Nine months ended Re-measurement (gains) / losses in other comprehensive income 2023 2022 2023 2022 Actuarial (gain)/loss $ 17,989 $ (11,097 ) $ 61,594 $ (39,247 ) Amortization loss (5,250 ) (4,466 ) (15,859 ) (13,826 ) Total 23,239 (6,631 ) 77,453 (25,421 ) Three months ended Nine months ended Components of actuarial gain: 2023 2022 2023 2022 Actuarial (gain)/loss due to demographic assumption changes in defined benefit obligation $ (3,178 ) $ (6,724 ) $ (2,430 ) $ (9,619 ) Actuarial (gain)/ loss due to financial assumption changes in defined benefit obligation 5,847 1,651 312 (6,106 ) Actuarial (gain)/loss due to experience on defined benefit obligation 15,320 (6,024 ) 63,712 (23,522 ) Total 17,989 (11,097 ) 61,594 (39,247 ) The assumptions used in accounting for the gratuity plan are as follows: December 31, December 31, Discount rate - staff 7.28 % 7.48 % Discount rate - independent service provider* 7.21 % 7.15 % Attrition rate - staff 37.96 % 35.00 % Attrition rate - independent service provider* 83.44 % 92.00 % Rate of increase in compensation levels - staff 12.63 % 13.00 % Rate of increase in compensation levels - independent service provider* 11.43 % 14.50 % * Independent service providers are contract employees responsible for maintaining the fleet of the Company. During the period ended December 31, 2023 and December 31, 2022, actuarial gain was driven by changes in actuarial assumptions, offset by experience adjustments on present value of benefit obligations. The Company evaluates these assumptions annually based on its long-term plans of growth and industry standards. The discount rates are based on current market yields on government securities adjusted for a suitable risk premium. Expected benefit payments as of December 31, 2023 is as follows: Year ending March 31, 2024 (January 1, 2024 till March 31, 2024) 22,838 2025 81,162 2026 45,550 2027 28,756 2028 21,252 Thereafter 152,981 Total 352,539 II. Compensated absences The employees are permitted to encash a maximum of 45 days of accumulated leave balance on separation. The Company has provided liability for compensated absences as per an actuarial valuation carried out by an independent actuary on the Balance Sheet date. Three months ended Nine months ended Net leave encashment cost includes the following components 2023 2022 2023 2022 Service cost $ (6,569 ) $ 47,025 $ 119,187 $ 92,161 Interest cost 3,672 2,388 14,084 8,871 Recognized net actuarial (gains)/loss 29,683 (24,945 ) (4,857 ) 50,248 Net periodic benefit cost 26,786 24,468 128,414 151,280 Defined contribution plan The Indian subsidiary makes provident fund contributions which are defined contribution plans, for qualifying employees. Under the Schemes, the Indian subsidiary is required to contribute a specified percentage of the payroll costs to fund the benefits. The contributions are made to provident fund in accordance with the fund rules. The interest rate payable to the beneficiaries every year is notified by the Government. The amount of contributions made to provident fund is $98,424 and $317,248 for the three months and nine months ended December 31, 2023 respectively and $137,458 and $510,853 for the three months and nine months ended December 31, 2022. | 27 Employee benefit plans (unfunded) Employee benefit plans includes gratuity and compensated absences payable to employees. These benefit plans consist a defined benefit plan for gratuity payable by the Indian subsidiary of the Company under Indian regulations. These are determined under the projected unit credit method, with actuarial valuations being carried out at each reporting date. The retirement benefit obligations recognised in the consolidated balance sheet represents the present value of the defined obligations. Under an employee benefit plan, it is the Company’s obligation to provide agreed benefits to the employees. The related actuarial and investment risks fall on the Company. The summary of current and non-current employee benefit plans obligations along with it’s components are as below: Pension and other employee obligations March 31, March 31, Current Gratuity $ 70,872 $ 93,363 Compensated absences 75,134 83,528 146,006 176,891 Non current Gratuity 215,841 248,364 Compensated absences 222,967 152,610 438,808 400,974 I. Gratuity For year ended March 31, March 31, Changes in projected benefit obligation (PBO) PBO at the beginning of the year $ 341,727 $ 352,630 Service cost 97,679 105,812 Interest cost 18,405 18,112 Actuarial gain (45,373 ) (51,364 ) Benefits paid (100,528 ) (70,725 ) Effect of exchange rate changes (25,196 ) (12,738 ) PBO at the end of the period 286,714 341,727 Accrued pension liability Current liability $ 70,872 $ 93,363 Non-current liability 215,841 248,364 286,714 341,727 Accumulated benefit obligation 202,036 236,753 Net gratuity cost recognized in income statement March 31, March 31, Service cost $ 97,679 $ 105,812 Interest cost 18,405 18,112 Amortization of net actuarial (gains)/loss (18,290 ) (1,992 ) Net periodic benefit cost 97,794 121,932 Re-measurement (gains) / losses in other comprehensive income March 31, March 31, Actuarial gain $ (45,373 ) $ (51,364 ) Amortization loss (18,290 ) (1,992 ) Total (27,083 ) (49,372 ) Components of actuarial gain: March 31, March 31, Actuarial gain due to demographic assumption changes in defined benefit obligation $ (11,440 ) $ (7,588 ) Actuarial (gain)/ loss due to financial assumption changes in defined benefit obligation (7,033 ) 12,920 Actuarial gain due to experience on defined benefit obligation (26,900 ) (56,696 ) Total (45,373 ) (51,364 ) The assumptions used in accounting for the gratuity plan are as follows: Year ended March 31, March 31, Discount rate – staff 7.37 % 7.17 % Discount rate – independent service provider* 7.25 % 5.23 % Attrition rate – staff 36.00 % 31.00 % Attrition rate – independent service provider* 92.00 % 89.00 % Rate of increase in compensation levels – staff 12.67 % 13.00 % Rate of increase in compensation levels – independent service provider* 14.50 % 16.57 % * Independent service provider are contract employees responsible for maintaining the fleet of the Company. During the year ended March 31, 2023 and March 31, 2022, actuarial gain was driven by changes in actuarial assumptions, offset by experience adjustments on present value of benefit obligations. The Company evaluates these assumptions annually based on its long-term plans of growth and industry standards. The discount rates are based on current market yields on government securities adjusted for a suitable risk premium. Sensitivity analysis for the : March 31, 2023 March 31, 2022 Year ended Increase Decrease Increase Decrease Discount rate (- / + 1%) $ 14,216 $ 12,795 $ 18,550 $ 16,404 Salary growth rate (- / + 1%) 7,934 8,508 10,694 10,626 Attrition rate (- / + 1%) 4,801 4,551 6,865 6,423 Mortality rate (- / + 10% of mortality rates) — 51 66 66 Expected benefit payments for the year ending March 31,: 2024 $ 70,872 2025 33,640 2026 20,168 2027 16,406 2028 9,927 Thereafter 135,701 Total 286,714 II. Compensated absences The employees are permitted to encash a maximum of 45 days of accumulated leave balance on separation. The Company has provided liability for compensated absences as per an actuarial valuation carried out by an independent actuary on the Balance Sheet date. The assumptions used in accounting for the compensated absences are as follows: Year ended March 31, March 31, Discount rate 7.37 % 7.17 % Attrition rate 36.00 % 31.00 % Rate of compensation increase 12.67 % 13.00 % The Company assesses these assumptions with its projected long-term plans of growth and prevalent industry standards. Defined contribution plan The Indian subsidiary makes provident fund contributions which are defined contribution plans, for qualifying employees. Under the Schemes, the Indian subsidiary is required to contribute a specified percentage of the payroll costs to fund the benefits. The contributions are made to provident fund in accordance with the fund rules. The interest rate payable to the beneficiaries every year is notified by the Government. The amount of contributions made to provident fund is $622,401 for the year ended March 31, 2023 and $572,044 for the year ended March 31, 2022. |
Stock-Based Compensation Expens
Stock-Based Compensation Expense | 9 Months Ended | 12 Months Ended |
Dec. 31, 2023 | Mar. 31, 2023 | |
Stock-Based Compensation Expense [Abstract] | ||
Stock-based Compensation expense | 29 Stock-based compensation expense In 2012, the Company adopted its 2012 Equity Incentive Plan, under which the Company may grant options and restricted stock to eligible participants. The plan is equity settled. Options are generally granted for a term of ten years. Options have a graded vesting period of up to four years and the expenses are recorded on a straight-line basis over the requisite service period for each separately vesting portion of the awards. The Company settles employee stock-based options with newly issued common stock of the Company. The Company cancelled 14,807,686 options issued and outstanding during the period. The remaining 719,167 fully vested options were assumed by the merged Company on Reverse Recapitalization, and the holders were issued the Company options at the Exchange Ratio. As of the Closing Date of the Reverse Recapitalization, the Company no longer has shares available for issuance under the 2012 Plan. In December 2023, the stockholders of the Company approved the 2023 Equity Incentive Plan (the “2023 Incentive Plan”) which became effective upon the Closing. The Company has 17,904,823 number of shares authorized for awards of options or other equity instruments. The following tables summarizes total stock-based compensation expense by function for the three months and nine months ended December 31, 2023 and December 31, 2022: Three months ended Nine months ended 2023 2022 2023 2022 Cost of revenue $ 51,848 $ 60,783 $ 134,883 $ 574,846 Technology and marketing expenses 117,070 93,467 182,017 358,840 General and administrative expenses 1,096,910 338,885 1,566,833 2,198,783 Total stock-based compensation expense 1,265,828 493,135 1,883,733 3,132,468 Income tax benefit related to share-based compensation The stock-based compensation expense is recorded in the employee benefit cost and apportioned basis respective functions. The fair value of options granted is estimated on the date of grant using the Black-Scholes-Merton option-pricing model using the weighted average assumptions. No grants were made during the nine months period ended December 31, 2023. The assumptions for nine months ended December 31, 2022 are as follows: Nine months ended December 31, Dividend yield - Expected volatility 50.00 - 60.00 % Risk-free interest rate 1.17 - 1.67 Exercise price 2.20 Expected life (in years) 5.5 - 7 Attrition rate 30.00 % The movement in number of stock-based options outstanding and their related weighted average exercise price for the 2012 Equity Incentive Plan are as follows: Nine months ended Nine months ended 2023 2022 No. of options Weighted average exercise No. of options Weighted average exercise Outstanding at the beginning of the year 16,258,113 1.82 16,081,481 1.78 Granted during the nine months - - 1,873,500 2.20 Forfeited during the nine months (730,460 ) 1.81 (955,712 ) 1.72 Exercised during the nine months - - - - Cancelled during the nine months * (14,808,486 ) - - - Transferred to merged Company * (719,167 ) - - - Outstanding at the end of the period - - 16,999,269 1.83 Exercisable at the end of the period - - 8,395,132 1.46 Unvested at the end of the period - - 8,604,137 2.19 The weighted average grant date fair value of stock options granted during the nine months ended December 31, 2023 and December 31, 2022 were $ NIL December 31, December 31, Weighted average remaining life (in years) 2023 2022 As at Vested options - 6.69 Unvested options - 8.76 The expected life of the stock is based on historical data and current expectations and is not necessarily indicative of exercise patterns that may occur. The expected volatility reflects the assumption that the historical volatility over a period similar to the life of the options is indicative of future trends, which may also not necessarily be the actual outcome. The compensation cost of non-vested awards not yet recognized as of December 31, 2023, is $ NIL * During the nine months ended December 31, 2023, in relation to the Reverse Recapitalization transaction, Zoomcar, Inc. has cancelled 14,808,486 outstanding options, the unrecognized cost of $1,265,828 related to the cancelled options was immediately recognized in the unaudited Condensed Consolidated Statement of Operation. Further, the Company has assumed 719,167 options of Zoomcar, Inc. at the Exchange Ratio of 0.0284 resulting in 20,435 options which is outstanding under the 2023 Incentive Plan. | 28 Stock-based compensation expense In 2012, the Company adopted its 2012Equity Incentive Plan, under which the Company may grant options and restricted stock to eligible participants. The plan is equity settled. Options are generally granted for a term of ten years. Options have a graded vesting period of up to four years and the expenses are recorded on a straight-line basis over the requisite service period for each separately vesting portion of the awards. The Company settles employee stock-based options with newly issued common stock of the Company. As at March 31, 2023, the Company had 1,390,318 number of shares authorized for awards of options or other equity instruments. The following tables summarizes total stock-based compensation expense by function for the year ended March 31, 2023 and March 31, 2022: Year ended March 31, March 31, Cost of revenue $ 575,662 $ 732,792 Technology and development 341,370 77,044 Marketing expenses 58,822 344,130 Year ended March 31, March 31, General and administrative expenses 2,634,244 2,725,652 Total stock-based compensation expense 3,610,097 3,879,618 The stock-based compensation expense is recorded in the employee benefit cost and apportioned basis respective functions. The fair value of options granted is estimated on the date of grant using the Black-Scholes-Merton option-pricing model using the weighted average assumptions. The assumptions are as follows: Year ended March 31, March 31, Dividend yield 0.00 % 0.00 % Expected volatility 60.00 % 50.00 – 60.00 % Risk-free interest rate 2.39 – 2.81 % 0.63 – 3.29 % Exercise price $ 2.20 $0.06 – $2.20 Expected life (in years) 5.5 – 7 5.5 – 7 Attrition rate 30.00 % 30.00 % The movement in number of stock-based options outstanding and their related weighted average exercise price are as follows: Year ended March 31, 2023 2022 No. of Weighted No. of Weighted Outstanding at the beginning of the year 16,081,481 $ 1.78 4,438,990 $ 0.56 Granted during the year 1,873,500 2.20 12,656,600 2.20 Forfeited during the year (1,696,868 ) 1.78 (865,798 ) 1.54 Exercised during the year — — (148,311 ) 0.32 Outstanding at the end of the year 16,258,113 1.82 16,081,481 1.80 Exercisable at the end of the year 9,152,861 1.54 3,736,654 0.54 Unvested at the end of the year 7,105,252 2.20 12,344,827 2.18 The weighted average grant date fair value of stock options granted during the year ended March 31, 2023 and March 31, 2022 were $0.81 and $0.75 per share, respectively. Weighted average remaining life (in years) Year ended March 31, March 31, Vested options 6.67 4.93 Unvested options 8.49 9.37 The expected life of the stock is based on historical data and current expectations and is not necessarily indicative of exercise patterns that may occur. The expected volatility reflects the assumption that the historical volatility over a period similar to the life of the options is indicative of future trends, which may also not necessarily be the actual outcome. The compensation cost of unvested awards not yet recognized as of March 31, 2023, is $2,339,160. The weighted average period over which stock-based compensation expenses of non-vested awards not yet recognized is expected to be recognized is 1.15 The exercise period stock options held by employees who have resigned from the Company has been revised during the year ended March 31, 2022 from 3 5 The total intrinsic value at the date of exercise for the options exercised during the year ended March 31, 2023 is NIL Cash received from share based agreements for exercise of share-based payment awards during the year ended March 31, 2023 was NIL |
Related Party Transactions
Related Party Transactions | 9 Months Ended | 12 Months Ended |
Dec. 31, 2023 | Mar. 31, 2023 | |
Related Party Transactions [Abstract] | ||
Related Party Transactions | 30 Related Party Transactions Key managerial personnel (KMP) Gregory Bradford Moran Chief Executive Officer & Director Mohan Ananda Director Investor in Indian subsidiary Mahindra & Mahindra Limited Investor in Indian subsidiary (Until December 28, 2023) Enterprises owned or significantly influenced by above Yard Management Services Limited Ananda Small Business Trust Related party transactions pertaining to loans, investments, and other current liabilities have been stated on the face of the Condensed Consolidated Balance Sheet and Condensed Consolidated Statement of Operations. The Company had following transactions with related parties: Three months ended Nine months ended December 31, December 31, December 31, December 31, Interest expense Mahindra & Mahindra Financial Services Limited $ 12,427 $ 10,674 $ 38,203 $ 79,081 Interest income Mahindra & Mahindra Financial Services Limited 5,548 2,393 11,224 12,122 Parking charges Yard Management Services Limited 241,866 - 241,866 - Debt - principal repayment Mahindra & Mahindra Financial Services Limited 66,525 48,608 119,576 206,116 Debt - foreclosure charges Mahindra & Mahindra Financial Services Limited - (16,899 ) 153 1,090,929 Proceeds from sale of property and equipment Mahindra First Choice Wheels Ltd - (430,884 ) - 3,234,501 Legal Fees Mahindra First Choice Wheels (MH) - (74 ) - 674 Advance received for sale of property and equipment Mahindra First Choice Wheels Ltd - (124,403 ) - - Credit notes against sale of property and equipment Mahindra First Choice Wheels Ltd - - 3,144 - The Company has the following outstanding balances with related parties: As at December 31, March 31, Convertible promissory note (non-current and current) Ananda Small Business Trust $ 2,027,840 $ 10,944,727 Payable to Director Mohan Ananda 129,935 - Debt (non-current and current maturities) Mahindra & Mahindra Financial Services Limited* 922,299 1,054,887 Fixed deposits (including interest accrued) Mahindra & Mahindra Financial Services Limited* 264,640 262,117 Advance received for sale of property and equipment Mahindra First Choice Wheels Ltd* 17,997 15,067 Advance to director (net) Gregory Bradford Moran 46,040 19,682 Accounts Payable Yard Management Services Limited* 240,410 - 3,649,161 12,296,480 * Mahindra & Mahindra Financial Services Limited, Mahindra First Choice Wheels Ltd and Yard Management Services Limited were related parties till December 28, 2023. | 29 Related Party Transactions Key managerial personnel (KMP) Gregory Bradford Moran Chief Executive Officer & Director Mahindra & Mahindra Limited Investor in Indian subsidiary Enterprises owned or significantly influenced by above Mahindra & Mahindra Financial Services Limited Related party transactions pertaining to loans, investments, cash and cash equivalents and other current liabilities have been stated on the face of the consolidated balance sheet and consolidated statement of operations. The Company had following transactions with related parties: Year ended March 31, March 31, Interest Expense Mahindra & Mahindra Financial Services Limited $ 64,844 $ 110,714 Interest income Mahindra & Mahindra Financial Services Limited 15,804 16,860 Debt – principal repayment Mahindra & Mahindra Financial Services Limited 251,700 2,379,531 Debt – foreclosure charges Mahindra & Mahindra Financial Services Limited 1,123,384 95,120 Proceeds from sale of property and equipment Mahindra First Choice Wheels Ltd 3,187,157 3,388,479 Legal Fees Mahindra First Choice Wheels (MH) 668 2,943 Balances written off Mahindra & Mahindra Ltd — 17,291 Mahindra And Mahindra Financial Service Limited — 7,447 Mahindra Electric Mobility Ltd — 3,277 Advance received for sale of property and equipment Mahindra First Choice Wheels Ltd — 3,327,732 The Company has the following outstanding balances with related parties: As at March 31, March 31, Debt (non-current and current maturities) Mahindra & Mahindra Financial Services Limited $ 1,054,887 $ 2,620,321 Fixed deposits (including interest accrued) Mahindra & Mahindra Financial Services Limited 262,117 276,400 Advance received for sale of property and equipment Mahindra First Choice Wheels Ltd 15,067 3,266,108 Advance to director (net) Gregory Bradford Moran 19,682 — Payable to director (net) Gregory Bradford Moran — 48,031 1,351,753 6,210,860 |
Variable Interest Entities
Variable Interest Entities | 9 Months Ended | 12 Months Ended |
Dec. 31, 2023 | Mar. 31, 2023 | |
Variable Interest Entities [Abstract] | ||
Variable Interest Entities | 31 Variable Interest Entities An entity is a VIE if it has any of the following characteristics: ● The entity does not have enough equity to finance its activities without additional subordinated financial support. ● The equity holders, as a group, lack the characteristics of a controlling financial interest. ● The entity is structured with non-substantive voting rights (i.e., an anti-abuse clause). We consolidate VIEs in which the Company holds a variable interest and are the primary beneficiary. Company is the primary beneficiary because it has the power to direct the activities of a VIE that most significantly impact the VIE’s economic performance and the obligation to absorb losses of the VIE that potentially could be significant to the VIE and the right to receive benefits from the VIE that potentially could be significant to the VIE (benefits). As a result, we consolidate the assets and liabilities of these consolidated VIEs. The VIEs have been incorporated in their respective locations to perform the business of providing mobility solutions to consumers and businesses. The following table summarizes the assets and liabilities related to the Company’s consolidated VIEs: December 31, 2023 March 31, 2023 Assets Cash and Cash equivalents $ 26,159 $ 50,498 Accounts receivable 9,351 100,691 Other current assets 8,019 14,279 Prepaid expenses 240 4,148 Property and equipment, net 69,108 147,579 Intangible assets, net 4,125 11,900 Long term Investments 4,204 4,347 Receivable from government authorities -non current 14,939 51,838 Liabilities Accounts payable $ 387,805 $ 417,884 Contract Liabilities 8,267 11,912 Current portion of pension and other employee obligations 2,538 - Other current liabilities 201,366 370,831 Pension and other employee obligations, less current 3,353 - Total investment in the VIEs is as follows: Name of the VIE entity Place of Nature of Investor entity Zoomcar Egypt Car Rental LLC Egypt Debt Zoomcar Netherlands Holding B.V Zoomcar Egypt Car Rental LLC Egypt Debt Zoomcar Inc. Fleet Mobility Philippines Corporation * Philippines Debt Zoomcar Inc. PT Zoomcar Indonesia Mobility Service *** Indonesia Equity Fleet Holding Pte Ltd PT Zoomcar Indonesia Mobility Service *** Indonesia Debt Zoomcar Inc. Zoomcar Vietnam Mobility LLC** Vietnam Debt Fleet Holding Pte Ltd Zoomcar Vietnam Mobility LLC** Vietnam Debt Zoomcar Inc. Zoomcar Vietnam Mobility LLC** Vietnam Equity Fleet Holding Pte Ltd These amounts have been eliminated during the process of consolidation. * In May 2022, Company had initiated the process of winding-up for Fleet Mobility Philippines Corporation. The assets consolidated for the VIE are not material. ** In August 2023, Zoomcar Vietnam Mobility LLC has filed for bankruptcy with the local authorities. In accordance with ASC 810-10-15-10, the Company consolidate the VIE as the bankruptcy application is pending with the authorities in Vietnam and unless the application is admitted, the Company holds a variable interest and still is the primary beneficiary. The assets/liabilities consolidated for the VIE are not material. *** As of March 31, 2022, Fleet Holding Pte Ltd. was consolidated under VIE model as it does not have enough equity to finance its activities to operate the business. During the year ended March 31, 2023, Fleet Holding Pte Ltd. has made equity investment in PT Zoomcar Indonesia Mobility Service, and as a result, the entity has sufficient equity at risk to operate the business. Therefore, PT Zoomcar Indonesia Mobility Service has been consolidated as a voting interest entity as at March 31, 2023 and not as a VIE. The VIEs included in Condensed Consolidated Financial Statements are separate legal entities and their assets are legally owned by them and are not available to the Company’s creditors or creditors of Company’s other subsidiaries. Nature of, and changes (if any) in, the risks associated with a reporting entity’s involvement with the VIE In the case of all the entities, the reporting entity is exposed to foreign currency exchange risk of the subsidiaries since the subsidiaries are incorporated in countries other than the country in which the reporting entity has been incorporated. Further, Zoomcar Netherlands Holding B.V has advanced loan to Zoomcar Egypt Car Rental LLC. Accordingly, Zoomcar Netherlands Holding B.V is exposed to the credit risk of Zoomcar Egypt Car Rental LLC. | 30 Variable Interest Entities An entity is a VIE if it has any of the following characteristics : The entity does not have enough equity to finance its activities without additional subordinated financial support. The equity holders, as a group, lack the characteristics of a controlling financial interest. The entity is structured with non-substantive voting rights (i.e., an anti-abuse clause). We consolidate VIEs in which Company hold a variable interest and are the primary beneficiary. Company is the primary beneficiary because it has the power to direct the activities of a VIE that most significantly impact the VIE’s economic performance and the obligation to absorb losses of the VIE that potentially could be significant to the VIE and the right to receive benefits from the VIE that potentially could be significant to the VIE (benefits). As a result, we consolidate the assets and liabilities of these consolidated VIEs. The VIEs have been incorporated in their respective locations to perform the business of providing mobility solutions to consumers and businesses. The following table summarizes the assets and liabilities related to the Company’s consolidated VIEs: March 31, March 31, Assets Cash and Cash equivalents $ 50,498 $ 122,489 Accounts receivable 100,691 7,500 Other current assets 18,428 9,793 Property and equipment, net 147,579 22,664 Intangible assets, net 11,900 20,837 Long term Investments 4,347 239,784 Receivable from government authorities -non current 51,838 13,369 March 31, March 31, Liabilities Accounts payable $ 417,884 $ 450,746 Contract Liabilities 11,912 3,399 Other current liabilities 370,831 168,151 Pension and other employee obligations — 6,540 Total investment in the VIEs is as follows: Name of the VIE entity Place of Nature of Investor entity Zoomcar Egypt Car Rental LLC Egypt Debt Zoomcar Netherlands Holding B.V Zoomcar Egypt Car Rental LLC Egypt Debt Zoomcar Inc. Fleet Mobility Philippines Corporation* Philippines Debt Zoomcar Inc. PT Zoomcar Indonesia Mobility Service** Indonesia Equity Fleet Holding Pte Ltd PT Zoomcar Indonesia Mobility Service** Indonesia Debt Zoomcar Inc. Zoomcar Vietnam Mobility LLC Vietnam Debt Fleet Holding Pte Ltd Zoomcar Vietnam Mobility LLC Vietnam Debt Zoomcar Inc. Zoomcar Vietnam Mobility LLC Vietnam Equity Fleet Holding Pte Ltd These amounts have been eliminated during the process of consolidation * In May 2022, Company had initiated the process of winding-up for Fleet Mobility Philippines Corporation. Therefore, Company has written off the investment made in the VIE since the Company do not expect to recover the amount. The assets consolidated for the VIE are not material. ** As of March 31, 2022, Fleet Holding Pte Ltd. was consolidated under VIE model as it does not have enough equity to finance its activities to operate the business. During the year ended March 31, 2023, Fleet Holding Pte Ltd. has made equity investment in PT Zoomcar Indonesia Mobility Service, and as a result, the entity has sufficient equity at risk to operate the business. Therefore, PT Zoomcar Indonesia Mobility Service has been consolidated as a voting interest entity as at March 31, 2023 and not as a VIE. The VIEs included in consolidated financial statements are separate legal entities and their assets are legally owned by them and are not available to the Company’s creditors or creditors of Company’s other subsidiaries. Nature of, and changes (if any) in, the risks associated with a reporting entity’s involvement with the VIE Incase of all the entities, the reporting entity is exposed to foreign currency exchange risk of the subsidiaries since the subsidiaries are incorporated in countries other than the country in which the reporting entity has been incorporated. Further, Fleet Holding Pte Ltd has advanced loan to Zoomcar Vietnam Mobility LLC, Zoomcar Inc. has advanced loan to Fleet Mobility Philippines Corporation and Zoomcar Netherlands Holding B.V has advanced loan to Zoomcar Egypt Car Rental LLC. Each of the lending entities is thus exposed to the credit risk of the respective borrower entities to whom loan has been advanced. |
Financial Instruments - Fair Va
Financial Instruments - Fair Value Measurements | 9 Months Ended | 12 Months Ended |
Dec. 31, 2023 | Mar. 31, 2023 | |
Financial Instruments - Fair Value Measurements [Abstract] | ||
Financial Instruments - Fair Value Measurements | 32 Financial Instruments - Fair Value Measurements ASC Topic 820, “Fair Value Measurements and Disclosures” (“ASC 820”) defines fair value as the price that would be received upon sale of an asset or paid upon transfer of a liability in an orderly transaction between market participants at the measurement date and in the principal or most advantageous market for that asset or liability. The fair value should be calculated based on assumptions that market participants would use in pricing the asset or liability as against assumptions specific to the entity. In addition, the fair value of liabilities should include consideration of non-performance risk, including the Company’s own credit risk. The carrying value of financial instruments not carried at fair value by categories are as below: As at December 31, 2023 March 31, 2023 Financial assets Cash and cash equivalents $ 6,281,374 $ 3,853,281 Accounts receivable 290,871 255,175 Receivable from government authorities 4,232,229 4,211,143 Long term investments 319,401 254,032 Other financial assets 965,318 887,440 Total assets 12,089,193 9,461,071 Financial liabilities Accounts payable $ 14,179,685 $ 6,547,978 Debt 4,418,400 5,509,948 Other financial liabilities 1,516,260 1,349,393 Total liabilities 20,114,345 13,407,319 The following tables present information about the Company’s financial assets and liabilities measured at fair value on a recurring basis: December 31, 2023 Total Carrying Level 1 Level 2 Level 3 Assets: Assets held for sale $ 656,885 $ - $ 656,885 $ - Liabilities: Preferred stock warrant liability $ - $ - $ - $ - Convertible promissory note - - - - Senior subordinated convertible promissory note - - - - Unsecured Convertible Note 10,167,194 - - 10,167,194 March 31, 2023 Total Carrying Level 1 Level 2 Level 3 Assets: Assets held for sale $ 923,176 $ - $ 923,176 $ - Liabilities: Preferred stock warrant liability $ 1,190,691 $ - $ - $ 1,190,691 Convertible promissory note 10,944,727 - - 10,944,727 Senior subordinated convertible promissory note 17,422,132 - - 17,422,132 Derivative financial instrument 14,373,856 - - 14,373,856 Level 2: The fair value of Assets held for sale not traded in an active market is determined using the quoted prices in markets that are not active or inputs other than the quoted prices that are observable either directly or indirectly considering all the relevant factors of assets. The Company’s recurring Level 3 financial instruments within the Company’s fair value hierarchy as of December 31, 2023 consist of Company’s unsecured convertible note and as of March 31, 2023 consist of Company’s convertible promissory note, senior subordinated convertible promissory note, preferred stock warrant liability and derivative financial instrument. The fair value of the warrant liability is estimated using a Monte Carlo simulation model as the series and number of shares issued upon exercise is contingent upon the outcome of multiple discrete scenarios. The fair value of the underlying shares used within the Monte Carlo simulation model was estimated using an option pricing model to estimate the allocation of value to the various classes of securities of the Company. The significant unobservable inputs into the valuation model include the expected warrant term, the fully diluted stock value, and volatility. A significant increase (decrease) in any of the unobservable inputs in isolation would result in a material increase (decrease) in the Company’s estimate of fair value of the derivative financial instrument. Warrant The Company used the following assumptions for the valuation of warrant liability and derivative financial instrument in the model: Warrant The Company used the following assumptions for the valuation of warrant liability and derivative financial instrument in the model: December 28, March 31, Remaining term (years) 5.0 5.2 Volatility1 55 % 53 % Risk-free rate2 3.80 % 3.60 % Estimated exercise price $ 3.0 $ 0.23-5 Fair value per share $ 3.7 $ 10.7 1. Expected volatility is based upon the historical volatility of a peer group of publicly traded companies. 2. The risk-free rate for the expected term of the warrant is based on U.S. Treasury constant maturities yield at measurement date. Unsecured convertible notes The Company measures its notes at fair value based on significant inputs not observable in the market, which caused them to be classified as Level 3 measurements within the fair value hierarchy. Changes in the fair value of unsecured convertible note related to updated assumptions and estimates were recognized as change in fair value of unsecured convertible note within the Condensed Consolidated Statements of Operations and Comprehensive Loss. The Company used the following assumptions in the model for the valuation of the Atalaya note issued on December 28, 2023: Unsecured Remaining term (years) 5.00 Volatility 1 35% - 45 % Risk-free rate 2 4.6% - 5.2 % Conversion price $ 10.00 Fair value per share $ 3.70 1. Expected volatility is based upon the historical volatility of a peer group of publicly traded companies. 2. The risk-free rate for the expected term of the warrant is based on U.S. Treasury constant maturities yield at measurement date. The changes in the fair value are summarized below: Preferred Convertible Senior Unsecured Derivative Balance as of April 01, 2022 $ 1,610,938 $ - $ - $ - $ - Change in fair value of convertible preferred stock warrant - Balance as of June 30, 2022 1,610,938 - - - - Change in fair value of convertible preferred stock warrant 630,366 - - - - Balance as of September 30, 2022 2,241,304 - - - - Change in fair value of convertible preferred stock warrant 210,124 - - - - Issue of convertible promissory note - 10,000,000 Change in fair value of convertible promissory note - 308,832 Balance as of December 31, 2022 2,451,428 10,308,832 - - - Balance as of April 01, 2023 1,190,691 10,944,727 17,422,132 - 14,373,856 Issue of senior subordinated convertible promissory note and warrants - - 8,655,330 - - Change in fair value of convertible preferred stock warrant (245,143 ) - - - - Change in fair value of convertible promissory note - 420,022 - - - Change in fair value of SSCPN - - 10,519,247 - - Note issue expenses - - - Change in fair value of derivative financial instrument - - - - 9,222,809 Balance as of June 30, 2023 945,548 11,364,749 36,596,709 - 23,596,665 Issue of senior subordinated convertible promissory note and warrants - - 4,519,696 - - Change in fair value of convertible preferred stock warrant (175,102 ) - - - - Change in fair value of convertible promissory note - 575,434 - - - Change in fair value of SSCPN - - 6,141,965 - - Note issue expenses - - - - - Change in fair value of derivative financial instrument - - - - 813,566 Balance as of September 30, 2023 770,446 11,940,183 47,258,370 - 24,410,231 Issue of unsecured convertible note at discount - - - 8,434,605 - Issue of senior subordinated convertible promissory note and warrants - - (20,110,058 ) - - Change in fair value of convertible preferred stock warrant 5,704,739 - - - - Change in fair value of convertible promissory note - (7,986,326 ) - - - Change in fair value of derivative financial instrument - - - - (6,571,082 ) Conversion to Common Stock - (3,953,857 ) (27,148,312 ) - - Reclassification on conversion of preferred stock warrants and derivative financial instruments of Zoomcar, Inc. to common stock warrants of the Company (6,475,185 ) - - - (17,839,149 ) Change in fair value of unsecured convertible note - - - 1,732,589 - Balance as of December 31, 2023 - - - 10,167,194 - During the three and nine months ended December 31, 2022 and December 31, 2023, there were no non-recurring fair value measure of assets or liabilities subsequent to initial recognition. | 31 Financial Instruments — Fair Value Measurements ASC Topic 820, “Fair Value Measurements and Disclosures” (“ASC 820”) defines fair value as the price that would be received upon sale of an asset or paid upon transfer of a liability in an orderly transaction between market participants at the measurement date and in the principal or most advantageous market for that asset or liability. The fair value should be calculated based on assumptions that market participants would use in pricing the asset or liability as against assumptions specific to the entity. In addition, the fair value of liabilities should include consideration of non-performance risk, including the Company’s own credit risk. The carrying value of financial instruments not carried at fair value by categories are as below: As at March 31, March 31, Financial assets Cash and cash equivalents $ 3,853,281 $ 26,783,791 Accounts receivable 255,175 204,198 Receivable from government authorities 4,211,143 4,649,100 Long term investments 254,032 399,806 Other financial assets 887,440 1,214,925 Total assets 9,461,071 33,251,819 Financial liabilities Accounts payable $ 6,547,978 $ 6,318,686 Debt 5,509,948 12,248,554 Other financial liabilities 1,349,393 1,618,840 Total liabilities 13,407,319 20,186,080 The following tables present information about the Company’s financial assets and liabilities measured at fair value on a recurring basis: March 31, 2023 Total Carrying Level 1 Level 2 Level 3 Assets: Assets held for sale $ 923,176 $ — $ 923,176 $ — Liabilities: Preferred stock warrant liability $ 1,190,691 $ — $ — $ 1,190,691 Convertible promissory note 10,944,727 — — 10,944,727 Senior subordinated convertible promissory note 17,422,132 — — 17,422,132 Derivative financial instrument 14,373,856 — — 14,373,856 March 31, 2022 Total Carrying Level 1 Level 2 Level 3 Assets: Assets held for sale $ 4,298,419 $ — $ 4,298,419 $ — Liabilities: Preferred stock warrant liability $ 1,610,938 $ — $ — $ 1,610,938 Level 2: The fair value of Assets held for sale not traded in an active market is determined using the quoted prices in markets that are not active or inputs other than the quoted prices that are observable either directly or indirectly considering all the relevant factors of assets. The Company’s recurring Level 3 financial instruments within the Company’s fair value hierarchy as of March 31, 2023 consist of Company’s convertible promissory note, senior subordinated convertible promissory note, preferred stock warrant liability and derivative financial instrument (as of March 31, 2022 — Company’s preferred stock warrant liability). The fair value of the warrant liability is estimated using a Monte Carlo simulation model as the series and number of shares issued upon exercise is contingent upon the outcome of multiple discrete scenarios. The fair value of the underlying shares used within the Monte Carlo simulation model was estimated using an option pricing model to estimate the allocation of value to the various classes of securities of the Company. The significant unobservable inputs into the valuation model include the expected warrant term, the fully-diluted stock value, and volatility. A significant increase (decrease) in any of the unobservable inputs in isolation would result in a material increase (decrease) in the Company’s estimate of fair value of the derivative financial instrument. Warrant The Company used the following assumptions for preferred stock warrant liability and derivative financial instrument in the model: March 31, March 31, Remaining term (years) 5.21 5.92 Volatility (1) 53 % 55 % Risk-free rate (2) 3.60 % 2.40 % Estimated exercise price $ 0.23 – 5 $ 2.5 – 3.5 Calculated fair value per share $ 10.7 $ 1.8 (1) Expected volatility is based upon the historical volatility of a peer group of publicly traded companies. (2) The risk-free rate for the expected term of the warrant is based on U.S. Treasury constant maturities yield at measurement date. Convertible promissory notes The Company measures its notes and SSCPN at fair value based on significant inputs not observable in the market, which caused them to be classified as Level 3 measurements within the fair value hierarchy. Changes in the fair value of the convertible promissory notes and securities related to updated assumptions and estimates were recognized as change in fair value of convertible promissory note within the consolidated statements of operations and comprehensive loss. Changes in the fair value of senior subordinated convertible promissory note and securities related to updated assumptions and estimates were recognized as change in fair value of senior subordinated convertible promissory note within the consolidated statements of operations and comprehensive loss. The Company used the following assumptions for the year ended March 31, 2023 in the model for valuation of: Convertible Senior subordinated Remaining term (years) 0.21 0.21 Volatility (1) 34 % 34 % Risk-free rate (2) 4.80 % 4.80 % Estimated conversion price $ 10 $ 5 Calculated fair value per share $ 10.7 $ 10.7 (1) Expected volatility is based upon the historical volatility of a peer group of publicly traded companies. (2) The risk-free rate for the expected term of the warrant is based on U.S. Treasury constant maturities yield at measurement date. The changes in the fair value are summarized below: Preferred stock Convertible Senior subordinated Derivative financial Balance as of March 31, 2021 $ 494,807 $ — $ — $ — Issue of convertible preferred stock warrant 660,866 — — — Change in fair value of convertible preferred stock warrant 455,265 — — — Balance as of March 31, 2022 1,610,938 — — — Issue of convertible promissory note $ — 10,000,000 $ — $ — Issue of senior subordinated convertible promissory note and warrants — — 8,109,954 — Change in fair value of convertible preferred stock warrant (420,245 ) — — — Change in fair value of convertible promissory note — 944,727 — — Change in fair value of SSCPN — — 9,312,177 — Change in fair value of derivative financial instrument — — — 14,373,856 Balance as of March 31, 2023 1,190,691 10,944,727 17,422,131 14,373,856 During the year ended March 31, 2023 and March 31, 2022, there were no non-recurring fair value measure of assets or liabilities subsequent to initial recognition. |
Derivative Financial Instrument
Derivative Financial Instrument | 9 Months Ended | 12 Months Ended |
Dec. 31, 2023 | Mar. 31, 2023 | |
Derivative Financial Instrument [Abstract] | ||
