Zoomcar Holdings, Inc. - ZCAR STOCK NEWS

Zoomcar (NASDAQ: ZCAR), India's leading car-sharing marketplace, has reported its highest-ever unaudited monthly contribution profit of $494,506 in December 2024, sufficient to cover its India operational costs. The company experienced a 17% growth in bookings compared to December 2023.

Financial performance highlights include a contribution profit of $0.46 million (20%) in Q1 2024-25, up from a loss of $1.2 million (-45%) in Q1 2023-24, and a record quarterly contribution profit of $1.21 million (54% of revenue) in Q2 2024-25, improved from a loss of $0.12 million (-5%) in Q2 2023-24. This marks four consecutive quarters of contribution profit improvement.

The company attributes this success to focusing on customer experience, which has led to increased repeat bookings and improved Host retention while minimizing marketing and discount expenses.

Zoomcar (NASDAQ: ZCAR) reported a 43% year-on-year growth in bookings for November 2024, primarily driven by increased wedding season demand in India. The company has revamped its website booking experience to match its mobile app's convenience, introducing new features including offer sections, curated car lists, guest stories, and city pages with local travel options. The enhanced platform now provides real car images, ratings, and reviews, featuring an updated design and cleaner homepage for better navigation. Zoomcar has reported significant profitability improvements over the last two quarterly reports, and this website enhancement represents a strategic investment to meet growing customer demand.

Zoomcar Holdings (NASDAQ: ZCAR) has launched Zoomcar Cabs, a pilot program in Bengaluru offering commercial cars with professional drivers. This expansion beyond self-drive services comes after significant profitability improvements in the last 6 months. The new service allows customers to select specific car models, view ratings, and book vehicles for periods ranging from 2 hours to over 30 days.

Unlike traditional cab services that only offer broad vehicle categories, Zoomcar's AI technology enables detailed car selection, including year make, age, and boot space preferences. Users can manage their entire journey through a single app, with full control over routes and stops. The company plans to expand to other cities in 2025 based on the pilot's success.

Zoomcar (NASDAQ: ZCAR) has launched Zoomcar Subscription, a new long-term car sharing service offering discounted daily rates for extended bookings ranging from 7 to 30+ days. The service, accessible through the Zoomcar App, provides flexible booking options with no restrictions on hours or kilometers per day. This initiative expands beyond Zoomcar's current hourly pricing model for short-term rentals, responding to increased customer demand for longer duration options. The subscription service features customizable packages, quality vehicle selection, and priority customer support, targeting users seeking alternatives to car ownership, including those relocating, on extended business trips, or requiring long-term commuting solutions.

Zoomcar (NASDAQ: ZCAR) reported improved Q2 2024 financial results, with contribution profit reaching $1.21 million (54% of revenue), up from a loss of $0.12 million in Q2 2023. Bookings increased 7% to 105,160, driven by a 1.5x increase in guest repeat booking rate. The company achieved significant cost reductions: 81% in marketing, 55% in repairs, and 52% in technology expenses. Net loss per share decreased to $4.43 from $2,568.82 year-over-year, while Adjusted EBITDA loss reduced to $1.47 million from $3.87 million. Active high-quality cars increased 6% to 5,830, with guest trip ratings improving to 4.63.

Zoomcar Holdings (NASDAQ: ZCAR) has closed a $9.15 million private placement with institutional investors, including a $2.5 million investment from a company director. The company used $3.8 million to repay existing debt and will use the remainder for general corporate purposes. The placement involved issuing 2,137,850 units at $4.28 per unit, each consisting of common stock (or pre-funded warrant) and multiple warrants. The Series A warrants, exercisable at $4.03 per share, could result in up to 4,275,700 additional shares. Aegis Capital Corp. served as the exclusive placement agent.

Zoomcar (NASDAQ: ZCAR) has announced a $9.15 million private placement with institutional investors. The company will issue 2,137,850 units at $4.28 per unit, each consisting of one common stock share (or pre-funded warrant) and multiple warrants. $3.6 million of the proceeds will repay outstanding debt, with the remainder used for general corporate purposes. The placement includes Series A warrants exercisable at $4.03 per share and Series B warrants at $0.0001, both subject to stockholder approval. The closing is expected on November 6, 2024.

Zoomcar Holdings (NASDAQ: ZCAR) announced a significant expansion of its customer support operations, doubling its team size to enhance service quality for both Hosts and Guests. The company launched a dedicated Host Success Team to assist new Hosts with vehicle onboarding and earnings optimization.

The company implemented a multi-channel support model including calls, chatbot ticketing, and a 24/7 Generative AI Assistant. These improvements have resulted in a 50% reduction in in-app escalations. CEO Hiroshi Nishijima highlighted the company's recent profitability improvements and reinvestment in customer support.

Zoomcar Holdings (Nasdaq: ZCAR), the leading marketplace for self-drive car sharing, announced its participation in The ThinkEquity Conference on October 30, 2024, at the Mandarin Oriental Hotel in New York. Hiroshi Nishijima, Interim CEO, and Uri Levine, Strategic and Financial Advisor, will present at 8:00 AM ET and conduct one-on-one investor meetings throughout the day. The conference brings together institutional investors, corporate clients, and industry professionals to showcase innovations and financial strategies.