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: akarshitg@avianwe.com
- Bhagyashree Rewatkar:
bhagyashree.rewatkar@zoomcar.com
Logo:
https://mma.prnewswire.com/media/2517562/Zoomcar_Logo.jpg
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SOURCE Zoomcar Holdings, Inc.