Derivative financial instrument | 33 Derivative financial instrument The warrants are subject to equity price risk since the underlying for the instrument is the Company’s common stock price. The fair value of derivative liabilities as on December 31, 2023 and March 31, 2023 are as follows: December 31, 2023 March 31, 2023 As at Balance Fair Value Balance Fair Derivatives not designated as hedging instruments under ASC 815-20 Warrants issued against SSCPN $ - Derivative financial instrument $ 11,978,213 Warrants issued to Placement agent - 2,395,643 Total $ - $ 14,373,856 The changes in fair value of warrants are being recognized under ‘Change in fair value of derivative financial instrument’ within the Condensed Consolidated Statement of Operations. See Note 32, Fair value measurements. The Company classifies cash flows related to derivative liabilities as financing activities in the Condensed Consolidated Statement of Cash Flows. On the close date of Reverse Recapitalization, these Warrants were reclassified to equity-classified common stock warrants (Refer note 16). | 32 Derivative financial instrument The warrants were issued to de-risk the business and secure capital ahead of the deSPAC process. This approach ensures that the Company can continue executing its planned strategies, considering the potential impact of factors beyond our direct control on the SPAC timeline. The warrants are subject to equity price risk since the underlying for the instrument is the Company’s common stock price. The fair value of derivative liabilities as on March 31, 2023 and March 31, 2022 are as follows: March 31, 2023 March 31, 2022 As at Balance Sheet Fair Value Balance Sheet Fair Value Derivatives not designated as hedging instruments under ASC 815-20 Warrants issued against SSCPN Derivative financial instrument $ 11,978,213 $ — Warrants issued to Placement agent 2,395,643 — Total $ 14,373,856 — The changes in fair value of warrants are being recognized under ‘Change in fair value of derivative financial instrument’ within the Consolidated Statement of Operations. See Note 31, Fair value measurements. The Company classifies cash flows related to derivative liabilities as financing activities in the Consolidated Statement of Cash Flows. |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended | 12 Months Ended |
Dec. 31, 2023 | Mar. 31, 2023 | |
Commitments and contingencies [Abstract] | ||
Commitments and contingencies | 34 Commitments and contingencies Contingencies (A) (B) The Company has received various orders from time to time from Indian indirect tax authorities. The Company has received an order disallowing input credit taken on certain vehicles purchased for the period from July 2017 to July 2019 amounting to $434,989 (March 31, 2023: $440,703). The Company received a show cause notice for service tax liability on booking fees and penalty charges collected for the period October 2014 to July 2017 amounting to $4,446,347 (March 31, 2023: $4,504,751). The Company has filed an appeal against the above orders before higher authority. The Company has received a demand notice for $34,182 from Indian indirect tax authorities for the period April 2017 to September 2017 due to disallowance input tax credit. The Company has received a show cause notice from Indian indirect tax authorities disputing the goods and service tax input availed and the rate of input availed amounting to $444,637 (March 31, 2023: $450,477). The Company has filed submissions and is awaiting further communication on the matter. Based on the submissions provided to the authorities and documents available no outflow is expected. Hence the Company has not created any provision as of December 31, 2023 and March 31, 2023 for the above matters. (C) As of December 31, 2023, there are 9,341 bookings in progress. The Company bears the risk of loss or damage to the host vehicle with respect to such bookings. The Company makes certain assumptions based on currently available information to estimate the trip protection reserves. A number of factors can affect the actual cost of a claim, including the length of time the claim remains open and the results of any related litigation. Furthermore, claims may emerge in future years for events that occurred in a prior year at a rate that differs from previous projections. Trip protection reserves are continually reviewed and adjusted as necessary as experience develops or new information becomes known. However, the final results may differ materially from the Company’s estimates, which could result in losses over the Company’s reserved amounts. The Company has determined the trip protection reserves for such risk of loss to be immaterial for the purpose of this Condensed Consolidated Financial Statements. (D) In February 2023, a former employee of Zoomcar India instituted a suit before the City Civil and Sessions Judge at Mayo Hall, Bengaluru against Zoomcar India, Zoomcar, Inc. and IOAC challenging his termination, claiming damages and claiming that 100,000 options to purchase shares of Zoomcar, Inc. have vested. On March 3, 2023, the City Civil and Sessions Judge at Mayo Hall, Bengaluru, issued an interim injunction to restrain each of Zoomcar, Inc. and IOAC from “alienating or dealing” the 100,000 shares of Zoomcar, Inc. claimed by the former employee while the suit is pending. Zoomcar believes that such claims are baseless and is attempting to have the interim order vacated. In addition, Zoomcar India filed an application in the former employee’s suit, seeking that IOAC be deleted from the array of parties in the suit, inter alia since (i) IOAC is neither a necessary nor a proper party to the suit; (ii) no reliefs have been sought by the former employee from IOAC; and (iii) there is no cause of action against IOAC. The matter is presently being heard on the issue of deletion. There can be no assurance that Zoomcar India and Zoomcar, Inc. will be successful in their efforts to have the matter vacated or IOAC deleted from the parties, and such efforts may be time-consuming, costly and may have reputational and other negative effects on the Company. | 33 Commitments and contingencies Contingencies (A) Claims filed against the Company by customers and third-parties not acknowledged as liability amounted to $4,639,473 and $5,315,190 as at March 31, 2023 and March 31, 2022, respectively. These claims have been made for personal injuries (customer and/or third parties) and amounts charged to customers by the Company as damages for improper use of vehicles and/or physical damages made to vehicles during an active trip. The Company has procured third-party insurance policies for fleet under its management which indemnifies against personal death and/or injuries suffered either by the customer or third-parties during the use of its vehicles. Based on the insurance coverage, the Company is confident that liability, if any, arising from these claims will be covered by the insurance. While uncertainties are inherent in the final outcome of these matters, the Company believes, that the disposition of these proceedings will not have a material adverse effect on the Company’s financial position, results of operations or cash flows. (B) The Company has received various orders from time to time from Indian indirect tax authorities. The Company has received an order disallowing input credit taken on certain vehicles purchased for the period from July 2017 to July 2019 amounting to $440,703 (March 31, 2022: $476,773). The Company received a show cause notice for service tax liability on booking fees and penalty charges collected for the period October 2014 to July 2017 amounting to $4,504,751 (March 31, 2022: $4,873,457). The Company has filed an appeal against the above orders before higher authority. The Company has received demand notice for $34,631 from Indian indirect tax authorities for the period April 2017 to June 2017 due to disallowance input tax credit. The Company has received show cause notice from Indian indirect tax authorities disputing the goods and service tax input availed and the rate of input availed amounting to $450,477 (March 31, 2022: $487,348). The Company has filed submissions and is awaiting further communication on the matter. Based on the submissions provided to the authorities and documents available no outflow is expected. Hence the Company has not created any provision as at March 31, 2023 and March 31, 2022 for the above matters. (C) As at March 31, 2023, there are 5,115 bookings in progress. The Company bears the risk of loss or damage to the host vehicle with respect to such bookings. The Company makes certain assumptions based on currently available information to estimate the trip protection reserves. A number of factors can affect the actual cost of a claim, including the length of time the claim remains open and the results of any related litigation. Furthermore, claims may emerge in future years for events that occurred in a prior year at a rate that differs from previous projections. Trip protection reserves are continually reviewed and adjusted as necessary as experience develops or new information becomes known. However, ultimate results may differ materially from the Company’s estimates, which could result in losses over the Company’s reserved amounts. The Company has determined the trip protection reserves for such risk of loss to be immaterial for the purpose of this consolidated financial statements. |
Subsequent Events
Subsequent Events | 9 Months Ended | 12 Months Ended |
Dec. 31, 2023 | Mar. 31, 2023 | |
Subsequent Events [Abstract] | ||
Subsequent events | 35 Subsequent events The Company has evaluated subsequent events through the filing of this Form 10-Q, and determined that there have been no events that have occurred that would require adjustments to our disclosures in the consolidated financial statements except for the following: (A) On January 30, 2024, the Company received a statement of arbitration claims involving warrant holders seeking damages of at least $10,000,000 purportedly arising from the alleged breaches of certain agreements between the Company and warrant holders. Additionally, the Claim requests additional amounts for attorneys’ fees and costs, as well as an order of rescission regarding the issuance of certain allegedly wrongfully dilutive shares of the company’s stock issued in connection with the business combination or, alternatively, an order mandating a purportedly anti-dilutive issuance of additional shares of Zoomcar common stock to the warrant holders. The Court denied the temporary injunctive relief and has scheduled a hearing on the order to show cause for February 21, 2024. Zoomcar is examining its legal options with respect to the Claim and the Court action. The Company believes that the claims are baseless and there was no breach of the agreements as alleged. The outcome of these legal proceedings cannot be determined at this time, and there can be no assurance as to the ultimate resolution of these matters or the potential impact on the Company’s financial position, results of operations, or cash flows. The Company will continue to monitor these proceedings closely and provide updates as necessary in future financial disclosures. (B) On February 1, 2024, the Company entered into an agreement (the “Lock-Up Release Agreement”) with two of the former members of the Sponsor, ASJC Global LLC – Series 24 (“ASJC”) and Cohen Sponsor LLC – A24 RS, pursuant to which the Company agreed to waive the lock-up restrictions provided for in the Letter Agreement with respect to the Lock-Up Release Parties for a period of 120 days (the “Lock-Up Release Period”) in exchange for a cash fee to be paid by the Lock-Up Release Parties to the Company. No funds have been raised to date under this agreement. | 34 Subsequent events (A) On December 28, 2023, the Company completed its merger transaction and received net proceeds of $5.8 million (B) On August 14, 2023, Zoomcar Vietnam Mobility LLC (“Zoomcar Vietnam”) has filed for the bankruptcy with the local authorities |
Intangible Assets
Intangible Assets | 12 Months Ended |
Mar. 31, 2023 | |
Intangible Assets [Abstract] | |
Intangible Assets | 11 Intangible Assets The components of intangible assets, were as follows: March 31, 2023 March 31, 2022 As at Average Gross Accumulated Net Gross Accumulated Net Computer software 3 – 5 years $ 140,181 $ (106,769 ) $ 33,412 $ 276,590 $ (200,771 ) $ 75,819 Total 140,181 (106,769 ) 33,412 276,590 (200,771 ) 75,819 Amortization expense for the year ended March 31, 2023 and March 31, 2022 was $41,331 and $4,444 respectively. Future amortization of intangible assets that will be recorded in general and administrative expenses is estimated as follows. Year ended 31 March 2023 2022 2023 $ — $ 44,597 2024 10,581 9,930 2025 10,054 9,507 2026 7,048 6,823 2027 5,347 4,962 2028 382 — Total remaining amortization 33,412 75,819 |
Pension and Other Employee Obli
Pension and Other Employee Obligations | 12 Months Ended |
Mar. 31, 2023 | |
Pension and Other Employee Obligations [Abstract] | |
Pension and other employee obligations | 17 Pension and other employee obligations The components of pension and other employee obligations were as follows: (In USD) March 31, March 31, Current Provision for gratuity $ 70,872 $ 93,363 Provision for leave encashment 75,134 83,528 Other statutory provisions — — 146,006 176,891 Non current Provision for gratuity $ 215,841 $ 248,364 Provision for leave encashment 222,967 152,610 Other statutory provisions — 6,539 Pension and other employee obligations 438,808 407,513 |
Accounting Policies, by Policy
Accounting Policies, by Policy (Policies) | 9 Months Ended | 12 Months Ended |
Dec. 31, 2023 | Mar. 31, 2023 | |
Summary of Significant Accounting Policies [Abstract] | ||
Basis of Presentation | i. Basis of presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (US GAAP) and pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”) for interim reporting. As permitted under those rules, certain footnotes or other financial information that are normally required by US GAAP have been condensed or omitted. Any reference in these notes to applicable guidance is meant to refer to the authoritative GAAP as found in the Accounting Standards Codification (“ASC”) and an Accounting Standards Update (“ASU”) of the Financial Accounting Standards Board (“FASB”). The results of operations for the three and nine months ended December 31, 2023, are not necessarily indicative of the results for the fiscal year ending March 31, 2024, or any future interim period. These Condensed Consolidated Financial Statements follow the same significant accounting policies as those included in the audited consolidated financial statements of Zoomcar, Inc. for the year ended March 31, 2023. In the opinion of management, these condensed consolidated financial statements reflect all adjustments, consisting only of normal recurring adjustments, which are necessary for the fair statement of the condensed consolidated financial position, results of operations, and cash flows for these interim periods. The unaudited Condensed Consolidated Financial Statements include the accounts of the Company and its wholly owned subsidiaries and variable interest entities in which the Company is the primary beneficiary, including an entity in India and in other geographical locations. All intercompany accounts and transactions have been eliminated in the unaudited condensed consolidated financial statements herein. The equity of the comparative period of the Company has been presented based on the historical equity of Zoomcar, Inc. restated using the exchange ratio to reflect the equity structure of the SPAC. | i. Basis of presentation The accompanying consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (US GAAP). Any reference in these notes to applicable guidance is meant to refer to the authoritative GAAP as found in the Accounting Standards Codification (“ASC”) and an Accounting Standards Update (“ASU”) of the Financial Accounting Standards Board (“FASB”). These statements include the financial statements of Zoomcar, Inc. and its wholly owned and controlled subsidiaries and subsidiaries in which the Company holds a controlling financial interest or is the primary beneficiary. Intercompany transactions and accounts have been eliminated in consolidation. |
Principles of consolidation | ii. Principles of consolidation The unaudited Condensed Consolidated Financial Statements include the accounts of Zoomcar Holdings, Inc. and of its wholly owned subsidiaries and variable interest entities in which the Company is the primary beneficiary, including an entity in India and in other geographical locations (collectively, the “Company”). The Company determines, at the inception of each arrangement, whether an entity in which it has made an investment or in which it has other variable interest is considered a VIE. The Company consolidates a VIE when it is the primary beneficiary. The primary beneficiary of a VIE is the party that meets both of the following criteria: (i) has the power to direct the activities that most significantly affect the economic performance of the VIE; and (ii) has the obligation to absorb losses or the right to receive benefits that in either case could potentially be significant to the VIE. Periodically, the Company determines whether any changes in its interest or relationship with the entity impact the determination of whether the entity is still a VIE and, if so, whether the Company is the primary beneficiary. As at December 31, 2023, following are the list of subsidiaries and step-down subsidiaries: Name of Entity Place of Incorporation Investor Entity Zoomcar, Inc. USA Zoomcar Holdings, Inc. Zoomcar India Private Limited India Zoomcar, Inc. Zoomcar Netherlands Holding B. V Netherlands Zoomcar, Inc. Fleet Holding Pte ltd Singapore Zoomcar, Inc. Fleet Mobility Philippines Corporation Philippines Zoomcar, Inc. Zoomcar Egypt Car Rental LLC Egypt Zoomcar Netherlands Holding PT Zoomcar Indonesia Mobility Service Indonesia Fleet Holding Pte ltd Zoomcar Vietnam Mobility LLC Vietnam Fleet Holding Pte ltd As at December 31, 2023, the subsidiaries and step-down subsidiaries of Zoomcar Holdings, Inc. have been consolidated using the Variable Interest Entity (‘VIE’) model as per ASC 810. In determining whether the VIE model was applicable to the subsidiaries the criteria prescribed under ASC 810 were examined as below: - The subsidiaries were incorporated as legal entities under the laws and regulations of the country in which they are incorporated. - The scope exemptions under ASC 810 were not applicable to the entities. - Zoomcar Holdings, Inc holds variable interest in all the subsidiaries by way of contribution towards equity and in the form of debt. - The entities are variable interest entities for Zoomcar Holdings, Inc since the legal entities do not have sufficient equity investment at risk and equity investors at risk. For the purpose of equity interests, the interests held by employees are also considered under ASC 810 since employees are considered as de-facto agents. Thus, Zoomcar Egypt Car Rental LLC, Fleet Mobility Philippines Corporation, and Zoomcar Vietnam Mobility LLC are considered as wholly owned subsidiaries of Zoomcar, Inc and step-down subsidiaries of Zoomcar Holdings, Inc Through the direct and indirect interest that Zoomcar Holdings, Inc. holds in the subsidiaries, Zoomcar Holdings, Inc. has the power to direct the activities of a VIE that most significantly impact the VIE’s economic performance and has the obligation to absorb losses of the VIE that could potentially be significant to the VIE or the right to receive benefits from the VIE that could potentially be significant to the VIE. Accordingly, Zoomcar Holdings, Inc. is the primary beneficiary with respect to all the subsidiaries and consolidates the subsidiaries under the VIE model except Zoomcar India Private Limited, Zoomcar Netherlands Holding B.V, Fleet Holding Pte Ltd and PT Zoomcar Indonesia Mobility Service which are consolidated as per the voting interest model. On August 14, 2023, Zoomcar Vietnam Mobility LLC has voluntarily filed application for bankruptcy with the local authorities of Vietnam. In accordance with ASC 205-30, the liquidation of the VIE is imminent and thus the financial statements of VIE are prepared on a liquidation basis, which entails valuing assets at their estimated net realizable values and recording liabilities at their expected settlement amounts. Further, in accordance with ASC 810-10-15-10, the Company consolidate the VIE as the bankruptcy application is pending with the authorities in Vietnam and unless the application is admitted, the Company holds a variable interest and still is the primary beneficiary. Refer Note 31. The assets/liabilities consolidated for the VIE are not material. | ii. Principles of consolidation The consolidated financial statements include the accounts of Zoomcar, Inc. and of its wholly owned subsidiaries and variable interest entities in which the Company is the primary beneficiary, including an entity in India and in other geographical locations (collectively, the “Company”). The Company determines, at the inception of each arrangement, whether an entity in which it has made an investment or in which it has other variable interest is considered a VIE. The Company consolidates a VIE when it is the primary beneficiary. The primary beneficiary of a VIE is the party that meets both of the following criteria: (i) has the power to direct the activities that most significantly affect the economic performance of the VIE; and (ii) has the obligation to absorb losses or the right to receive benefits that in either case could potentially be significant to the VIE. Periodically, the Company determines whether any changes in its interest or relationship with the entity impact the determination of whether the entity is still a VIE and, if so, whether the Company is the primary beneficiary. As at March 31, 2023, following are the list of subsidiaries and step-down subsidiaries: Name of Entity Place of Incorporation Investor Entity Zoomcar, Inc. USA Zoomcar Holdings, Inc. Zoomcar India Private Limited India Zoomcar, Inc. Zoomcar Netherlands Holding B.V Netherlands Zoomcar, Inc. Fleet Holding Pte ltd Singapore Zoomcar, Inc. Fleet Mobility Philippines Corporation Philippines Zoomcar, Inc. Zoomcar Egypt Car Rental LLC Egypt Zoomcar Netherlands Holding PT Zoomcar Indonesia Mobility Service Indonesia Fleet Holding Pte ltd Zoomcar Vietnam Mobility LLC Vietnam Fleet Holding Pte ltd As at March 31, 2023, the subsidiaries and step-down subsidiaries of Zoomcar Inc. have been consolidated using the Variable Interest Entity (‘VIE’) model as per ASC 810. In determining whether the VIE model was applicable to the subsidiaries the criteria prescribed under ASC 810 were examined as below: - The subsidiaries were incorporated as legal entities under the laws and regulations of the country in which they are incorporated. - The scope exemptions under ASC 810 were not applicable to the entities - Zoomcar Inc holds variable interest in all the subsidiaries by way of contribution towards equity and in the form of debt - The entities are variable interest entities for Zoomcar Inc since the legal entities do not have sufficient equity investment at risk and equity investors at risk. For the purpose of equity interests, the interests held by employees are also considered under ASC 810 since employees are considered as de-facto agents. Thus, Zoomcar Egypt Car Rental LLC, Fleet Mobility Philippines Corporation, and Zoomcar Vietnam Mobility LLC are considered as wholly owned subsidiaries of Zoomcar Inc. Through the direct and indirect interest that Zoomcar Inc. holds in the subsidiaries, Zoomcar Inc. has the power to direct the activities of a VIE that most significantly impact the VIE’s economic performance and has the obligation to absorb losses of the VIE that could potentially be significant to the VIE or the right to receive benefits from the VIE that could potentially be significant to the VIE. Accordingly, Zoomcar Inc. is the primary beneficiary with respect to all the subsidiaries and consolidates the subsidiaries under the VIE model except Zoomcar India Private Limited, Zoomcar Netherlands Holding B.V, Fleet Holding Pte Ltd and PT Zoomcar Indonesia Mobility Service which are consolidated as per the voting interest model. |
Use of estimates and assumptions | iii. Use of estimates and assumptions The use of estimates and assumptions as determined by management is required in the preparation of the Condensed Consolidated Financial Statements in conformity with US GAAP. These estimates are based on management’s evaluation of historical trends and other information available when the Condensed Consolidated Financial Statements are prepared and may affect the amounts reported and related disclosures. Actual results could differ from those estimates. Estimates and underlying assumptions are reviewed on an ongoing basis. The significant estimates, judgments and assumptions that affect the condensed consolidated financial statements include, but are not limited to; are: a. Estimation of defined benefit obligation b. Estimation of useful lives and residual values of property, plant & equipment, and intangible assets c. Fair value measurement of financial instruments d. Fair value measurement of share-based payments e. Leases – assumption to determine the incremental borrowing rate f. Discount rate for discounting deferred payments g. Valuation allowance on deferred tax assets h. Estimation of utilization of receivable from government authorities | iii. Use of estimates and assumptions The use of estimates and assumptions as determined by management is required in the preparation of the Consolidated Financial Statements in conformity with US GAAP. These estimates are based on management’s evaluation of historical trends and other information available when the Consolidated Financial Statements are prepared and may affect the amounts reported and related disclosures. Actual results could differ from those estimates. Estimates and underlying assumptions are reviewed on an ongoing basis. The significant estimates, judgments and assumptions that affect the consolidated financial statements include, but are not limited to; are: a. Estimation of defined benefit obligation b. Estimation of useful lives and residual values of property, plant & equipment and intangible assets c. Fair value measurement of financial instruments d. Fair value measurement of share-based payments e. Leases – assumption to determine the incremental borrowing rate f. Valuation allowance on deferred tax assets g. Estimation of utilisation of receivable from government authorities |
Revenue recognition | iv. Revenue recognition The Company derives its revenue principally from short-term self-drive rentals. Self-drive rentals Zoomcar operates a fleet of rental vehicles comprising of both vehicles owned by them and vehicles leased from third-party leasing companies. The Company either leases or subleases vehicles to its customers as a result, the Company has considered itself to be the accounting lessor or sublessor, as applicable, in these arrangements in accordance with ASC 842. Rental revenues are recognized for rental and rental related activities on a straight-line basis evenly over the period of where an identified asset is transferred to the customer and the customer has the ability to control that asset in accordance with ASC 842. Transaction price charged by the Company is as per agreed rates between the Company and the customer. In the case of leased vehicles, the Company was solely responsible for paying vehicle lease costs to the lessor regardless of whether the vehicles were booked for use by guests on the platform and accordingly recognized vehicle lease revenue on a gross basis. For vehicles that are subleased, sublease income and related lease expense for these transactions are recognized on a gross basis in the condensed consolidated financial statements. Rental periods are generally short-term in nature and are classified as operating leases. Facilitation revenue (“Host services”) The Company has launched a new platform “Zoomcar Host Services” during the year ended March 2022. Zoomcar Host Services is a marketplace feature of the platform that helps owners of vehicles (“Hosts/ Customer/Lessors”) connect with users (“Renters/Lessee”) in temporary need of a vehicle on leasehold basis for their personal use. Facilitation Services revenue consists of facilitation fees charged to Hosts, net of incentives and refunds and trip protection charged to the Renters. The Company charges facilitation fees to its customers as a percentage of the value of the total booking, excluding taxes. The Company collects both the booking value on behalf of the Host and the trip protection charges from the renter. On a daily basis the Company, or its third-party payment processors, disburse the booking value to the host, less the fees due from the host to the Company. The amounts charged for trip fees for the Marketplace service vary based on factors such as the vehicle type, the day of the week, time of the trip, and the duration of the trip. Hence, the Company’s primary performance obligation in the transaction with respect to the Host is to facilitate the successful completion of the rental transaction and with respect to the renter is to offer trip protection. Customer support is rendered to both the Host (customer/lessor) and the renter (lessee). Company being the intermediary between the two provides its platform through which all communication takes place related to any services e.g., extension of trip period. Such services also include the normal customer support related to any vehicle breakdowns, tracking of vehicles, renter background checks, vehicle ownership checks and various other activities which are part of an ongoing set of series required for successful listing, renting and completion of trip. These activities are not distinct from each other and are not separate performance obligations. As a result, these series of services integrate together to form a single performance obligation. In case of booking value collected from the renter on behalf of the Host, the Company evaluates the presentation of revenue on a gross versus net basis based on whether or not it is the principal(gross) or the agent (net) in the transaction. The Company considers whether it controls the right to use the vehicle before control is transferred to the renter. Indicators of control that the Company considers include whether the Company is primarily responsible for fulfilling the promise associated with the booking of the vehicle, whether it has inventory risk associated with the vehicle, and whether it has discretion in establishing the prices for the vehicles booked. The Company determined that it does not establish pricing for vehicles listed on its platform and does not control the right to use the host’s vehicle at any time before, during, or after completion of a trip booked on the Company’s platform. Accordingly, the Company has concluded that it is acting in an agent capacity, and revenue is presented net reflecting the facilitation fees received from the Marketplace service. The customer simultaneously receives and consumes the benefits provided by the entity’s performance as the entity performs. Revenue is recognized ratably over the trip period. The Company recognizes facilitation revenue from these performance obligations on a straight-line basis over the duration of the rental trip using the output method as its performance obligation is satisfied over time. The Company uses the output method based on rental hours or days, where revenue is calculated based on the percentage of total time elapsed in relation to total estimated rental period. In the event a user books a trip extension, at the time the extension is booked, the service revenue is recognized on a straight-line basis over the duration of the extension period. The Company offers various incentive programs to hosts, including minimum guaranteed listing fees and vehicle listing bonus payments. The incentives are recorded in accordance with ASC 606- 10-32-25 and ASC 606-10-32-27 as a reduction to revenue and in cases where the amount of incentive paid to the Host are above the facilitation fees earned from that Host on cumulative basis the excess of the revenue amount is recorded as a marketing expense in the condensed consolidated statement of operations. These incentives are offered as part of overall marketing strategy of the company and incentivize the hosts to refer the platform. During the year ended March 31, 2023, company has stopped providing minimum guaranteed listing fees incentive. Loyalty program The Company offers loyalty program, Z-Points, wherein customers are eligible to earn loyalty points that are redeemable for payment towards facilitation fees, self-drive rentals and vehicle subscriptions. Under ASC 606 and ASC 842, each transaction that generates loyalty points results in the deferral of revenue equivalent to the retail value at the date the points are earned. The associated revenue or rental is recognized when the customer redeems the loyalty points at some time in future. The retail value of points is estimated based on the current retail value measured as of the date the loyalty points are earned, less an estimated amount representing loyalty points that are not expected to be redeemed (“breakage”). Breakage is reviewed on an annual basis and includes significant assumptions such as historical breakage trends, internal Company forecasts and extended redemption period, if any. As at December 31, 2023 and March 31, 2023, the Company’s deferred revenue balance amounted to $99,899 and $260,705 respectively. Others The Company has elected to exclude from revenue, taxes assessed by a governmental authority that are both imposed on and are concurrent with specific revenue producing transactions and collected from customers and remitted to governmental authorities. Accordingly, such amounts are not included as a component of revenue or cost of revenue. Contract liabilities Contract liabilities primarily consists of obligations to customers for advance received against a new booking, revenue-share payable to customers for vehicles listed by them on Company’s portal for short-term rentals and related to Company’s points-based loyalty program. | vi. Revenue recognition The Company derives its revenue principally from short-term self-drive rentals and vehicle subscriptions. Self-drive rentals Zoomcar operates a fleet of rental vehicles comprising of both vehicles owned by them and vehicles leased from third-party leasing companies. The Company either leases or subleases vehicles to its customers as a result, the Company has considered itself to be the accounting lessor or sublessor, as applicable, in these arrangements in accordance with ASC 842. Rental revenues are recognized for rental and rental related activities on a straight-line basis evenly over the period of where an identified asset is transferred to the customer and the customer has the ability to control that asset in accordance with ASC 842. Transaction price charged by the Company is as per agreed rates between the Company and the customer. In case of leased vehicles, the Company was solely responsible for paying vehicle lease costs to the lessor regardless of whether the vehicles were booked for use by guests on the platform and accordingly recognized vehicle lease revenue on a gross basis. For vehicles that are subleased, sublease income and related lease expense for these transactions are recognized on a gross basis in the consolidated financial statements. Rental periods are generally short-term in nature and are classified as operating leases. Vehicle subscriptions The Company provides vehicles under subscription model to subscribers for a period of 1 month to 24 months. The subscription amount for each month is fixed based on number of months and vehicle type subscribed. The subscription model permits the subscribers to list back the vehicle on the Company’s portal whereby any revenue earned through self-drive rentals are shared between the subscriber and the Company. Under the subscription model, where an identified asset is transferred to the customer and the customer has the ability to control that asset, rental revenues are recognized in accordance with ASC 842. Facilitation revenue (“Host services”) The Company has launched a new platform “Zoomcar Host Services” during the year. Zoomcar Host Services is a marketplace feature of the platform that helps owners of vehicles (“Hosts/ Customer/Lessors”) connect with users (“Renters/Lessee”) in temporary need of a vehicle on leasehold basis for their personal use. Facilitation Services revenue consists of facilitation fees charged to Hosts, net of incentives and refunds and trip protection charged to the Renters. The Company charges facilitation fees to its customers as a percentage of the value of the total booking, excluding taxes. The Company collects both the booking value on behalf of the Host and the trip protection charges from the renter. On a daily basis the Company, or its third-party payment processors, disburse the booking value to the host, less the fees due from the host to the Company. The amounts charged for trip fees for the Marketplace service vary based on factors such as the vehicle type, the day of the week, time of the trip, and the duration of the trip. Hence, the Company’s primary performance obligation in the transaction with respect to the Host is to facilitate the successful completion of the rental transaction and with respect to the renter is to offer trip protection Customer support is rendered to both the Host (customer/lessor) and the renter (lessee). Company being the intermediary between the two provides its platform through which all communication takes place related to any services e.g., extension of trip period. Such services also include the normal customer support related to any vehicle breakdowns, tracking of vehicles, renter background checks, vehicle ownership checks and various other activities which are part of an ongoing set of series required for successful listing, renting and completion of trip. These activities are not distinct from each other and are not separate performance obligations. As a result, these series of services integrate together to form a single performance obligation. In case of booking value collected from the renter on behalf of the Host, the Company evaluates the presentation of revenue on a gross versus net basis based on whether or not it is the principal(gross) or the agent (net) in the transaction. The Company considers whether it controls the right to use the vehicle before control is transferred to the renter. Indicators of control that the Company considers include whether the Company is primarily responsible for fulfilling the promise associated with the booking of the vehicle, whether it has inventory risk associated with the vehicle, and whether it has discretion in establishing the prices for the vehicles booked. The Company determined that it does not establish pricing for vehicles listed on its platform and does not control the right to use the host’s vehicle at any time before, during, or after completion of a trip booked on the Company’s platform. Accordingly, the Company has concluded that it is acting in an agent capacity, and revenue is presented net reflecting the facilitation fees received from the Marketplace service. The customer simultaneously receives and consumes the benefits provided by the entity’s performance as the entity performs. Revenue is recognised rateably over the trip period. The Company recognizes facilitation revenue from these performance obligations on a straight-line basis over the duration of the rental trip using the output method as its performance obligation is satisfied over time. The Company uses the output method based on rental hours or days, where revenue is calculated based on the percentage of total time elapsed in relation to total estimated rental period. In the event a user books a trip extension, at the time the extension is booked, the service revenue is recognized on a straight-line basis over the duration of the extension period. The Company offers various incentive programs to hosts, including minimum guaranteed listing fees and vehicle listing bonus payments. The incentives are recorded in accordance with ASC 606-10-32-25 and ASC 606-10-32-27 as a reduction to revenue and in cases where the amount of incentive paid to the Host are above the facilitation fees earned from that Host on cumulative basis the excess of the revenue amount are recorded as a marketing expense in the consolidated statement of operations. These incentives are offered as part of overall marketing strategy of the company and incentivize the hosts to refer the platform. During the year, company has stopped providing minimum guaranteed listing fees incentive. Loyalty program The Company offers loyalty program, Z-Points, wherein customers are eligible to earn loyalty points that are redeemable for payment towards facilitation fees, self-drive rentals and vehicle subscriptions. Under ASC 606 and ASC 842, each transaction that generates loyalty points results in the deferral of revenue equivalent to the retail value at the date the points are earned. The associated revenue or rental is recognized when the customer redeems the loyalty points at some time in future. The retail value of points is estimated based on the current retail value measured as of the date the loyalty points are earned, less an estimated amount representing loyalty points that are not expected to be redeemed (“breakage”). Breakage is reviewed on an annual basis and includes significant assumptions such as historical breakage trends, internal Company forecasts and extended redemption period, if any. The Company had deferred revenue amounting to $260,705 and $277,399 as at March 31, 2023 and March 31, 2022, respectively Others The Company has elected to exclude from revenue, taxes assessed by a governmental authority that are both imposed on and are concurrent with specific revenue producing transactions and collected from customers/subscribers and remitted to governmental authorities. Accordingly, such amounts are not included as a component of revenue or cost of revenue. Contract liabilities Contract liabilities primarily consists of obligations to customers for advance received against a new booking, revenue-share payable to customers for vehicles listed by them on Company’s portal for short-term rentals and related to Company’s points-based loyalty program. |
Receivables from government authorities | v. Receivables from government authorities Receivables from government authorities represent amounts owed to the Company by government agencies which are recognized when the Company has performed the required services and when they meet the eligibility criteria outlined in the applicable government regulations. Receivables from government authorities are classified based on their expected period of utilization. If the receivables are expected to be utilized within twelve months from the reporting date, they are classified as current assets. If the receivables are not expected to be utilized within twelve months from the reporting date, they are classified as non-current assets. | x. Receivables from government authorities Receivables from government authorities represent amounts owed to the Company by government agencies which are recognized when the Company has performed the required services and when they meet the eligibility criteria outlined in the applicable government regulations. Receivables from government authorities are classified based on their expected period of utilization. If the receivables are expected to be utilized within twelve months from the reporting date, they are classified as current assets. If the receivables are not expected to be utilized within twelve months from the reporting date, they are classified as non-current assets. |
