0000950170-24-096284 | 10-Q | XBRL Viewer

Risk free rate

Volatility

Annual Interest rate

Conversion Price

Stock Based Compensation

3 Months Ended

Jun. 30, 2024

Share-Based Payment Arrangement [Abstract]

26. Stock based compensation

The share-based compensation awards issued under the Company’s 2023 Omnibus Incentive Plan (the "Incentive Plan") to the Company’s employees, officers and directors, are all equity-classified instruments. Restricted stock units ("RSUs") outstanding as of June 30, 2024 have service vesting conditions up to March 2027. Compensation expenses are based on the grant-date fair value of the awards and recognized over the requisite service period using a straight-line method for stock options and a graded vesting method for RSUs. The Company has elected to account for forfeitures of employee stock awards as they occur.

During the three month period ended June 30, 2024, the Company granted 215,000 RSUs under the existing omnibus Incentive Plan having vesting period till November 2026. Fair value of the granted RSUs is $3.74 per share as on grant date.

Share-based compensation is in the form of RSUs. The fair value per RSU is calculated using the Black-Scholes option valuation model.

Option value and assumption



Fair value per share (as of grant date)	$	10.83
Exercise price	$	0
Assumptions:
Volatility		30.82	%
Expected dividends		0.00	%
Expected term (in years)	1.5
Risk free rate		5.24	%

        RSU vesting schedule for year ended

        As of
June 30,
2024

March 2025

9,787,923

March 2026

71,669

March 2027

63,336


Stock option activity	As of June 30, 2024
Opening unvested units		9,707,986
Granted		215,000
Exercised		-
Cancelled		-
Closing unvested units		9,922,986

Stock-based compensation expense related to RSUs granted to employees was $26,230,989 for the period ended June 30, 2024. As of June 30, 2024, the unrecognized compensation expense related to unvested RSUs was approximately $23,407,463 which is expected to be recognized over the remaining unvested period of RSUs.

Other Current Liabilities

3 Months Ended

Jun. 30, 2024

Other Liabilities Disclosure [Abstract]

Other Current Liabilities

11. Other current liabilities

Other current liabilities consist of the following:


	As of June 30, 2024		As of March 31, 2024
Statutory liabilities		1,543,837		1,252,384
Deferred revenue		1,000,663		656,968
Advances from customers		90,461		445,696
Retirement benefits		21,630		14,128
Other payables		865,694		862,786
		3,522,285		3,231,962

Other Payables include consideration payable on acquisition of National Automobile Club amounting $488,000 during the period June 30, 2024 and year ended March 31, 2024

Stock Based Compensation - Schedule of Option Value and Assumption (Details) - Restricted Stock Units (RSUs) - 2023 Omnibus Incentive Plan	3 Months Ended
	Jun. 30, 2024 $ / shares
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Fair value per share (as of grant date)	$ 10.83
Exercise price	$ 0
Volatility	30.82%
Expected dividends	0.00%
Expected term (in years)	1 year 6 months
Risk free rate	5.24%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

Borrowings (Tables)

3 Months Ended

Jun. 30, 2024

Debt Instrument [Line Items]

Schedule of Long Term Borrowings

Long-term borrowings consist of the following:


	As of June 30, 2024			As of March 31, 2024
Loans from banks (note a)		126,365			112,169
Secured debentures (note b)		2,212,644			2,214,754
Convertible debenture (note c)		1,252,554			1,374,481
Less: current portion of long-term borrowings		(2,225,255	)		(2,228,471	)
		1,366,308			1,472,933

Schedule of Loans from Banks

Loan from banks:


Particulars	Interest rate	Maturity date	Amount outstanding
Long-term borrowings from banks	8.75%	10-Aug-30		108,764
Long-term borrowings from banks	9.00%	1-May-29		17,601
				126,365

Schedule of Secured Debentures

Secured debentures:


Particulars	Interest rate			Maturity date	Amount outstanding
N1 Series Debentures		19.50	%	31-May-24		577,586
N2 Series Debenture		19.50	%	31-Jul-24		327,100
N3 Series Debentures		19.25	%	31-May-24		409,252
N4 Series Debentures		20.00	%	31-Jan-24		898,705
						2,212,644

Schedule of Assumptions Used In Calculating Estimated Fair Value Of Forward Purchase Agreement

Assumptions used in calculating estimated fair value of the Forward Purchase Agreement as of June 30, 2024 are as follows:


