ZCAR Zoomcar Holdings Inc

Zoomcar Holdings, Inc. (“Zoomcar” or the “Company”) (Nasdaq: ZCAR), the leading marketplace for car sharing in emerging markets, which recently went public on the NASDAQ, today announced a strategic partnership with SPARKCARS, a pioneering EV self-drive rental company, to further India's electric vehicle (EV) revolution. As the region’s rental market continues to evolve, this partnership aims to help increase the supply of EV cars available for self-drive to meet the growing needs of convenient and independent travel, and also demonstrates a strategic move to increase awareness of higher economic value to EV hosts in the burgeoning rental economy.

With a commitment to rapid expansion, Zoomcar and SPARKCARS plan to introduce over 1,000 electric vehicles to Zoomcar's platform across India within the next two years. These additions will include popular models such as the TATA Nexon, Mahindra XUV 400, Citroen eC3, and others, offering users a diverse array of eco-friendly options for mobility needs. Unlike hosts who offer vehicles with conventional Internal Combustion Engines (ICE), hosts providing EV rentals yield a higher economic benefit by capitalizing on high-demand, special pricing and low operating costs due to minimal maintenance requirements. These EVs can be easily booked directly on the Zoomcar app without any security deposit or KM limit.

As India grapples with the urgent need to address environmental challenges and reduce dependency on fossil fuels, Zoomcar and SPARKCARS are proud to lead the charge towards a more sustainable transportation ecosystem. United by a shared vision to tackle infrastructure challenges, increase EV adoption and cultivate a vibrant EV community, this collaboration marks a significant milestone in India's journey towards sustainable transportation solutions.

“In response to the government’s growing focus on boosting the EV ecosystem, we are proud to grow in the same direction facilitating this evolution together with SPARKCARS to foster a cleaner, greener future,” said Greg Moran, CEO and Co-Founder Zoomcar. “We are not just adding EVs to our platform; we are empowering our guests with a variety of sustainable choices and opening the doors to disproportionate economic value that EV hosts can earn as compared to ICE.”

Mehul Agrawal, CEO and Co-Founder SPARKCARS said “We have been working towards fulfilling our vision of enabling a sustainable mobility transition in India for quite some time. Together with a market leader like Zoomcar, we are now more confident in our shared abilities to achieve this goal at a much faster pace, aligning seamlessly with India’s climate commitments and the Prime Minister’s Mission Life initiative.”

To commemorate the beginning of this transformative partnership, Zoomcar and SPARKCARS co-delivered their first guest booking in the presence of Adarsh Menon, President Zoomcar and Mehul Agrawal, co-founder of SPARKCARS.

Their first guest, Mr. Keshav Soni added, “As a staunch advocate for electric vehicles and a believer in the self-drive rental model, I'm ecstatic to be the first to experience the synergy between Zoomcar and Sparkcars. Not owning a car myself, this partnership aligns perfectly with my values of sustainability and convenience, offering me the freedom to explore without the burden of ownership. I'm proud to support initiatives that pave the way for a greener, more accessible future of transportation.”

About Zoomcar

Founded in 2013 and headquartered in Bengaluru, India, Zoomcar is a leading marketplace for car sharing focused on emerging markets. The Zoomcar community connects hosts with guests, who choose from a selection of cars for use at affordable prices, promoting sustainable, smart transportation solutions in growing markets.

About SPARKCARS

Established in 2022, SPARKCARS is India's first self-drive EV rentals, dedicated to democratizing sustainable mobility in the country. With a focus on accessibility and environmental stewardship, SPARKCARS empowers individuals to embrace a cleaner transition while enjoying the convenience and freedom of self-driven travel.

Forward-looking Statements

This press release may contain forward-looking statements about our plans, efforts, projections, goals, commitments, expectations, or prospects related to our partnership with SPARKCARS. These forward-looking statements reflect our management's current expectations for this alliance and these statements entail significant risk and uncertainty. To identify these forward-looking statements, we use terms such as "may," "will," "should," "expect," "anticipate," "project," "estimate," "intend," "continue," "broaden" or "believe," "encourage," or the negatives thereof, as well as other variations or comparable terminology. We ask that you read statements that contain these terms carefully because we believe this information is important for our investors and customers. Any forward-looking statement in this press release refers solely to what is accurate as of the day it is issued. The actual results and outcomes may materially differ due to various factors or events beyond our control which we may not be foreseeable at all times. We cannot guarantee or assure any plan, initiative, projection, goal, commitment, expectation, or prospect set forth in this press release can or will be achieved. We are not obligated to publicly update or alter any forward-looking statements based on new information or future events, unless required by law.

Media Contacts:

Gateway Group, Inc. (U.S.)ZCAR@gateway-grp.com (949) 574-3860

Zoomcar Surabi Shetty surabi.shetty@zoomcar.com