Assets held for sale | vi. Assets held for sale The Company classifies vehicles to be disposed of as held for sale in the period in which they are available for immediate sale in their present condition and the sale is probable and expected to be completed within one year. The Company initially measures assets held for sale at the lower of their carrying value or fair value less costs to sell and assesses their fair value annually until disposed. The fair value of Assets held for sale not traded in an active market is determined using valuation techniques which maximize the use of observable market data and rely as little as possible on entity-specific estimates. If all significant inputs required to fair value an asset are observable, the Valuation is included in Level 2. The Company has a policy of disposing vehicles once it has crossed 120,000 kilometers (approx. 75,000 miles) in order to ensure that customer experience is maintained at a premium level. In addition, the Company also disposes vehicles early if it has met with accident and is no more fit for use in the business once the insurance claims are realized on these vehicles. In case of certain vehicles which are not sold within one year from date of classification, the Company reassess the carrying value of the assets to compare it with the realizable value. | xiv. Assets held for sale The Company classifies vehicles to be disposed of as held for sale in the period in which they are available for immediate sale in their present condition and the sale is probable and expected to be completed within one year. The Company initially measures assets held for sale at the lower of their carrying value or fair value less costs to sell and assesses their fair value annually until disposed. The fair value of Assets held for sale not traded in an active market is determined using valuation techniques which maximise the use of observable market data and rely as little as possible on entity-specific estimates. If all significant inputs required to fair value an asset are observable, the Valuation is included in Level 2. The Company has a policy of disposing vehicles once it has crossed 120,000 kilometres in order to ensure that customer experience is maintained at a premium level. In addition, the Company also disposes vehicles early if it has met with accident and is no more fit for use in the business once the insurance claims are realized on these vehicles. In case of certain vehicles which are not sold within one year from date of classification, the Company reassess the carrying value of the assets to compare it with the realisable value. |
Stock-based compensation | vii. Stock-based compensation The Company accounts for stock-based compensation expense in accordance with the fair value recognition and measurement provisions of US GAAP, which requires compensation cost for grant-date fair value of stock-based awards to be recognized over the requisite service period. The Company includes a forfeiture estimate in the amount of compensation expense being recognized based on the Company’s estimate of equity instruments that will eventually vest. The fair value of stock-based awards, granted or modified, is determined on the grant date at fair value, using appropriate valuation techniques. The Company records stock-based compensation expense for service-backed stock options over the requisite service period, which ranges from 6 months to 4 years. For stock options with service-based vesting conditions only, the valuation model, typically the Black-Scholes option-pricing model, incorporates various assumptions including expected stock price volatility, expected term, and risk-free rates. Stock options with graded vesting the fair- value-based measure is estimated of the entire award by using a single weighted-average expected term. The Company estimates the volatility of common stock on the date of the grant based on weighted-average historical stock price volatility of comparable publicly traded companies in its industry group. The risk-free rate is based on the U.S. Treasury yield curve in effect at the time of grant with a term equal to the expected term. The Company estimates the term based on the simplified method for employee stock options considered to be “plain vanilla” options as the Company’s historical share option exercise experience does not provide a reasonable basis upon which to estimate the expected term. The expected dividend yield is 0.0% as the Company has not paid and does not anticipate paying dividend on its common stock. The Company estimates a forfeiture rate on an annual basis for the purpose of computation of stock-based compensation expense. The rate is used consistently across the subsequent interim periods during the year. In case of cancellation of stock-based awards with no concurrent grant of a replacement award or other valuable consideration, any unrecognized compensation cost is recognized immediately on the cancellation date. | xx. Stock-based compensation The Company accounts for stock-based compensation expense in accordance with the fair value recognition and measurement provisions of US GAAP, which requires compensation cost for grant-date fair value of stock-based awards to be recognized over the requisite service period. The Company includes a forfeiture estimate in the amount of compensation expense being recognized based on the Company’s estimate of equity instruments that will eventually vest. The fair value of stock-based awards, granted or modified, is determined on the grant date at fair value, using appropriate valuation techniques. The Company records stock-based compensation expense for service-backed stock options over the requisite service period, which ranges from 6 months to 4 years. For stock options with service-based vesting conditions only, the valuation model, typically the Black-Scholes option-pricing model, incorporates various assumptions including expected stock price volatility, expected term, and risk-free rates. Stock options with graded vesting the fair-value-based measure is estimated of the entire award by using a single weighted-average expected term. The Company estimates the volatility of common stock on the date of the grant based on weighted-average historical stock price volatility of comparable publicly traded companies in its industry group. The risk-free rate is based on the U.S. Treasury yield curve in effect at the time of grant with a term equal to the expected term. The Company estimates the term based on the simplified method for employee stock options considered to be “plain vanilla” options as the Company’s historical share option exercise experience does not provide a reasonable basis upon which to estimate the expected term. The expected dividend yield is 0.0% as the Company has not paid and does not anticipate paying dividend on its common stock. During the year ended March 31, 2022, the exercise period stock options held by employees who have resigned from the Company has been revised from 3 years to 5 years from the date of resignation. The impact of this modification is immaterial. |
Warrants | viii. Warrants When the Company issues warrants, it evaluates the proper balance sheet classification of the warrant to determine whether the warrant should be classified as equity or as a derivative liability on the condensed consolidated balance sheets. In accordance with ASC 815-40, Derivatives and Hedging-Contracts in the Entity’s Own Equity (ASC 815-40), the Company classifies a warrant as equity so long as it is “indexed to the Company’s equity” and several specific conditions for equity classification are met. A warrant is not considered indexed to the Company’s equity, in general, when it contains certain types of exercise contingencies or adjustments to exercise price. If a warrant is not indexed to the Company’s equity or it has net cash settlement that results in the warrants to be accounted for under ASC 480, Distinguishing Liabilities from Equity, or ASC 815-40, it is classified as a derivative liability which is carried on the condensed consolidated balance sheet at fair value with any changes in its fair value recognized currently in the condensed consolidated statement of operations. During the previous year ended March 31, 2023, and six months ended September 30, 2023, the Company had issued warrants along with Notes as defined in “Convertible Promissory notes and Senior Subordinated Convertible Promissory Note (SSCPN)” policy and also as consideration to placement agents for the issuance of SSCPN which were earlier classified as derivative instruments. The Company had also preferred stocks and common stocks warrants (as described below) issued during the year ended March 31, 2022, and were classified as liabilities and equity respectively. Each unit of Series E preferred stock issued by the Company consisted of one Series E preferred stock and a warrant which entitled the holder to purchase one share of common stock of the Company on the satisfaction of certain conditions. Warrants were also issued to placement agencies of Series E and Series E1. Warrants issued to placement agencies included the following two categories: a) warrants to purchase common stock of the company; and b) warrants to purchase Series E and Series E1 shares. Warrants to be converted into common stock: The Company’s warrants to purchase common stock were classified as equity. Upon issuance of the warrant, the Company had allocated a portion of the proceeds from the sale of its preferred stock to the warrant based on the relative fair values of warrants and preferred stock. Warrants to be converted into preferred stock: The Company’s warrants to purchase convertible preferred stock were classified as a liability and were held at fair value as the warrants were exercisable for contingently redeemable preferred stock, which was classified outside of stockholders’ deficits. The warrant instruments classified as liability were subject to re-measurement at each balance sheet date, and any change in fair value was recognized as a component of finance costs. The Company had adjusted the liability for changes in fair value as of the date of their reclassification on Reverse Recapitalization. Warrants issued along with SSCPN: The warrants issued along with the SSCPN satisfied the definition of a derivative in accordance with ASC 815-10-15-83 since they contained an underlying, had cash less payment provisions, that could have been net settled in shares and had a very minimal initial net investment. Accordingly, the derivatives were measured at fair value and subsequently revalued at each reporting date. The Company continued to adjust the liability classified warrant for changes in the fair value until the Reverse Recapitalization transaction at which time the warrants have been reclassified to additional paid-in-capital. Refer note- 17. | xxiv. Warrants When the Company issues warrants, it evaluates the proper balance sheet classification of the warrant to determine whether the warrant should be classified as equity or as a derivative liability on the consolidated balance sheets. In accordance with ASC 815-40, Derivatives and Hedging-Contracts in the Entity’s Own Equity (ASC 815-40), the Company classifies a warrant as equity so long as it is “indexed to the Company’s equity” and several specific conditions for equity classification are met. A warrant is not considered indexed to the Company’s equity, in general, when it contains certain types of exercise contingencies or adjustments to exercise price. If a warrant is not indexed to the Company’s equity or it has net cash settlement that results in the warrants to be accounted for under ASC 480, Distinguishing Liabilities from Equity, or ASC 815-40, it is classified as a derivative liability which is carried on the consolidated balance sheet at fair value with any changes in its fair value recognized currently in the consolidated statement of operations. During the year, the Company has issued warrants along with Notes as defined in “Convertible Promissory notes and Senior Subordinated Convertible Promissory Note (SSCPN)” policy and also as consideration to placement agents for the issuance of SSCPN which are classified as derivative instruments, refer note 32. The Company also has preferred stocks and common stocks warrants (as described below) issued during the year ended March 31, 2022 and are classified as liabilities and equity respectively. Each unit of Series E preferred stock issued by the Company consists of one Series E preferred stock and a warrant which entitle the holder to purchase one share of common stock of the Company on the satisfaction of certain conditions. Warrants are also issued to placement agencies of Series E and Series E1. Warrants issued to placement agencies include the following two categories: a) warrants to purchase common stock of the company; and b) warrants to purchase Series E and Series E1 shares. Warrants to be converted into common stock: The Company’s warrants to purchase common stock are classified as equity on the consolidated balance sheets. Upon issuance of the warrant, the Company allocated a portion of the proceeds from the sale of its preferred stock to the warrant based on the relative fair values of warrants and preferred stock. Warrants to be converted into preferred stock: The Company’s warrants to purchase convertible preferred stock are classified as a liability on the consolidated balance sheets and held at fair value because the warrants are exercisable for contingently redeemable preferred stock, which is classified outside of stockholders’ deficits. The warrant liability is subject to re-measurement at each balance sheet date, and any change in fair value is recognized as a component of finance costs. The Company will continue to adjust the liability for changes in fair value until the earlier of the exercise or expiration of the warrants. Warrants issued along with SSCPN: The warrants issued along with the SSCPN satisfy the definition of a derivative in accordance with ASC 815-10-15-83 since it contains an underlying, has payment provisions, can be net settled and has a very minimal initial net investment. Accordingly, the derivatives are measured at fair value and subsequently revalued at each reporting date. Refer note 32. |
Financial liabilities measured at fair value | ix. Financial liabilities measured at fair value - Convertible Promissory notes, Senior Subordinated Convertible Promissory Note (“SSCPN”) and Unsecured Convertible Note (“Atalaya Note”) On April 1, 2022, the Company adopted Accounting Standards Update (“ASU”) 2020-06 that simplifies the accounting for convertible instruments. ASU 2020-06 (i) reduced the number of accounting models for convertible instruments, by eliminating the models that require separation of cash conversion or beneficial conversion features from the host and (ii) revised the derivative scope exception and (iii) provided targeted improvements for Earnings Per Share (“EPS”). The adoption of ASU 2020-06 did not have a material impact on the Company’s outstanding convertible debt instruments as of April 1, 2022. The Company has issued convertible promissory notes, senior subordinated convertible promissory notes (“Notes”) and Atalaya Note, it evaluates the balance sheet classification to determine whether the instrument should be classified either as debt or equity, and whether the conversion feature should be accounted for separately from the host instrument. According to ASC 480-10-25-14, the notes are classified as liabilities because the Company intends to settle them by issuing variable number of shares with a fixed and known monetary value at the time of inception. The Company evaluates the conversion feature of notes would be separated from the instrument and classified as a derivative liability if the conversion feature, were it a standalone instrument, meets the definition of an “embedded derivative” in ASC 815, Derivatives and Hedging. However, the Company has elected fair value option for these notes, as discussed below and thus does not bifurcate the embedded conversion feature. Fair Value Option (“FVO”) Election The Company accounts for Convertible Promissory notes and Senior Subordinated Convertible Promissory Note and convertible promissory notes issued under the fair value option election of ASC 825, Financial Instruments (“ASC-825”) as discussed below. The convertible promissory notes accounted for under the FVO election are a debt host financial instruments containing conversion features which would otherwise be required to be assessed for bifurcation from the debt-host and recognized as separate derivative liabilities subject to measurements under ASC 815. Notwithstanding, ASC 825-10-15-4 provides for the “fair value option” (“FVO”) election, to the extent not otherwise prohibited by ASC 825-10-15- 5, to be afforded to financial instruments, wherein bifurcation of an embedded derivative is not necessary, and the financial instrument is initially measured at its issue-date estimated fair value and then subsequently remeasured at estimated fair value on a recurring basis at each reporting period date. The estimated fair value adjustment, as required by ASC 825-10-45-5, is recognized as a component of other comprehensive income (“OCI”) with respect to the portion of the fair value adjustment attributed to a change in the instrument-specific credit risk, with the remaining amount of the fair value adjustment recognized under Finance costs shown as “Change in fair value of convertible promissory note” and “Change in fair value of senior subordinated convertible promissory note” in the accompanying condensed consolidated statement of operations. With respect to the above convertible promissory notes, as provided for by ASC 825-10-50-30(b), the estimated fair value adjustment is presented as a separate line item in the accompanying condensed consolidated statement of operations, since the change in fair value of the convertible promissory notes payable was not attributable to instrument specific credit risk. During three month ended December 31, 2023, as a result of consummation of the Business Combination by way of a Reverse Recapitalization, the notes outstanding were converted into 4,248,178 shares of the Company’s Common Stock. The SSCPN and Notes were adjusted for their carrying value through statement of operations as on date of Reverse Recapitalization and credited at carrying value to the capital accounts upon conversion to reflect the stock issued. | xxii. Financial liabilities measured at fair value Convertible Promissory notes and Senior Subordinated Convertible Promissory Note (SSCPN) On April 1, 2022, the Company adopted Accounting Standards Update (“ASU”) 2020-06 that simplifies the accounting for convertible instruments. ASU 2020-06 (i) reduced the number of accounting models for convertible instruments, by eliminating the models that require separation of cash conversion or beneficial conversion features from the host and (ii) revised the derivative scope exception and (iii) provided targeted improvements for Earnings Per Share (“EPS”). The adoption of ASU 2020-06 did not have a material impact on the Company’s outstanding convertible debt instruments as of April 1, 2022. The Company, during the year, has issued convertible promissory notes and senior subordinated convertible promissory notes (“Notes”), it evaluates the balance sheet classification to determine whether the instrument should be classified either as debt or equity, and whether the conversion feature should be accounted for separately from the host instrument. According to ASC 480-10-25-14, the notes are classified as liabilities because the Company intends to settle them by issuing variable number of shares with a fixed and known monetary value at the time of inception. The Company evaluates the conversion feature of notes would be separated from the instrument and classified as a derivative liability if the conversion feature, were it a standalone instrument, meets the definition of an “embedded derivative” in ASC 815, Derivatives and Hedging. However, the Company has elected fair value option for all notes, as discussed below and thus does not bifurcate the embedded conversion feature. Fair Value Option (“FVO”) Election The Company accounts for Convertible Promissory notes and Senior Subordinated Convertible Promissory Note and convertible promissory notes issued under the fair value option election of ASC 825, Financial Instruments (“ASC-825”) as discussed below. The convertible promissory notes accounted for under the FVO election are a debt host financial instruments containing conversion features which would otherwise be required to be assessed for bifurcation from the debt-host and recognized as separate derivative liabilities subject to measurements under ASC 815. Notwithstanding, ASC 825-10-15-4 provides for the “fair value option” (“FVO”) election, to the extent not otherwise prohibited by ASC 825-10-15-5, to be afforded to financial instruments, wherein bifurcation of an embedded derivative is not necessary, and the financial instrument is initially measured at its issue-date estimated fair value and then subsequently remeasured at estimated fair value on a recurring basis at each reporting period date. The estimated fair value adjustment, as required by ASC 825-10-45-5, is recognized as a component of other comprehensive income (“OCI”) with respect to the portion of the fair value adjustment attributed to a change in the instrument-specific credit risk, with the remaining amount of the fair value adjustment recognized under Finance costs shown as “Change in fair value of convertible promissory note” and “Change in fair value of senior subordinated convertible promissory note” in the accompanying consolidated statement of operations. With respect to the above convertible promissory notes, as provided for by ASC 825-10-50-30(b), the estimated fair value adjustment is presented as a separate line item in the accompanying consolidated statement of operations, since the change in fair value of the convertible promissory notes payable was not attributable to instrument specific credit risk. |
Net profit/(loss) per share attributable to common stockholders | x. Net profit/(loss) per share attributable to common stockholders The Company computes net profit/(loss) per share using the two-class method required for participating securities. The two-class method requires income available to common stockholders for the period to be allocated between common stock and participating securities based upon their respective rights to receive dividends as if all the income for the period had been distributed. The Company’s convertible preferred stock is participating security. The holders of the convertible preferred stock would be entitled in preference to common shareholders, at specified rate, if declared. Then any remaining earnings would be distributed to the holders of common stock and convertible preferred stock on a pro-rata basis assuming conversion of all convertible preferred stock into common stock. This participating security do not contractually require the holders of such shares to participate in the Company’s losses. As such, net losses for the periods presented were not allocated to the Company’s participating securities. The Company’s basic profit/(loss) per share is computed using the weighted-average number of ordinary shares outstanding during the period. The diluted profit/(loss) per share is computed by considering the impact of potential issuance of common stock on the weighted average number of shares outstanding during the period, except where the results would be anti-dilutive. | xxv. Net loss per share attributable to common stockholders The Company computes net (loss) per share using the two-class method required for participating securities. The two-class method requires income available to common stockholders for the period to be allocated between common stock and participating securities based upon their respective rights to receive dividends as if all the income for the period had been distributed. The Company’s convertible preferred stock is participating security. The holders of the convertible preferred stock would be entitled in preference to common shareholders, at specified rate, if declared. Then any remaining earnings would be distributed to the holders of common stock and convertible preferred stock on a pro-rata basis assuming conversion of all convertible preferred stock into common stock. This participating security do not contractually require the holders of such shares to participate in the Company’s losses. As such, net losses for the periods presented were not allocated to the Company’s participating securities. The Company’s basic loss per share is computed using the weighted-average number of ordinary shares outstanding during the period. The diluted loss per share is computed by considering the impact of potential issuance of common stock on the weighted average number of shares outstanding during the period, except where the results would be anti-dilutive. |
Provisions and accrued expenses. | xi. Provisions and accrued expenses. A provision is recognized in the consolidated balance sheet when the Company has a present legal or constructive obligation as a result of a past event, and it is probable that an outflow of economic benefits will be required to settle the obligation. If the effect is material, provisions are recognized at present value by discounting the expected future cash flows at a pre-tax rate that reflects current market assessments of the time value of money. Provisions for onerous contracts are recognized when the expected benefits to be derived by the Company from a contract are lower than the unavoidable costs of meeting the future obligations under the contract. The provision is measured at the present value of the lower of the expected cost of terminating the contract and the expected net cost of continuing with the contract. Before a provision is established, the Company recognizes any impairment loss on the assets associated with that contract. The Company does not have any onerous contracts. | xxvi. Provisions and accrued expenses A provision is recognized in the consolidated balance sheet when the Company has a present legal or constructive obligation as a result of a past event, and it is probable that an outflow of economic benefits will be required to settle the obligation. If the effect is material, provisions are recognized at present value by discounting the expected future cash flows at a pre-tax rate that reflects current market assessments of the time value of money. Provisions for onerous contracts are recognized when the expected benefits to be derived by the Company from a contract are lower than the unavoidable costs of meeting the future obligations under the contract. The provision is measured at the present value of the lower of the expected cost of terminating the contract and the expected net cost of continuing with the contract. Before a provision is established, the Company recognizes any impairment loss on the assets associated with that contract. |
Fair value measurements and financial instruments | xii. Fair value measurements and financial instruments Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. In accordance with ASC 820, Fair Value Measurement (“ASC 820”), the Company uses the fair value hierarchy, which prioritizes the inputs used to measure fair value. The hierarchy, as defined below, gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities and the lowest priority to unobservable inputs. The three levels of the fair value hierarchy are set forth below: Level Observable inputs such as quoted prices in active markets for identical assets or liabilities. Level 2 Observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities in active markets, quoted prices in markets that are not active or inputs other than the quoted prices that are observable either directly or indirectly for the full term of assets or liabilities. Level 3 Unobservable inputs in which there is little or no market data and that are significant to the fair value of the assets or liabilities. During the three months ended December 31, 2023, the Company’s primary financial instruments included cash and cash equivalents, investments, accounts receivables, other financial assets, accounts payable, and debt, convertible promissory note, SSCPN, warrant liability and other financial liabilities. The estimated fair value of cash equivalents, accounts receivable, accounts payable, and accrued liabilities approximate their carrying value due to short-term maturities of these instruments. | xxvii. Fair value measurements and financial instruments Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. In accordance with ASC 820, Fair Value Measurement (“ASC 820”), the Company uses the fair value hierarchy, which prioritizes the inputs used to measure fair value. The hierarchy, as defined below, gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities and the lowest priority to unobservable inputs. The three levels of the fair value hierarchy are set forth below: Level 1 Observable inputs such as quoted prices in active markets for identical assets or liabilities. Level 2 Observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities in active markets, quoted prices in markets that are not active or inputs other than the quoted prices that are observable either directly or indirectly for the full term of assets or liabilities. Level 3 Unobservable inputs in which there is little or no market data and that are significant to the fair value of the assets or liabilities. The Company’s primary financial instruments include cash and cash equivalents, investments, accounts receivables, other financial assets, accounts payable, and debt, convertible promissory note, SSCPN, warrant liability and other financial liabilities. The estimated fair value of cash equivalents, accounts receivable, accounts payable, and accrued liabilities approximate their carrying value due to short-term maturities of these instruments. |
Recent Accounting Pronouncements | xiii. Recent Accounting Pronouncements Accounting Pronouncement Adopted In July 2023, the FASB issued ASU 2023-03 - Presentation of Financial Statements (Topic 205), Income Statement—Reporting Comprehensive Income (Topic 220), Distinguishing Liabilities from Equity (Topic 480), Equity (Topic 505), and Compensation—Stock Compensation (Topic 718). The ASU amends or supersedes various SEC paragraphs within the Codification to conform to past SEC announcements and guidance issued by the SEC. The ASU is effective immediately upon issuance and did not have a material impact on the Company’s condensed consolidated financial statements. Accounting Pronouncement Pending Adoption In December 2023, the FASB issued ASU 2023-09 “Income Taxes (Topics 740): Improvements to Income Tax Disclosures” to expand the disclosure requirements for income taxes, specifically related to the rate reconciliation and income taxes paid. ASU 2023-09 is effective for our annual periods beginning January 1, 2025, with early adoption permitted. We are currently evaluating the potential effect that the updated standard will have on our financial statement disclosures. There are other new accounting pronouncements issued by the FASB that the Company has adopted or will adopt, as applicable, and the Company does not believe any of these accounting pronouncements have had, or will have, a material impact on its condensed consolidated financial statements or disclosures. | If a warrant is not indexed to the Company’s equity or it has net cash settlement that results in the warrants to be accounted for under ASC 480, Distinguishing Liabilities from Equity, or ASC 815-40, it is classified as a derivative liability which is carried on the consolidated balance sheet at fair value with any changes in its fair value recognized currently in the consolidated statement of operations. |
Currency translation | iv. Currency translation The consolidated financial statements are presented in US Dollars (“$”) which is the reporting currency of the Company. Monetary assets and liabilities, and transactions denominated in currencies other than the functional currency are remeasured at the exchange rate on the balance sheet date and nonmonetary assets and liabilities are measured at historical exchange rates. The gains and losses resulting from remeasurement are recorded as foreign exchange gains (losses), within other income (expense), in the consolidated statement of operations. The functional currency of the Company’s foreign subsidiaries is either the local currency or U.S. dollar depending on the nature of the subsidiaries’ activities. The Company determines the functional currency for each of its foreign subsidiaries by reviewing their operations and currencies used in their primary economic environments. Assets and liabilities of the subsidiaries with functional currency other than U.S. Dollar are translated into U.S. Dollar at the rate of exchange existing at the Balance Sheet date. Retained earnings and other equity items are translated at historical rates, revenues and expenses are translated at average exchange rates during the year. Foreign currency translation adjustments are recorded within accumulated other comprehensive income, a separate component of total equity (deficit). | |
Comprehensive Income (Loss) | v. Comprehensive Income (Loss) Comprehensive income (loss) consists of two components, net income (loss) and other comprehensive income (loss), net of tax. Other comprehensive income (loss), net of tax, refers to revenue, expenses, gains, and losses that under generally accepted accounting principles are recorded as an element of members’ equity but are excluded from net income (loss). The Company’s other comprehensive income (loss), net of tax, consists of foreign currency translation adjustments that result from consolidation of its foreign entities and actuarial gain/ (loss) on defined benefit obligations. | |
Cash and cash equivalents | vii. Cash and cash equivalents Cash and cash equivalents include cash on hand, bank balances and certificate to deposits (highly liquid investments with an original maturity of three months or less). Cash and cash equivalents are recorded at cost, which approximates fair value. Cash and cash equivalents includes amounts collected on behalf of but not yet remitted to the Hosts which are included in accrued and other current liabilities in the consolidated financial statements. | |
Accounts receivables, net of allowance | viii. Accounts receivables, net of allowance Accounts receivables are stated net of allowances and primarily represent corporate debtors and dues from payment gateways for amounts paid by customers. In case of corporate debtors, the payment terms generally include a credit of 30-60 days. The amounts receivable from payment gateways are settled within 2 days. The Company records an allowance for credit losses for amounts owed for completed transactions that may never settle or be collected. The Company estimates its exposure to balances deemed to be uncollectible based on factors including known facts and circumstances, historical experience, and the age of the uncollected balances. Accounts receivable balances are written off against the allowance of credit losses after all means of collection has been exhausted and potential recovery is considered remote. | |
Other receivables | ix. Other receivables Other receivables include amounts recoverable from host. The receivable from host is adjusted for an allowance on account of host which are not active on the platform for more than 90 days. | |
Concentration of credit risk | xi. Concentration of credit risk Cash and cash equivalents, investments, other receivables, and accounts receivable are potentially subject to credit risk concentration. The Company have not experienced any material losses related to these concentrations during the years presented. No customers accounted for 10% or more of revenue for the years ended March 31, 2023 and 2022. | |
Property and equipment, net | xii. Property and equipment, net Property and equipment are stated at cost less accumulated depreciation and amortization. Depreciation is calculated using the straight-line method over the estimated useful lives The Company follows the practice of charging maintenance and repair costs for furniture and fixtures, office equipment and computers, including minor costs of replacements, to maintenance expenses. The IOT devices installed on host vehicles in the marketplace business have been depreciated over 5 years with a residual value of 0 -30%. When assets are retired or otherwise disposed of, the cost and accumulated depreciation are removed from the consolidated balance sheet and any resulting gain or loss is reflected on the consolidated statement of operations in the period realized. | |
Intangible assets, net | xiii. Intangible assets, net Intangible assets are carried at cost less accumulated amortization and impairment losses, if any. Intangible assets are amortized over their estimated useful life of 3 years on straight line method. | |
Impairment | xv. Impairment Long-lived assets such as property and equipment, right-of-use assets and intangible assets that are held and used by the Company are reviewed for impairment when events or changes in circumstances indicate that the carrying amount of the asset may not be recoverable. The Company monitors the long-lived assets for impairment indicators on an on-going basis. If impairment indicators exist, the Company determines the recoverability of the asset by comparing the undiscounted cash flows expected to be generated from the use and eventual disposition the long-lived asset groups to the related net book values. If the net book value of the asset group exceeds the undiscounted cash flows, an impairment loss is recognized as the difference between the carrying value of the asset and its estimated fair value. The Company estimate cash flows and fair value using internal budgets based on recent sales data and economic uncertainties. The key factors that affect estimates are (1) future revenue estimates; (2) customer preferences and decisions; and (3) product pricing. Any differences in actual results from the estimates could result in fair values different from the estimated fair values, which could materially affect our future results of operations and financial condition. The Company believe the projections of anticipated future cash flows and fair value assumptions are reasonable; however, changes in assumptions underlying these estimates could affect its valuations. | |
Leases | xvi. Leases The Company has made a policy election not to separate non-lease components from lease components, therefore, it accounts for lease and non-lease components as a single lease component. The Company has also elected the short-term lease recognition exemption for all leases that qualify. As a lessee The Company determines if a contract contains a lease at the inception of the arrangement based on whether it has the right to obtain substantially all of the economic benefits from the use of an identified asset and whether it has the right to direct the use of an identified asset in exchange for consideration, which relates to an asset which the Company does not own. If any of the following criteria are met, the Company classifies the lease as a financing lease (as a lessee) or as a direct financing or sales-type lease (both as a lessor): ● The lease transfers ownership of the underlying asset to the lessee by the end of the lease term; ● The lease grants the lessee an option to purchase the underlying asset that the Company is reasonably certain to exercise; ● The lease term is for 75% or more of the remaining economic life of the underlying asset, unless the commencement date falls within the last 25% of the economic life of the underlying asset; ● The present value of the sum of the lease payments equals or exceeds 90% of the fair value of the underlying asset; or ● The underlying asset is of such a specialized nature that it is expected to have no alternative use to the lessor at the end of the lease term Leases that do not meet any of the above criteria are accounted for as operating leases. Right of use (“ROU”) assets and lease liabilities are recognized at the commencement date based on the present value of the lease payments over the lease term. Lease liabilities represent the present value of lease payments not yet paid and ROU assets represent the Company’s right to use an underlying asset and are based upon the operating lease liabilities adjusted for prepayments or accrued lease payments, initial direct costs, lease incentives, and impairment of lease assets, if any. Lease payments may be fixed or variable; however, only fixed payments or in-substance fixed payments are included in the Company’s lease liability calculation. Variable lease payments may include costs such as common area maintenance, utilities, real estate taxes or other costs. Variable lease payments are recognized in operating expenses in the period in which the obligation for those payments is incurred. The interest rate used to determine the present value of the future lease payments is the Company’s incremental borrowing rate (“IBR”), because the interest rate implicit in most of the Company’s leases is not readily determinable. The IBR is obtained from financial institutions based on the understanding of the Company’s credit rating and resulting interest rate the Company would have to pay to borrow an amount equal to the lease payments in a similar economic environment over the lease term on a collateralized basis. The lease liability is subsequently measured by increasing the carrying amount to reflect interest on the lease liability (using the effective interest method) and by reducing the carrying amount to reflect the lease payments made. The Company remeasures the lease liability (and makes a corresponding adjustment to the related right-of-use asset) whenever: - The lease term has changed or there is a significant event or change in circumstances resulting in a change in the assessment of exercise of a purchase option, in which case the lease liability is remeasured by discounting the revised lease payments using a revised discount rate. - A lease contract is modified, and the lease modification is not accounted for as a separate lease, in which case the lease liability is remeasured based on the lease term of the modified lease by discounting the revised lease payments using a revised discount rate at the effective date of the modification. The Company recognises the amount of the remeasurement of the lease liability as an adjustment to the right-of-use asset. However, if the carrying amount of the right-of-use asset is reduced to zero and there is a further reduction in the measurement of the lease liability, any remaining amount is recognised as a gain on modification in the consolidated statement of operations. Certain lease arrangements include the options to extend or terminate the lease before the end of the lease term. ROU assets and lease liabilities includes these options when it is reasonably certain that they will be exercised. For operating leases, lease expense is recognized on a straight-line basis in operations over the lease term. For finance leases, amortization is recorded on a straight-line basis over the lease term and interest using the effective interest method. As a Lessor The Company’s lease arrangements include vehicle rentals to its ultimate customers. Certain lease arrangements include the options to extend or terminate the lease before the end of the lease term. Due to the short-term nature of these arrangements, the Company classifies these leases as operating leases. The Company does not separate lease and non-lease components in its lessor lease arrangements. Lease payments are primarily fixed and are recognized as revenue in the period over which the lease arrangement occurs. | |
Investments | xvii. Investments Investments in fixed deposits consist of term deposits with original maturities of more than three months with banks. These are designated as financial assets at amortized cost. | |
Expenses | xviii. Expenses Cost of revenue Cost of revenue expenses primarily consist of personnel-related compensation costs of local operations teams and teams who provide phone, email and chat support to users, repairs and maintenance expenses of vehicles, vehicle site rentals, vehicle depreciation, power and fuel charges and other direct expenses. Technology and development Technology and development expenses primarily consist of personnel-related compensation costs and information technology and data science expenses. Technology and development costs are expensed as incurred. Sales and marketing Sales and marketing expenses primarily consist of personnel-related compensation costs, advertising expenses and marketing partnerships with third parties. Sales and marketing costs are expensed as incurred. Advertising expenses incurred for the year ended March 31, 2023 amounts to $3,329,731 (March 31, 2022: $4,748,059). General and administrative General and administrative expenses primarily consist of personnel-related compensation costs, professional services fees, administrative fees, depreciation, facility costs, and other corporate costs. General and administrative expenses are expensed as incurred. Finance costs Finance costs comprises interest cost on debt, transaction costs, interest cost on defined contribution plans and interest expense on lease liabilities. Borrowing costs are recognized in the Consolidated Statement of Operations using the effective interest method. | |
