Zoomcar Holdings reported revenue of $9.9M for FY2024, representing a 12% YoY increase, while net loss improved to $34.3M from $62.0M in FY2023. The peer-to-peer car sharing platform recorded a decline in operational metrics, with booking days down 18% YoY to 670K and gross booking value dropping 19% YoY to $26.7M. The company maintained operations in 99 Indian cities after withdrawing from international markets.Significant leadership changes occurred with CEO Greg Moran's termination in June 2024 and CFO Geiv Dubash's resignation in April 2024, replaced by interim appointments. The company completed a SPAC merger with IOAC in December 2023 and implemented new corporate governance policies, including the establishment of an audit committee and insider trading policies.The company faces critical financial challenges, receiving a going concern warning due to cash deficiency with only $1.5M in cash reserves as of March 2024. Multiple loan defaults and Nasdaq deficiency notices regarding independent director requirements, minimum bid price, and market value threaten its stability. The company raised $3M through convertible notes in June 2024 but requires additional capital to sustain operations beyond November 2024.

Zoomcar Holdings reported revenue of $9.9M for FY2024, representing a 12% YoY increase, while net loss improved to $34.3M from $62.0M in FY2023. The peer-to-peer car sharing platform recorded a decline in operational metrics, with booking days down 18% YoY to 670K and gross booking value dropping 19% YoY to $26.7M. The company maintained operations in 99 Indian cities after withdrawing from international markets.Significant leadership changes occurred with CEO Greg Moran's termination in June 2024 and CFO Geiv Dubash's resignation in April 2024, replaced by interim appointments. The company completed a SPAC merger with IOAC in December 2023 and implemented new corporate governance policies, including the establishment of an audit committee and insider trading policies.The company faces critical financial challenges, receiving a going concern warning due to cash deficiency with only $1.5M in cash reserves as of March 2024. Multiple loan defaults and Nasdaq deficiency notices regarding independent director requirements, minimum bid price, and market value threaten its stability. The company raised $3M through convertible notes in June 2024 but requires additional capital to sustain operations beyond November 2024.