Volatility		59.30	%
Risk-free rate		4.14	%
Dividend yield		0.00	%
Strike price		10.77
Remaining term (years)	0.75 year

Schedule of Maturities of Long-term Borrowings Excluding Convertible Notes

d. As of June 30 2024, the aggregate maturities of long-term borrowings are as follows:


Period ending March 31, 2025								2,225,255
Period ending March 31, 2026								18,106
Period ending March 31, 2027								19,776
Period ending March 31, 2027 onwards								75,872
								2,339,009

Schedule of Short Term Borrowings

Short-term borrowings


	As of June 30, 2024		As of March 31, 2024
Loans from banks (note a)		829,920		781,455
Loans from related parties		1,114,878		1,096,109
Loans from others (note b)		15,011,893		13,877,265
		16,956,691		15,754,829

Summary of Loans from Banks and Others

Loans from banks and others


Particulars	Weighted average borrowing rate
Short-term borrowings from banks and others		14.00	%

Summary of Estimated Fair Value of Working Capital Loan

Fair Value of the Warrants:



Closing price	$	0.05
Open price	$	0.05
High	$	0.05
Low	$	0.05

Warrants Entitlement

Debt Instrument [Line Items]

Schedule of Assumptions Used In Calculating Estimated Fair Value Of Forward Purchase Agreement

The assumptions used in calculating estimated fair value of warrants due as of June 30, 2024 are as follows:

Commitments and Contingencies - Additional Information (Details) - shares	Jun. 30, 2023	Mar. 31, 2023
Convertible Preferred Stock [Member]
Other Commitments [Line Items]
Temporary equity, shares outstanding	1,510,957	1,465,100

Reorganization and Description of Business

3 Months Ended

Jun. 30, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Reorganization and Description of Business

1. Reorganization and description of business

Roadzen Inc., a British Virgin Islands business company (the “Parent Company”, formerly known as Vahanna Tech Edge Acquisition I Corp; and sometimes referred to in this filing as "Vahanna") has subsidiaries located in India, the United States and the United Kingdom. The Company is a leading Insurtech platform and provides solutions in relation to insurance products, including distribution, pre-inspection assistance, telematics, claims submission and administration, and roadside assistance. The consolidated financial statements include the accounts of Roadzen Inc. and its subsidiaries (collectively, "Roadzen" or the "Company”).

Merger agreement

On September 20, 2023 (the “Closing Date”), Vahanna, Roadzen, Inc., a Delaware corporation (“Roadzen (DE)”), and Vahanna Merger Sub Corp., a Delaware corporation and a direct, wholly owned subsidiary of Vahanna (“Merger Sub”), consummated the previously announced Business Combination (as defined below) pursuant to the Agreement and Plan of Merger, dated February 10, 2023, by and among Vahanna, Roadzen (DE) and Merger Sub (the “Initial Merger Agreement”), as amended by the First Amendment to the Agreement and Plan of Merger, dated June 29, 2023 (the “Merger Agreement Amendment;” the Initial Merger Agreement as amended by the Merger Agreement Amendment, the “Merger Agreement”). Pursuant to the terms of the Merger Agreement, Merger Sub merged with and into Roadzen (DE), with Roadzen (DE) surviving the merger as a wholly owned subsidiary of Vahanna (the “Merger,” and together with the other transactions contemplated by the Merger Agreement and the other agreements contemplated thereby, the “Business Combination”).

In connection with the Closing (as defined below), and pursuant to the terms of the Merger Agreement, equity interests in Vahanna and Roadzen (DE) were converted into ordinary shares of Parent Company, $0.0001 par value ("Ordinary Shares") as follows: (i) each outstanding share of common stock of Roadzen (DE) including shares of common stock issued upon conversion of each outstanding share of Roadzen (DE)’s convertible preferred stock, was cancelled and converted into 27.21 Ordinary Shares, (ii) each restricted stock unit of Roadzen (DE) (“Roadzen (DE) RSU”) was assumed and converted into the right to receive 27.21 restricted stock units of the Parent Company (each, a “RDZN RSU”) and were assumed as Substitute Awards under the Roadzen Inc. 2023 Omnibus Incentive Plan, (iii) each equity security of Roadzen (DE) other than Roadzen (DE) common stock and Roadzen (DE) RSUs (each, a “Roadzen (DE) Additional Security”) was assumed and converted into the right to receive equity interests that may vest, settle, convert or be exercised into 27.21 Ordinary Shares, (iv) each share of common stock of Merger Sub issued and outstanding immediately prior to the Closing was cancelled, retired and ceased to exist, and (v) each ordinary share of Vahanna (each, a “Vahanna Ordinary Share”) issued and outstanding immediately prior to the Closing and not redeemed in connection with the Redemption (as defined below) remained outstanding and is now one Ordinary Share.

