Zoomcar announces debt restructuring

Zoomcar announced a milestone in the debt restructuring process that is aimed at reducing the company’s debt obligations of approximately $31M out of the total outstanding debt as on June 30. 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 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.