Employee benefits | xix. Employee benefits Defined benefit plan Employees in India are entitled to a defined benefit retirement plan covering eligible employees of the Company. The plan provides for a lump-sum payment to eligible employees, at retirement, death, and incapacitation or on termination of employment, of an amount based on the respective employees’ salary and tenure of employment. The Company’s benefit plan is unfunded. Management makes certain assumptions relating to discount rates, salary growth, retirement rates, mortality rates and other factors when calculating annual amounts to be recognized. These assumptions are reviewed annually by management, assisted by the enrolled actuary, and updated as warranted. Amortization of a net gain or loss included in accumulated other comprehensive income shall be included as a component of net pension cost for a year if, as of the beginning of the year, that net gain or loss exceeds 10 percent of the greater of the projected benefit obligation or the market-related value of plan assets. If amortization is required, the minimum amortization shall be that excess divided by the average remaining service period of active employees expected to receive benefits under the plan. Prior service cost is amortized on a straight-line basis from the date recognized over the average remaining service period of active participants, when applicable. Compensated absences The Company’s liability for compensated absences is determined based on an actuarial valuation using the projected unit credit method and is charged to Consolidated Statement of Operations in the year in which they accrue. Defined contribution plan Eligible employees of the Company in India participate in a defined contribution fund in accordance with the regulatory requirements in the Indian jurisdiction. Both the employee and the Company contribute an equal amount to the fund which is equal to a specified percentage of the employee’s salary. The Company has no further obligation under defined contribution plans beyond the contributions made under these plans. Contributions are charged to profit or loss and are included in the consolidated statement of operations in the year and/or period in which they accrue. | |
Debt | xxi. Debt The debt instruments of the Company consist of debentures and term loans from financial institutions. The Company based on available proceeds makes periodic prepayments of scheduled instalments and the same has been accounted under ASC 470-50. The debt has been classified into current or non-current based on the payment terms of the debt instruments. Non-current obligations are those scheduled to mature beyond twelve months from the date of the Company’s consolidated balance sheet. Troubled Debt Restructuring A modification is a troubled debt restructuring (TDR) if (a) the borrower is experiencing financial difficulty, and (b) the lender grants the borrower a concession. The determination of whether a restructured loan is a TDR requires consideration of all of the facts and circumstances surrounding the modification. No single factor is determinative of whether a restructuring is a TDR. Determination of whether a modification is a TDR involves a large degree of judgment. A TDR that involves a modification of debt terms, is accounted for only prospectively unless the carrying amount exceeds the undiscounted total amount of future cash payments. At the time of the restructuring, the total amount of undiscounted future cash payments required by the modified terms is compared with the debt’s net carrying amount. A restructuring gain (or corresponding adjustment to the net carrying amount) is recognised only when the net carrying amount exceeds the total undiscounted future principal and interest payments of the restructured debt. If the total amount of future undiscounted cash payments required by the modified terms exceeds the debt’s net carrying amount, a restructuring gain is not recognized, and the effective interest rate is adjusted to reflect the modified terms. In case of former, any fees paid to lenders and third parties has been reduced from the gain recorded in the consolidated statement of operations and in case of latter, any fees paid to lenders has been capitalized and fees paid to third parties has been expensed off in the consolidated statement of operations. Refer Note 14. | |
Common stock fair value | xxiii. Common stock fair value In absence of an active market for the Company’s common stock, the Company and its Board of Directors have obtained third-party valuations for purposes of granting stock-based awards and for calculating stock-based compensation expense. The Company obtained contemporaneous third-party valuations to assist the Board of Directors in determining fair value. The contemporaneous third-party valuation used the methodologies, approaches, and assumptions consistent with the American Institute of Certified Public Accountants Practice Guide, Valuation of Privately-Held-Company Equity Securities Issued as Compensation. | |
Taxes | xxviii. Taxes Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carry-forwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. A valuation allowance is recorded for deferred tax assets if it is more likely than not that some portion or all of the deferred tax assets will not be realized. The Company recognizes the effect of income tax positions only if those positions are more likely than not of being sustained. Recognized income tax positions are measured at the largest amount that is greater than 50% likely of being realized. Changes in recognition or measurement are reflected in the period in which the change in judgment occurs. Interest related to unrecognized tax benefits in interest expense and penalties. | |
Contingencies | xxix. Contingencies The Company is subject to legal proceedings and claims that arise in the ordinary course of business. The Company accrues for losses associated with legal claims when such losses are probable and can be reasonably estimated. These accruals are adjusted as additional information becomes available or circumstances change. | |
Segment Information | xxx. Segment Information Operating segments are defined as components of an entity for which discrete financial information is available and is regularly reviewed by the Chief Operating Decision Maker (“CODM”) in making decisions regarding resource allocation and performance assessment. The Company’s CODM is its Board of Directors. The Company has determined it has one operating and reportable segment as the CODM reviews financial information presented on a consolidated basis for purposes of allocating resources and evaluating financial performance. | |
Reclassification | xxxi. Reclassification Certain prior year amounts have been reclassified to confirm with current year presentation. These changes did not have any effect on net loss, stockholders’ equity, the consolidated statement of operations or the net change in cash and cash equivalents in the consolidated. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Tables) | 9 Months Ended | 12 Months Ended |
Dec. 31, 2023 | Mar. 31, 2023 | |
Summary of Significant Accounting Policies [Abstract] | ||
Schedule of Subsidiaries and Step-Down Subsidiaries | As at December 31, 2023, following are the list of subsidiaries and step-down subsidiaries: Name of Entity Place of Incorporation Investor Entity Zoomcar, Inc. USA Zoomcar Holdings, Inc. Zoomcar India Private Limited India Zoomcar, Inc. Zoomcar Netherlands Holding B. V Netherlands Zoomcar, Inc. Fleet Holding Pte ltd Singapore Zoomcar, Inc. Fleet Mobility Philippines Corporation Philippines Zoomcar, Inc. Zoomcar Egypt Car Rental LLC Egypt Zoomcar Netherlands Holding PT Zoomcar Indonesia Mobility Service Indonesia Fleet Holding Pte ltd Zoomcar Vietnam Mobility LLC Vietnam Fleet Holding Pte ltd | As at March 31, 2023, following are the list of subsidiaries and step-down subsidiaries: Name of Entity Place of Incorporation Investor Entity Zoomcar, Inc. USA Zoomcar Holdings, Inc. Zoomcar India Private Limited India Zoomcar, Inc. Zoomcar Netherlands Holding B.V Netherlands Zoomcar, Inc. Fleet Holding Pte ltd Singapore Zoomcar, Inc. Fleet Mobility Philippines Corporation Philippines Zoomcar, Inc. Zoomcar Egypt Car Rental LLC Egypt Zoomcar Netherlands Holding PT Zoomcar Indonesia Mobility Service Indonesia Fleet Holding Pte ltd Zoomcar Vietnam Mobility LLC Vietnam Fleet Holding Pte ltd |
Reverse Recapitalization (Table
Reverse Recapitalization (Tables) | 9 Months Ended |
Dec. 31, 2023 | |
Reverse Recapitalization [Abstract] | |
Schedule of Shares of Common Stock Issued | The number of shares of common stock issued immediately following the consummation of the Reverse Recapitalization was as follows: Particulars December 31, Conversion of Zoomcar, Inc. Common Stock and Preferred Stock outstanding prior to Merger 27,327,481 Common stock – issuance to IOAC shareholders 9,192,377 Shares issued to Mohan Ananda 2,738,172 Other vendors 3,617,333 Total 42,875,363 |
Schedule of Shares | The number of Zoomcar, Inc. shares was determined as follows: Particulars Zoomcar, Inc. Common Common shares 16,987,064 482,681 Preferred stock 99,309,415 21,842,458 Redeemable NCI - Shares of Zoomcar India Private Limited 10,848,308 754,169 Issue of common shares on conversion of SSCPN 4,248,173 Total 27,327,481 |
Cash and Cash Equivalents (Tabl
Cash and Cash Equivalents (Tables) | 9 Months Ended | 12 Months Ended |
Dec. 31, 2023 | Mar. 31, 2023 | |
Schedule of Cash and Cash Equivalents [Abstract] | ||
Schedule of Cash and Cash Equivalents | The components of cash and cash equivalents were as follows: As at December 31, March 31, 2023 Balances in bank accounts $ 6,028,945 $ 3,657,580 Certificate to deposits 86,373 15,633 Cash 1,675 13,528 Cash and cash equivalents 6,116,993 3,686,741 | The components of cash and cash equivalents were as follows: (In USD) March 31, March 31, Balances in bank accounts $ 3,657,580 $ 26,723,963 Certificate to deposits 15,633 41,548 Cash 13,528 18,280 Cash and cash equivalents 3,686,741 26,783,791 |
Accounts Receivable, Net of A_2
Accounts Receivable, Net of Allowance for Doubtful Accounts (Tables) | 9 Months Ended | 12 Months Ended |
Dec. 31, 2023 | Mar. 31, 2023 | |
Accounts Receivable, Net of Allowance for Doubtful Accounts [Abstract] | ||
Schedule of Accounts Receivable | The components of accounts receivables were as follows: As at December 31, March 31, 2023 Accounts receivable $ 290,871 $ 255,175 Net accounts receivable 290,871 255,175 | The components of accounts receivables were as follows: (In USD) March 31, March 31, Accounts receivable $ 255,175 $ 204,198 Net accounts receivable 255,175 204,198 |
Receivable from Government Au_2
Receivable from Government Authorities (Tables) | 9 Months Ended | 12 Months Ended |
Dec. 31, 2023 | Mar. 31, 2023 | |
Receivable from Government Authorities [Abstract] | ||
Schedule of Receivable from Government Authorities | The components of receivable from government authorities were as follows: As at December 31, March 31, Current Goods and service tax receivable $ 990,446 $ 3,962,822 990,446 3,962,822 Non current Goods and service tax receivable* $ 3,226,844 $ 196,483 Other tax receivables 14,939 51,838 3,241,783 248,321 * Although these taxes are contractually available to the Company immediately, the Company has accounted for these credits as non-current based upon their expected utilization period. | The components of receivable from government authorities were as follows: (In USD) March 31, March 31, Current Goods and service tax receivable $ 3,962,822 $ 2,290,367 Other tax receivables — 9,793 3,962,822 2,300,160 Non current Goods and service tax receivable* $ 196,483 $ 2,335,572 Other tax receivables 51,838 13,368 248,321 2,348,940 * These taxes are contractually available to the Company immediately. However, the Company has determined the non-current amount based upon their expected utilization of these available credits. |
Short Term Investments with R_2
Short Term Investments with Related Parties (Tables) | 9 Months Ended | 12 Months Ended |
Dec. 31, 2023 | Mar. 31, 2023 | |
Short Term Investments with Related Parties [Abstract] | ||
Schedule of Short Term Investments with Related Parties | The components of short term investments with related parties were as follows: As at December 31, March 31, Certificate to deposits with related parties* $ 164,381 $ 166,540 Short term investments with related parties 164,381 166,540 * These deposits are under lien against debt availed from related parties. | Short term investments with related parties As at March 31, March 31, Certificate to deposits with related parties* $ 166,540 $ — Short term investments with related parties 166,540 — * These deposits are under lien against debt availed from related parties |
Other Current Assets (Tables)
Other Current Assets (Tables) | 9 Months Ended | 12 Months Ended |
Dec. 31, 2023 | Mar. 31, 2023 | |
Other Current Assets [Abstract] | ||
Schedule of Other Current Assets | The components of other current assets were as follows: As at December 31, March 31, Insurance claims receivable $ 23,389 $ 23,677 Advance to suppliers 57,989 88,115 Security deposits 135,962 53,585 Advance income taxes, net 115,412 174,654 Advance to employees 113,512 87,679 Receivables from car sale 537,290 578,523 Other receivables 155,165 143,976 Other current assets 1,138,719 1,150,209 | The components of other current assets were as follows: (In USD) March 31, March 31, Insurance claims receivable $ 23,677 $ 90,885 Prepaid expenses 909,828 239,651 Advance to suppliers 88,115 319,255 Security deposits 53,585 84,774 Advance income taxes, net 174,654 195,640 Advance to employees 87,679 98,429 Receivables from car sale 578,523 720,697 Other receivables 143,976 220,140 Other current assets 2,060,037 1,969,471 |
Schedule of Other Current Assets with Related Parties | The components of other current assets with related parties were as follows: As at December 31, March 31, Advance to director $ 46,040 $ 19,682 Other current assets with related parties 46,040 19,682 | The components of other current assets with related parties were as follows: (In USD) March 31, March 31, Advance to director $ 19,682 $ — Other current assets with related parties 19,682 — |
Assets Held for Sale (Tables)
Assets Held for Sale (Tables) | 9 Months Ended | 12 Months Ended |
Dec. 31, 2023 | Mar. 31, 2023 | |
Assets Held for Sale [Abstract] | ||
Schedule of Assets Held for Sale | The components of assets held for sale were as follows: As at December 31, March 31, Vehicles $ 656,885 $ 923,176 Total assets held for sale 656,885 923,176 | The components of assets held for sale were as follows: (In USD) March 31, March 31, Vehicles $ 923,176 $ 4,298,419 Total assets held for sale 923,176 4,298,419 |
Property and Equipment, Net (Ta
Property and Equipment, Net (Tables) | 9 Months Ended | 12 Months Ended |
Dec. 31, 2023 | Mar. 31, 2023 | |
Property and Equipment, Net [Abstract] | ||
Schedule of Property and Equipment | The components of property and equipment were as follows: As at Estimated useful life December 31, March 31, Devices 3 - 5 years $ 3,303,843 $ 3,402,749 Computer equipment 2 - 7 years 827,174 873,178 Office equipment 3 - 10 years 248,008 452,489 Furniture and fixtures 10 years 10,235 10,287 Total, at cost 4,389,260 4,738,703 Less: Accumulated depreciation (2,502,466 ) (2,010,180 ) 1,886,794 2,728,523 Right-of-use assets under finance leases: Vehicles, at cost $ 4,125,088 $ 4,179,272 Accumulated depreciation (4,125,088 ) (4,179,272 ) - - Total property and equipment, net 1,886,794 2,728,523 | The components of property and equipment were as follows: (In USD) Estimated March 31, March 31, Devices 3 – 5 years $ 3,402,749 $ 3,970,324 E-bikes 3 years — 980,615 Computer equipment’s 2 – 7 years 873,178 1,210,790 Office equipment’s 3 – 10 years 452,489 261,808 Furniture and fixtures 10 years 10,287 52,172 Total, at cost 4,738,703 6,475,709 Less: Accumulated depreciation (2,010,180 ) (3,485,308 ) 2,728,523 2,990,401 Right-of-use assets under finance leases: Vehicles, at cost $ 4,179,272 $ 5,196,182 Accumulated depreciation (4,179,272 ) (5,192,955 ) — 3,227 Total property and equipment, net 2,728,523 2,993,628 |
Leases (Tables)
Leases (Tables) | 9 Months Ended | 12 Months Ended |
Dec. 31, 2023 | Mar. 31, 2023 | |
Leases [Abstract] | ||
Schedule of Lease Expense | The components of lease expense were as follows: (In USD) Three months ended Nine months ended Period ended 2023 2022 2023 2022 Finance lease cost: Amortization of right-of-use assets - - $ - $ 3,075 Interest on lease liabilities 152,659 203,115 469,140 637,164 Operating lease cost 127,399 135,301 387,681 408,713 Short term lease cost 43,691 21,744 123,364 82,494 Total lease cost 323,749 360,160 980,185 1,131,446 | The components of lease expense were as follows: (In USD) March 31, March 31, Finance lease cost: Amortization of right-of-use assets $ 3,298 $ 266,410 Interest on lease liabilities 844,424 1,046,991 Operating lease cost 540,908 50,391 Short term lease cost 181,337 208,507 Total lease cost 1,569,967 1,572,299 (In USD) March 31, March 31, Cash paid for amounts included in the measurement of lease liabilities: Operating cash outflows for operating leases $ (485,453 ) $ (50,000 ) Financing cash outflows for finance leases (1,618,551 ) (3,399,696 ) Right-of-use assets obtained in exchange for lease obligations: Operating leases 1,575,468 469,879 (In USD) March 31, March 31, Operating Leases Operating lease right-of-use assets $ 1,694,201 $ 436,068 Current operating lease liabilities $ 466,669 $ 137,307 Non current operating lease liabilities 1,284,755 302,564 Total operating lease liabilities 1,751,424 439,871 Finance Leases Property and equipment, at cost $ 6,012,559 $ 7,431,804 Accumulated depreciation (4,179,272 ) (5,192,955 ) Accumulated impairment (1,833,287 ) (2,235,622 ) Property and equipment, net — 3,227 Other current liabilities $ 1,257,423 $ 1,093,695 Other long-term liabilities 5,098,262 7,632,912 Total finance lease liabilities 6,355,685 8,726,607 Weighted Average Remaining Lease Term Operating leases 63 months 33 months Finance leases 41 months 49 months Weighted Average Discount Rate Operating leases 13.00 % 13.00 % Finance leases 10.00 % 10.00 % |
Schedule of Maturities of Lease Liabilities | December 31, 2023 March 31, 2023 Maturities of lease liabilities are as follows: Operating Finance Operating Finance 2024 $ 141,237 $ 527,085 497,344 1,877,744 2025 456,962 2,590,349 471,185 2,103,127 2026 346,229 3,008,978 350,777 3,048,501 2027 363,061 663,553 367,830 672,269 2028 380,734 - 385,735 - Thereafter 399,291 - 404,536 - Total Lease Payments 2,087,514 6,789,965 2,477,407 7,701,641 Less : Imputed Interest 556,080 860,843 725,982 1,345,957 Total Lease Liabilities $ 1,531,434 $ 5,929,122 1,751,425 6,355,684 | The Company determines the incremental borrowing rate by adjusting the benchmark reference rates, with appropriate financing spreads applicable to the respective geographies where the leases were entered and lease specific adjustments for the effects of collateral. Year ended March 31, 2023 2022 Operating Finance Operating Finance Maturities of lease liabilities are as follows: 2023 $ — $ — $ 184,360 $ 1,915,040 2024 497,344 1,877,744 192,867 2,224,474 2025 471,185 2,103,127 147,833 2,593,917 2026 350,777 3,048,501 — 3,689,742 Year ended March 31, 2023 2022 Operating Finance Operating Finance 2027 367,830 672,269 — 727,294 2028 385,735 — — — Thereafter 404,536 — — — Total Lease Payments 2,477,407 7,701,641 525,060 11,150,467 Less : Imputed Interest 725,982 1,345,957 85,189 2,423,860 Total Lease Liabilities $ 1,751,425 $ 6,355,684 $ 439,871 $ 8,726,607 |
Investments (Tables)
Investments (Tables) | 9 Months Ended | 12 Months Ended |
Dec. 31, 2023 | Mar. 31, 2023 | |
Investments [Abstract] | ||
Schedule of Investments | The components of investments were as follows: As at December 31, March 31, Long term investments Investments in fixed deposits* $ 219,142 $ 158,455 Investments in fixed deposits with related parties** 100,259 95,577 319,401 254,032 * includes a fixed deposit of $120,205 with IndusInd bank against which a bank guarantee has been given to Lease Plan India Private Limited for the vehicles taken on lease. ** these fixed deposits have a maturity of more than 12 months and hence have been considered under long term. However, these have been given under lien against debt availed from related parties. | The components of investments were as follows: (In USD) March 31, March 31, Long term investments Investments in fixed deposits $ 158,455 $ 123,406 Investments in fixed deposits with related parties* 95,577 276,400 254,032 399,806 * these fixed deposits have a maturity of more than 12 |
Other Non-Current Assets (Table
Other Non-Current Assets (Tables) | 9 Months Ended | 12 Months Ended |
Dec. 31, 2023 | Mar. 31, 2023 | |
Other Non-Current Assets [Abstract] | ||
Schedule of Other Non-Current Assets | The components of other non-current assets were as follows: As at December 31, March 31, Security deposits $ 324,948 $ 425,669 Other non current assets 324,948 425,669 | The components of other non-current assets were as follows: (In USD) March 31, March 31, Security deposits $ 425,669 $ 363,275 Other non current assets 425,669 363,275 |
Debt (Tables)
Debt (Tables) | 9 Months Ended | 12 Months Ended |
Dec. 31, 2023 | Mar. 31, 2023 | |
Debt [Abstract] | ||
Schedule of Debt | The components of long term and short term debt were as follows: As at December 31, 2023 March 31, 2023 Current Non-convertible debentures 7.7% Debentures $ 361,817 $ 454,969 Term loans - from non-banking financial companies (NBFCs) 1,269,251 960,892 - from related parties (NBFCs) 922,300 1,054,887 2,553,368 2,470,748 Non current Term loans - from non-banking financial companies (NBFCs) $ 1,865,032 $ 3,039,200 1,865,032 3,039,200 | The components of long term and short term debt were as follows: (In USD) March 31, March 31, Current Non-convertible debentures 10% Series A $ — $ 881,917 10% Series B — 423,320 10% Series C — 564,267 7.7% Debentures 454,969 171,629 Term loans – from banks — 102,766 – from non-banking financial companies (NBFCs) 960,892 1,758,284 – from related parties (NBFCs) 1,054,887 842,707 2,470,748 4,744,890 Non current Non-convertible debentures 7.7% Debentures $ — $ 461,485 Term loans – from banks — 79,275 – from non-banking financial companies (NBFCs) 3,039,200 5,185,292 – from related parties (NBFCs) — 1,777,612 3,039,200 7,503,664 Total maturity for the year ending on March 31, 2024 $ 2,470,747 2025 982,836 2026 634,390 2027 1,042,901 2028 379,074 $ 5,509,948 |
Schedule of Total Maturity | Total maturity as of December 31, 2023 is as follows: Year ending March 31, 2024 (January 1, 2024 till March 31, 2024) $ 2,030,936 2025 654,744 2026 488,297 2027 903,093 2028 341,330 $ 4,418,400 |
Convertible Promissory Note (_2
Convertible Promissory Note (‘Notes’) (Tables) | 9 Months Ended | 12 Months Ended |
Dec. 31, 2023 | Mar. 31, 2023 | |
Convertible Promissory Note (‘Notes’) [Abstract] | ||
Schedule of Convertible promissory note (‘Notes’) | The following is a summary of the Company’s Notes payable for which it elected the fair value option as of December 31, 2023 and March 31, 2023: (In USD) Fair Value Outstanding As at December 31, March 31, Notes $ - $ 10,944,727 Total - 10,944,727 | The following is a summary of the Company’s notes payable for which it elected the fair value option as of March 31, 2023 and March 31, 2022: Fair Value Outstanding (In USD) March 31, March 31, Notes $ 10,944,727 $ — Total 10,944,727 — |
Schedule of Unsecured Promissory Note | The following is a summary of the Company’s Notes payable as of December 31, 2023 and March 31, 2023: (In USD) Outstanding As at December 31, March 31, Unsecured promissory note $ 2,027,840 $ - Total 2,027,840 - |
Senior Subordinated Convertib_2
Senior Subordinated Convertible Promissory Note (’SSCPN’ or ‘Convertible note’) (Tables) | 9 Months Ended | 12 Months Ended |
Dec. 31, 2023 | Mar. 31, 2023 | |
Senior Subordinated Convertible Promissory Note [Abstract] | ||
Schedule of Convertible Notes Payable Fair Value Option | The following is a summary of the Company’s Convertible Notes payable for which it elected the fair value option as of December 31, 2023 and March 31, 2023: (In USD) Fair Value Outstanding As at December 31, March 31, Convertible note $ - $ 17,422,132 Warrants issued against SSCPN - 14,373,856 Total - 31,795,988 | The following is a summary of the Company’s convertible notes payable for which it elected the fair value option as of March 31, 2023 and March 31, 2022: Fair Value Outstanding (In USD) March 31, March 31, Convertible note $ 17,422,132 $ — Warrants issued against SSCPN 14,373,856 — Total 31,795,987 — |
Unsecured Convertible Note (__2
Unsecured Convertible Note (‘Atalaya Note’) (Tables) | 9 Months Ended |
Dec. 31, 2023 | |
Unsecured Convertible Note (‘Atalaya Note’) [Abstract] | |
Schedule of Notes Payable | The following is a summary of the Company’s notes payable for which it elected the fair value option as of December 31, 2023 and March 31, 2023: (In USD) Fair Value Outstanding As at December 31, March 31, Notes $ 10,167,194 $ - Total 10,167,194 - |
Other Current Liabilities (Tabl
Other Current Liabilities (Tables) | 9 Months Ended | 12 Months Ended |
Dec. 31, 2023 | Mar. 31, 2023 | |
Other Current Liabilities [Abstract] | ||
Schedule of Other Current Liabilities | The components of other current liabilities were as follows: As at December 31, March 31, Payable to customers $ 635,144 $ 647,283 Statutory dues payable 1,731,891 1,583,639 Capital creditors 32,103 88,484 Employee benefit expenses payable 510,406 379,167 Other liabilities 405,949 219,392 Other current liabilities 3,315,493 2,917,965 | The components of other current liabilities were as follows: (In USD) March 31, March 31, Payable to customers $ 647,283 $ 646,075 Statutory dues payable 1,583,639 1,592,210 Capital creditors 88,484 104,067 Employee benefit expenses payable 379,167 336,004 Other liabilities 234,459 484,662 Other current liabilities 2,933,032 3,163,018 |
Schedule of Other Current Liabilities Towards Related Parties | Other current liabilities towards related parties As at December 31, 2023 March 31, 2023 Other liabilities with related parties $ 17,997 $ 15,067 Other current liabilities towards related parties 17,997 15,067 | Other current liabilities towards related parties (In USD) As at March 31, March 31, Other liabilities with related parties $ — $ 3,314,139 Other current liabilities towards related parties — 3,314,139 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Income/ (Loss) (Tables) | 9 Months Ended | 12 Months Ended |
Dec. 31, 2023 | Mar. 31, 2023 | |
Accumulated Other Comprehensive Income/ (Loss) [Abstract] | ||
Schedule of Accumulated Other Comprehensive Income/(Loss) | The components of accumulated other comprehensive income/(loss) were as follows: (In USD) As at December 31, March 31, Gain on employee benefit Balance, beginning of period $ 115,818 $ 88,735 (Loss)/gain on employee benefit - Gratuity Recognized during the period, net of taxes amounts to $ Nil (61,594 ) 45,373 Reclassification to net income: Amortization losses/(gains) (15,859 ) (18,290 ) Balance, end of period 38,365 115,818 Foreign currency translation adjustment Balance, beginning of period $ 1,712,181 $ 680,421 Translation adjustments (gain)/loss recognized during the period, net of taxes amounts to $ Nil (12,305 ) 1,031,760 Balance, end of period 1,699,876 1,712,181 Accumulated other comprehensive income 1,738,241 1,827,999 | The components of accumulated other comprehensive income/(loss) were as follows: (In USD) March 31, March 31, Gain on employee benefit Balance, beginning of period $ 88,735 $ 39,362 Gain on employee benefit – Gratuity Recognised during the period, net of taxes amounts to $ Nil 45,373 51,365 Reclassification to net income: Amortization losses/(gains) (18,290 ) (1,992 ) Balance, end of period 115,818 88,735 Foreign currency translation adjustment Balance, beginning of period $ 680,421 $ (81,978 ) Translation adjustments gain recognised during the period, net of taxes amounts to $ Nil 1,031,760 762,399 Balance, end of period 1,712,181 680,421 Accumulated other comprehensive income / (loss) 1,827,999 769,156 |
Preferred Stock (Tables)
Preferred Stock (Tables) | 9 Months Ended | 12 Months Ended |
Dec. 31, 2023 | Mar. 31, 2023 | |
Preferred Stock [Abstract] | ||
Schedule of Preferred Stock Authorized, Issued and Outstanding | A summary of the Zoomcar, Inc. Preferred Stock authorized, issued and outstanding as of the date of the Reverse Recapitalization is as follows: As at December 28, 2023 Authorized shares Shares issued Conversion Ratio Net carrying value Liquidation preference Preferred Stock Series Seed 6,836,726 6,836,726 1.42 1,542,203 1,542,203 Series A 11,379,405 11,379,405 2.00 9,288,872 9,288,872 Series A2 4,536,924 4,536,924 2.25 10,760,224 10,760,224 Series B 18,393,332 18,393,332 2.25 31,416,488 31,416,488 Series C 12,204,208 4,125,666 2.33 10,534,889 10,534,889 Series D 21,786,721 19,016,963 2.31 34,894,262 34,894,262 Series E 32,999,472 29,999,520 16.92 55,260,089 55,260,089 Series E1 32,000,000 5,020,879 23.69 15,277,410 15,277,410 Total preferred stock 140,136,788 99,309,415 168,974,437 168,974,437 | Capital stock outstanding outstanding is as follows: As at March 31, 2023 As at March 31, 2022 Type Authorized Shares Conversion Net Liquidation Authorized Shares Conversion Net Liquidation Preferred Stock Series Seed 6,836,726 6,836,726 1.05 1,542,203 1,542,203 6,836,726 6,836,726 1.00 1,542,203 1,542,203 Series A 11,379,405 11,379,405 1.24 9,288,872 9,288,872 11,379,405 11,379,405 1.00 9,288,872 9,288,872 Series A2 4,536,924 4,536,924 1.30 10,760,224 10,760,224 4,536,924 4,536,924 1.36 10,760,224 10,760,224 Series B 18,393,332 18,393,332 1.30 31,416,488 31,416,488 18,393,332 18,393,332 1.00 31,416,488 31,416,488 Series C 12,204,208 4,125,666 1.32 10,534,889 10,534,889 12,204,208 4,125,666 1.07 10,534,889 10,534,889 Series D 21,786,721 19,016,963 1.32 34,894,262 34,894,262 21,786,721 19,016,963 1.00 34,894,262 34,894,262 Series E 32,999,472 29,999,520 10.61 55,260,089 55,260,089 32,999,472 29,999,520 1.00 55,260,089 55,260,089 Series E1 32,000,000 5,020,879 14.85 15,277,410 15,277,410 32,000,000 5,020,879 1.00 15,277,410 15,277,410 Total preferred stock 140,136,788 99,309,415 168,974,437 168,974,437 140,136,788 99,309,415 168,974,437 168,974,437 |
Schedule of Balance | The balance are summarised as follows: (In USD) March 31, March 31, Zoomcar India Preferred stock $ 25,114,751 $ 25,114,751 Total 25,114,751 25,114,751 |
Revenue (Tables)
Revenue (Tables) | 9 Months Ended | 12 Months Ended |
Dec. 31, 2023 | Mar. 31, 2023 | |
Revenue [Abstract] | ||
Schedule of Components of Revenue, Net | The components of revenue, net were as follows: Three months ended Nine months ended (In USD) 2023 2022 2023 2022 Income from rentals Self-drive rentals $ - $ - $ - $ 150,606 Revenues from services Facilitation revenue (net) 2,421,438 2,981,600 7,717,064 6,452,950 Other revenues - - - 74,171 Total 2,421,438 2,981,600 7,717,064 6,677,727 Revenue by geographical location 2023 2022 2023 2022 India $ 2,391,332 $ 2,959,219 $ 7,615,314 $ 6,547,377 Egypt 27,868 - 78,259 60,991 Indonesia 2,238 544 5,618 697 Vietnam 21,837 17,873 68,662 2,421,438 2,981,600 7,717,064 6,677,727 | The components of revenue, net were as follows: (In USD) March 31, March 31, Income from rentals Self-drive rentals $ 165,834 $ 11,732,935 Vehicle subscription — 324,466 Revenues from services Facilitation revenue (net) 8,586,785 589,331 Other revenues 73,587 150,309 Total 8,826,206 12,797,041 Revenue by geographical location March 31, March 31, India $ 8,615,615 $ 12,752,181 Egypt 110,092 36,655 Indonesia 1,554 10 Vietnam 98,945 7,155 Philippines — 1,040 8,826,206 12,797,041 |
Finance Costs (Tables)
Finance Costs (Tables) | 9 Months Ended | 12 Months Ended |
Dec. 31, 2023 | Mar. 31, 2023 | |
Finance Costs [Abstract] | ||
Schedule of Components of Finance Costs | The components of finance costs were as follows: Three months ended Nine months ended (In USD) 2023 2022 2023 2022 Finance costs -other than related parties Interest on vehicle loans $ 97,341 $ 100,486 $ 288,279 $ 510,561 Interest on finance leases 152,659 203,115 469,140 637,164 Interest on subcontractor liability 23,435 73,261 70,585 73,261 Change in fair value of preferred stock warrant 5,704,739 210,123 5,284,494 840,490 Change in fair value of convertible promissory note - 308,832 - 308,832 Discount on issue of unsecured convertible note 632,595 - 632,595 - Change in fair value of unsecured convertible note 1,732,589 - 1,732,589 - Change in fair value of derivative financial instrument - - 3,465,293 - Interest on promissory note - 126,575 - 126,575 Note issue expenses - - 1,564,210 - Bank charges 4,990 32,181 28,920 67,047 Other borrowings cost 44,122 241,872 92,727 298,772 Total 8,392,470 1,296,445 13,628,832 2,862,702 Finance costs -to related parties Interest on vehicle loans $ 12,426 $ 10,674 $ 38,203 $ 79,081 Total 12,426 10,674 38,203 79,081 | The components of finance costs were as follows: (In USD) March 31, March 31, Finance costs – other than related parties Interest on vehicle loans $ 620,211 $ 1,757,068 Interest on finance leases 844,424 1,046,991 Interest on subcontractor liability 96,762 — Change in fair value of preferred stock warrant — 455,265 Change in fair value of convertible promissory note 944,727 — Change in fair value of senior subordinated convertible promissory notes 9,312,177 — Change in fair value of derivative financial instrument 14,373,856 — Note issue expenses 961,628 — Bank charges 85,434 66,218 Other borrowings cost 331,533 25,535 Total 27,570,752 3,351,077 Finance costs – to related parties Interest on vehicle loans $ 64,844 $ 110,714 Total 64,844 110,714 |
Other (Income) _Expense, Net (T
Other (Income) /Expense, Net (Tables) | 9 Months Ended | 12 Months Ended |
Dec. 31, 2023 | Mar. 31, 2023 | |
Other (Income) /Expense, Net [Abstract] | ||
Schedule of Other Income (Expense), Net | The components of other income (expense), net were as follows: Three months ended Nine months ended (In USD) 2023 2022 2023 2022 Other (income) /expense, net - other than related parties Interest income $ (13,412 ) $ (886 ) $ (33,799 ) $ (11,470 ) Change in fair value of convertible promissory note (7,986,326 ) - (6,990,870 ) - Change in fair value of senior subordinated convertible promissory notes (20,110,058 ) - (3,448,846 ) - Change in fair value of derivative financial instrument (6,571,082 ) - - - Loss/(gain) on sale of assets 1,713 - 85,806 - Loss/ (gain) on sale of assets held for sale 175,156 78,706 176,541 (1,391,876 ) Net losses/(gains) on foreign currency remeasurements 5,188 470,343 18,886 313,236 Loss on assets written off (364 ) - 39,650 - Payable to customers written back (762 ) (136,012 ) (58,265 ) (141,514 ) Provision written off 384 - (113,443 ) - Other, net (3,451 ) (21,737 ) (53,395 ) (48,481 ) Total (34,503,014 ) 390,414 (10,377,735 ) (1,280,105 ) Other (income) - from related parties Interest income $ (5,548 ) $ (2,393 ) $ (11,224 ) $ (12,122 ) Total (5,548 ) (2,393 ) (11,224 ) (12,122 ) | The components of other income (expense), net were as follows: (In USD) March 31, March 31, Other (income) /expense, net – other than related parties Interest income $ (13,097 ) $ (125,700 ) Gain on termination/ modification of finance leases (130,719 ) (369,583 ) Change in fair value of preferred stock warrant (420,245 ) — Loss/ (gain) on sale of assets 311,375 (523,845 ) Loss/ (gain) on sale of assets held for sale (1,644,650 ) (137,549 ) Net (gains)/ losses on foreign currency remeasurements 313,584 9,083 Other, net (459,804 ) (457,428 ) Total (2,043,556 ) (1,605,022 ) Other (income) – from related parties Interest income $ (15,804 ) $ (16,860 ) Total (15,804 ) (16,860 ) |
Income Taxes (Tables)
Income Taxes (Tables) | 9 Months Ended | 12 Months Ended |
Dec. 31, 2023 | Mar. 31, 2023 | |
Income Taxes [Abstract] | ||
Schedule of Loss Before Income Taxes | The components of loss before income taxes consist of the following: Three months ended Nine months ended (In USD) 2023 2022 2023 2022 Domestic $ (19,809,584 ) $ (2,551,738 ) $ (11,367,084 ) $ (3,944,747 ) Foreign 5,384,145 (6,160,962 ) (15,390,894 ) (28,229,173 ) Income/(Loss) before income taxes $ 14,425,439 $ (8,712,700 ) $ (26,757,978 ) $ (32,173,920 ) | The components of loss before income taxes consist of the following: (In USD) March 31, March 31, Domestic $ (28,261,210 ) $ (2,177,073 ) Foreign (33,770,866 ) (28,868,079 ) Loss before income taxes $ (62,032,076 ) $ (31,045,152 ) (In USD) March 31, March 31, Current Taxes U.S. federal $ — $ — U.S. state and local — — Foreign — — Current taxes $ — $ — Deferred Taxes U.S. federal $ — $ — U.S. state and local — — Foreign — — Deferred Taxes $ — $ — Provision for income taxes $ — $ — |
Schedule of Reconciliation of the Statutory Federal Income Tax Rate | The following is a reconciliation of the statutory federal income tax rate to our effective tax rate March 31, March 31, Accounting profit/(loss) before tax $ (62,032,076 ) $ (31,045,152 ) Tax using the Company’s domestic tax rate (13,026,736 ) (6,519,482 ) Federal statutory income tax rate 21 % 21 % Tax impact of : Valuation allowance -22 % -20 % Difference in tax rates -2 % -1 % Permanent Differences – Fair valuation of Warrants /convertible notes 3 % 0 % Effective tax rate 0 % 0 % Current Tax expense — — Deferred Tax expense — — Income tax expense reported in the Statement of profit and loss/Effective Tax Rate — — | |
Schedule of Deferred Income Tax Assets and Liabilities | The Company’s deferred income tax assets and liabilities as of March 31, 2023 and 2022 consisted of the following Year ended March 31, March 31, Deferred tax assets: Net operating loss carryforwards 35,315,394 26,198,432 Depreciation on property plant and equipment and intangible assets — 508,801 Lease liability 431,669 124,683 Others — 165,230 Total deferred tax assets 35,747,063 26,997,146 Less: Valuation allowance (34,877,803 ) (26,882,929 ) Deferred tax assets, net of valuation allowance $ 869,260 $ 114,217 Year ended March 31, March 31, Deferred tax liabilities: Right of use assets (440,418 ) (114,217 ) Depreciation on property plant and equipment and intangible assets (342,678 ) — Others (86,164 ) — Total deferred tax liabilities (869,260 ) (114,217 ) Net deferred tax assets $ — $ — |
Net Profit_(Loss) Per Share (Ta
Net Profit/(Loss) Per Share (Tables) | 9 Months Ended | 12 Months Ended |
Dec. 31, 2023 | Mar. 31, 2023 | |
Net Profit/(Loss) Per Share[Abstract] | ||
Schedule of Basic and Diluted Loss Per Share | The components of basic and diluted profit/(loss) per share were as follows: Three months ended Nine months ended (In USD, except profit/(loss) per share) 2023 2022 2023 2022 Net Profit/(loss) available for common shareholders (A) $ 14,425,439 $ (8,712,700 ) $ (26,757,978 ) $ (32,173,920 ) Weighted average outstanding shares of common stock (B) 3,195,381 482,681 1,390,202 482,681 Common stock and common stock equivalents (C) 3,195,381 482,681 1,390,202 482,681 Profit/(Loss) per share Basic (A/B) $ 4.51 $ (18.05 ) $ (19.25 ) $ (66.66 ) Diluted (A/C) $ 0.90 $ (18.05 ) $ (19.25 ) $ (66.66 ) | The components of basic and diluted loss per share were as follows: (In USD, except loss per share) March 31, March 31, Net income available for common shareholders (A) $ (62,032,076 ) $ (31,045,152 ) Weighted average outstanding shares of common stock (B) 482,681 478,529 Common stock and common stock equivalents (C) 482,681 478,529 Loss per share Basic (A/B) $ (128.52 ) $ (64.88 ) Diluted (A/C) $ (128.52 ) $ (64.88 ) |
Schedule of Basic Loss Per Share Diluted Net Loss Per Share | Since the Company was in a loss position for the nine months ended December 31, 2023 and December 31, 2022 basic loss per share was same as diluted net loss per share for the periods presented. Three months ended Nine months ended As at 2023 2022 2023 2022 Convertible preferred stock $ - $ 112,660,326 $ - $ 112,660,326 Preferred stock warrants - 36,501,508 - 36,501,508 Stock options 674 8,178,840 224 8,178,840 Public warrants 11,500,000 - 11,500,000 - Private warrants 1,287,616 - 427,639 - Unsecured convertible note 69,704 - 23,150 - Total 12,857,994 157,340,674 11,951,013 157,340,674 | Since the Company was in a loss position for the year ended March 31, 2023 and March 31, 2022 basic loss per share was same as diluted net loss per share for the periods presented. As at March 31, March 31, Convertible preferred stock 3,201,201 3,110,345 Preferred stock warrants 1,037,177 981,565 Stock options 14,645 63,179 Senior subordinated convertible promissory note 15,307 - Derivative financial instruments 18,369 - Total 4,286,698 4,155,089 |
Employee Benefit Plans (Unfun_2
Employee Benefit Plans (Unfunded) (Tables) | 9 Months Ended | 12 Months Ended |
Dec. 31, 2023 | Mar. 31, 2023 | |
Employee Benefit Plans (Unfunded) [Abstract] | ||
Schedule of Current and Non Current Employee Benefit Plans Obligations | The summary of current and non-current employee benefit plans obligations along with its components are as below: As at December 31, March 31, Current Gratuity $ 88,040 $ 70,872 Compensated absences 90,399 75,134 178,439 146,006 Non current Gratuity 262,376 215,841 Compensated absences 247,136 222,967 509,512 438,808 | . The summary of current and non-current employee benefit plans obligations along with it’s components are as below: Pension and other employee obligations March 31, March 31, Current Gratuity $ 70,872 $ 93,363 Compensated absences 75,134 83,528 146,006 176,891 Non current Gratuity 215,841 248,364 Compensated absences 222,967 152,610 438,808 400,974 |
Schedule of Grauity | Three months ended Nine months ended I. Gratuity 2023 2022 2023 2022 Changes in projected benefit obligation (PBO) PBO at the beginning of the year $ 347,647 $ 283,073 $ 286,713 $ 341,726 Service cost 20,975 26,445 71,084 77,391 Interest cost 3,748 4,558 13,541 14,427 Actuarial loss/ (gain) 17,989 (11,097 ) 61,594 (39,247 ) Benefits paid (39,713 ) (5,507 ) (78,390 ) (75,131 ) Effect of exchange rate changes (230 ) (5,681 ) (4,126 ) (27,375 ) PBO at the end of the period 350,416 291,791 350,416 291,791 Accrued pension liability Current liability $ 88,040 $ 82,661 Non-current liability 262,376 209,130 350,416 291,791 Accumulated benefit obligation 254,630 208,211 | For year ended March 31, March 31, Changes in projected benefit obligation (PBO) PBO at the beginning of the year $ 341,727 $ 352,630 Service cost 97,679 105,812 Interest cost 18,405 18,112 Actuarial gain (45,373 ) (51,364 ) Benefits paid (100,528 ) (70,725 ) Effect of exchange rate changes (25,196 ) (12,738 ) PBO at the end of the period 286,714 341,727 Accrued pension liability Current liability $ 70,872 $ 93,363 Non-current liability 215,841 248,364 286,714 341,727 Accumulated benefit obligation 202,036 236,753 |
Schedule of Net Grauity Cost Recognized in Income Statement | Three months ended Nine months ended Net gratuity cost recognized in income statement 2023 2022 2023 2022 Service cost $ 20,975 $ 26,445 $ 71,084 $ 77,391 Interest cost 3,748 4,558 13,541 14,427 Amortization of net actuarial (gains)/loss (5,250 ) (4,466 ) (15,859 ) (13,826 ) Net periodic benefit cost 19,473 26,537 68,766 77,992 | Net gratuity cost recognized in income statement March 31, March 31, Service cost $ 97,679 $ 105,812 Interest cost 18,405 18,112 Amortization of net actuarial (gains)/loss (18,290 ) (1,992 ) Net periodic benefit cost 97,794 121,932 |
Schedule of Re-Measurement (Gains) / Losses in Other Comprehensive Income | Three months ended Nine months ended Re-measurement (gains) / losses in other comprehensive income 2023 2022 2023 2022 Actuarial (gain)/loss $ 17,989 $ (11,097 ) $ 61,594 $ (39,247 ) Amortization loss (5,250 ) (4,466 ) (15,859 ) (13,826 ) Total 23,239 (6,631 ) 77,453 (25,421 ) | Re-measurement (gains) / losses in other comprehensive income March 31, March 31, Actuarial gain $ (45,373 ) $ (51,364 ) Amortization loss (18,290 ) (1,992 ) Total (27,083 ) (49,372 ) |
Schedule of Components of Actuarial Gain | Three months ended Nine months ended Components of actuarial gain: 2023 2022 2023 2022 Actuarial (gain)/loss due to demographic assumption changes in defined benefit obligation $ (3,178 ) $ (6,724 ) $ (2,430 ) $ (9,619 ) Actuarial (gain)/ loss due to financial assumption changes in defined benefit obligation 5,847 1,651 312 (6,106 ) Actuarial (gain)/loss due to experience on defined benefit obligation 15,320 (6,024 ) 63,712 (23,522 ) Total 17,989 (11,097 ) 61,594 (39,247 ) | Components of actuarial gain: March 31, March 31, Actuarial gain due to demographic assumption changes in defined benefit obligation $ (11,440 ) $ (7,588 ) Actuarial (gain)/ loss due to financial assumption changes in defined benefit obligation (7,033 ) 12,920 Actuarial gain due to experience on defined benefit obligation (26,900 ) (56,696 ) Total (45,373 ) (51,364 ) |