Further, in connection with the consummation of the Business Combination (the “Closing”), Vahanna changed its name to “Roadzen Inc.”. Beginning on September 21, 2023, the Company’s Ordinary Shares and warrants trade on the Nasdaq Global Market and Nasdaq Capital Market under the ticker symbol “RDZN” and “RDZNW” respectively.

The Company determined that Roadzen (DE) was the accounting acquirer in the Business Combination based on an analysis of the criteria outlined in Accounting Standards Codification 805. The determination was primarily based on the following facts:

- Roadzen (DE) stockholders having a controlling voting interest in the Company;

- Roadzen (DE) existing management team serving as the initial management team of the Company and holding a majority of the initial board of directors of the Company;

- Roadzen (DE) management continuing to hold executive management roles for the post-combination company and being responsible for the day-to-day operations; and

- Roadzen (DE) operations comprising the ongoing operations of the Company.

Accordingly, for accounting purposes, the Business Combination was treated as the equivalent of Roadzen (DE) issuing stock for the net assets of Vahanna, accompanied by a recapitalization. The primary assets acquired from Vahanna related to cash amounts and a forward purchase agreement ("FPA") that was assumed at fair value upon closing of the Business Combination. No goodwill or other intangible assets were recorded as a result of the Business Combination.

While Vahanna was the legal acquirer in the Business Combination, because Roadzen (DE) was deemed the accounting acquirer, the

historical financial statements of Roadzen (DE) became the historical financial statements of the combined company upon the consummation of the Business Combination. As a result, the financial statements reflect (i) the historical operating results of Roadzen (DE) prior to the Business Combination; (ii) the combined results of Vahanna and Roadzen (DE) following the closing of the Business Combination; (iii) the assets and liabilities of Roadzen (DE) at their historical cost; and (iv) the Company’s equity structure for all periods presented.

In accordance with guidance applicable to these circumstances, the equity structure has been retroactively restated in all comparative periods up to the Closing Date, to reflect the number of Ordinary Shares issued to Roadzen (DE) common shareholders, Roadzen (DE) convertible preferred shareholders and holders of Vahanna ordinary shares not redeemed in connection with the Redemption. As such, the shares and corresponding capital amounts and earnings per share related to Roadzen (DE) convertible preferred stock, the common stock of Roadzen (DE) and Vahanna Ordinary Shares not redeemed in connection with the Redemption prior to the Business Combination have been retroactively restated as shares reflecting the exchange ratio established in the Business Combination.

Derivative Warrant Liabilities (Additional Information) (Details) - USD ($)	3 Months Ended
	Jun. 30, 2024	May 14, 2024
Derivative [Line Items]
Fair valuation of warrants	$ 17,152,060
Mizuho
Derivative [Line Items]
Fair valuation of warrants	$ 3,178,756
Warrants exercisable price	$ 0.001	$ 0.0001
Warrants to purchase shares		1,432,517

Commitments and Contingencies - Summary of Weighted Average Remaining Lease Terms and Discount Rates (Details)	Jun. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Weighted-average remaining lease term - operating leases	5 years 4 months 13 days
Weighted-average discount rate - operating leases	12.62%

Other Long-Term Assets - Schedule of Other Long-Term Assets (Details) - USD ($)	Jun. 30, 2024	Mar. 31, 2024
Other Assets, Noncurrent [Abstract]
Deposits	$ 12,360	$ 12,672
Advances	5,897	34,685
Interest accrued	2,501	2,503
Deferred tax assets (refer note 23)	24,082	22,053
Total	$ 44,840	$ 71,913

Segment Reporting

3 Months Ended

Jun. 30, 2024

Segment Reporting [Abstract]

Segment Reporting

25. Segment reporting

Operating segments are defined as components of an entity where discrete financial information is evaluated regularly by the chief operating decision maker (“CODM”) in deciding how to allocate resources and in assessing performance. The Company’s CODM reviews financial information presented on a consolidated basis for the purposes of making operating decisions, allocating resources and evaluating financial performance. Accordingly, the Company has determined that it operates in a single reporting segment.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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Reference 21: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 32
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

