Zoomcar Holdings, Inc. reported net revenue of $9.11 million for the fiscal year ended March 31, 2025, a decrease of 8% compared to $9.90 million in the previous fiscal year. The decline in revenue was attributed to a reduction in the average rate per hour, despite an increase in the number of bookings and booking days. The company's net loss for the year was $25.62 million, compared to a net loss of $34.28 million for the year ended March 31, 2024. This improvement in net loss was primarily due to cost reduction and optimization initiatives.
Key operational metrics included approximately 678,708 booking days and a gross booking value (GBV) of $25.28 million. The number of registered host vehicles on the platform was approximately 40,221, with approximately 4.04 million active guests. The company ceased operations in Vietnam in 2023, and in Indonesia and Egypt in 2024, to concentrate resources in India. As of March 31, 2025, nearly half of the company's full-time employees were employed as technical staff.
Strategic developments included a shift towards an asset-light business model focused on a digital platform for peer-to-peer car sharing. The company's common stock and public warrants commenced trading on the OTC Markets Group trading platform on May 8, 2025, following delisting from the Nasdaq Global Market. The company has applied for trading on the OTCQX Best Market for its common stock and on the OTCQB Venture Market for its public warrants.
The company faces significant challenges, including a history of operating losses and negative cash flow, defaults under current indebtedness, and the need to raise additional capital. Management believes that the current cash and cash equivalents will allow the company to continue operations through July 31, 2025, assuming no payments are made on outstanding indebtedness. The company is also in the process of remediating identified material weaknesses in its internal controls. The company's future success depends on its ability to retain and attract hosts and guests, introduce new platform features, and manage competition.
About Zoomcar Holdings, Inc.
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