Zoomcar Holdings, Inc. - ZCAR STOCK NEWS

Zoomcar Holdings, Inc. (NASDAQ: ZCAR) reported robust performance in Q1 2024, ending June 30, 2024. The company achieved record non-GAAP gross profit and contribution profit, marking the third consecutive quarter of contribution profit. Key highlights include:

- 9% increase in total bookings to 112,944
- Improvement in contribution margin from -45% to 20% profit
- 58% reduction in cost of revenue to $1.5 million
- Narrowed adjusted EBITDA loss from $6.8 million to $3.3 million
- All-time high guest trip rating of 4.71

CEO Hiroshi Nishijima anticipates meaningful growth and enhanced profitability by the end of FY 2025, supported by streamlined operations and strong demand.

Zoomcar (NASDAQ: ZCAR), a leading self-drive car sharing marketplace, has launched its first Fulfillment Center in Chennai. The company plans to add 100+ centers and 1000+ cars by December 2024. These centers, operated by trained third-party providers, manage car listings for Hosts, offering services like cleanliness, parking, and guest coordination. Cars managed through these centers are tagged as 'Assured by Zoomcar' on the app.

The pilot in Chennai showed promising results, with over 20 Hosts listing their cars within days and getting an average of 3 bookings within 24 hours. Zoomcar aims to grow this model across 100+ cities by December 2024, leveraging its 11 years of expertise in the car sharing business to help Hosts earn up to ₹60,000 per month with a single car.

Zoomcar (NASDAQ: ZCAR), a leading self-drive car sharing marketplace, has launched a unified app for both Guests and Hosts, replacing their previous two-app system. The new app introduces over 10 feature upgrades aimed at enhancing user experience and streamlining operations. Key features include:

1. A seamless switch between booking cars as Guests and managing listings as Hosts
2. Enhanced Guest features like 'Guest Favourites' and top-rated car catalogs
3. Improved Host controls for managing multiple cars and setting preferences

In FY2024, Zoomcar reported a 12% increase in net revenue to $9.90 million and improved average trip rating to 4.66 on a 5-point scale. The unified app initiative reflects Zoomcar's commitment to service improvement under its new leadership team.

Zoomcar Holdings, a car-sharing marketplace in emerging markets, announced the closing of a $3.6 million private placement of promissory notes and investor warrants. The transaction is expected to generate gross proceeds of $3 million. The senior non-convertible notes, issued with a 16.67% discount, will bear interest at 15% per year, increasing to 20% in event of default, and mature within nine months or upon sufficient capital raises. Warrants issued allow for the purchase of 53 million shares at $0.1416 per share. These will be exercisable six months post-issuance or upon shareholder approval and expire five years post-approval. Aegis Capital Corp. acted as the exclusive placement agent. Proceeds will be used for corporate purposes and working capital.

Zoomcar Holdings, Inc. partners with ACKO Drive to offer competitive deals for local Zoomcar Hosts on new car purchases and financing options, aiming to boost business expansion and earnings. The partnership targets the growing demand for self-driven cars in India, with Zoomcar Hosts earning $4 million in Q3 2023. The collaboration with ACKO Drive enables Hosts to access exclusive offers and upgrade their car fleet to cater to evolving consumer preferences.

Zoomcar Holdings, Inc. and EaseMyTrip announce a strategic partnership to revolutionize travel in India, offering travelers convenience and flexibility in planning their journeys. The integration allows EaseMyTrip users to book Zoomcar's wide range of self-drive cars seamlessly through the app, providing access to 25,000+ cars including popular models like Kia Carens and Hyundai Creta. This partnership aims to enhance the travel experience in India by offering hassle-free travel arrangements through a single platform, promoting road connectivity and boosting tourism. Exclusive discounts and offers ensure cost-effective travel solutions without compromising on quality.

Zoomcar Holdings, Inc. (ZCAR) will attend the 36th Annual ROTH Conference to engage with institutional investors. CEO Greg Moran will hold meetings at the event featuring various growth sectors.

Zoomcar and SPARKCARS form a strategic partnership to boost India's electric vehicle market, aiming to introduce over 1,000 EVs to Zoomcar's platform in the next two years. The collaboration focuses on increasing awareness of the economic benefits of EV rentals and promoting sustainable transportation solutions in India.

Zoomcar Holdings, Inc. (Nasdaq: ZCAR) reported strong financial results for the third fiscal quarter ended December 31, 2023, with record gross profit and non-GAAP contribution profit. The company achieved a record average transaction size of over $75 per booking, showcasing its ability to drive higher effective net pricing. Despite a 19% decrease in net revenue to $2.4 million, Zoomcar recorded a gross profit of $0.3 million, a significant improvement from the previous year. The company's GAAP net income was $14.4 million, compared to a net loss of $8.7 million in the same period last year. Zoomcar expects a significant return to growth in 2024 with improved profitability and expansion beyond India, projecting net revenue between $17.0 million and $20.0 million for the calendar year 2024.