+ Details

Financial Instruments - Additional Information (Details)	Jun. 30, 2024
Fair Value Disclosures [Abstract]
Foreign currency exchange rate	10

Revenue (Tables)

3 Months Ended

Jun. 30, 2024

Revenue from Contract with Customer [Abstract]

Schedule of Summarizes Revenue By The Company's Service

The following table summarizes revenue by the Company's service offerings:


	For the three months ended June 30, 2024		For the three months ended June 30, 2023
Revenue from services
Commission and Distribution Income		3,082,652		1,078,193
Income from Insurance as a Service		5,848,865		4,532,717
		8,931,517		5,610,910

Summary of Contract Liabilities from Contract with Customers

The following table provides information about receivables and contract liabilities from contracts with customers:


	For the three months ended June 30, 2024		For the three months ended June 30, 2023
Contract liabilities
Deferred revenue		1,404,368		1,982,494
Total contract liabilities		1,000,663		1,982,494
Contract assets
Unbilled revenue		3,021,839		645,296
Total contract assets		3,021,839		645,296

Revenue

3 Months Ended

Jun. 30, 2024

Revenue from Contract with Customer [Abstract]

Revenue

17. Revenue

The following table summarizes revenue by the Company's service offerings:


	For the three months ended June 30, 2024		For the three months ended June 30, 2023
Revenue from services
Commission and Distribution Income		3,082,652		1,078,193
Income from Insurance as a Service		5,848,865		4,532,717
		8,931,517		5,610,910

There were three customers that individually represented 16%, 12% and 12% of the Company’s revenue for the period ended June 30, 2024 and one customer represents 20% of the Company's accounts receivable balance as of June 30, 2024.

There was one customer that represented 45% of the Company’s revenue for the year ended March 31, 2024 and two customers that individually represented 28% and 18% of the Company’s accounts receivable balance as of March 31, 2024.

Contract balances

The following table provides information about receivables and contract liabilities from contracts with customers:


	For the three months ended June 30, 2024		For the three months ended June 30, 2023
Contract liabilities
Deferred revenue		1,404,368		1,982,494
Total contract liabilities		1,000,663		1,982,494
Contract assets
Unbilled revenue		3,021,839		645,296
Total contract assets		3,021,839		645,296

The Company records deferred revenues when cash payments are received or due in advance of Company's performance. Deferred revenues primarily relate to commission and distribution income and insurance as a service. The amount of revenue recognized for the period ended June 30, 2024 that was included in the deferred revenue balance as of March 31, 2024 was $1,384,821. The amount of revenue recognized in the year ended March 31, 2024 that was included in the deferred revenue balance as of March 31, 2023 was $108,442.

Contract assets represent a conditional right to consideration for satisfied performance obligations that become a receivable when the conditions are satisfied. Contract assets are generated when contractual billing schedules differ from the timing of revenue recognition or cash collection and are included in "prepayments and other current assets" in the consolidated balance sheets which will be billed in the month subsequent to the period in which performance obligations were satisfied.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-9

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Name Accounting Standards Codification
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-Paragraph 10
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-URI https://asc.fasb.org/1943274/2147479806/606-10-50-10

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147479806/606-10-50-15

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
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-Subparagraph (c)
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-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
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-URI https://asc.fasb.org/1943274/2147479806/606-10-50-13

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org/606/tableOfContent

+ Details

Stock Based Compensation - Additional Information (Details)	3 Months Ended
	Jun. 30, 2024 USD ($) $ / shares shares
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock-based compensation expense	$ 26,230,989
Restricted Stock Units (RSUs)
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Unrecognized compensation expense	23,407,463
Stock-based compensation expense	$ 26,230,989
Shares, granted \| shares	215,000
Grant date fair value \| $ / shares	$ 3.74

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Income Taxes - Schedule of Reconciliation of Statutory Federal Income Tax Rate (Details)	3 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Effective Income Tax Rate Reconciliation, Percent [Abstract]
Federal statutory income tax rate	21.00%	21.00%
Non deductible expenses	(0.25%)	62.50%
Valuation allowance	(20.79%)	(84.49%)
Foreign rate differential	0.05%	0.27%
Share warrants	0.00%	0.00%
Other	(0.04%)	0.16%
Total provision for income taxes	(0.03%)	(0.56%)