Schedule of Assumptions used for Grauity | The assumptions used in accounting for the gratuity plan are as follows: December 31, December 31, Discount rate - staff 7.28 % 7.48 % Discount rate - independent service provider* 7.21 % 7.15 % Attrition rate - staff 37.96 % 35.00 % Attrition rate - independent service provider* 83.44 % 92.00 % Rate of increase in compensation levels - staff 12.63 % 13.00 % Rate of increase in compensation levels - independent service provider* 11.43 % 14.50 % * Independent service providers are contract employees responsible for maintaining the fleet of the Company. | The assumptions used in accounting for the compensated absences are as follows: Year ended March 31, March 31, Discount rate 7.37 % 7.17 % Attrition rate 36.00 % 31.00 % Rate of compensation increase 12.67 % 13.00 % |
Schedule of Discount Rates Current Market Yields on Government Securities | Year ending March 31, 2024 (January 1, 2024 till March 31, 2024) 22,838 2025 81,162 2026 45,550 2027 28,756 2028 21,252 Thereafter 152,981 Total 352,539 | Expected benefit payments for the year ending March 31,: 2024 $ 70,872 2025 33,640 2026 20,168 2027 16,406 2028 9,927 Thereafter 135,701 Total 286,714 |
Schedule of Compensated Absences as per an Actuarial Valuation | The Company has provided liability for compensated absences as per an actuarial valuation carried out by an independent actuary on the Balance Sheet date. Three months ended Nine months ended Net leave encashment cost includes the following components 2023 2022 2023 2022 Service cost $ (6,569 ) $ 47,025 $ 119,187 $ 92,161 Interest cost 3,672 2,388 14,084 8,871 Recognized net actuarial (gains)/loss 29,683 (24,945 ) (4,857 ) 50,248 Net periodic benefit cost 26,786 24,468 128,414 151,280 | |
Schedule of Assumptions Used in Accounting for Compensated Absences | The assumptions used in accounting for the gratuity plan are as follows: Year ended March 31, March 31, Discount rate – staff 7.37 % 7.17 % Discount rate – independent service provider* 7.25 % 5.23 % Attrition rate – staff 36.00 % 31.00 % Attrition rate – independent service provider* 92.00 % 89.00 % Rate of increase in compensation levels – staff 12.67 % 13.00 % Rate of increase in compensation levels – independent service provider* 14.50 % 16.57 % * Independent service provider are contract employees responsible for maintaining the fleet of the Company. | |
Schedule of Securities Adjusted for a Suitable Risk Premium | The discount rates are based on current market yields on government securities adjusted for a suitable risk premium. March 31, 2023 March 31, 2022 Year ended Increase Decrease Increase Decrease Discount rate (- / + 1%) $ 14,216 $ 12,795 $ 18,550 $ 16,404 Salary growth rate (- / + 1%) 7,934 8,508 10,694 10,626 Attrition rate (- / + 1%) 4,801 4,551 6,865 6,423 Mortality rate (- / + 10% of mortality rates) — 51 66 66 |
Stock-Based Compensation Expe_2
Stock-Based Compensation Expense (Tables) | 9 Months Ended | 12 Months Ended |
Dec. 31, 2023 | Mar. 31, 2023 | |
Stock-Based Compensation Expense [Abstract] | ||
Stock-based compensation expense | The following tables summarizes total stock-based compensation expense by function for the three months and nine months ended December 31, 2023 and December 31, 2022: Three months ended Nine months ended 2023 2022 2023 2022 Cost of revenue $ 51,848 $ 60,783 $ 134,883 $ 574,846 Technology and marketing expenses 117,070 93,467 182,017 358,840 General and administrative expenses 1,096,910 338,885 1,566,833 2,198,783 Total stock-based compensation expense 1,265,828 493,135 1,883,733 3,132,468 | The following tables summarizes total stock-based compensation expense by function for the year ended March 31, 2023 and March 31, 2022: Year ended March 31, March 31, Cost of revenue $ 575,662 $ 732,792 Technology and development 341,370 77,044 Marketing expenses 58,822 344,130 Year ended March 31, March 31, General and administrative expenses 2,634,244 2,725,652 Total stock-based compensation expense 3,610,097 3,879,618 |
Schedule of Fair Value of Options Granted Estimated Grant Option-Pricing | The assumptions for nine months ended December 31, 2022 are as follows: Nine months ended December 31, Dividend yield - Expected volatility 50.00 - 60.00 % Risk-free interest rate 1.17 - 1.67 Exercise price 2.20 Expected life (in years) 5.5 - 7 Attrition rate 30.00 % | The fair value of options granted is estimated on the date of grant using the Black-Scholes-Merton option-pricing model using the weighted average assumptions. The assumptions are as follows: Year ended March 31, March 31, Dividend yield 0.00 % 0.00 % Expected volatility 60.00 % 50.00 – 60.00 % Risk-free interest rate 2.39 – 2.81 % 0.63 – 3.29 % Exercise price $ 2.20 $0.06 – $2.20 Expected life (in years) 5.5 – 7 5.5 – 7 Attrition rate 30.00 % 30.00 % |
Schedule of Stock-Based Options Outstanding and Weighted Average Exercise Price Equity Incentive Plan | The movement in number of stock-based options outstanding and their related weighted average exercise price for the 2012 Equity Incentive Plan are as follows: Nine months ended Nine months ended 2023 2022 No. of options Weighted average exercise No. of options Weighted average exercise Outstanding at the beginning of the year 16,258,113 1.82 16,081,481 1.78 Granted during the nine months - - 1,873,500 2.20 Forfeited during the nine months (730,460 ) 1.81 (955,712 ) 1.72 Exercised during the nine months - - - - Cancelled during the nine months * (14,808,486 ) - - - Transferred to merged Company * (719,167 ) - - - Outstanding at the end of the period - - 16,999,269 1.83 Exercisable at the end of the period - - 8,395,132 1.46 Unvested at the end of the period - - 8,604,137 2.19 * During the nine months ended December 31, 2023, in relation to the Reverse Recapitalization transaction, Zoomcar, Inc. has cancelled 14,808,486 outstanding options, the unrecognized cost of $1,265,828 related to the cancelled options was immediately recognized in the unaudited Condensed Consolidated Statement of Operation. Further, the Company has assumed 719,167 options of Zoomcar, Inc. at the Exchange Ratio of 0.0284 resulting in 20,435 options which is outstanding under the 2023 Incentive Plan. | The movement in number of stock-based options outstanding and their related weighted average exercise price are as follows: Year ended March 31, 2023 2022 No. of Weighted No. of Weighted Outstanding at the beginning of the year 16,081,481 $ 1.78 4,438,990 $ 0.56 Granted during the year 1,873,500 2.20 12,656,600 2.20 Forfeited during the year (1,696,868 ) 1.78 (865,798 ) 1.54 Exercised during the year — — (148,311 ) 0.32 Outstanding at the end of the year 16,258,113 1.82 16,081,481 1.80 Exercisable at the end of the year 9,152,861 1.54 3,736,654 0.54 Unvested at the end of the year 7,105,252 2.20 12,344,827 2.18 |
Schedule of Weighted Average Grant Date Fair Value of Stock Options Granted | The weighted average grant date fair value of stock options granted during the nine months ended December 31, 2023 and December 31, 2022 were $ NIL December 31, December 31, Weighted average remaining life (in years) 2023 2022 As at Vested options - 6.69 Unvested options - 8.76 | The weighted average grant date fair value of stock options granted during the year ended March 31, 2023 and March 31, 2022 were $0.81 and $0.75 per share, respectively. Year ended March 31, March 31, Vested options 6.67 4.93 Unvested options 8.49 9.37 |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 9 Months Ended | 12 Months Ended |
Dec. 31, 2023 | Mar. 31, 2023 | |
Related Party Transactions [Abstract] | ||
Schedule of Transactions with Related Parties | The Company had following transactions with related parties: Three months ended Nine months ended December 31, December 31, December 31, December 31, Interest expense Mahindra & Mahindra Financial Services Limited $ 12,427 $ 10,674 $ 38,203 $ 79,081 Interest income Mahindra & Mahindra Financial Services Limited 5,548 2,393 11,224 12,122 Parking charges Yard Management Services Limited 241,866 - 241,866 - Debt - principal repayment Mahindra & Mahindra Financial Services Limited 66,525 48,608 119,576 206,116 Debt - foreclosure charges Mahindra & Mahindra Financial Services Limited - (16,899 ) 153 1,090,929 Proceeds from sale of property and equipment Mahindra First Choice Wheels Ltd - (430,884 ) - 3,234,501 Legal Fees Mahindra First Choice Wheels (MH) - (74 ) - 674 Advance received for sale of property and equipment Mahindra First Choice Wheels Ltd - (124,403 ) - - Credit notes against sale of property and equipment Mahindra First Choice Wheels Ltd - - 3,144 - | The Company had following transactions with related parties: Year ended March 31, March 31, Interest Expense Mahindra & Mahindra Financial Services Limited $ 64,844 $ 110,714 Interest income Mahindra & Mahindra Financial Services Limited 15,804 16,860 Debt – principal repayment Mahindra & Mahindra Financial Services Limited 251,700 2,379,531 Debt – foreclosure charges Mahindra & Mahindra Financial Services Limited 1,123,384 95,120 Proceeds from sale of property and equipment Mahindra First Choice Wheels Ltd 3,187,157 3,388,479 Legal Fees Mahindra First Choice Wheels (MH) 668 2,943 Balances written off Mahindra & Mahindra Ltd — 17,291 Mahindra And Mahindra Financial Service Limited — 7,447 Mahindra Electric Mobility Ltd — 3,277 Advance received for sale of property and equipment Mahindra First Choice Wheels Ltd — 3,327,732 |
Schedule of Outstanding Balances with Related Parties | The Company has the following outstanding balances with related parties: As at December 31, March 31, Convertible promissory note (non-current and current) Ananda Small Business Trust $ 2,027,840 $ 10,944,727 Payable to Director Mohan Ananda 129,935 - Debt (non-current and current maturities) Mahindra & Mahindra Financial Services Limited* 922,299 1,054,887 Fixed deposits (including interest accrued) Mahindra & Mahindra Financial Services Limited* 264,640 262,117 Advance received for sale of property and equipment Mahindra First Choice Wheels Ltd* 17,997 15,067 Advance to director (net) Gregory Bradford Moran 46,040 19,682 Accounts Payable Yard Management Services Limited* 240,410 - 3,649,161 12,296,480 * Mahindra & Mahindra Financial Services Limited, Mahindra First Choice Wheels Ltd and Yard Management Services Limited were related parties till December 28, 2023. | The Company has the following outstanding balances with related parties: As at March 31, March 31, Debt (non-current and current maturities) Mahindra & Mahindra Financial Services Limited $ 1,054,887 $ 2,620,321 Fixed deposits (including interest accrued) Mahindra & Mahindra Financial Services Limited 262,117 276,400 Advance received for sale of property and equipment Mahindra First Choice Wheels Ltd 15,067 3,266,108 Advance to director (net) Gregory Bradford Moran 19,682 — Payable to director (net) Gregory Bradford Moran — 48,031 1,351,753 6,210,860 |
Variable Interest Entities (Tab
Variable Interest Entities (Tables) | 9 Months Ended | 12 Months Ended |
Dec. 31, 2023 | Mar. 31, 2023 | |
Variable Interest Entities [Abstract] | ||
Schedule of Summarizes Assets and Liabilities | The following table summarizes the assets and liabilities related to the Company’s consolidated VIEs: December 31, 2023 March 31, 2023 Assets Cash and Cash equivalents $ 26,159 $ 50,498 Accounts receivable 9,351 100,691 Other current assets 8,019 14,279 Prepaid expenses 240 4,148 Property and equipment, net 69,108 147,579 Intangible assets, net 4,125 11,900 Long term Investments 4,204 4,347 Receivable from government authorities -non current 14,939 51,838 Liabilities Accounts payable $ 387,805 $ 417,884 Contract Liabilities 8,267 11,912 Current portion of pension and other employee obligations 2,538 - Other current liabilities 201,366 370,831 Pension and other employee obligations, less current 3,353 - | The following table summarizes the assets and liabilities related to the Company’s consolidated VIEs: March 31, March 31, Assets Cash and Cash equivalents $ 50,498 $ 122,489 Accounts receivable 100,691 7,500 Other current assets 18,428 9,793 Property and equipment, net 147,579 22,664 Intangible assets, net 11,900 20,837 Long term Investments 4,347 239,784 Receivable from government authorities -non current 51,838 13,369 March 31, March 31, Liabilities Accounts payable $ 417,884 $ 450,746 Contract Liabilities 11,912 3,399 Other current liabilities 370,831 168,151 Pension and other employee obligations — 6,540 |
Schedule of Investment | Total investment in the VIEs is as follows: Name of the VIE entity Place of Nature of Investor entity Zoomcar Egypt Car Rental LLC Egypt Debt Zoomcar Netherlands Holding B.V Zoomcar Egypt Car Rental LLC Egypt Debt Zoomcar Inc. Fleet Mobility Philippines Corporation * Philippines Debt Zoomcar Inc. PT Zoomcar Indonesia Mobility Service *** Indonesia Equity Fleet Holding Pte Ltd PT Zoomcar Indonesia Mobility Service *** Indonesia Debt Zoomcar Inc. Zoomcar Vietnam Mobility LLC** Vietnam Debt Fleet Holding Pte Ltd Zoomcar Vietnam Mobility LLC** Vietnam Debt Zoomcar Inc. Zoomcar Vietnam Mobility LLC** Vietnam Equity Fleet Holding Pte Ltd * In May 2022, Company had initiated the process of winding-up for Fleet Mobility Philippines Corporation. The assets consolidated for the VIE are not material. ** In August 2023, Zoomcar Vietnam Mobility LLC has filed for bankruptcy with the local authorities. In accordance with ASC 810-10-15-10, the Company consolidate the VIE as the bankruptcy application is pending with the authorities in Vietnam and unless the application is admitted, the Company holds a variable interest and still is the primary beneficiary. The assets/liabilities consolidated for the VIE are not material. *** As of March 31, 2022, Fleet Holding Pte Ltd. was consolidated under VIE model as it does not have enough equity to finance its activities to operate the business. During the year ended March 31, 2023, Fleet Holding Pte Ltd. has made equity investment in PT Zoomcar Indonesia Mobility Service, and as a result, the entity has sufficient equity at risk to operate the business. Therefore, PT Zoomcar Indonesia Mobility Service has been consolidated as a voting interest entity as at March 31, 2023 and not as a VIE. | Total investment in the VIEs is as follows: Name of the VIE entity Place of Nature of Investor entity Zoomcar Egypt Car Rental LLC Egypt Debt Zoomcar Netherlands Holding B.V Zoomcar Egypt Car Rental LLC Egypt Debt Zoomcar Inc. Fleet Mobility Philippines Corporation* Philippines Debt Zoomcar Inc. PT Zoomcar Indonesia Mobility Service** Indonesia Equity Fleet Holding Pte Ltd PT Zoomcar Indonesia Mobility Service** Indonesia Debt Zoomcar Inc. Zoomcar Vietnam Mobility LLC Vietnam Debt Fleet Holding Pte Ltd Zoomcar Vietnam Mobility LLC Vietnam Debt Zoomcar Inc. Zoomcar Vietnam Mobility LLC Vietnam Equity Fleet Holding Pte Ltd * In May 2022, Company had initiated the process of winding-up for Fleet Mobility Philippines Corporation. Therefore, Company has written off the investment made in the VIE since the Company do not expect to recover the amount. The assets consolidated for the VIE are not material. ** As of March 31, 2022, Fleet Holding Pte Ltd. was consolidated under VIE model as it does not have enough equity to finance its activities to operate the business. During the year ended March 31, 2023, Fleet Holding Pte Ltd. has made equity investment in PT Zoomcar Indonesia Mobility Service, and as a result, the entity has sufficient equity at risk to operate the business. Therefore, PT Zoomcar Indonesia Mobility Service has been consolidated as a voting interest entity as at March 31, 2023 and not as a VIE. |
Financial Instruments - Fair _2
Financial Instruments - Fair Value Measurements (Tables) | 9 Months Ended | 12 Months Ended |
Dec. 31, 2023 | Mar. 31, 2023 | |
Financial Instruments - Fair Value Measurements (Tables) [Line Items] | ||
Schedule of Financial Instruments Not Carried at Fair Value | The carrying value of financial instruments not carried at fair value by categories are as below: As at December 31, 2023 March 31, 2023 Financial assets Cash and cash equivalents $ 6,281,374 $ 3,853,281 Accounts receivable 290,871 255,175 Receivable from government authorities 4,232,229 4,211,143 Long term investments 319,401 254,032 Other financial assets 965,318 887,440 Total assets 12,089,193 9,461,071 Financial liabilities Accounts payable $ 14,179,685 $ 6,547,978 Debt 4,418,400 5,509,948 Other financial liabilities 1,516,260 1,349,393 Total liabilities 20,114,345 13,407,319 | The carrying value of financial instruments not carried at fair value by categories are as below: As at March 31, March 31, Financial assets Cash and cash equivalents $ 3,853,281 $ 26,783,791 Accounts receivable 255,175 204,198 Receivable from government authorities 4,211,143 4,649,100 Long term investments 254,032 399,806 Other financial assets 887,440 1,214,925 Total assets 9,461,071 33,251,819 Financial liabilities Accounts payable $ 6,547,978 $ 6,318,686 Debt 5,509,948 12,248,554 Other financial liabilities 1,349,393 1,618,840 Total liabilities 13,407,319 20,186,080 |
Schedule of Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis | The following tables present information about the Company’s financial assets and liabilities measured at fair value on a recurring basis: December 31, 2023 Total Carrying Level 1 Level 2 Level 3 Assets: Assets held for sale $ 656,885 $ - $ 656,885 $ - Liabilities: Preferred stock warrant liability $ - $ - $ - $ - Convertible promissory note - - - - Senior subordinated convertible promissory note - - - - Unsecured Convertible Note 10,167,194 - - 10,167,194 March 31, 2023 Total Carrying Level 1 Level 2 Level 3 Assets: Assets held for sale $ 923,176 $ - $ 923,176 $ - Liabilities: Preferred stock warrant liability $ 1,190,691 $ - $ - $ 1,190,691 Convertible promissory note 10,944,727 - - 10,944,727 Senior subordinated convertible promissory note 17,422,132 - - 17,422,132 Derivative financial instrument 14,373,856 - - 14,373,856 | The following tables present information about the Company’s financial assets and liabilities measured at fair value on a recurring basis: March 31, 2023 Total Carrying Level 1 Level 2 Level 3 Assets: Assets held for sale $ 923,176 $ — $ 923,176 $ — Liabilities: Preferred stock warrant liability $ 1,190,691 $ — $ — $ 1,190,691 Convertible promissory note 10,944,727 — — 10,944,727 Senior subordinated convertible promissory note 17,422,132 — — 17,422,132 Derivative financial instrument 14,373,856 — — 14,373,856 March 31, 2022 Total Carrying Level 1 Level 2 Level 3 Assets: Assets held for sale $ 4,298,419 $ — $ 4,298,419 $ — Liabilities: Preferred stock warrant liability $ 1,610,938 $ — $ — $ 1,610,938 |
Schedule of Changes in the Fair Value | The changes in the fair value are summarized below: Preferred Convertible Senior Unsecured Derivative Balance as of April 01, 2022 $ 1,610,938 $ - $ - $ - $ - Change in fair value of convertible preferred stock warrant - Balance as of June 30, 2022 1,610,938 - - - - Change in fair value of convertible preferred stock warrant 630,366 - - - - Balance as of September 30, 2022 2,241,304 - - - - Change in fair value of convertible preferred stock warrant 210,124 - - - - Issue of convertible promissory note - 10,000,000 Change in fair value of convertible promissory note - 308,832 Balance as of December 31, 2022 2,451,428 10,308,832 - - - Balance as of April 01, 2023 1,190,691 10,944,727 17,422,132 - 14,373,856 Issue of senior subordinated convertible promissory note and warrants - - 8,655,330 - - Change in fair value of convertible preferred stock warrant (245,143 ) - - - - Change in fair value of convertible promissory note - 420,022 - - - Change in fair value of SSCPN - - 10,519,247 - - Note issue expenses - - - Change in fair value of derivative financial instrument - - - - 9,222,809 Balance as of June 30, 2023 945,548 11,364,749 36,596,709 - 23,596,665 Issue of senior subordinated convertible promissory note and warrants - - 4,519,696 - - Change in fair value of convertible preferred stock warrant (175,102 ) - - - - Change in fair value of convertible promissory note - 575,434 - - - Change in fair value of SSCPN - - 6,141,965 - - Note issue expenses - - - - - Change in fair value of derivative financial instrument - - - - 813,566 Balance as of September 30, 2023 770,446 11,940,183 47,258,370 - 24,410,231 Issue of unsecured convertible note at discount - - - 8,434,605 - Issue of senior subordinated convertible promissory note and warrants - - (20,110,058 ) - - Change in fair value of convertible preferred stock warrant 5,704,739 - - - - Change in fair value of convertible promissory note - (7,986,326 ) - - - Change in fair value of derivative financial instrument - - - - (6,571,082 ) Conversion to Common Stock - (3,953,857 ) (27,148,312 ) - - Reclassification on conversion of preferred stock warrants and derivative financial instruments of Zoomcar, Inc. to common stock warrants of the Company (6,475,185 ) - - - (17,839,149 ) Change in fair value of unsecured convertible note - - - 1,732,589 - Balance as of December 31, 2023 - - - 10,167,194 - | The changes in the fair value are summarized below: Preferred stock Convertible Senior subordinated Derivative financial Balance as of March 31, 2021 $ 494,807 $ — $ — $ — Issue of convertible preferred stock warrant 660,866 — — — Change in fair value of convertible preferred stock warrant 455,265 — — — Balance as of March 31, 2022 1,610,938 — — — Issue of convertible promissory note $ — 10,000,000 $ — $ — Issue of senior subordinated convertible promissory note and warrants — — 8,109,954 — Change in fair value of convertible preferred stock warrant (420,245 ) — — — Change in fair value of convertible promissory note — 944,727 — — Change in fair value of SSCPN — — 9,312,177 — Change in fair value of derivative financial instrument — — — 14,373,856 Balance as of March 31, 2023 1,190,691 10,944,727 17,422,131 14,373,856 |
Warrant [Member] | ||
Financial Instruments - Fair Value Measurements (Tables) [Line Items] | ||
Schedule of Model Valuation Assumtions | The Company used the following assumptions for the valuation of warrant liability and derivative financial instrument in the model: December 28, March 31, Remaining term (years) 5.0 5.2 Volatility1 55 % 53 % Risk-free rate2 3.80 % 3.60 % Estimated exercise price $ 3.0 $ 0.23-5 Fair value per share $ 3.7 $ 10.7 1. Expected volatility is based upon the historical volatility of a peer group of publicly traded companies. 2. The risk-free rate for the expected term of the warrant is based on U.S. Treasury constant maturities yield at measurement date. | The Company used the following assumptions for preferred stock warrant liability and derivative financial instrument in the model: March 31, March 31, Remaining term (years) 5.21 5.92 Volatility (1) 53 % 55 % Risk-free rate (2) 3.60 % 2.40 % Estimated exercise price $ 0.23 – 5 $ 2.5 – 3.5 Calculated fair value per share $ 10.7 $ 1.8 (1) Expected volatility is based upon the historical volatility of a peer group of publicly traded companies. (2) The risk-free rate for the expected term of the warrant is based on U.S. Treasury constant maturities yield at measurement date. |
Unsecured Convertible Note [Member] | ||
Financial Instruments - Fair Value Measurements (Tables) [Line Items] | ||
Schedule of Model Valuation Assumtions | The Company used the following assumptions in the model for the valuation of the Atalaya note issued on December 28, 2023: Unsecured Remaining term (years) 5.00 Volatility 1 35% - 45 % Risk-free rate 2 4.6% - 5.2 % Conversion price $ 10.00 Fair value per share $ 3.70 1. Expected volatility is based upon the historical volatility of a peer group of publicly traded companies. 2. The risk-free rate for the expected term of the warrant is based on U.S. Treasury constant maturities yield at measurement date. | The Company used the following assumptions for the year ended March 31, 2023 in the model for valuation of: Convertible Senior subordinated Remaining term (years) 0.21 0.21 Volatility (1) 34 % 34 % Risk-free rate (2) 4.80 % 4.80 % Estimated conversion price $ 10 $ 5 Calculated fair value per share $ 10.7 $ 10.7 (1) Expected volatility is based upon the historical volatility of a peer group of publicly traded companies. (2) The risk-free rate for the expected term of the warrant is based on U.S. Treasury constant maturities yield at measurement date. |
Derivative Financial Instrume_2
Derivative Financial Instrument (Tables) | 9 Months Ended | 12 Months Ended |
Dec. 31, 2023 | Mar. 31, 2023 | |
Derivative Financial Instrument [Abstract] | ||
Schedule of Fair Value of Derivative Liabilities | The fair value of derivative liabilities as on December 31, 2023 and March 31, 2023 are as follows: December 31, 2023 March 31, 2023 As at Balance Fair Value Balance Fair Derivatives not designated as hedging instruments under ASC 815-20 Warrants issued against SSCPN $ - Derivative financial instrument $ 11,978,213 Warrants issued to Placement agent - 2,395,643 Total $ - $ 14,373,856 | The fair value of derivative liabilities as on March 31, 2023 and March 31, 2022 are as follows: March 31, 2023 March 31, 2022 As at Balance Sheet Fair Value Balance Sheet Fair Value Derivatives not designated as hedging instruments under ASC 815-20 Warrants issued against SSCPN Derivative financial instrument $ 11,978,213 $ — Warrants issued to Placement agent 2,395,643 — Total $ 14,373,856 — |
Intangible Assets (Tables)
Intangible Assets (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Intangible Assets [Abstract] | |
Schedule of Components of Intangible Assets | The components of intangible assets, were as follows: March 31, 2023 March 31, 2022 As at Average Gross Accumulated Net Gross Accumulated Net Computer software 3 – 5 years $ 140,181 $ (106,769 ) $ 33,412 $ 276,590 $ (200,771 ) $ 75,819 Total 140,181 (106,769 ) 33,412 276,590 (200,771 ) 75,819 |
Schedule of Future Amortization of Intangible Assets | Future amortization of intangible assets that will be recorded in general and administrative expenses is estimated as follows. Year ended 31 March 2023 2022 2023 $ — $ 44,597 2024 10,581 9,930 2025 10,054 9,507 2026 7,048 6,823 2027 5,347 4,962 2028 382 — Total remaining amortization 33,412 75,819 |
Pension and Other Employee Ob_2
Pension and Other Employee Obligations (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Pension and Other Employee Obligations [Abstract] | |
Schedule of Pension and Other Employee Obligations | The components of pension and other employee obligations were as follows: (In USD) March 31, March 31, Current Provision for gratuity $ 70,872 $ 93,363 Provision for leave encashment 75,134 83,528 Other statutory provisions — — 146,006 176,891 Non current Provision for gratuity $ 215,841 $ 248,364 Provision for leave encashment 222,967 152,610 Other statutory provisions — 6,539 Pension and other employee obligations 438,808 407,513 |
Organization, Business Operat_2
Organization, Business Operation and Going Concern. (Details) | 9 Months Ended | 12 Months Ended | |||
Dec. 31, 2023 USD ($) $ / shares | Mar. 31, 2023 USD ($) $ / shares | Mar. 31, 2022 USD ($) | Feb. 01, 2024 USD ($) | Dec. 28, 2023 $ / shares | |
Organization, Business Operation and Going Concern [Line Items] | |||||
Common stock par value (in Dollars per share) | $ / shares | $ 0.0001 | ||||
Board of directors | five | ||||
Incurred net loss | $ 26,757,978 | $ 62,032,076 | $ 31,045,152 | ||
Cash used in operation | 8,542,144 | 36,436,057 | 31,655,049 | ||
Working capital | $ 16,079,313 | ||||
Net inflows | $ 2,000,000 | ||||
Common stock par value per share (in Dollars per share) | $ / shares | $ 0.0001 | ||||
Exchange ratio | 0.0284 | ||||
Cash and cash equivalent | $ 3,686,741 | 26,783,791 | |||
Obligations term | 1 year | ||||
Common Stock [Member] | |||||
Organization, Business Operation and Going Concern [Line Items] | |||||
Common stock par value (in Dollars per share) | $ / shares | $ 0.0001 | $ 0.0001 | $ 0.0001 | ||
Going Concern [Member] | |||||
Organization, Business Operation and Going Concern [Line Items] | |||||
Accumulated deficit | $ (300,032,229) | $ (270,002,281) | $ (207,970,204) | ||
Business Combination Agreement [Member] | |||||
Organization, Business Operation and Going Concern [Line Items] | |||||
Accumulated deficit | $ (270,002,280) | ||||
Board of Directors [Member] | |||||
Organization, Business Operation and Going Concern [Line Items] | |||||
Board of directors | two |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Details) | 1 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||||||
Dec. 28, 2023 shares | Dec. 31, 2023 USD ($) shares | Dec. 31, 2022 | Dec. 31, 2023 USD ($) | Dec. 31, 2022 | Mar. 31, 2023 USD ($) Kilometers shares | Mar. 31, 2022 USD ($) | Dec. 31, 2023 shares | Dec. 31, 2023 Kilometers | Dec. 31, 2023 miles | Apr. 30, 2021 shares | |
Summary of Significant Accounting Policies [Line Items] | |||||||||||
Deferred revenue (in Dollars) | $ | $ 99,899 | $ 99,899 | $ 260,705 | $ 277,398 | |||||||
Disposed vehicles crossed in kilometres | 120,000 | 120,000 | 75,000 | ||||||||
Expected dividend yield | 0% | 0% | |||||||||
Preferred stock, shares issued (in Shares) | 99,309,415 | ||||||||||
Deferred revenue (in Dollars) | $ | $ 260,705 | $ 277,399 | |||||||||
Revenue percentage | 10% | 10% | |||||||||
Estimated useful life assets | 3 years | ||||||||||
Realisable value | 1 year | ||||||||||
Lease term percentage | 75% | ||||||||||
Economic life percentage | 25% | ||||||||||
Lease payments percentage | 90% | ||||||||||
Advertising expense (in Dollars) | $ | $ 3,329,731 | $ 4,748,059 | |||||||||
Recognized income tax percentage | 21% | 21% | 21% | 21% | 21% | 21% | |||||
Minimum [Member] | |||||||||||
Summary of Significant Accounting Policies [Line Items] | |||||||||||
Requisite service period | 6 months | ||||||||||
Residual value, percentage | 0% | ||||||||||
Exercise period stock option | 3 years | ||||||||||
Maximum [Member] | |||||||||||
Summary of Significant Accounting Policies [Line Items] | |||||||||||
Requisite service period | 4 years | ||||||||||
Residual value, percentage | 30% | ||||||||||
Exercise period stock option | 5 years | ||||||||||
Common Stock [Member] | |||||||||||
Summary of Significant Accounting Policies [Line Items] | |||||||||||
Expected dividend yield | 0% | ||||||||||
Debt conversion shares (in Shares) | 32,999,472 | ||||||||||
Series E Preferred Stock [Member] | |||||||||||
Summary of Significant Accounting Policies [Line Items] | |||||||||||
Preferred stock, shares issued (in Shares) | 29,999,520 | 1 | 1 | 15,005,368 | |||||||
Income tax [Member] | |||||||||||
Summary of Significant Accounting Policies [Line Items] | |||||||||||
Recognized income tax percentage | 50% | ||||||||||
Convertible Note Payable [Member] | |||||||||||
Summary of Significant Accounting Policies [Line Items] | |||||||||||
Debt conversion shares (in Shares) | 4,248,178 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies (Details) - Schedule of Subsidiaries and Step-Down Subsidiaries | 9 Months Ended | 12 Months Ended |
Dec. 31, 2023 | Mar. 31, 2023 | |
USA [Member] | ||
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | ||
Place of Incorporation | USA | USA |
Investor Entity | Zoomcar Holdings, Inc. | Zoomcar Holdings, Inc. |
India [Member] | ||
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | ||
Place of Incorporation | India | India |
Investor Entity | Zoomcar, Inc. | Zoomcar, Inc. |
Netherlands [Member] | ||
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | ||
Place of Incorporation | Netherlands | Netherlands |
Investor Entity | Zoomcar, Inc. | Zoomcar, Inc. |
Singapore [Member] | ||
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | ||
Place of Incorporation | Singapore | Singapore |
Investor Entity | Zoomcar, Inc. | Zoomcar, Inc. |
Philippines [Member] | ||
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | ||
Place of Incorporation | Philippines | Philippines |
Investor Entity | Zoomcar, Inc. | Zoomcar, Inc. |
Egypt [Member] | ||
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | ||
Place of Incorporation | Egypt | Egypt |
Investor Entity | Zoomcar Netherlands Holding | Zoomcar Netherlands Holding |
Indonesia [Member] | ||
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | ||
Place of Incorporation | Indonesia | Indonesia |
Investor Entity | Fleet Holding Pte ltd | Fleet Holding Pte ltd |
Vietnam [Member] | ||
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | ||
Place of Incorporation | Vietnam | Vietnam |
Investor Entity | Fleet Holding Pte ltd | Fleet Holding Pte ltd |
Reverse Recapitalization (Detai
Reverse Recapitalization (Details) - USD ($) | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||||||
Dec. 19, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Mar. 31, 2023 | Mar. 31, 2022 | Dec. 28, 2023 | Feb. 02, 2021 | Mar. 17, 2016 | |
Reverse Recapitalization [Line Items] | ||||||||||
Net proceeds | $ 5,770,630 | |||||||||
Cost amounting | $ 2,093,057 | $ 3,318,466 | 8,441,525 | $ 17,376,553 | $ 20,675,611 | $ 25,282,282 | ||||
Unsecured promissory notes | $ 10,944,727 | |||||||||
Transaction costs | $ 10,947,805 | $ 10,947,805 | ||||||||
Par value per share (in Dollars per share) | $ 0.0001 | $ 0.0001 | ||||||||
Shares issued (in Shares) | 20,000,000 | 20,000,000 | 10,000,000 | |||||||
Public warrants (in Shares) | 11,500,000 | 11,500,000 | 32,999,472 | 32,999,472 | 149,986 | 19,708 | ||||
Common stock exercise price (in Dollars per share) | $ 11.5 | |||||||||
Sponsor purchased (in Shares) | 1,666,666 | |||||||||
Class A ordinary shares (in Dollars per share) | $ 3 | |||||||||
Aggregate gross proceeds | $ 5,000,000 | $ 40,000,000 | ||||||||
Common Stock [Member] | ||||||||||
Reverse Recapitalization [Line Items] | ||||||||||
Par value per share (in Dollars per share) | $ 0.0001 | $ 0.0001 | $ 0.0001 | $ 0.0001 | ||||||
Unsecured Promissory Notes [Member] | ||||||||||
Reverse Recapitalization [Line Items] | ||||||||||
Unsecured promissory notes | $ 3,259,208 | $ 3,259,208 | ||||||||
Zoomcar Inc. [Member] | ||||||||||
Reverse Recapitalization [Line Items] | ||||||||||
Cost amounting | 21,499,578 | |||||||||
Common stock issued | $ 4,804,482 | $ 4,804,482 | ||||||||
Convertible share (in Shares) | 1 | 1 | ||||||||
Zoomcar Inc. [Member] | ||||||||||
Reverse Recapitalization [Line Items] | ||||||||||
Reverse recapitalization | $ 392,725 |
Reverse Recapitalization (Det_2
Reverse Recapitalization (Details) - Schedule of Shares of Common Stock Issued | 9 Months Ended |
Dec. 31, 2023 shares | |
Schedule of Shares of Common Stock Issued [Abstract] | |
Conversion of Zoomcar, Inc. Common Stock and Preferred Stock outstanding prior to Reverse Recapitalization | 27,327,481 |
Common stock – issuance to IOAC shareholders | 9,192,377 |
Shares issued to Mohan Ananda | 2,738,172 |
Other vendors | 3,617,333 |
Total | 42,875,363 |
Reverse Recapitalization (Det_3
Reverse Recapitalization (Details) - Schedule of Shares | 9 Months Ended |
Dec. 31, 2023 shares | |
Zoomcar, Inc. Shares [Member] | |
Reverse Recapitalization (Details) - Schedule of Shares [Line Items] | |
Common shares | 16,987,064 |
Preferred stock | 99,309,415 |
Redeemable NCI - Shares of Zoomcar India Private Limited | 10,848,308 |
Common shares issued to shareholders of Zoomcar, Inc. [Member] | |
Reverse Recapitalization (Details) - Schedule of Shares [Line Items] | |
Common shares | 482,681 |
Preferred stock | 21,842,458 |
Redeemable NCI - Shares of Zoomcar India Private Limited | 754,169 |
Issue of common shares on conversion of SSCPN | 4,248,173 |
Total | 27,327,481 |
Cash and Cash Equivalents (Det
Cash and Cash Equivalents (Details) - Schedule of Cash and Cash Equivalents - USD ($) | Dec. 31, 2023 | Mar. 31, 2023 | Mar. 31, 2022 |
Schedule of Cash and Cash Equivalents [Abstract] | |||
Balances in bank accounts | $ 6,028,945 | $ 3,657,580 | $ 26,723,963 |
Certificate to deposits | 86,373 | 15,633 | 41,548 |
Cash | 1,675 | 13,528 | 18,280 |
Cash and cash equivalents | $ 6,116,993 | $ 3,686,741 | $ 26,783,791 |
Accounts Receivable, Net of A_3
Accounts Receivable, Net of Allowance for Doubtful Accounts (Details) - Schedule of Accounts Receivable - USD ($) | Dec. 31, 2023 | Mar. 31, 2023 | Mar. 31, 2022 |
Schedule of Accounts Receivable [Abstract] | |||
Accounts receivable | $ 290,871 | $ 255,175 | $ 204,198 |
Net accounts receivable | $ 290,871 | $ 255,175 | $ 204,198 |
Receivable from Government Au_3
Receivable from Government Authorities (Details) - Schedule of Receivable from Government Authorities - USD ($) | Dec. 31, 2023 | Mar. 31, 2023 | Mar. 31, 2022 | |||
Current | ||||||
Receivable from government authorities | $ 990,446 | $ 3,962,822 | $ 2,300,160 | |||
Non current | ||||||
Receivable from government authorities | 3,241,783 | 248,321 | 2,348,940 | |||
Goods and service tax receivable [Member] | ||||||
Current | ||||||
Receivable from government authorities | 990,446 | 3,962,822 | 2,290,367 | |||
Non current | ||||||
Receivable from government authorities | 3,226,844 | [1] | 196,483 | [1],[2] | 2,335,572 | [2] |
Other tax receivables [Member] | ||||||
Current | ||||||
Receivable from government authorities | 9,793 | |||||
Non current | ||||||
Receivable from government authorities | $ 14,939 | $ 51,838 | $ 13,368 | |||
[1] Although these taxes are contractually available to the Company immediately, the Company has accounted for these credits as non-current based upon their expected utilization period. |
Short Term Investments with R_3
Short Term Investments with Related Parties (Details) - Schedule of Short Term Investments with Related Parties - Related Party [Member] - USD ($) | Dec. 31, 2023 | Mar. 31, 2023 | Mar. 31, 2022 | |||
Variable Interest Entity [Line Items] | ||||||
Certificate to deposits with related parties | $ 164,381 | [1] | $ 166,540 | [1] | [2] | |
Short term investments with related parties | $ 164,381 | $ 166,540 | ||||
[1]These deposits are under lien against debt availed from related parties[2]These deposits are under lien against debt availed from related parties |
Other Current Assets (Details)
Other Current Assets (Details) - Schedule of Other Current Assets - Other Current Assets [Member] - USD ($) | Dec. 31, 2023 | Mar. 31, 2023 | Mar. 31, 2022 |
Other Current Assets (Details) - Schedule of Other Current Assets [Line Items] | |||
Insurance claims receivable | $ 23,389 | $ 23,677 | $ 90,885 |
Advance to suppliers | 57,989 | 88,115 | 319,255 |
Security deposits | 135,962 | 53,585 | 84,774 |
Advance income taxes, net | 115,412 | 174,654 | 195,640 |
Advance to employees | 113,512 | 87,679 | 98,429 |
Receivables from car sale | 537,290 | 578,523 | 720,697 |
Other receivables | 155,165 | 143,976 | $ 220,140 |
Other current assets | $ 1,138,719 | $ 1,150,209 |
Other Current Assets (Details_2
Other Current Assets (Details) - Schedule of Other Current Assets with Related Parties - USD ($) | Dec. 31, 2023 | Mar. 31, 2023 | Mar. 31, 2022 |
Advance to director [Member] | |||
Other Current Assets (Details) - Schedule of Other Current Assets with Related Parties [Line Items] | |||
Other current assets with related parties | $ 46,040 | $ 19,682 | |
Related Party [Member] | |||
Other Current Assets (Details) - Schedule of Other Current Assets with Related Parties [Line Items] | |||
Other current assets with related parties | $ 46,040 | $ 19,682 |
Assets Held for Sale (Details)
Assets Held for Sale (Details) - USD ($) | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Mar. 31, 2023 | Mar. 31, 2022 | |
Assets Held for Sale (Details) [Line Items] | ||||||
Loss/ (gain) on sale | $ 9,940 | $ 1,690,003 | $ 11,325 | $ 1,659,575 | $ 87,436 | |
Impairment amount | $ 165,216 | $ 51,032 | $ 165,216 | $ 93,884 | 93,144 | 524,662 |
Zoomcar India Private Limited [Member] | ||||||
Assets Held for Sale (Details) [Line Items] | ||||||
Loss/ (gain) on sale | $ 1,644,650 | $ 31,383 |
Assets Held for Sale (Details)
Assets Held for Sale (Details) - Schedule of Assets Held for Sale - USD ($) | Dec. 31, 2023 | Mar. 31, 2023 | Mar. 31, 2022 |
Assets Held for Sale (Details) - Schedule of Assets Held for Sale [Line Items] | |||
Total assets held for sale | $ 656,885 | $ 923,176 | $ 4,298,419 |
Vehicles [Member] | |||
Assets Held for Sale (Details) - Schedule of Assets Held for Sale [Line Items] | |||
Total assets held for sale | $ 656,885 | $ 923,176 | $ 4,298,419 |
Property and Equipment, Net (De
Property and Equipment, Net (Details) - USD ($) | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Mar. 31, 2023 | Mar. 31, 2022 | |
Property and Equipment, Net [Line Items] | ||||||
Depreciation expense | $ 205,260 | $ 90,499 | $ 624,630 | $ 294,522 | $ 3,059,096 | $ 337,010 |
General and administrative expenses | 38,790 | 200,803 | 130,028 | 310,139 | 126,027 | 362,081 |
Property, Plant and Equipment [Member] | ||||||
Property and Equipment, Net [Line Items] | ||||||
Depreciation expense | $ 244,050 | $ 291,301 | $ 754,658 | $ 604,661 | $ 699,091 | $ 3,185,123 |
Property and Equipment, Net (_2
Property and Equipment, Net (Details) - Schedule of Property and Equipment - USD ($) | Dec. 31, 2023 | Mar. 31, 2023 | Mar. 31, 2022 |
Schedule of Property and Equipment [Line Items] | |||
Property and equipment, gross | $ 4,389,260 | $ 4,738,703 | $ 6,475,709 |
Less: Accumulated depreciation | (2,502,466) | (2,010,180) | (3,485,308) |
Total property and equipment, net | 1,886,794 | 2,728,523 | 2,993,628 |
Accumulated depreciation | (4,125,088) | (4,179,272) | |
Devices [Member] | |||
Schedule of Property and Equipment [Line Items] | |||
Property and equipment, gross | $ 3,303,843 | $ 3,402,749 | 3,970,324 |
Devices [Member] | Minimum [Member] | |||
Schedule of Property and Equipment [Line Items] | |||
Estimated useful life | 3 years | 3 years | |
Devices [Member] | Maximum [Member] | |||
Schedule of Property and Equipment [Line Items] | |||
Estimated useful life | 5 years | 5 years | |
Computer equipment’s [Member] | |||
Schedule of Property and Equipment [Line Items] | |||
Property and equipment, gross | $ 827,174 | $ 873,178 | 1,210,790 |
Computer equipment’s [Member] | Minimum [Member] | |||
Schedule of Property and Equipment [Line Items] | |||
Estimated useful life | 2 years | 2 years | |
Computer equipment’s [Member] | Maximum [Member] | |||
Schedule of Property and Equipment [Line Items] | |||
Estimated useful life | 7 years | 7 years | |
Office equipment’s [Member] | |||
Schedule of Property and Equipment [Line Items] | |||
Property and equipment, gross | $ 248,008 | $ 452,489 | 261,808 |
Office equipment’s [Member] | Minimum [Member] | |||
Schedule of Property and Equipment [Line Items] | |||
Estimated useful life | 3 years | 3 years | |
Office equipment’s [Member] | Maximum [Member] | |||
Schedule of Property and Equipment [Line Items] | |||
Estimated useful life | 10 years | 10 years | |
Furniture and fixtures [Member] | |||
Schedule of Property and Equipment [Line Items] | |||
Estimated useful life | 10 years | 10 years | |
Property and equipment, gross | $ 10,235 | $ 10,287 | 52,172 |
Vehicles, at cost [Member] | |||
Schedule of Property and Equipment [Line Items] | |||
Vehicles, at cost | $ 4,125,088 | 4,179,272 | |
Accumulated depreciation | $ (4,179,272) | $ (5,196,182) |
Leases (Details)
Leases (Details) - USD ($) | 9 Months Ended | ||
Dec. 31, 2023 | Mar. 31, 2023 | Mar. 31, 2022 | |
Leases [Line Items] | |||
Lease liability | $ 364,223 | $ 369,007 | $ 399,210 |
EMI outstanding | 5,761,308 | ||
Defaulted lease payments | $ 492,261 | ||
EMI interest rate | 1% | ||
EMI overdue amount | $ 16,669 | ||
Overdue unpaid term of contract | 60 days | ||
Interest on unpaid overdue | 1.50% | ||
Outstanding debt payable | $ 1,200,000 | ||
Interest rate on due and payable | 1.50% | ||
Minimum [Member] | |||
Leases [Line Items] | |||
Lease term of operating leases | 3 years | ||
Maximum [Member] | |||
Leases [Line Items] | |||
Lease term of finance leases | 7 years |
Leases (Details) - Schedule of
Leases (Details) - Schedule of Lease Expense - USD ($) | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | |
Schedule of Lease Expense [Abstract] | ||||
Amortization of right-of-use assets | $ 3,075 | |||
Interest on lease liabilities | 152,659 | 203,115 | 469,140 | 637,164 |
Operating lease cost | 127,399 | 135,301 | 387,681 | 408,713 |
Short term lease cost | 43,691 | 21,744 | 123,364 | 82,494 |
