BENGALURU, India, Oct. 16, 2024 /PRNewswire/ -- Zoomcar Holdings, Inc. ("Zoomcar" or the "Company") (NASDAQ: ZCAR), the NASDAQ-listed leading marketplace for self-drive car sharing, hit a major milestone in the debt restructuring process that is aimed at reducing the company's debt obligations of approximately $31 MM out of the total outstanding debt ("debt" and "payables") as on June 30, 2024.

Zoomcar has successfully negotiated with lenders and vendors who approximately owe 75% of the immediately payable debt. These debts have been either converted into a deferred payment schedule of up to 24 months or reduced payout of up to half the outstanding amount in a short term. The company expects to complete the entire exercise by the end of November 2024 to reduce the immediate cash outflow. This will enable Zoomcar to further invest in strategic initiatives to provide long term sustainability and value for all its stakeholders.

"Zoomcar's business fundamentals are strong, and this debt restructuring is an important step towards positioning the company for long-term success. We are very grateful to all our partners who have stood by us and supported us in our debt restructuring endeavor showcasing their commitment towards our growth. Our focus remains on sustainable growth and fulfilling our financial obligations, which is key to maintaining trust with our partners and customers," said Hiroshi Nishijima, CEO of Zoomcar.

Zoomcar continues to build on its market leadership by enhancing customer experience, expanding its vehicle fleet, and driving technological innovations. With these ongoing initiatives and a clear path toward financial stability, Zoomcar believes they are well-positioned to accelerate its growth trajectory.

About Zoomcar

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

Forward Looking Statement:

This press release includes "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, including with respect to the Company's ability to execute on its strategic plans and improve profitability and liquidity. Such forward-looking statements are based on assumptions about many important factors, including risks identified in the Company's most recent filing on Form 10-K and other SEC filings, all of which are available on the Company's website. These statements may entail significant risk and uncertainty. Any forward-looking statement in this press release refers solely to what is accurate as of the day it is issued or based on assumptions that Zoomcar believes to be reasonable. The actual results and outcomes may materially differ due to various factors or events beyond our control which we may not be foreseeable at all times. We cannot guarantee or assure any plan, initiative, projection, goal, commitment, expectation, or prospect set forth in this press release can or will be achieved. We undertake no obligation to alter or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, save and except as required by law.

Press Contact:

• Akarshit Gulati: [email protected]

• Bhagyashree Rewatkar: [email protected]

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SOURCE Zoomcar Holdings, Inc.