Business Combinations - Schedule of Goodwill (Details) - USD ($)	3 Months Ended	12 Months Ended
	Jun. 30, 2024	Mar. 31, 2024
Business Combinations [Abstract]
Opening balance	$ 2,061,553	$ 996,441
Goodwill relating to acquisitions consummated during the year		1,475,685
Derecognition on deconsolidation of subsidiaries		(535,844)
Impairment reversed on goodwill during the year on account of deconsolidation of subsidiaries		131,803
Effect of exchange rate changes	(261)	(6,532)
Closing balance	$ 2,061,292	$ 2,061,553

- Definition

Amount, after accumulated impairment loss, of asset representing future economic benefit arising from other asset acquired in business combination or from joint venture formation or both, that is not individually identified and separately recognized.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 49
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-49

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-Name Accounting Standards Codification
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Reference 3: http://www.xbrl.org/2003/role/exampleRef
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-Name Accounting Standards Codification
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Reference 4: http://www.xbrl.org/2003/role/exampleRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(15))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 45
-Paragraph 1
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-URI https://asc.fasb.org/1943274/2147482598/350-20-45-1

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1
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-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
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-Section 50
-Paragraph 1
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03(10)(1))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478546/942-210-S99-1

+ Details

Business Combinations

3 Months Ended

Jun. 30, 2024

Business Combinations [Abstract]

Business combinations

18. Business combinations

Global Insurance Management Limited

During the period ended June 30, 2023, Roadzen (DE) (on June 30, 2023) acquired 100% of the equity interests in Global Insurance Management Limited for a cash consideration of $3,998,000. Global Insurance Management Limited was incorporated in the United Kingdom and is engaged in the business of underwriting, pricing and distribution of Insurance products. As of December 31, 2023, the Company has transferred the entire consideration, however, Roadzen (DE) has exercised board control over Global Insurance Management from June 30, 2023. The financial results of Global Insurance Management have been included in the Company's consolidated financial statements from June 30, 2023 as the Company has possessed the power to direct the relevant activities of Global Insurance Management from the share purchase agreement date.

The major classes of assets and liabilities to which we have allocated the purchase price were as follows:



Cash and cash equivalents	10,997,974
Acquired customer contract (Refer Note 8)	1,157,920
Other assets	7,157,343
Other liabilities	(15,947,363	)
Net assets	3,365,874
Purchase consideration	3,998,000
Goodwill (Refer Note 18(c))	632,126

The excess of purchase consideration over the fair value of net tangible and identifiable intangible assets acquired was recorded as goodwill and is primarily attributed to the synergies expected from marketing expertise and penetration which the acquiree possesses.

Following are details of the purchase price allocated to the intangible assets acquired:


	Amount		Weighted average life
Acquired customer contracts		1,157,920	3 years

National Automobile Club

During the period ended June 30, 2023, Roadzen (DE) (on June 06, 2023) acquired 100% of the equity interests in National Automobile Club for a cash consideration of $2,238,000. National Automobile Club was incorporated in the state of California and is engaged in the business of roadside assistance services. As of December 31, 2023, Roadzen (DE) has transferred a consideration amounting to $1,750,000, however, Roadzen (DE) has exercised board control over National Automobile Club from June 6, 2023. The financial results of National Automobile Club have been included in the Company's consolidated financial statements from June 6, 2023 as the Company has possessed the power to direct the relevant activities of National Automobile Club from the share purchase agreement date.

The major classes of assets and liabilities to which we have allocated the purchase price were as follows:



Cash and cash equivalents	182,713
Intangible assets	13,384
Acquired customer contract (Refer Note 8)	870,027
Other assets	1,947,606
Other liabilities	(1,215,247	)
Net assets	1,798,483
Purchase consideration	2,238,000
Goodwill (Refer Note 18(c))	439,517

Following are details of the purchase price allocated to the intangible assets acquired:


	Amount		Weighted average life
Acquired customer contracts		870,027	3 years

c) Goodwill


	As of June 30, 2024			As of March 31, 2024
Opening balance		2,061,553			996,441
Goodwill relating to acquisitions consummated during the year (Refer Note 18 (a) & (b))		-			1,475,685
Derecognition on deconsolidation of subsidiaries		-			(535,844	)
Impairment reversed on goodwill during the year on account of deconsolidation of subsidiaries		—			131,803
Effect of exchange rate changes		(261	)		(6,532	)
Closing balance		2,061,292			2,061,553

During the year ended March 31, 2024, the Company acquired Global Insurance Management Limited and National Automobile Club with a goodwill of $632,126 and $439,517.