Total lease cost | $ 323,749 | $ 360,160 | $ 980,185 | $ 1,131,446 |
Leases (Details) - Schedule o_2
Leases (Details) - Schedule of Maturities of Lease Liabilities - USD ($) | Dec. 31, 2023 | Mar. 31, 2023 | Mar. 31, 2022 |
Operating Leases [Member] | |||
Leases (Details) - Schedule of Maturities of Lease Liabilities [Line Items] | |||
2024 | $ 141,237 | $ 497,344 | |
2025 | 456,962 | 471,185 | |
2026 | 346,229 | 350,777 | |
2027 | 363,061 | 367,830 | |
2028 | 380,734 | 385,735 | |
Thereafter | 399,291 | 404,536 | |
Total Lease Payments | 2,087,514 | 2,477,407 | $ 525,060 |
Less : Imputed Interest | 556,080 | 725,982 | 85,189 |
Total Lease Liabilities | 1,531,434 | 1,751,425 | 439,871 |
Finance Leases [Member] | |||
Leases (Details) - Schedule of Maturities of Lease Liabilities [Line Items] | |||
2024 | 527,085 | 1,877,744 | 2,224,474 |
2025 | 2,590,349 | 2,103,127 | 2,593,917 |
2026 | 3,008,978 | 3,048,501 | 3,689,742 |
2027 | 663,553 | 672,269 | 727,294 |
2028 | |||
Thereafter | |||
Total Lease Payments | 6,789,965 | 7,701,641 | 11,150,467 |
Less : Imputed Interest | 860,843 | 1,345,957 | 2,423,860 |
Total Lease Liabilities | $ 5,929,122 | $ 6,355,684 | $ 8,726,607 |
Investments (Details)
Investments (Details) | Dec. 31, 2023 USD ($) |
Investments [Line Items] | |
Maturity of fixed deposit | 12 months |
IndusInd Bank [Member] | |
Investments [Line Items] | |
Fixed deposit (in Dollars) | $ 120,205 |
Investments (Details) - Schedul
Investments (Details) - Schedule of Investments - USD ($) | Dec. 31, 2023 | Mar. 31, 2023 | Mar. 31, 2022 | |||
Long term investments | ||||||
Investments in fixed deposits | $ 219,142 | [1] | $ 158,455 | [1],[2] | $ 123,406 | [2] |
Investments in fixed deposits with related parties | 100,259 | [3] | 95,577 | [3] | 276,400 | |
Long term investments | $ 319,401 | $ 254,032 | $ 399,806 | |||
[1] includes a fixed deposit of $120,205 with IndusInd bank against which a bank guarantee has been given to Lease Plan India Private Limited for the vehicles taken on lease. 12 these fixed deposits have a maturity of more than 12 months and hence have been considered under long term. However, these have been given under lien against debt availed from related parties. |
Other Non-Current Assets (Detai
Other Non-Current Assets (Details) - Schedule of Other Non-Current Assets - USD ($) | Dec. 31, 2023 | Mar. 31, 2023 | Mar. 31, 2022 |
Schedule of Other Non-Current Assets [Abstract] | |||
Security deposits | $ 324,948 | $ 425,669 | $ 363,275 |
Other non current assets | $ 324,948 | $ 425,669 | $ 363,275 |
Debt (Details)
Debt (Details) - USD ($) | 1 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | 21 Months Ended | |||||||||
Apr. 01, 2021 | Mar. 31, 2021 | Dec. 30, 2021 | May 31, 2021 | Feb. 28, 2021 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2023 | Jun. 30, 2024 | Mar. 31, 2024 | |
Debt [Line Items] | ||||||||||||||
Percentage of non-convertible debentures | 10% | 10% | ||||||||||||
Percentage of debenture | 7.70% | 7.70% | 7.70% | 7.70% | 7.70% | 7.70% | 7.70% | |||||||
Outstanding balance | $ 372,645 | $ 372,645 | $ 372,645 | |||||||||||
Percentage of Penal interest | 1% | |||||||||||||
EMI | $ 9,675 | |||||||||||||
Percentage of interest charge | 36% | |||||||||||||
Percentage of overdue amount | 15% | |||||||||||||
Penal interest expense | 5,157 | $ 5,157 | ||||||||||||
Non-convertible debentures issued percentage | 14.50% | |||||||||||||
Interest rate per annum | 10% | 7.70% | 9.09% | |||||||||||
Coupon rate per annum | 14.30% | 10% | ||||||||||||
Debentures variable interest rate | The original issue of debentures was at a variable interest rate of MCLR + 2%, with MCLR at the date of signing being 12%. | |||||||||||||
Exclusive charge of assets purchased | 100% | |||||||||||||
Maturity term | 28 months | |||||||||||||
Maturity term starting | Oct. 31, 2021 | |||||||||||||
Repayable of loan monthly instalments | $ 104,712 | $ 220,365 | $ 127,292 | $ 107,397 | ||||||||||
Troubled debt restructurings | $ 4,211,559 | $ 3,162,647 | ||||||||||||
Troubled debt restructurings per share (in Dollars per share) | $ 0.25 | $ 0.19 | ||||||||||||
Line of Credit Facility, Maximum Amount Outstanding During Period | 5,054,979 | $ 9,563,895 | ||||||||||||
Minimum [Member] | ||||||||||||||
Debt [Line Items] | ||||||||||||||
Percentage of Penal interest | 2% | |||||||||||||
interest amount | $ 16,299 | |||||||||||||
Maximum [Member] | ||||||||||||||
Debt [Line Items] | ||||||||||||||
Percentage of Penal interest | 14.50% | |||||||||||||
interest amount | $ 232,476 | |||||||||||||
Series A, B and C [Member] | ||||||||||||||
Debt [Line Items] | ||||||||||||||
Interest expense | $ 81,533 | |||||||||||||
7.7% Debenture [Member] | ||||||||||||||
Debt [Line Items] | ||||||||||||||
Interest expense | 9,523 | 15,043 | 31,609 | 51,612 | ||||||||||
Term loans from NBFCs [Member] | ||||||||||||||
Debt [Line Items] | ||||||||||||||
Interest expense | 100,243 | $ 97,222 | 294,872 | $ 453,927 | ||||||||||
Interest Expense [Member] | ||||||||||||||
Debt [Line Items] | ||||||||||||||
Interest expense | 80,891 | 268,008 | ||||||||||||
Interest Expense [Member] | Banking [Member] | ||||||||||||||
Debt [Line Items] | ||||||||||||||
Interest expense | 2,549 | 483,876 | ||||||||||||
Interest Expense [Member] | NBFC [Member] | ||||||||||||||
Debt [Line Items] | ||||||||||||||
Interest expense | 536,567 | 1,030,040 | ||||||||||||
Interest Expense [Member] | Debt [Member] | ||||||||||||||
Debt [Line Items] | ||||||||||||||
Interest expense | $ 65,047 | $ 85,858 | ||||||||||||
Kotak Mahindra Finance [Member] | ||||||||||||||
Debt [Line Items] | ||||||||||||||
Outstanding balance | $ 73,652 | 73,652 | $ 73,652 | |||||||||||
Tata Motors Finance Limited [Member] | ||||||||||||||
Debt [Line Items] | ||||||||||||||
EMI | 52,427 | |||||||||||||
Orix Leasing and Financial Services India Limited [Member] | ||||||||||||||
Debt [Line Items] | ||||||||||||||
EMI | 26,866 | |||||||||||||
Blacksoil Capital Private Limited [Member] | ||||||||||||||
Debt [Line Items] | ||||||||||||||
EMI | $ 14,291 |
Debt (Details) - Schedule of De
Debt (Details) - Schedule of Debt - USD ($) | Dec. 31, 2023 | Mar. 31, 2023 | Mar. 31, 2022 |
Current | |||
7.7% Debentures | $ 361,817 | $ 454,969 | $ 171,629 |
- from non-banking financial companies (NBFCs) | 1,865,032 | 3,039,200 | |
Total Debt Non current | 1,865,032 | 3,039,200 | 7,503,664 |
Total Debt Current | 2,553,368 | 2,470,748 | 4,744,890 |
Non-Banking Financial Companies [Member] | |||
Current | |||
- from non-banking financial companies (NBFCs) | 1,269,251 | 960,892 | $ 1,758,284 |
Related Party [Member] | |||
Current | |||
- from non-banking financial companies (NBFCs) | $ 922,300 | $ 1,054,887 |
Debt (Details) - Schedule of _2
Debt (Details) - Schedule of Debt (Parentheticals) | Dec. 31, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | Mar. 31, 2022 |
Schedule of Debt [Abstract] | ||||
Debentures | 7.70% | 7.70% | 7.70% | 7.70% |
Debt (Details) - Schedule of To
Debt (Details) - Schedule of Total Maturity - USD ($) | Dec. 31, 2023 | Mar. 31, 2022 |
Schedule of Total Maturity [Abstract] | ||
2024 (January 1, 2024 till March 31, 2024) | $ 2,030,936 | |
2025 | 654,744 | $ 2,470,747 |
2026 | 488,297 | 982,836 |
2027 | 903,093 | 634,390 |
2028 | 341,330 | 1,042,901 |
Total maturity | $ 4,418,400 | $ 5,509,948 |
Convertible Promissory Note (_3
Convertible Promissory Note (‘Notes’) (Details) - USD ($) | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Mar. 31, 2023 | Mar. 31, 2022 | Oct. 31, 2022 | Aug. 31, 2022 | |
Convertible Promissory Note (‘Notes’) [Line Items] | ||||||||
Convertible note payable | $ 17,422,132 | $ 14,373,856 | ||||||
Outstanding principal interest rate | 6% | 7% | ||||||
Change in fair value | $ 20,110,058 | $ 3,448,846 | $ (308,832) | $ (944,727) | ||||
Fair value of the atalaya note | 10,944,727 | |||||||
Convertible Promissory Note [Member] | ||||||||
Convertible Promissory Note (‘Notes’) [Line Items] | ||||||||
Convertible note payable | $ 10,000,000 | |||||||
Accruing interest | 6% | |||||||
Debt conversion shares (in Shares) | 1,071,506 | |||||||
Debt conversion price (in Dollars per share) | $ 10 | $ 10 | ||||||
Change in fair value | $ 7,986,326 | $ 308,832 | $ 6,990,870 | $ 308,832 | (944,727) | |||
Principal balance | $ 2,027,840 | |||||||
Convertible Notes Payable [Member] | ||||||||
Convertible Promissory Note (‘Notes’) [Line Items] | ||||||||
Convertible note payable | $ 10,000,000 | |||||||
Debt conversion price (in Dollars per share) | $ 3 | $ 3 | ||||||
Change in fair value | ||||||||
Principal balance | $ 2,027,840 | $ 2,027,840 | ||||||
Fair value of the atalaya note | ||||||||
Ananda Small Business [Member] | Convertible Promissory Note [Member] | ||||||||
Convertible Promissory Note (‘Notes’) [Line Items] | ||||||||
Principal balance | $ 10,000,000 |
Convertible Promissory Note (_4
Convertible Promissory Note (‘Notes’) (Details) - Schedule of Convertible Promissory Note (‘Notes’) - USD ($) | Dec. 31, 2023 | Mar. 31, 2023 | Mar. 31, 2022 |
Schedule of Convertible Promissory Note (‘Notes’) [Abstract] | |||
Notes | $ 10,944,727 | ||
Total | $ 10,944,727 |
Convertible Promissory Note (_5
Convertible Promissory Note (‘Notes’) (Details) - Schedule of Unsecured Promissory Note - USD ($) | Dec. 31, 2023 | Mar. 31, 2023 |
Schedule of Unsecured Promissory Note [Line Items] | ||
Unsecured promissory note, Total | $ 2,027,840 | |
Unsecured promissory note [Member] | ||
Schedule of Unsecured Promissory Note [Line Items] | ||
Unsecured promissory note, Total | $ 2,027,840 |
Senior Subordinated Convertib_3
Senior Subordinated Convertible Promissory Note (’SSCPN’ or ‘Convertible note’) (Details) - USD ($) | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||||
Dec. 19, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Mar. 31, 2023 | Mar. 31, 2022 | Oct. 31, 2022 | |
Senior Subordinated Convertible Promissory Note (’SSCPN’ or ‘Convertible note’) (Details) [Line Items] | ||||||||
Warrants and placement agents issued | $ 13,175,027 | $ 8,109,954 | ||||||
Fair value adjustment | $ 20,110,058 | 3,448,846 | (9,312,177) | |||||
Principal balance | 8,434,605 | 8,434,605 | 8,109,954 | 8,109,954 | ||||
Fair value amount | $ 17,422,132 | |||||||
Fair value | $ 6,571,082 | |||||||
Interest rate | 6% | 6% | 6% | |||||
Warrant expiry period | 5 years | 5 years | ||||||
Percentage of warrant purchase | 10% | |||||||
Convertible note payable | $ 17,422,132 | 14,373,856 | ||||||
Fair value of warrant | $ 5,284,494 | $ 840,490 | (420,245) | 455,265 | ||||
Aggregate gross proceeds | $ 5,000,000 | 40,000,000 | ||||||
Senior Subordinated Notes [Member] | ||||||||
Senior Subordinated Convertible Promissory Note (’SSCPN’ or ‘Convertible note’) (Details) [Line Items] | ||||||||
Principal balance | ||||||||
Warrant [Member] | ||||||||
Senior Subordinated Convertible Promissory Note (’SSCPN’ or ‘Convertible note’) (Details) [Line Items] | ||||||||
Fair value of warrant | $ 14,373,856 | |||||||
Convertible Notes Payable [Member] | ||||||||
Senior Subordinated Convertible Promissory Note (’SSCPN’ or ‘Convertible note’) (Details) [Line Items] | ||||||||
Converted shares (in Shares) | 4,248,178 | |||||||
Convertible note payable | $ 10,000,000 | |||||||
Senior Subordinated Notes [Member] | ||||||||
Senior Subordinated Convertible Promissory Note (’SSCPN’ or ‘Convertible note’) (Details) [Line Items] | ||||||||
Simple interest | 6% | |||||||
Qualified Financing [Member] | ||||||||
Senior Subordinated Convertible Promissory Note (’SSCPN’ or ‘Convertible note’) (Details) [Line Items] | ||||||||
Aggregate gross proceeds | $ 10,000,000 | |||||||
Operating Expense [Member] | ||||||||
Senior Subordinated Convertible Promissory Note (’SSCPN’ or ‘Convertible note’) (Details) [Line Items] | ||||||||
Fair value | $ 14,373,856 |
Senior Subordinated Convertib_4
Senior Subordinated Convertible Promissory Note (’SSCPN’ or ‘Convertible note’) (Details) - Schedule of Convertible Notes Payable Fair Value Option - USD ($) | Dec. 31, 2023 | Mar. 31, 2023 |
Senior Subordinated Convertible Promissory Note (’SSCPN’ or ‘Convertible note’) (Details) - Schedule of Convertible Notes Payable Fair Value Option [Line Items] | ||
Total Convertible Notes payable | $ 31,795,988 | |
Convertible note [Member] | ||
Senior Subordinated Convertible Promissory Note (’SSCPN’ or ‘Convertible note’) (Details) - Schedule of Convertible Notes Payable Fair Value Option [Line Items] | ||
Total Convertible Notes payable | 17,422,132 | |
Warrants issued against SSCPN [Member] | ||
Senior Subordinated Convertible Promissory Note (’SSCPN’ or ‘Convertible note’) (Details) - Schedule of Convertible Notes Payable Fair Value Option [Line Items] | ||
Total Convertible Notes payable | $ 14,373,856 |
Warrants (Details)
Warrants (Details) - shares | 1 Months Ended | 9 Months Ended | |
Dec. 28, 2023 | Dec. 31, 2023 | Jun. 30, 2019 | |
Warrants [Line Items] | |||
Warrants issued shares | 11,500,000 | 350,000,000 | |
Private warrants shares | 39,057,679 | ||
Common Stock [Member] | |||
Warrants [Line Items] | |||
Converted shares | 32,999,472 | ||
Business Combination [Member] | |||
Warrants [Line Items] | |||
Converted shares | 3,502,040 |
Unsecured Convertible Note (__3
Unsecured Convertible Note (‘Atalaya Note’) (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2023 | Mar. 31, 2023 | Mar. 31, 2022 | |
Unsecured Convertible Note (‘Atalaya Note’) (Details) [Line Items] | ||||
Outstanding payment | $ 2,027,840 | $ 2,027,840 | ||
Fair value | 10,167,194 | $ 10,167,194 | ||
Percentage of principal amount | 7.50% | |||
Principal balance | 8,434,605 | $ 8,434,605 | 8,109,954 | $ 8,109,954 |
Change in fair value | $ 1,732,589 | $ 1,732,589 | ||
Convertible Note | 17,422,132 | $ 14,373,856 | ||
Percentage of bears interest | 8% | 8% | ||
Percentage of discount | 7.50% | |||
Conversion price of per share (in Dollars per share) | $ 10 | |||
Price of per share (in Dollars per share) | $ 10 | |||
Unrestricted shares (in Shares) | 164,000 | 164,000 | ||
Shares issued | $ 542,000 | |||
ACM Zoomcar Convert LLC [Member] | ||||
Unsecured Convertible Note (‘Atalaya Note’) (Details) [Line Items] | ||||
Outstanding payment | $ 1,231,368 | 1,231,368 | ||
Unsecured promissory note | 6,570,642 | 6,570,642 | ||
Unsecured Convertible Note [Member] | ||||
Unsecured Convertible Note (‘Atalaya Note’) (Details) [Line Items] | ||||
Principal balance | 632,596 | 632,596 | ||
Atalaya Note [Member] | ||||
Unsecured Convertible Note (‘Atalaya Note’) (Details) [Line Items] | ||||
Fair value | 10,167,194 | $ 10,167,194 | ||
Percentage of principal amount | 7.50% | |||
Principal balance | 7,802,009 | $ 7,802,009 | ||
Percentage of amortization conversion price | 25% | |||
Conversion Floor [Member] | ||||
Unsecured Convertible Note (‘Atalaya Note’) (Details) [Line Items] | ||||
Price of per share (in Dollars per share) | $ 0.25 | |||
The Atalaya Note Were Initially [Member] | ||||
Unsecured Convertible Note (‘Atalaya Note’) (Details) [Line Items] | ||||
Convertible Note | $ 8,434,605 | $ 8,434,605 |
Unsecured Convertible Note (__4
Unsecured Convertible Note (‘Atalaya Note’) (Details) - Schedule of Notes Payable - USD ($) | Dec. 31, 2023 | Mar. 31, 2023 |
Schedule of Notes Payable [Abstract] | ||
Notes | $ 10,167,194 | |
Total | $ 10,167,194 |
Other Current Liabilities (Deta
Other Current Liabilities (Details) - Schedule of Other Current Liabilities - USD ($) | Dec. 31, 2023 | Mar. 31, 2023 | Mar. 31, 2022 |
Schedule of Other Current Liabilities [Abstract] | |||
Payable to customers | $ 635,144 | $ 647,283 | $ 646,075 |
Statutory dues payable | 1,731,891 | 1,583,639 | 1,592,210 |
Capital creditors | 32,103 | 88,484 | 104,067 |
Employee benefit expenses payable | 510,406 | 379,167 | 336,004 |
Other liabilities | 405,949 | 219,392 | $ 484,662 |
Other current liabilities | $ 3,315,493 | $ 2,917,965 |
Other Current Liabilities (De_2
Other Current Liabilities (Details) - Schedule of Other Current Liabilities Towards Related Parties - USD ($) | Dec. 31, 2023 | Mar. 31, 2023 | Mar. 31, 2022 |
Schedule of Other Current Liabilities Towards Related Parties [Abstract] | |||
Other liabilities with related parties | $ 17,997 | $ 15,067 | $ 3,314,139 |
Other current liabilities towards related parties | $ 17,997 | $ 15,067 | $ 3,314,139 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Income/ (Loss) (Details) - Schedule of Accumulated Other Comprehensive Income/(Loss) - USD ($) | 9 Months Ended | 12 Months Ended | |
Dec. 31, 2023 | Mar. 31, 2023 | Mar. 31, 2022 | |
Gain on Employee Benefit [Member] | |||
Gain on employee benefit | |||
Balance, beginning of period | $ 115,818 | $ 88,735 | $ 39,362 |
Recognized during the period, net of taxes amounts | (61,594) | 45,373 | 51,365 |
Reclassification to net income: Amortization losses/(gains) | (15,859) | (18,290) | (1,992) |
Balance, end of period | 38,365 | 115,818 | 88,735 |
Foreign Currency Translation Adjustment [Member] | |||
Gain on employee benefit | |||
Balance, beginning of period | 1,712,181 | 680,421 | (81,978) |
Translation adjustments (gain)/loss recognized during the period, net of taxes amounts | (12,305) | 1,031,760 | 762,399 |
Balance, end of period | 1,699,876 | 1,712,181 | 680,421 |
Accumulated other comprehensive income | $ 1,738,241 | $ 1,827,999 | $ 769,156 |
Capital Stock (Details)
Capital Stock (Details) - USD ($) | 9 Months Ended | 12 Months Ended | ||||
Jan. 31, 2022 | Dec. 31, 2023 | Mar. 31, 2023 | Mar. 31, 2022 | Dec. 29, 2023 | Dec. 28, 2023 | |
Common Stock [Line Items] | ||||||
Shares issued | 2,029 | 16,987,064 | ||||
Common stock par value (in Dollars per share) | $ 0.0001 | |||||
Preferred stock | 20,000,000 | 10,000,000 | ||||
Preferred stock par value (in Dollars per share) | $ 0.0001 | |||||
Exchange ratio | 0.0284% | |||||
Vote per share | one | one | ||||
Exchange shares | 9,192,377 | |||||
Conversion share | 9,192,377 | |||||
Interest amount (in Dollars) | $ 110,714 | $ 64,844 | ||||
Cash consideration (in Dollars) | $ 5,000,000 | |||||
Shares issued price (in Dollars per share) | $ 29.56 | $ 3.7 | ||||
Legal and professional fees (in Dollars) | $ 60,000 | |||||
Common Stock [Member] | ||||||
Common Stock [Line Items] | ||||||
Shares issued | 27,327,481 | |||||
Shares of common stock | 1,071,506 | 19,999,407 | 250,000,000 | |||
Common stock par value (in Dollars per share) | $ 0.0001 | $ 0.0001 | $ 0.0001 | |||
Preferred Stock [Member] | ||||||
Common Stock [Line Items] | ||||||
Shares of common stock | 112,660,583 | |||||
Exchange shares | 16,987,064 | |||||
Capital Unit, Class B [Member] | ||||||
Common Stock [Line Items] | ||||||
Interest amount (in Dollars) | $ 10,715,068 | |||||
Zoom care [Member] | ||||||
Common Stock [Line Items] | ||||||
Shares issued | 220,000,000 | 220,000,000 | ||||
Authorized share | 260,000,000 | |||||
Shares of common stock | 3,617,333 | |||||
Exchange ratio | 0.0284% | |||||
Mohan Ananda [Member] | ||||||
Common Stock [Line Items] | ||||||
Shares of common stock | 1,666,666 |
Preferred Stock (Details)
Preferred Stock (Details) - USD ($) | 1 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||||
Dec. 19, 2023 | Feb. 02, 2021 | May 31, 2021 | Jun. 30, 2019 | Dec. 31, 2023 | Mar. 31, 2023 | Dec. 28, 2023 | Dec. 31, 2022 | Mar. 31, 2022 | Aug. 17, 2021 | Apr. 30, 2021 | Mar. 31, 2021 | Mar. 31, 2018 | Mar. 17, 2016 | |
Preferred Stock [Line Items] | ||||||||||||||
Exchange ratio | 0.0284% | |||||||||||||
Shares issued on recapitalization (in Shares) | 99,309,415 | |||||||||||||
Per share | $ 0.0001 | |||||||||||||
Preferred stock shares outstanding (in Shares) | 360,000 | |||||||||||||
Dividend original issue price percentage | 6% | 7% | ||||||||||||
Original issue price per share | $ 0.288 | |||||||||||||
Preferred stock per share | $ 2.3717 | |||||||||||||
Gross proceeds (in Dollars) | $ 5,000,000 | $ 40,000,000 | ||||||||||||
Percentage of outstanding preferred stock | 62% | |||||||||||||
Preferred stock and warrants (in Dollars) | $ 15,005,368 | |||||||||||||
Exercise price | $ 1.7814 | $ 2.5 | $ 2.5 | |||||||||||
Preferred stock at a price (in Shares) | 5,020,879 | |||||||||||||
Warrants (in Shares) | 149,986 | 11,500,000 | 32,999,472 | 32,999,472 | 19,708 | |||||||||
Warrants expire | 5 years | |||||||||||||
Warrants initially valued (in Dollars) | $ 4,936,418 | $ 0.33 | $ 20,139,883 | $ 0.33 | ||||||||||
Notice of redemption (in Dollars) | $ 7.5 | |||||||||||||
Percentage of optionally convertible debentures | 18% | 18% | ||||||||||||
Investors amounting (in Dollars) | $ 3,704,487 | |||||||||||||
Percentage of purchaser of the equity securities | 80% | |||||||||||||
Outstanding shares (in Shares) | 350,000,000 | 11,500,000 | ||||||||||||
Percentage of non-cumulative dividends | 0.0001% | |||||||||||||
Preferred Stock [Member] | ||||||||||||||
Preferred Stock [Line Items] | ||||||||||||||
Shares Issued (in Shares) | 112,660,583 | |||||||||||||
Shares issued on recapitalization (in Shares) | 10,000,000 | |||||||||||||
Per share | $ 0.0001 | |||||||||||||
Redeemable Non- controlling Interest [Member] | ||||||||||||||
Preferred Stock [Line Items] | ||||||||||||||
Exchange ratio | 0.0284% | |||||||||||||
Series E Preferred Stock [Member] | ||||||||||||||
Preferred Stock [Line Items] | ||||||||||||||
Shares issued on recapitalization (in Shares) | 1 | 1 | 29,999,520 | 15,005,368 | ||||||||||
Preferred stock shares outstanding (in Shares) | 360,000 | |||||||||||||
Preferred stock per share | $ 2.5 | |||||||||||||
Exercise price | $ 3.5 | |||||||||||||
Warrants (in Shares) | 2,999,952 | 2,999,952 | ||||||||||||
Series A Preferred Stock [Member] | ||||||||||||||
Preferred Stock [Line Items] | ||||||||||||||
Shares issued on recapitalization (in Shares) | 11,379,405 | |||||||||||||
Original issue price per share | $ 0.8368 | |||||||||||||
Series B Preferred Stock [Member] | ||||||||||||||
Preferred Stock [Line Items] | ||||||||||||||
Shares issued on recapitalization (in Shares) | 18,393,332 | |||||||||||||
Preferred stock per share | $ 1.7443 | |||||||||||||
Percentage of preferred stock. | 62% | |||||||||||||
Series C Preferred Stock [Member] | ||||||||||||||
Preferred Stock [Line Items] | ||||||||||||||
Shares issued on recapitalization (in Shares) | 4,125,666 | |||||||||||||
Preferred stock per share | $ 2.5535 | |||||||||||||
Warrants expire | 19 years | |||||||||||||
Series D Preferred Stock [Member] | ||||||||||||||
Preferred Stock [Line Items] | ||||||||||||||
Shares issued on recapitalization (in Shares) | 19,016,963 | |||||||||||||
Preferred stock per share | $ 2.2267 | |||||||||||||
Series E1 Preferred Stock [Member] | ||||||||||||||
Preferred Stock [Line Items] | ||||||||||||||
Preferred stock per share | 3.5 | $ 3.5 | ||||||||||||
Exercise price | $ 3.5 | |||||||||||||
Warrants (in Shares) | 502,088 | 502,088 | ||||||||||||
Common Stock [Member] | ||||||||||||||
Preferred Stock [Line Items] | ||||||||||||||
Exercise price | $ 2.5 | |||||||||||||
Series P1 Preferred Stock [Member] | ||||||||||||||
Preferred Stock [Line Items] | ||||||||||||||
Warrants (in Shares) | 375,185 | |||||||||||||
Board of Directors Chairman [Member] | ||||||||||||||
Preferred Stock [Line Items] | ||||||||||||||
Dividend original issue price percentage | 7% | |||||||||||||
IPO [Member] | ||||||||||||||
Preferred Stock [Line Items] | ||||||||||||||
Exercise price | $ 2.5535 | |||||||||||||
Note Warrant [Member] | Series E Preferred Stock [Member] | ||||||||||||||
Preferred Stock [Line Items] | ||||||||||||||
Exercise price | $ 2.5 | |||||||||||||
Note Warrant [Member] | Board of Directors Chairman [Member] | Series E Preferred Stock [Member] | ||||||||||||||
Preferred Stock [Line Items] | ||||||||||||||
Exercise price | $ 2.5 |
Preferred Stock (Details) - Sch
Preferred Stock (Details) - Schedule of Preferred Stock Authorized, Issued and Outstanding | Dec. 31, 2023 shares | Dec. 28, 2023 USD ($) shares | Mar. 31, 2023 USD ($) shares | Mar. 31, 2022 USD ($) shares | Apr. 30, 2021 shares |
Preferred Stock | |||||
Authorized shares | shares | 140,136,788 | 140,136,788 | 140,136,788 | ||
Shares issued | shares | 99,309,415 | ||||
Net carrying value | $ | $ 168,974,437 | $ 99,309,415 | $ 99,309,415 | ||
Liquidation preference | $ | $ 168,974,437 | $ 168,974,437 | $ 168,974,437 | ||
Series Seed [Member] | |||||
Preferred Stock | |||||
Authorized shares | shares | 6,836,726 | 6,836,726 | 6,836,726 | ||
Shares issued | shares | 6,836,726 | ||||
Conversion Ratio | 1.42 | 1.05 | 1 | ||
Net carrying value | $ | $ 1,542,203 | $ 6,836,726 | $ 6,836,726 | ||
Liquidation preference | $ | $ 1,542,203 | $ 1,542,203 | $ 1,542,203 | ||
Series A [Member] | |||||
Preferred Stock | |||||
Authorized shares | shares | 11,379,405 | 11,379,405 | 11,379,405 | ||
Shares issued | shares | 11,379,405 | ||||
Conversion Ratio | 2 | 1.24 | 1 | ||
Net carrying value | $ | $ 9,288,872 | $ 11,379,405 | $ 11,379,405 | ||
Liquidation preference | $ | $ 9,288,872 | $ 9,288,872 | $ 9,288,872 | ||
Series A2 [Member] | |||||
Preferred Stock | |||||
Authorized shares | shares | 4,536,924 | 4,536,924 | 4,536,924 | ||
Shares issued | shares | 4,536,924 | ||||
Conversion Ratio | 2.25 | 1.3 | 1.36 | ||
Net carrying value | $ | $ 10,760,224 | $ 4,536,924 | $ 4,536,924 | ||
Liquidation preference | $ | $ 10,760,224 | $ 10,760,224 | $ 10,760,224 | ||
Series B [Member] | |||||
Preferred Stock | |||||
Authorized shares | shares | 18,393,332 | 18,393,332 | 18,393,332 | ||
Shares issued | shares | 18,393,332 | ||||
Conversion Ratio | 2.25 | 1.3 | 1 | ||
Net carrying value | $ | $ 31,416,488 | $ 18,393,332 | $ 18,393,332 | ||
Liquidation preference | $ | $ 31,416,488 | $ 31,416,488 | $ 31,416,488 | ||
Series C [Member] | |||||
Preferred Stock | |||||
Authorized shares | shares | 12,204,208 | 12,204,208 | 12,204,208 | ||
Shares issued | shares | 4,125,666 | ||||
Conversion Ratio | 2.33 | 1.32 | 1.07 | ||
Net carrying value | $ | $ 10,534,889 | $ 4,125,666 | $ 4,125,666 | ||
Liquidation preference | $ | $ 10,534,889 | $ 10,534,889 | $ 10,534,889 | ||
Series D [Member] | |||||
Preferred Stock | |||||
Authorized shares | shares | 21,786,721 | 21,786,721 | 21,786,721 | ||
Shares issued | shares | 19,016,963 | ||||
Conversion Ratio | 2.31 | 1.32 | 1 | ||
Net carrying value | $ | $ 34,894,262 | $ 19,016,963 | $ 19,016,963 | ||
Liquidation preference | $ | $ 34,894,262 | $ 34,894,262 | $ 34,894,262 | ||
Series E[Member] | |||||
Preferred Stock | |||||
Authorized shares | shares | 32,999,472 | 32,999,472 | 32,999,472 | ||
Shares issued | shares | 1 | 29,999,520 | 1 | 15,005,368 | |
Conversion Ratio | 16.92 | 10.61 | 1 | ||
Net carrying value | $ | $ 55,260,089 | $ 29,999,520 | $ 29,999,520 | ||
Liquidation preference | $ | $ 55,260,089 | $ 55,260,089 | $ 55,260,089 | ||
Series E1 [Member] | |||||
Preferred Stock | |||||
Authorized shares | shares | 32,000,000 | 32,000,000 | 32,000,000 | ||
Shares issued | shares | 5,020,879 | ||||
Conversion Ratio | 23.69 | 14.85 | 1 | ||
Net carrying value | $ | $ 15,277,410 | $ 5,020,879 | $ 5,020,879 | ||
Liquidation preference | $ | $ 15,277,410 | $ 15,277,410 | $ 15,277,410 |
Revenue (Details)
Revenue (Details) - USD ($) | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Mar. 31, 2023 | Mar. 31, 2022 | |
Revenue [Abstract] | ||||||
Contract Liabilities | $ 802,787 | $ 802,787 | $ 786,572 | |||
Advance from customers | 702,889 | 702,889 | 525,868 | $ 69,352 | ||
Deferred revenue | 99,899 | 99,899 | 260,705 | 277,398 | ||
Revenue recognized | $ 40,519 | $ 360,686 | $ 133,011 | $ 77,226 | $ 269,170 |
Revenue (Details) - Schedule of
Revenue (Details) - Schedule of Components of Revenue, Net - USD ($) | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Mar. 31, 2023 | Mar. 31, 2022 | |
Revenue (Details) - Schedule of Components of Revenue, Net [Line Items] | ||||||
Revenue | $ 2,421,438 | $ 2,981,600 | $ 7,717,064 | $ 6,677,727 | $ 8,826,206 | $ 12,797,041 |
Revenue by geographical location | 2,421,438 | 2,981,600 | 7,717,064 | 6,677,727 | 8,826,206 | 12,797,041 |
India [Member] | ||||||
Revenue (Details) - Schedule of Components of Revenue, Net [Line Items] | ||||||
Revenue by geographical location | 2,391,332 | 2,959,219 | 7,615,314 | 6,547,377 | 8,615,615 | 12,752,181 |
Egypt [Member] | ||||||
Revenue (Details) - Schedule of Components of Revenue, Net [Line Items] | ||||||
Revenue by geographical location | 27,868 | 78,259 | 60,991 | 110,092 | 36,655 | |
Indonesia [Member] | ||||||
Revenue (Details) - Schedule of Components of Revenue, Net [Line Items] | ||||||
Revenue by geographical location | 2,238 | 544 | 5,618 | 697 | 1,554 | 10 |
Vietnam [Member] | ||||||
Revenue (Details) - Schedule of Components of Revenue, Net [Line Items] | ||||||
Revenue by geographical location | 21,837 | 17,873 | 68,662 | 98,945 | 7,155 | |
Income from Rentals [Member] | ||||||
Revenue (Details) - Schedule of Components of Revenue, Net [Line Items] | ||||||
Revenue | 150,606 | 165,834 | 12,057,401 | |||
Revenues from Services [Member] | ||||||
Revenue (Details) - Schedule of Components of Revenue, Net [Line Items] | ||||||
Revenue | 2,421,438 | 2,981,600 | 7,717,064 | 6,452,950 | 8,586,785 | 589,331 |
Other Revenues [Member] | ||||||
Revenue (Details) - Schedule of Components of Revenue, Net [Line Items] | ||||||
Revenue | $ 74,171 | $ 73,587 | $ 150,309 |
Finance Costs (Details) - Sched
Finance Costs (Details) - Schedule of Components of Finance Costs - USD ($) | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Mar. 31, 2023 | Mar. 31, 2022 | |
Finance costs -other than related parties | ||||||
Interest on finance costs | $ 110,714 | $ 64,844 | ||||
Change in fair value of preferred stock warrant | $ 5,704,739 | $ 210,123 | $ 5,284,494 | $ 840,490 | 455,265 | |
Change in fair value of convertible promissory note | 308,832 | 308,832 | 944,727 | |||
Discount on issue of unsecured convertible note | 632,595 | 632,595 | ||||
Change in fair value of unsecured convertible note | 1,732,589 | 1,732,589 | ||||
Change in fair value of derivative financial instrument | 3,465,293 | 14,373,856 | ||||
Interest on promissory note | 126,575 | 126,575 | ||||
Note issue expenses | 1,564,210 | 961,628 | ||||
Bank charges | 4,990 | 32,181 | 28,920 | 67,047 | 85,434 | 66,218 |
Other borrowings cost | 44,122 | 241,872 | 92,727 | 298,772 | 331,533 | 25,535 |
Total | 8,392,470 | 1,296,445 | 13,628,832 | 2,862,702 | 27,570,752 | 3,351,077 |
Finance costs -to related parties | ||||||
Interest on vehicle loans | 12,426 | 10,674 | 38,203 | 79,081 | 64,844 | 110,714 |
Total | 12,426 | 10,674 | 38,203 | 79,081 | 64,844 | 110,714 |
Interest on vehicle loans [Membe] | ||||||
Finance costs -other than related parties | ||||||
Interest on finance costs | 97,341 | 100,486 | 288,279 | 510,561 | 620,211 | 1,757,068 |
Interest on finance leases [Member] | ||||||
Finance costs -other than related parties | ||||||
Interest on finance costs | 152,659 | 203,115 | 469,140 | 637,164 | 844,424 | 1,046,991 |
Interest on subcontractor liability [Member] | ||||||
Finance costs -other than related parties | ||||||
Interest on finance costs | $ 23,435 | $ 73,261 | $ 70,585 | $ 73,261 | $ 96,762 |
Other (Income) _Expense, Net (D
Other (Income) /Expense, Net (Details) - Schedule of Other Income (Expense), Net - USD ($) | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Mar. 31, 2023 | Mar. 31, 2022 | |
Other (income) /expense, net - other than related parties | ||||||
Interest income | $ (13,412) | $ (886) | $ (33,799) | $ (11,470) | $ (13,097) | $ (125,700) |
Change in fair value of convertible promissory note | (7,986,326) | (6,990,870) | 9,312,177 | |||
Change in fair value of senior subordinated convertible promissory notes | (20,110,058) | (3,448,846) | 308,832 | 944,727 | ||
Change in fair value of derivative financial instrument | (6,571,082) | (420,245) | ||||
Loss/(gain) on sale of assets | 1,713 | 85,806 | 311,375 | (523,845) | ||
Loss/ (gain) on sale of assets held for sale | 175,156 | 78,706 | 176,541 | (1,391,876) | (1,644,650) | (137,549) |
Net losses/(gains) on foreign currency remeasurements | 5,188 | 470,343 | 18,886 | 313,236 | 313,584 | 9,083 |
Loss on assets written off | (364) | 39,650 | ||||
Payable to customers written back | (762) | (136,012) | (58,265) | (141,514) | ||
Provision written off | 384 | (113,443) | ||||
Other, net | (3,451) | (21,737) | (53,395) | (48,481) | (459,804) | (457,428) |
Total | (34,503,014) | 390,414 | (10,377,735) | (1,280,105) | (2,043,556) | (1,605,023) |
Other (income) - from related parties | ||||||
Interest income | (5,548) | (2,393) | (11,224) | (12,122) | (15,804) | (16,860) |
Total | $ (5,548) | $ (2,393) | $ (11,224) | $ (12,122) | $ (15,804) | $ (16,860) |
Income Taxes (Details)
Income Taxes (Details) - USD ($) | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Mar. 31, 2023 | Mar. 31, 2022 | |
Income Taxes (Details) [Line Items] | ||||||
Tax expense | ||||||
Effective income tax rate | 0% | 0% | 0% | 0% | ||
Statutory tax rate | 21% | 21% | 21% | 21% | 21% | 21% |
Unused tax losses amounting | $ 6,692,473 | $ 9,127,777 | ||||
Unused tax losses, carried forward | 5,877,347 | |||||
Non-deduction of tax deducted | 130,966 | 141,686 | ||||
Non-deduction of tax interset | 46,472 | 50,276 | ||||
Non-deduction of tax penalty | 130,966 | |||||
Disallowance of lease payment, interest and prior period expense | 1,176,524 | 1,272,820 | ||||
Disallowance of lease payment and PF contribution | 2,154,971 | 2,331,352 | ||||
Change in the valuation allowance | 7,994,874 | |||||
Indian Jurisdiction [Member] | ||||||
Income Taxes (Details) [Line Items] | ||||||
Unused tax losses amounting | 126,274,947 | 91,346,996 | ||||
Net operating losses | 39,079,569 | $ 40,336,839 | ||||
Tax Year 2033 [Member] | ||||||
Income Taxes (Details) [Line Items] | ||||||
Unused tax losses, carried forward | 64,347 | |||||
Tax Year 2034 [Member] | ||||||
Income Taxes (Details) [Line Items] | ||||||
Unused tax losses, carried forward | 294,720 | |||||
Tax Year 2035 [Member] | ||||||
Income Taxes (Details) [Line Items] | ||||||
Unused tax losses, carried forward | 220,520 | |||||
Tax Year 2036 [Member] | ||||||
Income Taxes (Details) [Line Items] | ||||||
Unused tax losses, carried forward | 115,253 | |||||
Tax Year 2037 [Member] | ||||||
Income Taxes (Details) [Line Items] | ||||||
Unused tax losses, carried forward | $ 120,286 |
Income Taxes (Details) - Schedu
Income Taxes (Details) - Schedule of Loss Before Income Taxes - USD ($) | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Mar. 31, 2023 | Mar. 31, 2022 | |
Schedule of Loss Before Income Taxes [Abstract] | ||||||
Domestic | $ (19,809,584) | $ (2,551,738) | $ (11,367,084) | $ (3,944,747) | $ (28,261,210) | $ (2,177,073) |
Foreign | 5,384,145 | (6,160,962) | (15,390,894) | (28,229,173) | (33,770,866) | (28,868,079) |
Income/(Loss) before income taxes | $ 14,425,439 | $ (8,712,700) | $ (26,757,978) | $ (32,173,920) | $ (62,032,076) | $ (31,045,152) |
Net Profit_(Loss) Per Share (De
Net Profit/(Loss) Per Share (Details) - Schedule of Basic and Diluted Loss Per Share - USD ($) | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Mar. 31, 2023 | Mar. 31, 2022 | |
Schedule Of Basic And Diluted Loss Per Share Abstract | ||||||
Net Profit/(loss) available for common shareholders (A) | $ 14,425,439 | $ (8,712,700) | $ (26,757,978) | $ (32,173,920) | $ (62,032,076) | $ (31,045,152) |
Weighted average outstanding shares of common stock (B) | 3,195,381 | 482,681 | 1,390,202 | 482,681 | 482,681 | 478,529 |
Common stock and common stock equivalents (C) | 3,195,381 | 482,681 | 1,390,202 | 482,681 | 482,681 | 478,529 |
Profit/(Loss) per share | ||||||
Basic (A/B) | $ 4.51 | $ (18.05) | $ (19.25) | $ (66.66) | $ (128.52) | $ (64.88) |
Diluted (A/C) | $ 0.9 | $ (18.05) | $ (19.25) | $ (66.66) | $ (128.52) | $ (64.88) |
Net Profit_(Loss) Per Share (_2
Net Profit/(Loss) Per Share (Details) - Schedule of Basic Loss Per Share Diluted Net Loss Per Share - USD ($) | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Mar. 31, 2023 | Mar. 31, 2022 | |
Schedule Of Basic Loss Per Share Diluted Net Loss Per Share Abstract | ||||||
Convertible preferred stock | $ 112,660,326 | $ 112,660,326 | $ 3,201,201 | $ 3,110,345 | ||
Preferred stock warrants | 36,501,508 | 36,501,508 | ||||
Stock options | 674 | 8,178,840 | 224 | 8,178,840 | 14,645 | 63,179 |
Public warrants | 11,500,000 | 11,500,000 | ||||
Private warrants | 1,287,616 | 427,639 | 1,037,177 | 981,565 | ||
Unsecured convertible note | 69,704 | 23,150 | 15,307 | |||
Total | $ 12,857,994 | $ 157,340,674 | $ 11,951,013 | $ 157,340,674 | $ 4,286,698 | $ 4,155,089 |
Employee Benefit Plans (Unfun_3
Employee Benefit Plans (Unfunded) (Details) - USD ($) | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Mar. 31, 2023 | Mar. 31, 2022 | |
Employee Benefit Plans (Unfunded) [Line Items] | ||||||
Contributions made to provident fund | $ 98,424 | $ 137,458 | $ 317,248 | $ 510,853 | $ 622,401 | $ 572,044 |
Employee Benefit Plans (Unfun_4
Employee Benefit Plans (Unfunded) (Details) - Schedule of Current and Non Current Employee Benefit Plans Obligations - USD ($) | Dec. 31, 2023 | Mar. 31, 2023 | Mar. 31, 2022 |
Current | |||
Gratuity | $ 88,040 | $ 70,872 | $ 93,363 |
Compensated absences | 90,399 | 75,134 | 83,528 |
Current Pension and other employee obligations | 178,439 | 146,006 | 176,891 |
Non current | |||
Gratuity | 262,376 | 215,841 | 248,364 |
Compensated absences | 247,136 | 222,967 | 152,610 |
Non current Pension and other employee obligations | $ 509,512 | $ 438,808 | $ 407,513 |
Employee Benefit Plans (Unfun_5
Employee Benefit Plans (Unfunded) (Details) - Schedule of Grauity - USD ($) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Mar. 31, 2023 | |
Changes in projected benefit obligation (PBO) | |||||
PBO at the beginning of the year | $ 347,647 | $ 283,073 | $ 286,713 | $ 341,726 | $ 341,726 |
Service cost | 20,975 | 26,445 | 71,084 | 77,391 | |
Interest cost | 3,748 | 4,558 | 13,541 | 14,427 | |
Actuarial loss/ (gain) | 17,989 | (11,097) | 61,594 | (39,247) | |
Benefits paid | (39,713) | (5,507) | (78,390) | (75,131) | |
Effect of exchange rate changes | (230) | (5,681) | (4,126) | (27,375) | |
PBO at the end of the period | 350,416 | 291,791 | 350,416 | 291,791 | $ 286,713 |
Accrued pension liability | |||||
Current liability | 88,040 | 82,661 | 88,040 | 82,661 | |
Non-current liability | 262,376 | 209,130 | 262,376 | 209,130 | |
Total of accrued pension liability | 350,416 | 291,791 | 350,416 | 291,791 | |
Accumulated benefit obligation | $ 254,630 | $ 208,211 | $ 254,630 | $ 208,211 |
Employee Benefit Plans (Unfun_6
Employee Benefit Plans (Unfunded) (Details) - Schedule of Net Grauity Cost Recognized in Income Statement - Net gratuity cost recognized in income statement [Member] - USD ($) | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Mar. 31, 2023 | Mar. 31, 2022 | |
Employee Benefit Plans (Unfunded) (Details) - Schedule of Net Grauity Cost Recognized in Income Statement [Line Items] | ||||||
Service cost | $ 20,975 | $ 26,445 | $ 71,084 | $ 77,391 | $ 97,679 | $ 105,812 |
Interest cost | 3,748 | 4,558 | 13,541 | 14,427 | 18,405 | 18,112 |
Amortization of net actuarial (gains)/loss | (5,250) | (4,466) | (15,859) | (13,826) | (18,290) | (1,992) |
Net periodic benefit cost | $ 19,473 | $ 26,537 | $ 68,766 | $ 77,992 | $ 97,794 | $ 121,932 |
Employee Benefit Plans (Unfun_7
Employee Benefit Plans (Unfunded) (Details) - Schedule of Re-Measurement (Gains) / Losses in Other Comprehensive Income - USD ($) | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Mar. 31, 2023 | Mar. 31, 2022 | |
Schedule of Re-Measurement (Gains) / Losses in Other Comprehensive Income [Abstract] | ||||||
Actuarial (gain)/loss | $ 17,989 | $ (11,097) | $ 61,594 | $ (39,247) | $ (45,373) | $ (51,364) |
Amortization loss | (5,250) | (4,466) | (15,859) | (13,826) | (18,290) | (1,992) |
Total | $ 23,239 | $ (6,631) | $ 77,453 | $ (25,421) | $ (27,083) | $ (49,372) |
Employee Benefit Plans (Unfun_8
Employee Benefit Plans (Unfunded) (Details) - Schedule of Components of Actuarial Gain - USD ($) | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Mar. 31, 2023 | Mar. 31, 2022 | |
Schedule of Components of Actuarial Gain [Abstract] | ||||||
Actuarial (gain)/loss due to demographic assumption changes in defined benefit obligation | $ (3,178) | $ (6,724) | $ (2,430) | $ (9,619) | $ (11,440) | $ (7,588) |
Actuarial (gain)/ loss due to financial assumption changes in defined benefit obligation | 5,847 | 1,651 | 312 | (6,106) | (7,033) | 12,920 |
Actuarial (gain)/loss due to experience on defined benefit obligation | 15,320 | (6,024) | 63,712 | (23,522) | (26,900) | (56,696) |
Total | $ 17,989 | $ (11,097) | $ 61,594 | $ (39,247) | $ (45,373) | $ (51,364) |
Employee Benefit Plans (Unfun_9
Employee Benefit Plans (Unfunded) (Details) - Schedule of Assumptions used for Grauity | Dec. 31, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | Mar. 31, 2022 | ||||
Staff [Member] | ||||||||
Employee Benefit Plans (Unfunded) (Details) - Schedule of Assumptions used for Grauity [Line Items] | ||||||||
Discount rate | 7.28% | 7.37% | 7.48% | 7.17% | ||||
Attrition rate | 37.96% | 36% | 35% | 31% | ||||
Rate of increase in compensation levels | 12.63% | 12.67% | 13% | 13% | ||||
Independent service provider [Member] | ||||||||
Employee Benefit Plans (Unfunded) (Details) - Schedule of Assumptions used for Grauity [Line Items] | ||||||||
Discount rate | 7.21% | [1] | 7.25% | [2] | 7.15% | [1] | 5.23% | [2] |
Attrition rate | 83.44% | [1] | 92% | [2] | 92% | [1] | 89% | [2] |
Rate of increase in compensation levels | 11.43% | [1] | 14.50% | [2] | 14.50% | [1] | 16.57% | [2] |
[1]Independent service providers are contract employees responsible for maintaining the fleet of the Company.[2]Independent service provider are contract employees responsible for maintaining the fleet of the Company. |
Employee Benefit Plans (Unfu_10
Employee Benefit Plans (Unfunded) (Details) - Schedule of Discount Rates Current Market Yields on Government Securities - USD ($) | Dec. 31, 2023 | Mar. 31, 2023 |
Schedule of Discount Rates Current Market Yields on Government Securities [Abstract] | ||
2024 (January 1, 2024 till March 31, 2024) | $ 70,872 | $ 22,838 |
2025 | 33,640 | 81,162 |
2026 | 20,168 | 45,550 |
2027 | 16,406 | 28,756 |
2028 | 9,927 | 21,252 |
Thereafter | 135,701 | 152,981 |
Total | $ 286,714 | $ 352,539 |
Employee Benefit Plans (Unfu_11
Employee Benefit Plans (Unfunded) (Details) - Schedule of Compensated Absences as per an Actuarial Valuation - Pension Plan [Member] - USD ($) | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | |
Employee Benefit Plans (Unfunded) (Details) - Schedule of Compensated Absences as per an Actuarial Valuation [Line Items] | ||||
Service cost | $ (6,569) | $ 47,025 | $ 119,187 | $ 92,161 |
Interest cost | 3,672 | 2,388 | 14,084 | 8,871 |
Recognized net actuarial (gains)/loss | 29,683 | (24,945) | (4,857) | 50,248 |
Net periodic benefit cost | $ 26,786 | $ 24,468 | $ 128,414 | $ 151,280 |
Stock-Based Compensation Expe_3
Stock-Based Compensation Expense (Details) - USD ($) | 9 Months Ended | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Mar. 31, 2023 | Mar. 31, 2022 | |
Stock-Based Compensation Expense (Details) [Line Items] | ||||
Vested options shares | 719,167 | |||
Shares authorized for awards options | 17,904,823 | |||
Weighted average grant fair value | $ 0.75 | $ 0.75 | ||
Cost of non-vested awards | $ 3,319,980 | |||
Weighted average period | 0 years | 1 year 3 months 3 days | 1 year 54 days | |
Cancelled outstanding options | 1,265,828 | |||
Exchange ratio | $ 0.0284 | |||
Compensation cost not yet recognized | $ 2,339,160 | |||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercises in Period, Intrinsic Value | $ 143,505 | |||
Share based payment awards | $ 42,268 | |||
Minimum [Member] | ||||
Stock-Based Compensation Expense (Details) [Line Items] | ||||
Weighted average period | 3 years | |||
Maximum [Member] | ||||
Stock-Based Compensation Expense (Details) [Line Items] | ||||
Weighted average period | 5 years | |||
Zoomcar Inc [Member] | ||||
Stock-Based Compensation Expense (Details) [Line Items] | ||||
Cancelled outstanding options | 14,808,486 | |||
Options outstanding | 719,167 | |||
Share-Based Payment Arrangement, Option [Member] | ||||
Stock-Based Compensation Expense (Details) [Line Items] | ||||
Cancelled options shares issued | 14,807,686 | |||
Weighted average grant fair value | $ 0.81 | |||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercises in Period, Intrinsic Value | ||||
2023 Incentive Plan [Member] | ||||
Stock-Based Compensation Expense (Details) [Line Items] | ||||
Options outstanding | 20,435 |
Stock-Based Compensation Expe_4
Stock-Based Compensation Expense (Details) - Schedule of Stock-Based Compensation Expense - USD ($) | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Mar. 31, 2023 | Mar. 31, 2022 | |
