Bengaluru, India – [January 9, 2025] – Zoomcar Holdings, Inc. (Nasdaq: ZCAR) (“Zoomcar,” or “we,” or “our”), the leading marketplace for car sharing in India, proudly announces a milestone achievement in its financial performance in select unaudited and unreviewed financial results for the third fiscal quarter ended December 31, 2024. The company recorded its highest-ever unaudited and unreviewed contribution profit for the single month in December 2024, amounting to $494,506 based on provisional financials for the month, sufficient to cover its operational costs in India (excluding exceptional items). Zoomcar currently only operates in India and does not incur operational costs in any other country. This accomplishment underscores Zoomcar’s commitment to operational excellence and sustainable growth.
December 2024 marked a significant growth in consumer demand, leading to a 17% growth in bookings compared to December 2023. This surge in activity highlights the growing appeal of Zoomcar’s platform among Hosts and Guests, as well as the increasing adoption of car-sharing solutions across India.
Zoomcar’s financial turnaround has been remarkable over the past year. Key highlights include:
- In the first fiscal quarter 2024-25 report, Zoomcar reported a contribution profit of $0.46 million (20%), a substantial improvement in contribution margin from a loss of $1.2 million (-45%) in first fiscal quarter 2023-24.
- Similarly, Zoomcar shared a record quarterly contribution profit of $1.21 million (54% of revenue) in second fiscal quarter 2024-25, up from a loss of $0.12 million (-5%) in second fiscal quarter 2023-24.
- December 2024’s unaudited and unreviewed monthly contribution profit continues this positive trajectory, following a streak of four consecutive quarters of contribution profit improvement filed by the company.
Hiroshi Nishijima, Interim CEO of Zoomcar, commented, “By achieving a record contribution profit (unaudited and unreviewed) in December 2024 which is our peak seasonal demand month and covering operational costs reflects that our business fundamentals are right on track by putting the customer experience at the center of our strategy. This focus drives repeat bookings from Guests and strengthens Host retention, all while minimizing our spend on discounts and marketing—an organic flywheel of growth. With improved profitability, we are committed to reinvesting in enhancing the customer journey and launching innovative products that add value to our community.”