The Company performed qualitative assessment for other entities and indicated that it is more likely than not that the fair value of the acquired entities exceeded its carrying value, therefore, the assessment did not result in an impairment.

Segment Reporting - Additional Information (Details)	3 Months Ended
Segment Reporting - Additional Information (Details)	Jun. 30, 2024 Segment
Segment Reporting [Abstract]
Number of reporting segment	1

Cash, Cash Equivalents and Restricted Cash (Tables)

3 Months Ended

Jun. 30, 2024

Cash and Cash Equivalents [Abstract]

Schedule of Cash, Cash Equivalents and Restricted Cash


	As of June 30, 2024		As of March 31, 2024
Balances with banks
In current accounts		7,773,940		11,183,189
Cash in hand		3,473		2,906
		7,777,413		11,186,095

Restricted cash and cash equivalents (non - current)		376,981		378,993

Revenue - Summary of Contract Liabilities from Contract with Customers (Details) - USD ($)	Jun. 30, 2024	Jun. 30, 2023
Contract liabilities
Deferred revenue	$ 1,404,368	$ 1,982,494
Total contract liabilities	1,000,663	1,982,494
Contract assets
Unbilled revenue	3,021,839	645,296
Total contract assets	$ 3,021,839	$ 645,296

Borrowings - Additional Information (Details)		3 Months Ended		12 Months Ended
Borrowings - Additional Information (Details)	Jul. 26, 2024 USD ($)	Jun. 30, 2024 USD ($) Days $ / shares	Jun. 30, 2023 USD ($)	Mar. 31, 2024 USD ($)	May 14, 2024 $ / shares shares	Dec. 31, 2023 USD ($)
Debt Instrument [Line Items]
Debt Instrument, Face Amount		$ 1,000,000		$ 500,000
Interest rate		17.50%		17.50%
Increase in interest rate		29.00%		29.00%
Conversion price \| $ / shares		$ 10
Trading Days \| Days		20
Consecutive Trading Days \| Days		30
Conversion Price percentage		130.00%
Mizuho
Debt Instrument [Line Items]
Warrants exercisable price \| $ / shares		$ 0.001			$ 0.0001
Warrants to purchase shares \| shares					1,432,517
Warrants Entitlement
Debt Instrument [Line Items]
Percentage of original principal balance warrants		10.00%
Warrants exercisable price \| $ / shares		$ 8.5
Warrants and rights outstanding term		5 years
Optional Conversion [Member]
Debt Instrument [Line Items]
Trading Days \| Days		30
Debt instrument convertible floor price \| $ / shares		$ 8.5
Senior Secured Notes Agreement [Member]
Debt Instrument [Line Items]
Long-Term Debt, Gross		$ 2,460,000
Debt Instrument, Basis Spread on Variable Rate		20.00%
Percentage of discount of Obtained to finance transaction costs		10.00%
Business combination, price of per warrant \| $ / shares		$ 1
Senior Secured Notes Agreement [Member] \| Mizuho
Debt Instrument [Line Items]
Debt Instrument, Face Amount			$ 7,500,000
Debt Instrument, Maturity Date			Jun. 30, 2024
Interest rate			15.00%
Senior Secured Notes Agreement [Member] \| Subsequent Event [Member]
Debt Instrument [Line Items]
Debt Instrument, Face Amount	$ 11,500,000
Debt Instrument, Maturity Date	Dec. 31, 2024
Interest rate	15.00%
Additional principal amount	$ 4,000,000
Mufin Green Finance Limited [Member]
Debt Instrument [Line Items]
Debt Instrument, Face Amount						$ 760,000
Interest rate						17.50%
Hindon Mercantile Limited [Member]
Debt Instrument [Line Items]
Debt Instrument, Face Amount						$ 60,000.00
Interest rate						21.00%
Convertible Promissory Note [Member]
Debt Instrument [Line Items]
Long-Term Debt, Gross		$ 1,030,000.00
Unsecured Convertible Debentures [Member]
Debt Instrument [Line Items]
Debt Instrument, Face Amount		$ 1,100,000
Debt Instrument, Maturity Date		Dec. 15, 2025
Interest rate		13.00%
The Hongkong and Shanghai Banking Corporation Limited [Member]
Debt Instrument [Line Items]
Debt Instrument, Face Amount		$ 570,000
Percentage of exclusive charge over deposit under lien		50.00%