Schedule of Stock-Based Compensation Expense [Line Items] | ||||||
Cost of revenue | $ 51,848 | $ 60,783 | $ 134,883 | $ 574,846 | $ 575,662 | $ 732,792 |
Technology and marketing expenses | 117,070 | 93,467 | 182,017 | 358,840 | 58,822 | 344,130 |
General and administrative expenses | 1,096,910 | 338,885 | 1,566,833 | 2,198,783 | 2,634,244 | 2,725,652 |
Total stock-based compensation expense | $ 1,265,828 | $ 493,135 | $ 1,883,733 | $ 3,132,468 | $ 3,610,097 | $ 3,879,618 |
Stock-Based Compensation Expe_5
Stock-Based Compensation Expense (Details) - Schedule of Fair Value of Options Granted Estimated Grant Option-Pricing - $ / shares | 9 Months Ended | 12 Months Ended | |
Dec. 31, 2023 | Mar. 31, 2023 | Mar. 31, 2022 | |
Stock-Based Compensation Expense (Details) - Schedule of Fair Value of Options Granted Estimated Grant Option-Pricing [Line Items] | |||
Dividend yield | 0% | 0% | |
Expected volatility | 60% | ||
Exercise price (in Dollars per share) | $ 2.2 | $ 2.2 | |
Attrition rate | 30% | 30% | 30% |
Minimum [Member] | |||
Stock-Based Compensation Expense (Details) - Schedule of Fair Value of Options Granted Estimated Grant Option-Pricing [Line Items] | |||
Expected volatility | 50% | 50% | |
Risk-free interest rate | 1.17% | 2.39% | 0.63% |
Exercise price (in Dollars per share) | $ 0.06 | ||
Expected life (in years) | 5 years 6 months | 5 years 6 months | 5 years 6 months |
Maximum [Member] | |||
Stock-Based Compensation Expense (Details) - Schedule of Fair Value of Options Granted Estimated Grant Option-Pricing [Line Items] | |||
Expected volatility | 60% | 60% | |
Risk-free interest rate | 1.67% | 2.81% | 3.29% |
Exercise price (in Dollars per share) | $ 2.2 | ||
Expected life (in years) | 7 years | 7 years | 7 years |
Stock-Based Compensation Expe_6
Stock-Based Compensation Expense (Details) - Schedule of Stock-Based Options Outstanding and Weighted Average Exercise Price Equity Incentive Plan - 2012 Equity Incentive Plan [Member] - $ / shares | 9 Months Ended | 12 Months Ended | |||||
Dec. 31, 2023 | Dec. 31, 2022 | Mar. 31, 2023 | Mar. 31, 2022 | ||||
Stock-Based Compensation Expense (Details) - Schedule of Stock-Based Options Outstanding and Weighted Average Exercise Price Equity Incentive Plan [Line Items] | |||||||
No. of options, outstanding at the beginning of the year | 16,258,113 | 16,081,481 | 16,081,481 | 4,438,990 | |||
Weighted average exercise price, outstanding at the beginning of the year | $ 1.82 | $ 1.78 | $ 1.78 | ||||
No. of options, granted | 1,873,500 | 1,873,500 | 12,656,600 | ||||
Weighted average exercise price, granted | $ 2.2 | $ 2.2 | |||||
No. of options, forfeited | (730,460) | (955,712) | (1,696,868) | (865,798) | |||
Weighted average exercise price, forfeited | $ 1.81 | $ 1.72 | $ 1.78 | ||||
No. of options, exercised | |||||||
Weighted average exercise price, exercised | |||||||
No. of options, cancelled | (14,808,486) | [1] | [1] | (148,311) | |||
Weighted average exercise price, cancelled | [1] | [1] | |||||
No. of options, transferred to merged Company | [1] | (719,167) | |||||
Weighted average exercise price, transferred to merged Company | [1] | ||||||
No. of options, outstanding at the end of the period | 16,999,269 | 16,258,113 | 16,081,481 | ||||
Weighted average exercise price, outstanding at the end of the period | $ 1.83 | $ 1.82 | $ 1.78 | ||||
No. of options, exercisable at the end of the period | 8,395,132 | 9,152,861 | 3,736,654 | ||||
Weighted average exercise price, exercisable at the end of the period | $ 1.46 | $ 1.54 | |||||
No. of options, unvested at the end of the period | 8,604,137 | 7,105,252 | 12,344,827 | ||||
Weighted average exercise price, unvested at the end of the period | $ 2.19 | $ 2.2 | |||||
Previously Reported [Member] | |||||||
Stock-Based Compensation Expense (Details) - Schedule of Stock-Based Options Outstanding and Weighted Average Exercise Price Equity Incentive Plan [Line Items] | |||||||
No. of options, outstanding at the beginning of the year | 16,258,113 | 16,081,481 | 16,081,481 | ||||
Weighted average exercise price, outstanding at the beginning of the year | $ 1.82 | $ 1.78 | $ 1.78 | ||||
No. of options, outstanding at the end of the period | 16,258,113 | 16,081,481 | |||||
Weighted average exercise price, outstanding at the end of the period | $ 1.82 | $ 1.78 | |||||
[1]During the nine months ended December 31, 2023, in relation to the Reverse Recapitalization transaction, Zoomcar, Inc. has cancelled 14,808,486 outstanding options, the unrecognized cost of $1,265,828 related to the cancelled options was immediately recognized in the unaudited Condensed Consolidated Statement of Operation. Further, the Company has assumed 719,167 options of Zoomcar, Inc. at the Exchange Ratio of 0.0284 resulting in 20,435 options which is outstanding under the 2023 Incentive Plan. |
Stock-Based Compensation Expe_7
Stock-Based Compensation Expense (Details) - Schedule of Weighted Average Grant Date Fair Value of Stock Options Granted | 9 Months Ended | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Mar. 31, 2023 | Mar. 31, 2022 | |
Schedule of Weighted Average Grant Date Fair Value of Stock Options Granted [Line Items] | ||||
Vested options | 6 years 8 months 8 days | 6 years 8 months 1 day | 4 years 11 months 4 days | |
Unvested options | 8 years 9 months 3 days | 8 years 5 months 26 days | 9 years 4 months 13 days |
Related Party Transactions (Det
Related Party Transactions (Details) - Schedule of Transactions with Related Parties - USD ($) | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Mar. 31, 2023 | Mar. 31, 2022 | |
Mahindra & Mahindra Financial Services Limited [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Interest expense | $ 12,427 | $ 10,674 | $ 38,203 | $ 79,081 | ||
Interest income | 5,548 | 2,393 | 11,224 | 12,122 | $ 16,860 | $ 15,804 |
Debt - principal repayment | 66,525 | 48,608 | 119,576 | 206,116 | 2,379,531 | 251,700 |
Debt - foreclosure charges | (16,899) | 153 | 1,090,929 | 95,120 | 1,123,384 | |
Yard Management Services Limited [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Parking charges | 241,866 | 241,866 | ||||
Mahindra First Choice Wheels Ltd [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Proceeds from sale of property and equipment | (430,884) | 3,234,501 | 3,388,479 | 3,187,157 | ||
Advance received for sale of property and equipment | (124,403) | (3,327,732) | ||||
Credit notes against sale of property and equipment | 3,144 | |||||
Mahindra First Choice Wheels (MH) [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Legal Fees | $ (74) | $ 674 | $ (2,943) | $ (668) |
Related Party Transactions (D_2
Related Party Transactions (Details) - Schedule of Outstanding Balances with Related Parties - USD ($) | Jun. 30, 2024 | Mar. 31, 2024 | Dec. 31, 2023 | Mar. 31, 2023 | Mar. 31, 2022 | |
Related Party Transactions (Details) - Schedule of Outstanding Balances with Related Parties [Line Items] | ||||||
Payable to Director | $ 127,292 | $ 107,397 | $ 104,712 | $ 220,365 | ||
Outstanding balances with related parties | 1,351,753 | $ 6,210,860 | ||||
Previously Reported [Member] | ||||||
Related Party Transactions (Details) - Schedule of Outstanding Balances with Related Parties [Line Items] | ||||||
Outstanding balances with related parties | $ 3,649,161 | 12,296,480 | ||||
Ananda Small Business Trust [Member] | ||||||
Related Party Transactions (Details) - Schedule of Outstanding Balances with Related Parties [Line Items] | ||||||
Convertible promissory note (non-current and current) | 2,027,840 | 10,944,727 | ||||
Mohan Ananda [Member] | ||||||
Related Party Transactions (Details) - Schedule of Outstanding Balances with Related Parties [Line Items] | ||||||
Payable to Director | 129,935 | |||||
Mahindra & Mahindra Financial Services Limited [Member] | ||||||
Related Party Transactions (Details) - Schedule of Outstanding Balances with Related Parties [Line Items] | ||||||
Debt (non-current and current maturities) | [1] | 922,299 | 1,054,887 | |||
Fixed deposits (including interest accrued) | [1] | 264,640 | 262,117 | |||
Mahindra First Choice Wheels Ltd [Member] | ||||||
Related Party Transactions (Details) - Schedule of Outstanding Balances with Related Parties [Line Items] | ||||||
Advance received for sale of property and equipment | [1] | 17,997 | 15,067 | |||
Gregory Bradford Moran [Member] | ||||||
Related Party Transactions (Details) - Schedule of Outstanding Balances with Related Parties [Line Items] | ||||||
Advance to director (net) | 46,040 | 19,682 | ||||
Yard Management Services Limited [Member] | ||||||
Related Party Transactions (Details) - Schedule of Outstanding Balances with Related Parties [Line Items] | ||||||
Accounts Payable | [1] | $ 240,410 | ||||
[1]Mahindra & Mahindra Financial Services Limited, Mahindra First Choice Wheels Ltd and Yard Management Services Limited were related parties till December 28, 2023. |
Variable Interest Entities (Det
Variable Interest Entities (Details) - Schedule of Summarizes Assets and Liabilities - Variable Interest Entities [Member] - USD ($) | Dec. 31, 2023 | Mar. 31, 2023 | Mar. 31, 2022 |
Assets | |||
Cash and Cash equivalents | $ 26,159 | $ 50,498 | $ 122,489 |
Accounts receivable | 9,351 | 100,691 | 7,500 |
Other current assets | 8,019 | 14,279 | |
Prepaid expenses | 240 | 4,148 | |
Property and equipment, net | 69,108 | 147,579 | |
Intangible assets, net | 4,125 | 11,900 | 20,837 |
Long term Investments | 4,204 | 4,347 | 239,784 |
Receivable from government authorities -non current | 14,939 | 51,838 | 13,369 |
Liabilities | |||
Accounts payable | 387,805 | 417,884 | 450,746 |
Contract Liabilities | 8,267 | 11,912 | 3,399 |
Current portion of pension and other employee obligations | 2,538 | ||
Other current liabilities | 201,366 | 370,831 | 168,151 |
Pension and other employee obligations, less current | $ 3,353 | $ 6,540 |
Variable Interest Entities (D_2
Variable Interest Entities (Details) - Schedule of Investment | 9 Months Ended | 12 Months Ended | ||
Dec. 31, 2023 | Mar. 31, 2023 | |||
Zoomcar Egypt Car Rental LLC [Member] | ||||
Schedule of Investments [Line Items] | ||||
Place of incorporation | Egypt | Egypt | ||
Nature of investment | Debt | Debt | ||
Investor entity | Zoomcar Netherlands Holding B.V | Zoomcar Netherlands Holding B.V | ||
Zoomcar Egypt Car Rental LLC One [Member] | ||||
Schedule of Investments [Line Items] | ||||
Place of incorporation | Egypt | Egypt | ||
Nature of investment | Debt | Debt | ||
Investor entity | Zoomcar Inc. | Zoomcar Inc. | ||
Fleet Mobility Philippines Corporation [Member] | ||||
Schedule of Investments [Line Items] | ||||
Place of incorporation | Philippines | [1] | Philippines | [2] |
Nature of investment | Debt | [1] | Debt | [2] |
Investor entity | Zoomcar Inc. | [1] | Zoomcar Inc. | [2] |
PT Zoomcar Indonesia Mobility Service [Member] | ||||
Schedule of Investments [Line Items] | ||||
Place of incorporation | Indonesia | [3] | Indonesia | [4] |
Nature of investment | Equity | [3] | Equity | [4] |
Investor entity | Fleet Holding Pte Ltd | [3] | Fleet Holding Pte Ltd | [4] |
PT Zoomcar Indonesia Mobility Service One [Member] | ||||
Schedule of Investments [Line Items] | ||||
Place of incorporation | Indonesia | [3] | Indonesia | [4] |
Nature of investment | Debt | [3] | Debt | [4] |
Investor entity | Zoomcar Inc. | [3] | Zoomcar Inc. | [4] |
Zoomcar Vietnam Mobility LLC [Member] | ||||
Schedule of Investments [Line Items] | ||||
Place of incorporation | Vietnam | [5] | Vietnam | |
Nature of investment | Debt | [5] | Debt | |
Investor entity | Fleet Holding Pte Ltd | [5] | Fleet Holding Pte Ltd | |
Zoomcar Vietnam Mobility LLC One [Member] | ||||
Schedule of Investments [Line Items] | ||||
Place of incorporation | Vietnam | [5] | Vietnam | |
Nature of investment | Debt | [5] | Debt | |
Investor entity | Zoomcar Inc. | [5] | Zoomcar Inc. | |
Zoomcar Vietnam Mobility LLC Two [Member] | ||||
Schedule of Investments [Line Items] | ||||
Place of incorporation | Vietnam | [5] | Vietnam | |
Nature of investment | Equity | [5] | Equity | |
Investor entity | Fleet Holding Pte Ltd | [5] | Fleet Holding Pte Ltd | |
[1]In May 2022, Company had initiated the process of winding-up for Fleet Mobility Philippines Corporation. The assets consolidated for the VIE are not material.[2]In May 2022, Company had initiated the process of winding-up for Fleet Mobility Philippines Corporation. Therefore, Company has written off the investment made in the VIE since the Company do not expect to recover the amount. The assets consolidated for the VIE are not material.[3]As of March 31, 2022, Fleet Holding Pte Ltd. was consolidated under VIE model as it does not have enough equity to finance its activities to operate the business. During the year ended March 31, 2023, Fleet Holding Pte Ltd. has made equity investment in PT Zoomcar Indonesia Mobility Service, and as a result, the entity has sufficient equity at risk to operate the business. Therefore, PT Zoomcar Indonesia Mobility Service has been consolidated as a voting interest entity as at March 31, 2023 and not as a VIE.[4]As of March 31, 2022, Fleet Holding Pte Ltd. was consolidated under VIE model as it does not have enough equity to finance its activities to operate the business. During the year ended March 31, 2023, Fleet Holding Pte Ltd. has made equity investment in PT Zoomcar Indonesia Mobility Service, and as a result, the entity has sufficient equity at risk to operate the business. Therefore, PT Zoomcar Indonesia Mobility Service has been consolidated as a voting interest entity as at March 31, 2023 and not as a VIE.[5]In August 2023, Zoomcar Vietnam Mobility LLC has filed for bankruptcy with the local authorities. In accordance with ASC 810-10-15-10, the Company consolidate the VIE as the bankruptcy application is pending with the authorities in Vietnam and unless the application is admitted, the Company holds a variable interest and still is the primary beneficiary. The assets/liabilities consolidated for the VIE are not material. |
Financial Instruments - Fair _3
Financial Instruments - Fair Value Measurements (Details) - Schedule of Financial Instruments Not Carried at Fair Value - USD ($) | Dec. 31, 2023 | Mar. 31, 2023 | Mar. 31, 2022 |
Financial assets | |||
Cash and cash equivalents | $ 6,281,374 | $ 3,853,281 | $ 26,783,791 |
Accounts receivable | 290,871 | 255,175 | 204,198 |
Receivable from government authorities | 4,232,229 | 4,211,143 | 4,649,100 |
Long term investments | 319,401 | 254,032 | 399,806 |
Other financial assets | 965,318 | 887,440 | 1,214,925 |
Total assets | 12,089,193 | 9,461,071 | 33,251,819 |
Financial liabilities | |||
Accounts payable | 14,179,685 | 6,547,978 | 6,318,686 |
Debt | 4,418,400 | 5,509,948 | 12,248,554 |
Other financial liabilities | 1,516,260 | 1,349,393 | 1,618,840 |
Total liabilities | $ 20,114,345 | $ 13,407,319 | $ 20,186,080 |
Financial Instruments - Fair _4
Financial Instruments - Fair Value Measurements (Details) - Schedule of Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis - USD ($) | Dec. 31, 2023 | Mar. 31, 2023 | Mar. 31, 2022 |
Assets: | |||
Assets held for sale | $ 656,885 | $ 923,176 | $ 4,298,419 |
Liabilities: | |||
Preferred stock warrant liability | 1,190,691 | 1,610,938 | |
Convertible promissory note | 10,944,727 | ||
Senior subordinated convertible promissory note | 17,422,132 | ||
Derivative financial instrument | 14,373,856 | ||
Unsecured Convertible Note | 10,167,194 | ||
Level 1 [Member] | |||
Assets: | |||
Assets held for sale | |||
Liabilities: | |||
Preferred stock warrant liability | |||
Convertible promissory note | |||
Senior subordinated convertible promissory note | |||
Derivative financial instrument | |||
Unsecured Convertible Note | |||
Level 2 [Member] | |||
Assets: | |||
Assets held for sale | 656,885 | 923,176 | 4,298,419 |
Liabilities: | |||
Preferred stock warrant liability | |||
Convertible promissory note | |||
Senior subordinated convertible promissory note | |||
Derivative financial instrument | |||
Unsecured Convertible Note | |||
Level 3 [Member] | |||
Assets: | |||
Assets held for sale | |||
Liabilities: | |||
Preferred stock warrant liability | 1,190,691 | $ 1,610,938 | |
Convertible promissory note | 10,944,727 | ||
Senior subordinated convertible promissory note | 17,422,132 | ||
Derivative financial instrument | $ 14,373,856 | ||
Unsecured Convertible Note | $ 10,167,194 |
Financial Instruments - Fair _5
Financial Instruments - Fair Value Measurements (Details) - Schedule of Warrant Liability and Derivative Financial Instrument - Warrant [Member] - $ / shares | 9 Months Ended | 12 Months Ended | ||||||
Dec. 28, 2023 | Mar. 31, 2023 | Mar. 31, 2023 | Mar. 31, 2022 | |||||
Schedule of Warrant Liability and Derivative Financial Instrument [Line Items] | ||||||||
Remaining term (years) | 5 years | 5 years 2 months 12 days | 5 years 2 months 15 days | 5 years 11 months 1 day | ||||
Volatility1 | 55% | [1] | 53% | [1] | 53% | [2] | 55% | [2] |
Risk-free rate2 | 3.80% | [3] | 3.60% | [3] | 3.60% | [4] | 2.40% | [4] |
Estimated exercise price | $ 3 | |||||||
Fair value per share | $ 3.7 | $ 10.7 | $ 10.7 | $ 1.8 | ||||
Minimum [Member] | ||||||||
Schedule of Warrant Liability and Derivative Financial Instrument [Line Items] | ||||||||
Estimated exercise price | 0.23 | 0.23 | 2.5 | |||||
Maximum [Member] | ||||||||
Schedule of Warrant Liability and Derivative Financial Instrument [Line Items] | ||||||||
Estimated exercise price | $ 5 | $ 5 | $ 3.5 | |||||
[1]Expected volatility is based upon the historical volatility of a peer group of publicly traded companies.[2]Expected volatility is based upon the historical volatility of a peer group of publicly traded companies.[3]The risk-free rate for the expected term of the warrant is based on U.S. Treasury constant maturities yield at measurement date.[4]The risk-free rate for the expected term of the warrant is based on U.S. Treasury constant maturities yield at measurement date |
Financial Instruments - Fair _6
Financial Instruments - Fair Value Measurements (Details) - Schedule of Model Valuation Assumptions - $ / shares | 9 Months Ended | ||
Dec. 31, 2023 | Jan. 31, 2022 | ||
Schedule of Model Valuation Assumptions [Line Items] | |||
Remaining term (years) | 5 years | ||
Conversion price (in Dollars per share) | $ 10 | ||
Fair value per share (in Dollars per share) | $ 3.7 | $ 29.56 | |
Minimum [Member] | |||
Schedule of Model Valuation Assumptions [Line Items] | |||
Volatility1 | [1] | 35% | |
Risk-free rate2 | [2] | 4.60% | |
Maximum [Member] | |||
Schedule of Model Valuation Assumptions [Line Items] | |||
Volatility1 | [1] | 45% | |
Risk-free rate2 | [2] | 5.20% | |
[1]Expected volatility is based upon the historical volatility of a peer group of publicly traded companies.[2]The risk-free rate for the expected term of the warrant is based on U.S. Treasury constant maturities yield at measurement date. |
Financial Instruments - Fair _7
Financial Instruments - Fair Value Measurements (Details) - Schedule of Changes in the Fair Value - USD ($) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||||
Dec. 31, 2023 | Sep. 30, 2023 | Jun. 30, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Mar. 31, 2023 | |
Preferred stock warrant liability [Member] | |||||||||
Schedule of Changes in the Fair Value [Line Items] | |||||||||
Balance at Beginning | $ 770,446 | $ 945,548 | $ 1,190,691 | $ 2,241,304 | $ 1,610,938 | $ 1,610,938 | $ 1,190,691 | $ 1,610,938 | $ 1,610,938 |
Balance at Ending | 770,446 | 945,548 | 2,451,428 | 2,241,304 | 1,610,938 | 2,451,428 | 1,190,691 | ||
Issue of unsecured convertible note at discount | |||||||||
Issue of senior subordinated convertible promissory note and warrants | |||||||||
Change in fair value of convertible preferred stock warrant | 5,704,739 | (175,102) | (245,143) | 210,124 | 630,366 | ||||
Issue of convertible promissory note | |||||||||
Change in fair value of convertible promissory note | |||||||||
Change in fair value of SSCPN | |||||||||
Note issue expenses | |||||||||
Change in fair value of derivative financial instrument | |||||||||
Conversion to Common Stock | |||||||||
Reclassification on conversion of preferred stock warrants and derivative financial instruments of Zoomcar, Inc. to common stock warrants of the Company | (6,475,185) | ||||||||
Change in fair value of unsecured convertible note | |||||||||
Convertible promissory note [Member] | |||||||||
Schedule of Changes in the Fair Value [Line Items] | |||||||||
Balance at Beginning | 11,940,183 | 11,364,749 | 10,944,727 | 10,944,727 | |||||
Balance at Ending | 11,940,183 | 11,364,749 | 10,308,832 | 10,308,832 | 10,944,727 | ||||
Issue of unsecured convertible note at discount | |||||||||
Issue of senior subordinated convertible promissory note and warrants | |||||||||
Change in fair value of convertible preferred stock warrant | |||||||||
Issue of convertible promissory note | 10,000,000 | ||||||||
Change in fair value of convertible promissory note | (7,986,326) | 575,434 | 420,022 | 308,832 | |||||
Change in fair value of SSCPN | |||||||||
Note issue expenses | |||||||||
Change in fair value of derivative financial instrument | |||||||||
Conversion to Common Stock | (3,953,857) | ||||||||
Reclassification on conversion of preferred stock warrants and derivative financial instruments of Zoomcar, Inc. to common stock warrants of the Company | |||||||||
Change in fair value of unsecured convertible note | |||||||||
Senior subordinated convertible promissory note [Member] | |||||||||
Schedule of Changes in the Fair Value [Line Items] | |||||||||
Balance at Beginning | 47,258,370 | 36,596,709 | 17,422,132 | 17,422,132 | |||||
Balance at Ending | 47,258,370 | 36,596,709 | 17,422,132 | ||||||
Issue of unsecured convertible note at discount | |||||||||
Issue of senior subordinated convertible promissory note and warrants | (20,110,058) | 4,519,696 | 8,655,330 | ||||||
Change in fair value of convertible preferred stock warrant | |||||||||
Change in fair value of convertible promissory note | |||||||||
Change in fair value of SSCPN | 6,141,965 | 10,519,247 | |||||||
Note issue expenses | |||||||||
Change in fair value of derivative financial instrument | |||||||||
Conversion to Common Stock | (27,148,312) | ||||||||
Reclassification on conversion of preferred stock warrants and derivative financial instruments of Zoomcar, Inc. to common stock warrants of the Company | |||||||||
Change in fair value of unsecured convertible note | |||||||||
Unsecured convertible note [Member] | |||||||||
Schedule of Changes in the Fair Value [Line Items] | |||||||||
Balance at Beginning | |||||||||
Balance at Ending | 10,167,194 | 10,167,194 | |||||||
Issue of unsecured convertible note at discount | 8,434,605 | ||||||||
Issue of senior subordinated convertible promissory note and warrants | |||||||||
Change in fair value of convertible preferred stock warrant | |||||||||
Change in fair value of convertible promissory note | |||||||||
Change in fair value of SSCPN | |||||||||
Note issue expenses | |||||||||
Change in fair value of derivative financial instrument | |||||||||
Conversion to Common Stock | |||||||||
Reclassification on conversion of preferred stock warrants and derivative financial instruments of Zoomcar, Inc. to common stock warrants of the Company | |||||||||
Change in fair value of unsecured convertible note | 1,732,589 | ||||||||
Derivative financial instrument [Member] | |||||||||
Schedule of Changes in the Fair Value [Line Items] | |||||||||
Balance at Beginning | 24,410,231 | 23,596,665 | 14,373,856 | 14,373,856 | |||||
Balance at Ending | 24,410,231 | 23,596,665 | $ 14,373,856 | ||||||
Issue of unsecured convertible note at discount | |||||||||
Issue of senior subordinated convertible promissory note and warrants | |||||||||
Change in fair value of convertible preferred stock warrant | |||||||||
Change in fair value of convertible promissory note | |||||||||
Change in fair value of SSCPN | |||||||||
Note issue expenses | |||||||||
Change in fair value of derivative financial instrument | (6,571,082) | $ 813,566 | $ 9,222,809 | ||||||
Conversion to Common Stock | |||||||||
Reclassification on conversion of preferred stock warrants and derivative financial instruments of Zoomcar, Inc. to common stock warrants of the Company | (17,839,149) | ||||||||
Change in fair value of unsecured convertible note |
Derivative Financial Instrume_3
Derivative Financial Instrument (Details) - Schedule of Fair Value of Derivative Liabilities - USD ($) | 12 Months Ended | ||
Mar. 31, 2023 | Dec. 31, 2023 | Mar. 31, 2022 | |
Schedule of Fair Value of Derivative Liabilities [Line Items] | |||
Fair Value | $ 14,373,856 | ||
Warrants issued against SSCPN [Member] | |||
Schedule of Fair Value of Derivative Liabilities [Line Items] | |||
Fair Value | $ 11,978,213 | ||
Balance Sheet Location | Derivative financial instrument | ||
Warrants issued to Placement agent [Member] | |||
Schedule of Fair Value of Derivative Liabilities [Line Items] | |||
Fair Value | $ 2,395,643 |
Commitments and Contingencies (
Commitments and Contingencies (Details) - USD ($) | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||||||
Mar. 03, 2023 | Feb. 01, 2023 | Mar. 31, 2022 | Jul. 31, 2019 | Jul. 31, 2017 | Jun. 30, 2017 | Sep. 30, 2017 | Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2023 | |
Commitments and contingencies [Line Items] | ||||||||||
Liability amounted | $ 484,662 | $ 219,392 | $ 484,662 | $ 405,949 | ||||||
Vehicles purchased | $ 434,989 | 440,703 | 476,773 | |||||||
Service tax liability amount | $ 4,504,751 | 4,504,751 | 4,873,457 | |||||||
received demand notice | $ 34,631 | $ 34,182 | ||||||||
Goods and service tax input | 487,348 | $ 450,477 | $ 444,637 | 450,477 | ||||||
Bookings in progress | 5,115 | 9,341 | ||||||||
Purchase shares (in Shares) | 100,000 | 100,000 | ||||||||
Contingencies [Member] | ||||||||||
Commitments and contingencies [Line Items] | ||||||||||
Liability amounted | $ 5,315,190 | $ 4,639,473 | $ 5,315,190 | $ 4,562,885 | ||||||
Service [Member] | ||||||||||
Commitments and contingencies [Line Items] | ||||||||||
Service tax liability amount | $ 4,446,347 |
Subsequent Events (Details)
Subsequent Events (Details) - Subsequent Event [Member] - USD ($) | 2 Months Ended | |
Jan. 30, 2024 | May 30, 2023 | |
Subsequent Events (Details) [Line Items] | ||
Warrant holders claims | $ 10,000,000 | |
Proceeds of convertible note | $ 5,800,000 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies (Details) - Schedule of Subsidiaries and Step-Down Subsidiaries | 9 Months Ended | 12 Months Ended |
Dec. 31, 2023 | Mar. 31, 2023 | |
USA [Member] | ||
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | ||
Place of Incorporation | USA | USA |
Investor Entity | Zoomcar Holdings, Inc. | Zoomcar Holdings, Inc. |
India [Member] | ||
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | ||
Place of Incorporation | India | India |
Investor Entity | Zoomcar, Inc. | Zoomcar, Inc. |
Netherlands [Member] | ||
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | ||
Place of Incorporation | Netherlands | Netherlands |
Investor Entity | Zoomcar, Inc. | Zoomcar, Inc. |
Singapore [Member] | ||
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | ||
Place of Incorporation | Singapore | Singapore |
Investor Entity | Zoomcar, Inc. | Zoomcar, Inc. |
Philippines [Member] | ||
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | ||
Place of Incorporation | Philippines | Philippines |
Investor Entity | Zoomcar, Inc. | Zoomcar, Inc. |
Egypt [Member] | ||
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | ||
Place of Incorporation | Egypt | Egypt |
Investor Entity | Zoomcar Netherlands Holding | Zoomcar Netherlands Holding |
Indonesia [Member] | ||
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | ||
Place of Incorporation | Indonesia | Indonesia |
Investor Entity | Fleet Holding Pte ltd | Fleet Holding Pte ltd |
Vietnam [Member] | ||
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | ||
Place of Incorporation | Vietnam | Vietnam |
Investor Entity | Fleet Holding Pte ltd | Fleet Holding Pte ltd |
Cash and Cash Equivalents (D_2
Cash and Cash Equivalents (Details) - Schedule of Cash and Cash Equivalents - USD ($) | Dec. 31, 2023 | Mar. 31, 2023 | Mar. 31, 2022 |
Schedule of Cash and Cash Equivalents [Abstract] | |||
Balances in bank accounts | $ 6,028,945 | $ 3,657,580 | $ 26,723,963 |
Certificate to deposits | 86,373 | 15,633 | 41,548 |
Cash | 1,675 | 13,528 | 18,280 |
Cash and cash equivalents | $ 6,116,993 | $ 3,686,741 | $ 26,783,791 |
Accounts Receivable, Net of A_4
Accounts Receivable, Net of Allowance for Doubtful Accounts (Details) - Schedule of Accounts Receivable - USD ($) | Dec. 31, 2023 | Mar. 31, 2023 | Mar. 31, 2022 |
Schedule of Accounts Receivable [Abstract] | |||
Accounts receivable | $ 290,871 | $ 255,175 | $ 204,198 |
Net accounts receivable | $ 290,871 | $ 255,175 | $ 204,198 |
Receivable from Government Au_4
Receivable from Government Authorities (Details) - Schedule of Receivable from Government Authorities - USD ($) | Dec. 31, 2023 | Mar. 31, 2023 | Mar. 31, 2022 | |||
Current | ||||||
Receivable from government authorities | $ 990,446 | $ 3,962,822 | $ 2,300,160 | |||
Non current | ||||||
Receivable from government authorities | 3,241,783 | 248,321 | 2,348,940 | |||
Goods and service tax receivable [Member] | ||||||
Current | ||||||
Receivable from government authorities | 990,446 | 3,962,822 | 2,290,367 | |||
Non current | ||||||
Receivable from government authorities | 3,226,844 | [1] | 196,483 | [1],[2] | 2,335,572 | [2] |
Other tax receivables [Member] | ||||||
Current | ||||||
Receivable from government authorities | 9,793 | |||||
Non current | ||||||
Receivable from government authorities | $ 14,939 | $ 51,838 | $ 13,368 | |||
[1] Although these taxes are contractually available to the Company immediately, the Company has accounted for these credits as non-current based upon their expected utilization period. |
Short Term Investments with R_4
Short Term Investments with Related Parties (Details) - Schedule of Short Term Investments with Related Parties - Related Party [Member] - USD ($) | Dec. 31, 2023 | Mar. 31, 2023 | Mar. 31, 2022 | |||
Variable Interest Entity [Line Items] | ||||||
Certificate to deposits with related parties | $ 164,381 | [1] | $ 166,540 | [1] | [2] | |
Short term investments with related parties | $ 164,381 | $ 166,540 | ||||
[1]These deposits are under lien against debt availed from related parties[2]These deposits are under lien against debt availed from related parties |
Other Current Assets (Details_3
Other Current Assets (Details) - Schedule of Other Current Assets - Other Current Assets [Member] - USD ($) | Dec. 31, 2023 | Mar. 31, 2023 | Mar. 31, 2022 |
Other Current Assets (Details) - Schedule of Other Current Assets [Line Items] | |||
Insurance claims receivable | $ 23,389 | $ 23,677 | $ 90,885 |
Prepaid expenses | 909,828 | 239,651 | |
Advance to suppliers | 57,989 | 88,115 | 319,255 |
Security deposits | 135,962 | 53,585 | 84,774 |
Advance income taxes, net | 115,412 | 174,654 | 195,640 |
Advance to employees | 113,512 | 87,679 | 98,429 |
Receivables from car sale | 537,290 | 578,523 | 720,697 |
Other receivables | 155,165 | 143,976 | 220,140 |
Other current assets | $ 1,138,719 | 1,150,209 | |
Previously Reported [Member] | |||
Other Current Assets (Details) - Schedule of Other Current Assets [Line Items] | |||
Other current assets | $ 2,060,037 | $ 1,969,471 |
Other Current Assets (Details_4
Other Current Assets (Details) - Schedule of Other Current Assets with Related Parties - USD ($) | Dec. 31, 2023 | Mar. 31, 2023 | Mar. 31, 2022 |
Advance to Director [Member] | |||
Other Current Assets (Details) - Schedule of Other Current Assets with Related Parties [Line Items] | |||
Other current assets with related parties | $ 46,040 | $ 19,682 | |
Related Party [Member] | |||
Other Current Assets (Details) - Schedule of Other Current Assets with Related Parties [Line Items] | |||
Other current assets with related parties | $ 46,040 | $ 19,682 |
Assets Held for Sale (Details_2
Assets Held for Sale (Details) - Schedule of Assets Held for Sale - USD ($) | Dec. 31, 2023 | Mar. 31, 2023 | Mar. 31, 2022 |
Assets Held for Sale (Details) - Schedule of Assets Held for Sale [Line Items] | |||
Total assets held for sale | $ 656,885 | $ 923,176 | $ 4,298,419 |
Vehicles [Member] | |||
Assets Held for Sale (Details) - Schedule of Assets Held for Sale [Line Items] | |||
Total assets held for sale | $ 656,885 | $ 923,176 | $ 4,298,419 |
Property and Equipment, Net (_3
Property and Equipment, Net (Details) - Schedule of Property and Equipment - USD ($) | Dec. 31, 2023 | Mar. 31, 2023 | Mar. 31, 2022 |
Schedule of Property and Equipment [Line Items] | |||
Property and equipment, gross | $ 4,389,260 | $ 4,738,703 | $ 6,475,709 |
Less: Accumulated depreciation | (2,502,466) | (2,010,180) | (3,485,308) |
Total property and equipment, net | 1,886,794 | 2,728,523 | 2,993,628 |
Right-of-use assets under finance leases: | |||
Vehicles, at cost | 4,125,088 | 4,179,272 | |
Accumulated depreciation | (4,179,272) | (5,192,955) | |
Total property and equipment, net | 3,227 | ||
Previously Reported [Member] | |||
Schedule of Property and Equipment [Line Items] | |||
Total property and equipment, net | 2,728,523 | 2,990,401 | |
Devices [Member] | |||
Schedule of Property and Equipment [Line Items] | |||
Property and equipment, gross | $ 3,303,843 | $ 3,402,749 | 3,970,324 |
Devices [Member] | Minimum [Member] | |||
Schedule of Property and Equipment [Line Items] | |||
Estimated useful life | 3 years | 3 years | |
Devices [Member] | Maximum [Member] | |||
Schedule of Property and Equipment [Line Items] | |||
Estimated useful life | 5 years | 5 years | |
E-bikes [Member] | |||
Schedule of Property and Equipment [Line Items] | |||
Estimated useful life | 3 years | ||
Property and equipment, gross | 980,615 | ||
Computer equipment’s [Member] | |||
Schedule of Property and Equipment [Line Items] | |||
Property and equipment, gross | $ 827,174 | $ 873,178 | 1,210,790 |
Computer equipment’s [Member] | Minimum [Member] | |||
Schedule of Property and Equipment [Line Items] | |||
Estimated useful life | 2 years | 2 years | |
Computer equipment’s [Member] | Maximum [Member] | |||
Schedule of Property and Equipment [Line Items] | |||
Estimated useful life | 7 years | 7 years | |
Office equipment’s [Member] | |||
Schedule of Property and Equipment [Line Items] | |||
Property and equipment, gross | $ 248,008 | $ 452,489 | 261,808 |
Office equipment’s [Member] | Minimum [Member] | |||
Schedule of Property and Equipment [Line Items] | |||
Estimated useful life | 3 years | 3 years | |
Office equipment’s [Member] | Maximum [Member] | |||
Schedule of Property and Equipment [Line Items] | |||
Estimated useful life | 10 years | 10 years | |
Furniture and fixtures [Member] | |||
Schedule of Property and Equipment [Line Items] | |||
Estimated useful life | 10 years | 10 years | |
Property and equipment, gross | $ 10,235 | $ 10,287 | 52,172 |
Vehicles, at cost [Member] | |||
Right-of-use assets under finance leases: | |||
Vehicles, at cost | $ 4,179,272 | $ 5,196,182 |
Leases (Details) - Schedule o_3
Leases (Details) - Schedule of Lease Expense - Lease Expense [Member] - USD ($) | 12 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Finance lease cost: | ||
Amortization of right-of-use assets | $ 3,298 | $ 266,410 |
Interest on lease liabilities | 844,424 | 1,046,991 |
Operating lease cost | 540,908 | 50,391 |
Short term lease cost | 181,337 | 208,507 |
Total lease cost | 1,569,967 | 1,572,299 |
Cash paid for amounts included in the measurement of lease liabilities: | ||
Operating cash outflows for operating leases | (485,453) | (50,000) |
Financing cash outflows for finance leases | (1,618,551) | (3,399,696) |
Right-of-use assets obtained in exchange for lease obligations: | ||
Operating leases | 1,575,468 | 469,879 |
Operating Leases | ||
Operating lease right-of-use assets | 1,694,201 | 436,068 |
Current operating lease liabilities | 466,669 | 137,307 |
Non current operating lease liabilities | 1,284,755 | 302,564 |
Total operating lease liabilities | 1,751,424 | 439,871 |
Finance Leases | ||
Property and equipment, at cost | 6,012,559 | 7,431,804 |
Accumulated depreciation | (4,179,272) | (5,192,955) |
Accumulated impairment | (1,833,287) | (2,235,622) |
Property and equipment, net | 3,227 | |
Other current liabilities | 1,257,423 | 1,093,695 |
Other long-term liabilities | 5,098,262 | 7,632,912 |
Total finance lease liabilities | $ 6,355,685 | $ 8,726,607 |
Weighted Average Remaining Lease Term | ||
Operating leases | 63 years | 33 years |
Finance leases | 41 years | 49 years |
Weighted Average Discount Rate | ||
Operating leases | 13% | 13% |
Finance leases | 10% | 10% |
Leases (Details) - Schedule o_4
Leases (Details) - Schedule of Maturities of Lease Liabilities - USD ($) | Dec. 31, 2023 | Mar. 31, 2023 | Mar. 31, 2022 |
Operating Leases [Member] | |||
Leases (Details) - Schedule of Maturities of Lease Liabilities [Line Items] | |||
2023 | $ 184,360 | ||
2024 | 497,344 | 192,867 | |
2025 | 471,185 | 147,833 | |
2026 | 350,777 | ||
2027 | 367,830 | ||
2028 | 385,735 | ||
Thereafter | 404,536 | ||
Total Lease Payments | $ 2,087,514 | 2,477,407 | 525,060 |
Less : Imputed Interest | 556,080 | 725,982 | 85,189 |
Total Lease Liabilities | 1,531,434 | 1,751,425 | 439,871 |
Finance Leases [Member] | |||
Leases (Details) - Schedule of Maturities of Lease Liabilities [Line Items] | |||
2023 | 1,915,040 | ||
2024 | 527,085 | 1,877,744 | 2,224,474 |
2025 | 2,590,349 | 2,103,127 | 2,593,917 |
2026 | 3,008,978 | 3,048,501 | 3,689,742 |
2027 | 663,553 | 672,269 | 727,294 |
2028 | |||
Thereafter | |||
Total Lease Payments | 6,789,965 | 7,701,641 | 11,150,467 |
Less : Imputed Interest | 860,843 | 1,345,957 | 2,423,860 |
Total Lease Liabilities | $ 5,929,122 | $ 6,355,684 | $ 8,726,607 |
Intangible Assets (Details)
Intangible Assets (Details) - USD ($) | 12 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Intangible Assets [Abstract] | ||
Amortization expense | $ 41,331 | $ 4,444 |
Intangible Assets (Details) - S
Intangible Assets (Details) - Schedule of Components of Intangible Assets - USD ($) | Mar. 31, 2023 | Mar. 31, 2022 |
Schedule of Components of Intangible Assets [Line Items] | ||
Average useful life | 3 years | |
Gross Carrying Amount | $ 140,181 | $ 276,590 |
Accumulated Amortization | (106,769) | (200,771) |
Net Carrying Amount | 33,412 | 75,819 |
Computer software [Member] | ||
Schedule of Components of Intangible Assets [Line Items] | ||
Gross Carrying Amount | 140,181 | 276,590 |
Accumulated Amortization | (106,769) | (200,771) |
Net Carrying Amount | $ 33,412 | $ 75,819 |
Computer software [Member] | Minimum [Member] | ||
Schedule of Components of Intangible Assets [Line Items] | ||
Average useful life | 3 years | |
Computer software [Member] | Maximum [Member] | ||
Schedule of Components of Intangible Assets [Line Items] | ||
Average useful life | 5 years |
Intangible Assets (Details) -_2
Intangible Assets (Details) - Schedule of Future Amortization of Intangible Assets - USD ($) | Mar. 31, 2023 | Mar. 31, 2022 |
Schedule of Future Amortization of Intangible Assets [Abstract] | ||
2023 | $ 44,597 | |
2024 | 10,581 | 9,930 |
2025 | 10,054 | 9,507 |
2026 | 7,048 | 6,823 |
2027 | 5,347 | 4,962 |
2028 | 382 | |
Total remaining amortization | $ 33,412 | $ 75,819 |
Investments (Details) - Sched_2
Investments (Details) - Schedule of Investments - USD ($) | Dec. 31, 2023 | Mar. 31, 2023 | Mar. 31, 2022 | |||
Long term investments | ||||||
Investments in fixed deposits | $ 219,142 | [1] | $ 158,455 | [1],[2] | $ 123,406 | [2] |
Investments in fixed deposits with related parties | 100,259 | [3] | 95,577 | [3] | 276,400 | |
Long term investments | $ 319,401 | $ 254,032 | $ 399,806 | |||
[1] includes a fixed deposit of $120,205 with IndusInd bank against which a bank guarantee has been given to Lease Plan India Private Limited for the vehicles taken on lease. 12 these fixed deposits have a maturity of more than 12 months and hence have been considered under long term. However, these have been given under lien against debt availed from related parties. |
Other Non-Current Assets (Det_2
Other Non-Current Assets (Details) - Schedule of Other Non-Current Assets - USD ($) | Dec. 31, 2023 | Mar. 31, 2023 | Mar. 31, 2022 |
Schedule of Other Non-Current Assets [Abstract] | |||
Security deposits | $ 324,948 | $ 425,669 | $ 363,275 |
Other non current assets | $ 324,948 | $ 425,669 | $ 363,275 |
Debt (Details) - Schedule of _3
Debt (Details) - Schedule of Debt - USD ($) | Dec. 31, 2023 | Mar. 31, 2023 | Mar. 31, 2022 |
Non-convertible debentures | |||
7.7% Debentures | $ 361,817 | $ 454,969 | $ 171,629 |
– from banks | 102,766 | ||
– from non-banking financial companies (NBFCs) | 1,865,032 | 3,039,200 | |
Total debt current | 2,553,368 | 2,470,748 | 4,744,890 |
Term loans | |||
Total debt non current | 1,865,032 | 3,039,200 | 7,503,664 |
2024 | 654,744 | 2,470,747 | |
2025 | 488,297 | 982,836 | |
2026 | 903,093 | 634,390 | |
2027 | 341,330 | 1,042,901 | |
2028 | 379,074 | ||
Total Maturity | 4,418,400 | 5,509,948 | |
Non Current [Member] | |||
Non-convertible debentures | |||
7.7% Debentures | 461,485 | ||
Series A [Member] | |||
Non-convertible debentures | |||
10% Series | 881,917 | ||
Series B [Member] | |||
Non-convertible debentures | |||
10% Series | 423,320 | ||
Series C [Member] | |||
Non-convertible debentures | |||
10% Series | 564,267 | ||
Bank Servicing [Member] | |||
Term loans | |||
– from banks | 79,275 | ||
Non-Banking Financial Companies [Member] | |||
Non-convertible debentures | |||
– from non-banking financial companies (NBFCs) | 1,269,251 | 960,892 | 1,758,284 |
Term loans | |||
– from non-banking financial companies (NBFCs) | 3,039,200 | 5,185,292 | |
Related Party [Member] | |||
Non-convertible debentures | |||
– from non-banking financial companies (NBFCs) | $ 922,300 | 1,054,887 | |
– from related parties (NBFCs) | $ 1,054,887 | 842,707 | |
Term loans | |||
– from related parties (NBFCs) | $ 1,777,612 |
Debt (Details) - Schedule of _4
Debt (Details) - Schedule of Debt (Parentheticals) | 9 Months Ended | 12 Months Ended | ||
Dec. 31, 2023 | Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | |
Schedule of Debt [Line Items] | ||||
Series | 10% | 10% | ||
Debentures | 7.70% | 7.70% | 7.70% | 7.70% |
Series A [Member] | ||||
Schedule of Debt [Line Items] | ||||
Series | 10% | 10% | ||
Series B [Member] | ||||
Schedule of Debt [Line Items] | ||||
Series | 10% | 10% | ||
Series C [Member] | ||||
Schedule of Debt [Line Items] | ||||
Series | 10% | 10% |
Convertible Promissory Note (_6
Convertible Promissory Note (‘Notes’) (Details) - Schedule of Convertible Promissory Note (‘Notes’) - USD ($) | Dec. 31, 2023 | Mar. 31, 2023 | Mar. 31, 2022 |
Schedule of Convertible Promissory Note (‘Notes’) [Abstract] | |||
Notes | $ 10,944,727 | ||
Total | $ 10,944,727 |
Senior Subordinated Convertib_5
Senior Subordinated Convertible Promissory Note (’SSCPN’ or ‘Convertible Note’) (Details) - Schedule of Convertible Notes Payable Fair Value Option - Convertible Notes Payable [Member] - USD ($) | Mar. 31, 2023 | Mar. 31, 2022 |
Senior Subordinated Convertible Promissory Note (’SSCPN’ or ‘Convertible Note’) (Details) - Schedule of Convertible Notes Payable Fair Value Option [Line Items] | ||
Total Convertible Notes payable | $ 31,795,987 | |
Convertible Notes [Member] | ||
Senior Subordinated Convertible Promissory Note (’SSCPN’ or ‘Convertible Note’) (Details) - Schedule of Convertible Notes Payable Fair Value Option [Line Items] | ||
Total Convertible Notes payable | 17,422,132 | |
Warrants issued against SSCPN [Member] | ||
Senior Subordinated Convertible Promissory Note (’SSCPN’ or ‘Convertible Note’) (Details) - Schedule of Convertible Notes Payable Fair Value Option [Line Items] | ||
Total Convertible Notes payable | $ 14,373,856 |
Pension and Other Employee Ob_3
Pension and Other Employee Obligations (Details) - Schedule of Pension and Other Employee Obligations - USD ($) | Dec. 31, 2023 | Mar. 31, 2023 | Mar. 31, 2022 |
Current | |||
Provision for gratuity | $ 88,040 | $ 70,872 | $ 93,363 |
Provision for leave encashment | 90,399 | 75,134 | 83,528 |
Other statutory provisions | |||
Current pension and other employee obligations | 178,439 | 146,006 | 176,891 |
Non current | |||
Provision for gratuity | 262,376 | 215,841 | 248,364 |
Provision for leave encashment | 247,136 | 222,967 | 152,610 |
Other statutory provisions | 6,539 | ||
Non current pension and other employee obligations | $ 509,512 | $ 438,808 | $ 407,513 |
Other Current Liabilities (De_3