Other Long Term Assets (Tables)

3 Months Ended

Jun. 30, 2024

Other Assets, Noncurrent [Abstract]

Schedule of Other Long Term Assets


	As of June 30, 2024		As of March 31, 2024
Deposits		12,360		12,672
Advances		5,897		34,685
Interest accrued		2,501		2,503
Deferred tax assets (refer note 23)		24,082		22,053
		44,840		71,913

Consolidated Statements of Cash Flow (Unaudited)	3 Months Ended
Consolidated Statements of Cash Flow (Unaudited)	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)
Cash flows from operating activities
Net loss including non controlling interest	$ (48,452,344)	$ (4,066,996)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	480,349	367,538
Stock based compensation	26,230,989
Deferred income taxes	(37,185)	(26,005)
Unrealised foreign exchange loss/(profit)	(3,398)	11,413
Fair value losses in financial instruments carried at fair value	17,152,060
Expected credit loss (net of reversal)	(50,682)
Balances written off/(back)		(32,778)
Changes in assets and liabilities, net of assets acquired and liabilities assumed from acquisitions:
Inventories	(6,803)	(18,928)
Income taxes, net		19,362
Accounts receivables, net	1,037,883	(2,851,128)
Prepayments and other assets	1,046,454	(1,339,900)
Accounts payable and accrued expenses and other current liabilities	(2,767,021)	7,951,537
Other liabilities	(296,982)	(2,937,334)
Net cash used in operating activities	(5,666,680)	(2,923,219)
Cash flows from investing activities
Sale/ (Purchase) of property and equipment, intangible assets and goodwill	32,745	204,329
Acquisition of businesses		(2,720,000)
Proceeds from sale of mutual fund	193,606
Proceeds from forward purchase agreement	1,000,000
Net cash used in investing activities	1,226,351	(2,515,671)
Cash flows from financing activities
Proceeds from issue of preferred stock		4,445,027
Proceeds from long-term borrowings		2,662,590
Repayments of long-term borrowings	(121,365)	(29,622)
Net proceeds/(payments) from short-term borrowings	1,154,519	5,298,782
Net cash generated from financing activities	1,033,154	12,376,777
Effect of exchange rate changes on cash and cash equivalents	(3,519)	(31,815)
Net (decrease)/increase in cash and cash equivalents (including restricted cash)	(3,410,694)	6,906,072
Cash acquired in business combination		11,180,117
Cash and cash equivalents at the beginning of the period (including restricted cash)	11,565,088	1,131,831
Cash and cash equivalents at the end of the period (including restricted cash)	8,154,394	19,218,020
Reconciliation of cash and cash equivalents
Cash and cash equivalents	7,777,413	18,674,424
Restricted cash	376,981	543,596
Total cash and cash equivalents	8,154,394	19,218,020
Supplemental disclosure of cash flow information
Cash paid for interest, net of amounts capitalized	391,829	123,180
Cash paid for income taxes, net of refunds		84,197
Non-cash investing and financing activities
Consideration payable in connection with acquisitions	488,000	3,621,531
Interest accrued on borrowings	$ 790,395	$ 143,278

Net Loss Per Share

3 Months Ended

Jun. 30, 2024

Earnings Per Share [Abstract]

Net Loss Per Share

23. Net loss per share

Basic net loss per share attributable to ordinary shareholders is computed by dividing the net loss by the number of weighted-average outstanding Ordinary Shares. Diluted net loss per share attributable to ordinary shareholders is determined by giving effect to all potential common equivalents during the reporting period, unless including them yields an antidilutive result. The Company considers its preferred stocks, convertible notes and share warrants as potential common equivalents, but excluded them from the computation of diluted net loss per share attributable to ordinary shareholders in the periods presented, as their effect was antidilutive.