Other Current Liabilities (Details) - Schedule of Other Current Liabilities - USD ($) | Dec. 31, 2023 | Mar. 31, 2023 | Mar. 31, 2022 |
Condensed Balance Sheet Statements, Captions [Line Items] | |||
Payable to customers | $ 635,144 | $ 647,283 | $ 646,075 |
Statutory dues payable | 1,731,891 | 1,583,639 | 1,592,210 |
Capital creditors | 32,103 | 88,484 | 104,067 |
Employee benefit expenses payable | 510,406 | 379,167 | 336,004 |
Other liabilities | $ 405,949 | 219,392 | 484,662 |
Other current liabilities | $ 3,163,018 | ||
Other Current Liabilities [Member] | |||
Condensed Balance Sheet Statements, Captions [Line Items] | |||
Payable to customers | 647,283 | ||
Statutory dues payable | 1,583,639 | ||
Capital creditors | 88,484 | ||
Employee benefit expenses payable | 379,167 | ||
Other liabilities | 234,459 | ||
Other current liabilities | $ 2,933,032 |
Other Current Liabilities (De_4
Other Current Liabilities (Details) - Schedule of Other Current Liabilities Towards Related Parties - USD ($) | Dec. 31, 2023 | Mar. 31, 2023 | Mar. 31, 2022 |
Schedule of Other Current Liabilities Towards Related Parties [Abstract] | |||
Other liabilities with related parties | $ 17,997 | $ 15,067 | $ 3,314,139 |
Other current liabilities towards related parties | $ 17,997 | $ 15,067 | $ 3,314,139 |
Accumulated Other Comprehensi_4
Accumulated Other Comprehensive Income/ (Loss) (Details) - Schedule of Components of Accumulated Other Comprehensive Income/(Loss) - USD ($) | 9 Months Ended | 12 Months Ended | |
Dec. 31, 2023 | Mar. 31, 2023 | Mar. 31, 2022 | |
Gain on Employee Benefit [Member] | |||
Gain on employee benefit | |||
Balance, beginning of period | $ 115,818 | $ 88,735 | $ 39,362 |
Recognized during the period, net of taxes amounts | (61,594) | 45,373 | 51,365 |
Reclassification to net income: Amortization losses/(gains) | (15,859) | (18,290) | (1,992) |
Balance, end of period | 38,365 | 115,818 | 88,735 |
Foreign Currency Translation Adjustment [Member] | |||
Gain on employee benefit | |||
Balance, beginning of period | 1,712,181 | 680,421 | (81,978) |
Translation adjustments gain recognised during the period, net of taxes amounts | (12,305) | 1,031,760 | 762,399 |
Balance, end of period | 1,699,876 | 1,712,181 | 680,421 |
Accumulated other comprehensive income / (loss) | $ 1,738,241 | $ 1,827,999 | $ 769,156 |
Preferred Stock (Details) - S_2
Preferred Stock (Details) - Schedule of Preferred Stock Authorized, Issued and Outstanding | Dec. 28, 2023 USD ($) shares | Mar. 31, 2023 USD ($) shares | Mar. 31, 2022 USD ($) shares |
Preferred Stock | |||
Authorized shares (in Shares) | shares | 140,136,788 | 140,136,788 | 140,136,788 |
Shares issued | $ 168,974,437 | $ 99,309,415 | $ 99,309,415 |
Net carrying value | 168,974,437 | 168,974,437 | |
Liquidation preference | $ 168,974,437 | $ 168,974,437 | $ 168,974,437 |
Series Seed [Member] | |||
Preferred Stock | |||
Authorized shares (in Shares) | shares | 6,836,726 | 6,836,726 | 6,836,726 |
Shares issued | $ 1,542,203 | $ 6,836,726 | $ 6,836,726 |
Conversion Ratio | 1.42 | 1.05 | 1 |
Net carrying value | $ 1,542,203 | $ 1,542,203 | |
Liquidation preference | $ 1,542,203 | $ 1,542,203 | $ 1,542,203 |
Series A Preferred Stock [Member] | |||
Preferred Stock | |||
Authorized shares (in Shares) | shares | 11,379,405 | 11,379,405 | 11,379,405 |
Shares issued | $ 9,288,872 | $ 11,379,405 | $ 11,379,405 |
Conversion Ratio | 2 | 1.24 | 1 |
Net carrying value | $ 9,288,872 | $ 9,288,872 | |
Liquidation preference | $ 9,288,872 | $ 9,288,872 | $ 9,288,872 |
Series A Two Preferred Stock [Member] | |||
Preferred Stock | |||
Authorized shares (in Shares) | shares | 4,536,924 | 4,536,924 | 4,536,924 |
Shares issued | $ 10,760,224 | $ 4,536,924 | $ 4,536,924 |
Conversion Ratio | 2.25 | 1.3 | 1.36 |
Net carrying value | $ 10,760,224 | $ 10,760,224 | |
Liquidation preference | $ 10,760,224 | $ 10,760,224 | $ 10,760,224 |
Series B Preferred Stock [Member] | |||
Preferred Stock | |||
Authorized shares (in Shares) | shares | 18,393,332 | 18,393,332 | 18,393,332 |
Shares issued | $ 31,416,488 | $ 18,393,332 | $ 18,393,332 |
Conversion Ratio | 2.25 | 1.3 | 1 |
Net carrying value | $ 31,416,488 | $ 31,416,488 | |
Liquidation preference | $ 31,416,488 | $ 31,416,488 | $ 31,416,488 |
Series C Preferred Stock [Member] | |||
Preferred Stock | |||
Authorized shares (in Shares) | shares | 12,204,208 | 12,204,208 | 12,204,208 |
Shares issued | $ 10,534,889 | $ 4,125,666 | $ 4,125,666 |
Conversion Ratio | 2.33 | 1.32 | 1.07 |
Net carrying value | $ 10,534,889 | $ 10,534,889 | |
Liquidation preference | $ 10,534,889 | $ 10,534,889 | $ 10,534,889 |
Series D Preferred Stock [Member] | |||
Preferred Stock | |||
Authorized shares (in Shares) | shares | 21,786,721 | 21,786,721 | 21,786,721 |
Shares issued | $ 34,894,262 | $ 19,016,963 | $ 19,016,963 |
Conversion Ratio | 2.31 | 1.32 | 1 |
Net carrying value | $ 34,894,262 | $ 34,894,262 | |
Liquidation preference | $ 34,894,262 | $ 34,894,262 | $ 34,894,262 |
Series E Preferred Stock [Member] | |||
Preferred Stock | |||
Authorized shares (in Shares) | shares | 32,999,472 | 32,999,472 | 32,999,472 |
Shares issued | $ 55,260,089 | $ 29,999,520 | $ 29,999,520 |
Conversion Ratio | 16.92 | 10.61 | 1 |
Net carrying value | $ 55,260,089 | $ 55,260,089 | |
Liquidation preference | $ 55,260,089 | $ 55,260,089 | $ 55,260,089 |
Series E One Preferred Stock [Member] | |||
Preferred Stock | |||
Authorized shares (in Shares) | shares | 32,000,000 | 32,000,000 | 32,000,000 |
Shares issued | $ 15,277,410 | $ 5,020,879 | $ 5,020,879 |
Conversion Ratio | 23.69 | 14.85 | 1 |
Net carrying value | $ 15,277,410 | $ 15,277,410 | |
Liquidation preference | $ 15,277,410 | $ 15,277,410 | $ 15,277,410 |
Preferred Stock (Details) - S_3
Preferred Stock (Details) - Schedule of Balance - USD ($) | Mar. 31, 2023 | Mar. 31, 2022 |
Schedule of Balance [Line Items] | ||
Total | $ 25,114,751 | $ 25,114,751 |
Zoomcar India Preferred stock [Member] | ||
Schedule of Balance [Line Items] | ||
Total | $ 25,114,751 | $ 25,114,751 |
Revenue (Details) - Schedule _2
Revenue (Details) - Schedule of Components of Revenue, Net - USD ($) | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Mar. 31, 2023 | Mar. 31, 2022 | |
Revenue (Details) - Schedule of Components of Revenue, Net [Line Items] | ||||||
Revenue | $ 2,421,438 | $ 2,981,600 | $ 7,717,064 | $ 6,677,727 | $ 8,826,206 | $ 12,797,041 |
Revenue by geographical location | 2,421,438 | 2,981,600 | 7,717,064 | 6,677,727 | 8,826,206 | 12,797,041 |
India [Member] | ||||||
Revenue (Details) - Schedule of Components of Revenue, Net [Line Items] | ||||||
Revenue by geographical location | 2,391,332 | 2,959,219 | 7,615,314 | 6,547,377 | 8,615,615 | 12,752,181 |
Egypt [Member] | ||||||
Revenue (Details) - Schedule of Components of Revenue, Net [Line Items] | ||||||
Revenue by geographical location | 27,868 | 78,259 | 60,991 | 110,092 | 36,655 | |
Indonesia [Member] | ||||||
Revenue (Details) - Schedule of Components of Revenue, Net [Line Items] | ||||||
Revenue by geographical location | 2,238 | 544 | 5,618 | 697 | 1,554 | 10 |
Vietnam [Member] | ||||||
Revenue (Details) - Schedule of Components of Revenue, Net [Line Items] | ||||||
Revenue by geographical location | 21,837 | 17,873 | 68,662 | 98,945 | 7,155 | |
Philippines [Member] | ||||||
Revenue (Details) - Schedule of Components of Revenue, Net [Line Items] | ||||||
Revenue by geographical location | 1,040 | |||||
Self-Drive Rentals [Member] | ||||||
Revenue (Details) - Schedule of Components of Revenue, Net [Line Items] | ||||||
Revenue | 165,834 | 11,732,935 | ||||
Vehicle Subscription [Member] | ||||||
Revenue (Details) - Schedule of Components of Revenue, Net [Line Items] | ||||||
Revenue | 324,466 | |||||
Facilitation Revenue (Net) [Member] | ||||||
Revenue (Details) - Schedule of Components of Revenue, Net [Line Items] | ||||||
Revenue | 8,586,785 | 589,331 | ||||
Other Revenues [Member] | ||||||
Revenue (Details) - Schedule of Components of Revenue, Net [Line Items] | ||||||
Revenue | $ 74,171 | $ 73,587 | $ 150,309 |
Finance Costs (Details) - Sch_2
Finance Costs (Details) - Schedule of Components of Finance Costs - USD ($) | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Mar. 31, 2023 | Mar. 31, 2022 | |
Finance costs – other than related parties | ||||||
Interest on finance costs | $ 110,714 | $ 64,844 | ||||
Change in fair value of preferred stock warrant | $ 5,704,739 | $ 210,123 | $ 5,284,494 | $ 840,490 | 455,265 | |
Change in fair value of convertible promissory note | 308,832 | 308,832 | 944,727 | |||
Change in fair value of senior subordinated convertible promissory notes | 9,312,177 | |||||
Change in fair value of derivative financial instrument | 3,465,293 | 14,373,856 | ||||
Note issue expenses | 1,564,210 | 961,628 | ||||
Bank charges | 4,990 | 32,181 | 28,920 | 67,047 | 85,434 | 66,218 |
Other borrowings cost | 44,122 | 241,872 | 92,727 | 298,772 | 331,533 | 25,535 |
Total | 8,392,470 | 1,296,445 | 13,628,832 | 2,862,702 | 27,570,752 | 3,351,077 |
Finance costs – to related parties | ||||||
Interest on vehicle loans | 12,426 | 10,674 | 38,203 | 79,081 | 64,844 | 110,714 |
Total | 12,426 | 10,674 | 38,203 | 79,081 | 64,844 | 110,714 |
Interest on vehicle loans [Membe] | ||||||
Finance costs – other than related parties | ||||||
Interest on finance costs | 97,341 | 100,486 | 288,279 | 510,561 | 620,211 | 1,757,068 |
Interest on finance leases [Member] | ||||||
Finance costs – other than related parties | ||||||
Interest on finance costs | 152,659 | 203,115 | 469,140 | 637,164 | 844,424 | 1,046,991 |
Interest on subcontractor liability [Member] | ||||||
Finance costs – other than related parties | ||||||
Interest on finance costs | $ 23,435 | $ 73,261 | $ 70,585 | $ 73,261 | $ 96,762 |
Other (Income) _Expense, Net _2
Other (Income) /Expense, Net (Details) - Schedule of Other Income (Expense), Net - USD ($) | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Mar. 31, 2023 | Mar. 31, 2022 | |
Other (income) /expense, net – other than related parties | ||||||
Interest income | $ (13,412) | $ (886) | $ (33,799) | $ (11,470) | $ (13,097) | $ (125,700) |
Gain on termination/ modification of finance leases | (130,719) | (369,583) | ||||
Change in fair value of preferred stock warrant | (6,571,082) | (420,245) | ||||
Loss/ (gain) on sale of assets | 1,713 | 85,806 | 311,375 | (523,845) | ||
Loss/ (gain) on sale of assets held for sale | 175,156 | 78,706 | 176,541 | (1,391,876) | (1,644,650) | (137,549) |
Net (gains)/ losses on foreign currency remeasurements | 5,188 | 470,343 | 18,886 | 313,236 | 313,584 | 9,083 |
Other, net | (3,451) | (21,737) | (53,395) | (48,481) | (459,804) | (457,428) |
Total | (34,503,014) | 390,414 | (10,377,735) | (1,280,105) | (2,043,556) | (1,605,023) |
Other (income) – from related parties | ||||||
Interest income | (5,548) | (2,393) | (11,224) | (12,122) | (15,804) | (16,860) |
Total | $ (5,548) | $ (2,393) | $ (11,224) | $ (12,122) | (15,804) | (16,860) |
Previously Reported [Member] | ||||||
Other (income) /expense, net – other than related parties | ||||||
Total | $ (2,043,556) | $ (1,605,022) |
Income Taxes (Details) - Sche_2
Income Taxes (Details) - Schedule of Loss Before Income Taxes - USD ($) | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Mar. 31, 2023 | Mar. 31, 2022 | |
Schedule of Loss Before Income Taxes [Line Items] | ||||||
Domestic | $ (19,809,584) | $ (2,551,738) | $ (11,367,084) | $ (3,944,747) | $ (28,261,210) | $ (2,177,073) |
Foreign | 5,384,145 | (6,160,962) | (15,390,894) | (28,229,173) | (33,770,866) | (28,868,079) |
Loss before income taxes | 14,425,439 | (8,712,700) | (26,757,978) | (32,173,920) | (62,032,076) | (31,045,152) |
Current Taxes | ||||||
U.S. federal | ||||||
U.S. state and local | ||||||
Foreign | ||||||
Current taxes | ||||||
Deferred Taxes | ||||||
U.S. federal | ||||||
U.S. state and local | ||||||
Foreign | ||||||
Deferred Taxes | ||||||
Provision for income taxes |
Income Taxes (Details) - Sche_3
Income Taxes (Details) - Schedule of Reconciliation of the Statutory Federal Income Tax Rate - USD ($) | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Mar. 31, 2023 | Mar. 31, 2022 | |
Schedule of Reconciliation of the Statutory Federal Income Tax Rate [Line Items] | ||||||
Accounting profit/(loss) before tax (in Dollars) | $ 14,425,439 | $ (8,712,700) | $ (26,757,978) | $ (32,173,920) | $ (62,032,076) | $ (31,045,152) |
Tax using the Company’s domestic tax rate (in Dollars) | $ (13,026,736) | $ (6,519,482) | ||||
Federal statutory income tax rate | 21% | 21% | 21% | 21% | 21% | 21% |
Valuation allowance | (22.00%) | (20.00%) | ||||
Difference in tax rates | (2.00%) | (1.00%) | ||||
– Fair valuation of Warrants /convertible notes | 3% | 0% | ||||
Effective tax rate | 0% | 0% | ||||
Current Tax expense (in Dollars) | ||||||
Deferred Tax expense (in Dollars) | ||||||
Income tax expense reported in the Statement of profit and loss/Effective Tax Rate |
Income Taxes (Details) - Sche_4
Income Taxes (Details) - Schedule of Deferred Income Tax Assets and Liabilities - USD ($) | Mar. 31, 2023 | Mar. 31, 2022 |
Deferred tax assets: | ||
Net operating loss carryforwards | $ 35,315,394 | $ 26,198,432 |
Depreciation on property plant and equipment and intangible assets | 508,801 | |
Lease liability | 431,669 | 124,683 |
Others | 165,230 | |
Total deferred tax assets | 35,747,063 | 26,997,146 |
Less: Valuation allowance | (34,877,803) | (26,882,929) |
Deferred tax assets, net of valuation allowance | 869,260 | 114,217 |
Deferred tax liabilities: | ||
Right of use assets | (440,418) | (114,217) |
Depreciation on property plant and equipment and intangible assets | (342,678) | |
Others | (86,164) | |
Total deferred tax liabilities | (869,260) | (114,217) |
Net deferred tax assets |
Net Profit_(Loss) Per Share (_3
Net Profit/(Loss) Per Share (Details) - Schedule of Basic and Diluted Loss Per Share - USD ($) | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Mar. 31, 2023 | Mar. 31, 2022 | |
Schedule Of Basic And Diluted Loss Per Share Abstract | ||||||
Net income available for common shareholders (A) | $ 14,425,439 | $ (8,712,700) | $ (26,757,978) | $ (32,173,920) | $ (62,032,076) | $ (31,045,152) |
Weighted average outstanding shares of common stock (B) | 3,195,381 | 482,681 | 1,390,202 | 482,681 | 482,681 | 478,529 |
Common stock and common stock equivalents (C) | 3,195,381 | 482,681 | 1,390,202 | 482,681 | 482,681 | 478,529 |
Loss per share | ||||||
Basic (A/B) | $ (128.52) | $ (64.88) | ||||
Diluted (A/C) | $ (128.52) | $ (64.88) |
Net Profit_(Loss) Per Share (_4
Net Profit/(Loss) Per Share (Details) - Schedule of Basic Loss Per Share Diluted Net Loss Per Share - USD ($) | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Mar. 31, 2023 | Mar. 31, 2022 | |
Schedule Of Basic Loss Per Share Diluted Net Loss Per Share Abstract | ||||||
Convertible preferred stock | $ 112,660,326 | $ 112,660,326 | $ 3,201,201 | $ 3,110,345 | ||
Preferred stock warrants | 1,287,616 | 427,639 | 1,037,177 | 981,565 | ||
Stock options | 674 | 8,178,840 | 224 | 8,178,840 | 14,645 | 63,179 |
Senior subordinated convertible promissory note | 69,704 | 23,150 | 15,307 | |||
Derivative financial instruments | 18,369 | |||||
Total | $ 12,857,994 | $ 157,340,674 | $ 11,951,013 | $ 157,340,674 | $ 4,286,698 | $ 4,155,089 |
Employee Benefit Plans (Unfu_12
Employee Benefit Plans (Unfunded) (Details) - Schedule of Current and Non Current Employee Benefit Plans Obligations - Employee Benefit Plans [Member] - USD ($) | Mar. 31, 2023 | Mar. 31, 2022 |
Current | ||
Gratuity | $ 70,872 | $ 93,363 |
Compensated absences | 75,134 | 83,528 |
Current Pension and other employee obligations | 146,006 | 176,891 |
Non current | ||
Gratuity | 215,841 | 248,364 |
Compensated absences | 222,967 | 152,610 |
Non current Pension and other employee obligations | $ 438,808 | $ 400,974 |
Employee Benefit Plans (Unfu_13
Employee Benefit Plans (Unfunded) (Details) - Schedule of Gratuity - Previously Reported [Member] - USD ($) | 12 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Changes in projected benefit obligation (PBO) | ||
PBO at the beginning of the year | $ 341,727 | $ 352,630 |
Service cost | 97,679 | 105,812 |
Interest cost | 18,405 | 18,112 |
Actuarial gain | (45,373) | (51,364) |
Benefits paid | (100,528) | (70,725) |
Effect of exchange rate changes | (25,196) | (12,738) |
PBO at the end of the period | 286,714 | 341,727 |
Accrued pension liability | ||
Current liability | 70,872 | 93,363 |
Non-current liability | 215,841 | 248,364 |
Total of accrued pension liability | 286,714 | 341,727 |
Accumulated benefit obligation | $ 202,036 | $ 236,753 |
Employee Benefit Plans (Unfu_14
Employee Benefit Plans (Unfunded) (Details) - Schedule of Net Grauity Cost Recognized in Income Statement - Net gratuity cost recognized in income statement [Member] - USD ($) | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Mar. 31, 2023 | Mar. 31, 2022 | |
Employee Benefit Plans (Unfunded) (Details) - Schedule of Net Grauity Cost Recognized in Income Statement [Line Items] | ||||||
Service cost | $ 20,975 | $ 26,445 | $ 71,084 | $ 77,391 | $ 97,679 | $ 105,812 |
Interest cost | 3,748 | 4,558 | 13,541 | 14,427 | 18,405 | 18,112 |
Amortization of net actuarial (gains)/loss | (5,250) | (4,466) | (15,859) | (13,826) | (18,290) | (1,992) |
Net periodic benefit cost | $ 19,473 | $ 26,537 | $ 68,766 | $ 77,992 | $ 97,794 | $ 121,932 |
Employee Benefit Plans (Unfu_15
Employee Benefit Plans (Unfunded) (Details) - Schedule of Re-Measurement (Gains) / Losses in Other Comprehensive Income - USD ($) | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Mar. 31, 2023 | Mar. 31, 2022 | |
Schedule of Re-Measurement (Gains) / Losses in Other Comprehensive Income [Abstract] | ||||||
Actuarial gain | $ 17,989 | $ (11,097) | $ 61,594 | $ (39,247) | $ (45,373) | $ (51,364) |
Amortization loss | (5,250) | (4,466) | (15,859) | (13,826) | (18,290) | (1,992) |
Total | $ 23,239 | $ (6,631) | $ 77,453 | $ (25,421) | $ (27,083) | $ (49,372) |
Employee Benefit Plans (Unfu_16
Employee Benefit Plans (Unfunded) (Details) - Schedule of Components of Actuarial Gain - USD ($) | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Mar. 31, 2023 | Mar. 31, 2022 | |
Schedule of Components of Actuarial Gain [Abstract] | ||||||
Actuarial gain due to demographic assumption changes in defined benefit obligation | $ (3,178) | $ (6,724) | $ (2,430) | $ (9,619) | $ (11,440) | $ (7,588) |
Actuarial (gain)/ loss due to financial assumption changes in defined benefit obligation | 5,847 | 1,651 | 312 | (6,106) | (7,033) | 12,920 |
Actuarial gain due to experience on defined benefit obligation | 15,320 | (6,024) | 63,712 | (23,522) | (26,900) | (56,696) |
Total | $ 17,989 | $ (11,097) | $ 61,594 | $ (39,247) | $ (45,373) | $ (51,364) |
Employee Benefit Plans (Unfu_17
Employee Benefit Plans (Unfunded) (Details) - Schedule of Assumptions used for Grauity | Dec. 31, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | Mar. 31, 2022 | ||||
Staff [Member] | ||||||||
Schedule of Assumptions used for Grauity [Line Items] | ||||||||
Discount rate | 7.28% | 7.37% | 7.48% | 7.17% | ||||
Attrition rate | 37.96% | 36% | 35% | 31% | ||||
Rate of increase in compensation levels | 12.63% | 12.67% | 13% | 13% | ||||
Independent service provider [Member] | ||||||||
Schedule of Assumptions used for Grauity [Line Items] | ||||||||
Discount rate | 7.21% | [1] | 7.25% | [2] | 7.15% | [1] | 5.23% | [2] |
Attrition rate | 83.44% | [1] | 92% | [2] | 92% | [1] | 89% | [2] |
Rate of increase in compensation levels | 11.43% | [1] | 14.50% | [2] | 14.50% | [1] | 16.57% | [2] |
[1]Independent service providers are contract employees responsible for maintaining the fleet of the Company.[2]Independent service provider are contract employees responsible for maintaining the fleet of the Company. |
Employee Benefit Plans (Unfu_18
Employee Benefit Plans (Unfunded) (Details) - Schedule of Securities Adjusted for a Suitable Risk Premium - USD ($) | 12 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Maximum [Member] | Discount rate [Member] | ||
Schedule of Securities Adjusted for a Suitable Risk Premium [Line Items] | ||
Discount rate (- / + 1%) | $ 14,216 | $ 18,550 |
Maximum [Member] | Salary growth rate [Member] | ||
Schedule of Securities Adjusted for a Suitable Risk Premium [Line Items] | ||
Salary growth rate (- / + 1%) | 7,934 | 10,694 |
Maximum [Member] | Attrition rate [Member] | ||
Schedule of Securities Adjusted for a Suitable Risk Premium [Line Items] | ||
Attrition rate (- / + 1%) | 4,801 | 6,865 |
Maximum [Member] | Mortality rate [Member] | ||
Schedule of Securities Adjusted for a Suitable Risk Premium [Line Items] | ||
Mortality rate (- / + 10% of mortality rates) | 66 | |
Minimum [Member] | Discount rate [Member] | ||
Schedule of Securities Adjusted for a Suitable Risk Premium [Line Items] | ||
Discount rate (- / + 1%) | 12,795 | 16,404 |
Minimum [Member] | Salary growth rate [Member] | ||
Schedule of Securities Adjusted for a Suitable Risk Premium [Line Items] | ||
Salary growth rate (- / + 1%) | 8,508 | 10,626 |
Minimum [Member] | Attrition rate [Member] | ||
Schedule of Securities Adjusted for a Suitable Risk Premium [Line Items] | ||
Attrition rate (- / + 1%) | 4,551 | 6,423 |
Minimum [Member] | Mortality rate [Member] | ||
Schedule of Securities Adjusted for a Suitable Risk Premium [Line Items] | ||
Mortality rate (- / + 10% of mortality rates) | $ 51 | $ 66 |
Employee Benefit Plans (Unfu_19
Employee Benefit Plans (Unfunded) (Details) - Schedule of Securities Adjusted for a Suitable Risk Premium (Parentheticals) | 12 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Maximum [Member] | Discount rate [Member] | ||
Schedule of Securities Adjusted for a Suitable Risk Premium [Line Items] | ||
Discount rate. | 1% | 1% |
Maximum [Member] | Salary growth rate [Member] | ||
Schedule of Securities Adjusted for a Suitable Risk Premium [Line Items] | ||
Salary growth rate. | 1% | 1% |
Maximum [Member] | Attrition rate [Member] | ||
Schedule of Securities Adjusted for a Suitable Risk Premium [Line Items] | ||
Attrition rate | 1% | 1% |
Minimum [Member] | Discount rate [Member] | ||
Schedule of Securities Adjusted for a Suitable Risk Premium [Line Items] | ||
Discount rate. | 1% | 1% |
Minimum [Member] | Salary growth rate [Member] | ||
Schedule of Securities Adjusted for a Suitable Risk Premium [Line Items] | ||
Salary growth rate. | 1% | 1% |
Minimum [Member] | Attrition rate [Member] | ||
Schedule of Securities Adjusted for a Suitable Risk Premium [Line Items] | ||
Attrition rate | 1% | 1% |
Employee Benefit Plans (Unfu_20
Employee Benefit Plans (Unfunded) (Details) - Schedule of Discount Rates Current Market Yields on Government Securities - USD ($) | Dec. 31, 2023 | Mar. 31, 2023 |
Schedule of Discount Rates Current Market Yields on Government Securities [Abstract] | ||
2024 | $ 70,872 | $ 22,838 |
2025 | 33,640 | 81,162 |
2026 | 20,168 | 45,550 |
2027 | 16,406 | 28,756 |
2028 | 9,927 | 21,252 |
Thereafter | 135,701 | 152,981 |
Total | $ 286,714 | $ 352,539 |
Employee Benefit Plans (Unfu_21
Employee Benefit Plans (Unfunded) (Details) - Schedule of Assumptions Used in Accounting for Compensated Absences | Mar. 31, 2023 | Mar. 31, 2022 |
Schedule of Assumptions Used in Accounting for Compensated Absences [Line Items] | ||
Discount rate | 7.37% | 7.17% |
Attrition rate | 36% | 31% |
Rate of compensation increase | 12.67% | 13% |
Stock-Based Compensation Expe_8
Stock-Based Compensation Expense (Details) - Schedule of Stock-Based Compensation Expense - USD ($) | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Mar. 31, 2023 | Mar. 31, 2022 | |
Schedule of Stock-Based Compensation Expense [Line Items] | ||||||
Cost of revenue | $ 51,848 | $ 60,783 | $ 134,883 | $ 574,846 | $ 575,662 | $ 732,792 |
Technology and development | 341,370 | 77,044 | ||||
Marketing expenses | 117,070 | 93,467 | 182,017 | 358,840 | 58,822 | 344,130 |
General and administrative expenses | 1,096,910 | 338,885 | 1,566,833 | 2,198,783 | 2,634,244 | 2,725,652 |
Total stock-based compensation expense | $ 1,265,828 | $ 493,135 | $ 1,883,733 | $ 3,132,468 | $ 3,610,097 | $ 3,879,618 |
Stock-Based Compensation Expe_9
Stock-Based Compensation Expense (Details) - Schedule of Fair Value of Options Granted Estimated Grant Option-Pricing - $ / shares | 9 Months Ended | 12 Months Ended | |
Dec. 31, 2023 | Mar. 31, 2023 | Mar. 31, 2022 | |
Schedule of Fair Value of Options Granted Estimated Grant Option-Pricing [Line Items] | |||
Dividend yield | 0% | 0% | |
Expected volatility | 60% | ||
Exercise price (in Dollars per share) | $ 2.2 | $ 2.2 | |
Attrition rate | 30% | 30% | 30% |
Minimum [Member] | |||
Schedule of Fair Value of Options Granted Estimated Grant Option-Pricing [Line Items] | |||
Expected volatility | 50% | 50% | |
Risk-free interest rate | 1.17% | 2.39% | 0.63% |
Exercise price (in Dollars per share) | $ 0.06 | ||
Expected life (in years) | 5 years 6 months | 5 years 6 months | 5 years 6 months |
Maximum [Member] | |||
Schedule of Fair Value of Options Granted Estimated Grant Option-Pricing [Line Items] | |||
Expected volatility | 60% | 60% | |
Risk-free interest rate | 1.67% | 2.81% | 3.29% |
Exercise price (in Dollars per share) | $ 2.2 | ||
Expected life (in years) | 7 years | 7 years | 7 years |
Stock-Based Compensation Exp_10
Stock-Based Compensation Expense (Details) - Schedule of Stock-Based Options Outstanding and Weighted Average Exercise Price - 2012 Equity Incentive Plan [Member] - $ / shares | 9 Months Ended | 12 Months Ended | ||||
Dec. 31, 2023 | Dec. 31, 2022 | Mar. 31, 2023 | Mar. 31, 2022 | |||
Stock-Based Compensation Expense (Details) - Schedule of Stock-Based Options Outstanding and Weighted Average Exercise Price [Line Items] | ||||||
No. of options, outstanding at the beginning of the year | 16,258,113 | 16,081,481 | 16,081,481 | 4,438,990 | ||
Weighted average exercise price, outstanding at the beginning of the year | $ 1.82 | $ 1.78 | $ 1.78 | |||
No. of options, granted | 1,873,500 | 1,873,500 | 12,656,600 | |||
Weighted average exercise price, granted | $ 2.2 | $ 2.2 | ||||
No. of options, forfeited | (730,460) | (955,712) | (1,696,868) | (865,798) | ||
Weighted average exercise price, forfeited | $ 1.81 | $ 1.72 | $ 1.78 | |||
No. of options, cancelled | (14,808,486) | [1] | [1] | (148,311) | ||
Weighted average exercise price, cancelled | [1] | [1] | ||||
No. of options, outstanding at the end of the period | 16,999,269 | 16,258,113 | 16,081,481 | |||
Weighted average exercise price, outstanding at the end of the period | $ 1.83 | $ 1.82 | $ 1.78 | |||
No. of options, exercisable at the end of the period | 8,395,132 | 9,152,861 | 3,736,654 | |||
Weighted average exercise price, exercisable at the end of the period | $ 1.46 | $ 1.54 | ||||
No. of options, unvested at the end of the period | 8,604,137 | 7,105,252 | 12,344,827 | |||
Weighted average exercise price, unvested at the end of the period | $ 2.19 | $ 2.2 | ||||
Weighted Average [Member] | ||||||
Stock-Based Compensation Expense (Details) - Schedule of Stock-Based Options Outstanding and Weighted Average Exercise Price [Line Items] | ||||||
Weighted average exercise price, outstanding at the beginning of the year | $ 1.8 | $ 1.8 | $ 0.56 | |||
Weighted average exercise price, granted | 2.2 | |||||
Weighted average exercise price, forfeited | 1.54 | |||||
Weighted average exercise price, cancelled | 0.32 | |||||
Weighted average exercise price, outstanding at the end of the period | 1.8 | |||||
Weighted average exercise price, exercisable at the end of the period | 0.54 | |||||
Weighted average exercise price, unvested at the end of the period | $ 2.18 | |||||
[1]During the nine months ended December 31, 2023, in relation to the Reverse Recapitalization transaction, Zoomcar, Inc. has cancelled 14,808,486 outstanding options, the unrecognized cost of $1,265,828 related to the cancelled options was immediately recognized in the unaudited Condensed Consolidated Statement of Operation. Further, the Company has assumed 719,167 options of Zoomcar, Inc. at the Exchange Ratio of 0.0284 resulting in 20,435 options which is outstanding under the 2023 Incentive Plan. |
Stock-Based Compensation Exp_11
Stock-Based Compensation Expense (Details) - Schedule of Weighted Average Grant Date Fair Value of Stock Options Granted | 9 Months Ended | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Mar. 31, 2023 | Mar. 31, 2022 | |
Schedule of Weighted Average Grant Date Fair Value of Stock Options Granted [Line Items] | ||||
Vested options | 6 years 8 months 8 days | 6 years 8 months 1 day | 4 years 11 months 4 days | |
Unvested options | 8 years 9 months 3 days | 8 years 5 months 26 days | 9 years 4 months 13 days |
Related Party Transactions (D_3
Related Party Transactions (Details) - Schedule of Transactions with Related Parties - USD ($) | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Mar. 31, 2023 | Mar. 31, 2022 | |
Related Party Transaction [Line Items] | ||||||
Interest Expense | $ 110,714 | $ 64,844 | ||||
Interest income | $ 3,451 | $ 21,737 | $ 53,395 | $ 48,481 | 459,804 | 457,428 |
Mahindra & Mahindra Financial Services Limited [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Interest Expense | 12,427 | 10,674 | 38,203 | 79,081 | ||
Interest income | 5,548 | 2,393 | 11,224 | 12,122 | 16,860 | 15,804 |
Debt – principal repayment | 66,525 | 48,608 | 119,576 | 206,116 | 2,379,531 | 251,700 |
Debt – foreclosure charges | (16,899) | 153 | 1,090,929 | 95,120 | 1,123,384 | |
Mahindra First Choice Wheels Ltd [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Proceeds from sale of property and equipment | (430,884) | 3,234,501 | 3,388,479 | 3,187,157 | ||
Advance received for sale of property and equipment | 124,403 | 3,327,732 | ||||
Mahindra First Choice Wheels (MH) [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Legal Fees | $ 74 | $ (674) | 2,943 | 668 | ||
Mahindra & Mahindra Ltd [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Balances written off | 17,291 | |||||
Mahindra And Mahindra Financial Service Limited [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Advance received for sale of property and equipment | 7,447 | |||||
Mahindra Electric Mobility Ltd [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Advance received for sale of property and equipment | $ 3,277 |
Related Party Transactions (D_4
Related Party Transactions (Details) - Schedule of Outstanding Balances with Related Parties - USD ($) | Jun. 30, 2024 | Mar. 31, 2024 | Mar. 31, 2023 | Mar. 31, 2022 |
Related Party Transactions (Details) - Schedule of Outstanding Balances with Related Parties [Line Items] | ||||
Payable to director (net) | $ 127,292 | $ 107,397 | $ 104,712 | $ 220,365 |
Outstanding balances with related parties | 1,351,753 | 6,210,860 | ||
Debt (non-current and current maturities) [Member] | ||||
Related Party Transactions (Details) - Schedule of Outstanding Balances with Related Parties [Line Items] | ||||
Debt (non-current and current maturities) | 1,054,887 | 2,620,321 | ||
Fixed deposits (including interest accrued) [Member] | ||||
Related Party Transactions (Details) - Schedule of Outstanding Balances with Related Parties [Line Items] | ||||
Fixed deposits (including interest accrued) | 262,117 | 276,400 | ||
Advance received for sale of property and equipment [Member] | ||||
Related Party Transactions (Details) - Schedule of Outstanding Balances with Related Parties [Line Items] | ||||
Advance received for sale of property and equipment | 15,067 | 3,266,108 | ||
Advance to director (net) [Member] | ||||
Related Party Transactions (Details) - Schedule of Outstanding Balances with Related Parties [Line Items] | ||||
Advance to director (net) | 19,682 | |||
Payable to director (net) [Member] | ||||
Related Party Transactions (Details) - Schedule of Outstanding Balances with Related Parties [Line Items] | ||||
Payable to director (net) | $ 48,031 |
Variable Interest Entities (D_3
Variable Interest Entities (Details) - Schedule of Summarizes Assets and Liabilities - Variable Interest Entities [Member] - USD ($) | Dec. 31, 2023 | Mar. 31, 2023 | Mar. 31, 2022 |
Assets | |||
Cash and Cash equivalents | $ 26,159 | $ 50,498 | $ 122,489 |
Accounts receivable | 9,351 | 100,691 | 7,500 |
Other current assets | 18,428 | 9,793 | |
Property and equipment, net | 147,579 | 22,664 | |
Intangible assets, net | 4,125 | 11,900 | 20,837 |
Long term Investments | 4,204 | 4,347 | 239,784 |
Receivable from government authorities -non current | 14,939 | 51,838 | 13,369 |
Liabilities | |||
Accounts payable | 387,805 | 417,884 | 450,746 |
Contract Liabilities | 8,267 | 11,912 | 3,399 |
Other current liabilities | 201,366 | 370,831 | 168,151 |
Pension and other employee obligations | $ 3,353 | $ 6,540 |
Variable Interest Entities (D_4
Variable Interest Entities (Details) - Schedule of Investment | 9 Months Ended | 12 Months Ended | ||
Dec. 31, 2023 | Mar. 31, 2023 | |||
Zoomcar Egypt Car Rental LLC [Member] | ||||
Schedule of Investment [Line Items] | ||||
Place of incorporation | Egypt | Egypt | ||
Nature of investment | Debt | Debt | ||
Investor entity | Zoomcar Netherlands Holding B.V | Zoomcar Netherlands Holding B.V | ||
Zoomcar Egypt Car Rental LLC One [Member] | ||||
Schedule of Investment [Line Items] | ||||
Place of incorporation | Egypt | Egypt | ||
Nature of investment | Debt | Debt | ||
Investor entity | Zoomcar Inc. | Zoomcar Inc. | ||
Fleet Mobility Philippines Corporation [Member] | ||||
Schedule of Investment [Line Items] | ||||
Place of incorporation | Philippines | [1] | Philippines | [2] |
Nature of investment | Debt | [1] | Debt | [2] |
Investor entity | Zoomcar Inc. | [1] | Zoomcar Inc. | [2] |
PT Zoomcar Indonesia Mobility Service [Member] | ||||
Schedule of Investment [Line Items] | ||||
Place of incorporation | Indonesia | [3] | Indonesia | [4] |
Nature of investment | Equity | [3] | Equity | [4] |
Investor entity | Fleet Holding Pte Ltd | [3] | Fleet Holding Pte Ltd | [4] |
PT Zoomcar Indonesia Mobility Service One [Member] | ||||
Schedule of Investment [Line Items] | ||||
Place of incorporation | Indonesia | [3] | Indonesia | [4] |
Nature of investment | Debt | [3] | Debt | [4] |
Investor entity | Zoomcar Inc. | [3] | Zoomcar Inc. | [4] |
Zoomcar Vietnam Mobility LLC [Member] | ||||
Schedule of Investment [Line Items] | ||||
Place of incorporation | Vietnam | [5] | Vietnam | |
Nature of investment | Debt | [5] | Debt | |
Investor entity | Fleet Holding Pte Ltd | [5] | Fleet Holding Pte Ltd | |
Zoomcar Vietnam Mobility LLC One [Member] | ||||
Schedule of Investment [Line Items] | ||||
Place of incorporation | Vietnam | [5] | Vietnam | |
Nature of investment | Debt | [5] | Debt | |
Investor entity | Zoomcar Inc. | [5] | Zoomcar Inc. | |
Zoomcar Vietnam Mobility LLC Two [Member] | ||||
Schedule of Investment [Line Items] | ||||
Place of incorporation | Vietnam | [5] | Vietnam | |
Nature of investment | Equity | [5] | Equity | |
Investor entity | Fleet Holding Pte Ltd | [5] | Fleet Holding Pte Ltd | |
[1]In May 2022, Company had initiated the process of winding-up for Fleet Mobility Philippines Corporation. The assets consolidated for the VIE are not material.[2]In May 2022, Company had initiated the process of winding-up for Fleet Mobility Philippines Corporation. Therefore, Company has written off the investment made in the VIE since the Company do not expect to recover the amount. The assets consolidated for the VIE are not material.[3]As of March 31, 2022, Fleet Holding Pte Ltd. was consolidated under VIE model as it does not have enough equity to finance its activities to operate the business. During the year ended March 31, 2023, Fleet Holding Pte Ltd. has made equity investment in PT Zoomcar Indonesia Mobility Service, and as a result, the entity has sufficient equity at risk to operate the business. Therefore, PT Zoomcar Indonesia Mobility Service has been consolidated as a voting interest entity as at March 31, 2023 and not as a VIE.[4]As of March 31, 2022, Fleet Holding Pte Ltd. was consolidated under VIE model as it does not have enough equity to finance its activities to operate the business. During the year ended March 31, 2023, Fleet Holding Pte Ltd. has made equity investment in PT Zoomcar Indonesia Mobility Service, and as a result, the entity has sufficient equity at risk to operate the business. Therefore, PT Zoomcar Indonesia Mobility Service has been consolidated as a voting interest entity as at March 31, 2023 and not as a VIE.[5]In August 2023, Zoomcar Vietnam Mobility LLC has filed for bankruptcy with the local authorities. In accordance with ASC 810-10-15-10, the Company consolidate the VIE as the bankruptcy application is pending with the authorities in Vietnam and unless the application is admitted, the Company holds a variable interest and still is the primary beneficiary. The assets/liabilities consolidated for the VIE are not material. |
Financial Instruments___Fair Va
Financial Instruments — Fair Value Measurements (Details) - Schedule of Financial Instruments Not Carried at Fair Value - USD ($) | Dec. 31, 2023 | Mar. 31, 2023 | Mar. 31, 2022 |
Financial assets | |||
Cash and cash equivalents | $ 6,281,374 | $ 3,853,281 | $ 26,783,791 |
Accounts receivable | 290,871 | 255,175 | 204,198 |
Receivable from government authorities | 4,232,229 | 4,211,143 | 4,649,100 |
Long term investments | 319,401 | 254,032 | 399,806 |
Other financial assets | 965,318 | 887,440 | 1,214,925 |
Total assets | 12,089,193 | 9,461,071 | 33,251,819 |
Financial liabilities | |||
Accounts payable | 14,179,685 | 6,547,978 | 6,318,686 |
Debt | 4,418,400 | 5,509,948 | 12,248,554 |
Other financial liabilities | 1,516,260 | 1,349,393 | 1,618,840 |
Total liabilities | $ 20,114,345 | $ 13,407,319 | $ 20,186,080 |
Financial Instruments___Fair _2
Financial Instruments — Fair Value Measurements (Details) - Schedule of Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis - USD ($) | Dec. 31, 2023 | Mar. 31, 2023 | Mar. 31, 2022 |
Assets: | |||
Assets held for sale | $ 656,885 | $ 923,176 | $ 4,298,419 |
Liabilities: | |||
Preferred stock warrant liability | 1,190,691 | 1,610,938 | |
Convertible promissory note | 10,944,727 | ||
Senior subordinated convertible promissory note | 17,422,132 | ||
Derivative financial instrument | 14,373,856 | ||
Level 1 [Member] | |||
Assets: | |||
Assets held for sale | |||
Liabilities: | |||
Preferred stock warrant liability | |||
Convertible promissory note | |||
Senior subordinated convertible promissory note | |||
Derivative financial instrument | |||
Level 2 [Member] | |||
Assets: | |||
Assets held for sale | 656,885 | 923,176 | 4,298,419 |
Liabilities: | |||
Preferred stock warrant liability | |||
Convertible promissory note | |||
Senior subordinated convertible promissory note | |||
Derivative financial instrument | |||
Level 3 [Member] | |||
Assets: | |||
Assets held for sale | |||
Liabilities: | |||
Preferred stock warrant liability | 1,190,691 | $ 1,610,938 | |
Convertible promissory note | 10,944,727 | ||
Senior subordinated convertible promissory note | 17,422,132 | ||
Derivative financial instrument | $ 14,373,856 |
Financial Instruments___Fair _3
Financial Instruments — Fair Value Measurements (Details) - Schedule of Warrant Liability and Derivative Financial Instrument - Warrant [Member] - $ / shares | 9 Months Ended | 12 Months Ended | ||||||
Dec. 28, 2023 | Mar. 31, 2023 | Mar. 31, 2023 | Mar. 31, 2022 | |||||
Schedule of Warrant Liability and Derivative Financial Instrument [Line Items] | ||||||||
Remaining term (years) | 5 years | 5 years 2 months 12 days | 5 years 2 months 15 days | 5 years 11 months 1 day | ||||
Volatility | 55% | [1] | 53% | [1] | 53% | [2] | 55% | [2] |
Risk-free rate | 3.80% | [3] | 3.60% | [3] | 3.60% | [4] | 2.40% | [4] |
Estimated exercise price | $ 3 | |||||||
Calculated fair value per share | $ 3.7 | $ 10.7 | $ 10.7 | $ 1.8 | ||||
Minimum [Member] | ||||||||
Schedule of Warrant Liability and Derivative Financial Instrument [Line Items] | ||||||||
Estimated exercise price | 0.23 | 0.23 | 2.5 | |||||
Maximum [Member] | ||||||||
Schedule of Warrant Liability and Derivative Financial Instrument [Line Items] | ||||||||
Estimated exercise price | $ 5 | $ 5 | $ 3.5 | |||||
[1]Expected volatility is based upon the historical volatility of a peer group of publicly traded companies.[2]Expected volatility is based upon the historical volatility of a peer group of publicly traded companies.[3]The risk-free rate for the expected term of the warrant is based on U.S. Treasury constant maturities yield at measurement date.[4]The risk-free rate for the expected term of the warrant is based on U.S. Treasury constant maturities yield at measurement date |
Financial Instruments___Fair _4
Financial Instruments — Fair Value Measurements (Details) - Schedule of Model Valuation Assumptions | 12 Months Ended | |
Mar. 31, 2023 $ / shares | ||
Convertible Promissory Note [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Remaining term (years) | 2 months 15 days | |
Volatility | 34% | [1] |
Risk-free rate | 4.80% | [2] |
Estimated conversion price | $ 10 | |
Calculated fair value per share | $ 10.7 | |
Senior Subordinated Convertible Promissory Note [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Remaining term (years) | 2 months 15 days | |
Volatility | 34% | [1] |
Risk-free rate | 4.80% | [2] |
Estimated conversion price | $ 5 | |
Calculated fair value per share | $ 10.7 | |
[1]Expected volatility is based upon the historical volatility of a peer group of publicly traded companies.[2]The risk-free rate for the expected term of the warrant is based on U.S. Treasury constant maturities yield at measurement date. |
Financial Instruments___Fair _5
Financial Instruments — Fair Value Measurements (Details) - Schedule of Changes in the Fair Value - Fair Value [Member] - USD ($) | 12 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Preferred stock warrant liability [Member] | ||
Schedule of Changes in the Fair Value [Line Items] | ||
Balance at Beginning | $ 1,610,938 | $ 494,807 |
Balance at Ending | 1,190,691 | 1,610,938 |
Issue of convertible preferred stock warrant | 660,866 | |
Issue of convertible promissory note | ||
Issue of senior subordinated convertible promissory note and warrants | ||
Change in fair value of convertible preferred stock warrant | (420,245) | 455,265 |
Change in fair value of convertible promissory note | ||
Change in fair value of SSCPN | ||
Change in fair value of derivative financial instrument | ||
Convertible promissory note [Member] | ||
Schedule of Changes in the Fair Value [Line Items] | ||
Balance at Beginning | ||
Balance at Ending | 10,944,727 | |
Issue of convertible preferred stock warrant | ||
Issue of convertible promissory note | 10,000,000 | |
Issue of senior subordinated convertible promissory note and warrants | ||
Change in fair value of convertible preferred stock warrant | ||
Change in fair value of convertible promissory note | 944,727 | |
Change in fair value of SSCPN | ||
Change in fair value of derivative financial instrument | ||
Senior subordinated convertible promissory note [Member] | ||
Schedule of Changes in the Fair Value [Line Items] | ||
Balance at Beginning | ||
Balance at Ending | 17,422,131 | |
Issue of convertible preferred stock warrant | ||
Issue of convertible promissory note | ||
Issue of senior subordinated convertible promissory note and warrants | 8,109,954 | |
Change in fair value of convertible preferred stock warrant | ||
Change in fair value of convertible promissory note | ||
Change in fair value of SSCPN | 9,312,177 | |
Change in fair value of derivative financial instrument | ||
Derivative financial instrument[ Member] | ||
Schedule of Changes in the Fair Value [Line Items] | ||
Balance at Beginning | ||
Balance at Ending | 14,373,856 | |
Issue of convertible preferred stock warrant | ||
Issue of convertible promissory note | ||
Issue of senior subordinated convertible promissory note and warrants | ||
Change in fair value of convertible preferred stock warrant | ||
Change in fair value of convertible promissory note | ||
Change in fair value of SSCPN | ||
Change in fair value of derivative financial instrument | $ 14,373,856 |
Derivative Financial Instrume_4
Derivative Financial Instrument (Details) - Schedule of Fair Value of Derivative Liabilities - USD ($) | 12 Months Ended | ||
Mar. 31, 2023 | Dec. 31, 2023 | Mar. 31, 2022 | |
Schedule of Fair Value of Derivative Liabilities [Line Items] | |||
Fair Value | $ 14,373,856 | ||
Warrants issued against SSCPN [Member] | |||
Schedule of Fair Value of Derivative Liabilities [Line Items] | |||
Balance Sheet Location | Derivative financial instrument | ||
Fair Value | $ 11,978,213 | ||
Warrants issued to Placement agent [Member] | |||
Schedule of Fair Value of Derivative Liabilities [Line Items] | |||
Fair Value | $ 2,395,643 |