The following table sets forth the computation of basic net loss per share attributable to ordinary shareholders and preferred stock holders:


Particulars	For the three months ended June 30, 2024			For the three months ended June 30, 2023
Numerator:
Net loss		(48,407,025	)		(4,039,244	)
Less: dividend attributable to preferred stockholders for the current year		-			40,297
Net loss attributable to Roadzen Inc. ordinary shareholders		(48,407,025	)		(4,079,541	)
Denominator:
Weighted-average shares used in computing net loss per share attributable to Roadzen Inc. ordinary shareholders - basic and diluted		68,440,829			606,425
Net loss per share attributable to Roadzen Inc. ordinary shareholders - basic and diluted		(0.71	)		(6.73	)

The following table summarizes the number of potential Ordinary Shares equivalents that were excluded from the computation of diluted net loss per share attributable to ordinary shareholders for the periods presented:


Particulars	For the three months ended June 30, 2024		For the three months ended June 30, 2023
Share warrants		21,618,972		-
Restricted stock units		9,922,986		-
Convertible instruments		54,542		-
Preferred stock		—		1,482,790
Total		31,596,500		1,482,790

Other Long-Term Liabilities (Tables)

3 Months Ended

Jun. 30, 2024

Other Liabilities Disclosure [Abstract]

Summary of Other Long-Term Liabilities


	As of June 30, 2024		As of March 31, 2024
Retirement benefits		265,229		250,399
Deferred tax liability		228,273		263,665
Deferred revenue		403,705		727,853
		897,207		1,241,917

Income Taxes - Additional Information (Details) - USD ($)	3 Months Ended	12 Months Ended
	Jun. 30, 2024	Mar. 31, 2024
Income Tax Disclosure [Abstract]
Increase in valuation allowance	$ 10,052,301	$ 17,429,473
Operating loss carryforwards, Net	$ 111,055,348
Foreign tax credits, expiration	8 years
Unrecognized tax benefits	$ 0	$ 0

Stock based compensation - Schedule of RSU Vesting Activity (Details) - Restricted Stock Units (RSUs)	3 Months Ended
	Jun. 30, 2024 shares
March 2025
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Shares, vested	9,787,923
March 2026
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Shares, vested	71,669
March 2027
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Shares, vested	63,336

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Prepayments and Other Current Assets (Tables)

3 Months Ended

Jun. 30, 2024

Prepaid Expense and Other Assets, Current [Abstract]

Schedule of Prepayments and Other Current Assets


	As of June 30, 2024		As of March 31, 2024

Balance with statutory authorities		1,864,287		1,462,119
Unbilled revenue		3,021,839		1,821,134
Advances given (net of doubtful advances of $2,297,378 as of June 30, 2024 and $2,299,569 as of March 31, 2024)		1,668,245		672,716
Other receivables (net of doubtful receivables of $2,800,000 as of June 30 2024 and $2,800,000 as of March 31, 2024)		-		6,829
Prepayments		1,180,815		1,613,407
Forward purchase agreement		8,103,806		28,784,993
Deposits		66,733		65,137
		15,905,725		34,426,335

i) Advances given include:

$430,219 and $ 244,087 of advances to suppliers as of June 30, 2024 and March 31, 2024, respectively.

$197,750 and $119,220 of advances to employees as of June 30, 2024 and March 31, 2024, respectively. Advances to employees include related party balances of $63,316 and $54,082 as of June 30, 2024 and as of March 31, 2024 respectively.

$2,042,459 in advances were extended to Peoplebay Consultancy Services Private Limited, FA Events & Media Private Limited, and FA Premium Insurance Private Limited. However, due to a loss of control over these entities during the previous year, the Company is doubtful on the recovery of these advances and has consequently created a provision.

ii) Other receivables includes a provision of $2,800,000 created against amount to be received from a subscriber on account of issuance of preferred stock of Roadzen (DE) during the fiscal year ended March 31, 2024 which was converted to ordinary shares upon business combination.

iii) Forward purchase agreement

On August 25 2023, Vahanna entered into an agreement with (i) Meteora Capital Partners, LP (“MCP”), (ii) Meteora Select Trading Opportunities Master, LP (“MSTO”), and (iii) Meteora Strategic Capital, LLC (“MSC” and, collectively with MCP and MSTO, “Seller”) (the “Forward Purchase Agreement" or "FPA”) for OTC Equity Prepaid Forward Transactions. Vahanna is referred to as the “Counterparty” prior to the consummation of the Business Combination, while the Parent Company is referred to as the “Counterparty” after the consummation of the Business Combination.

The Forward Purchase Agreement represents the recognition of the cash payments to the Seller of $44.4 million (including prepayment of $44.39 million and the reimbursable transaction cost of $0.05 million) and the Forward Purchase agreement with regard to 3,440,791 shares (recycled shares) and 702,255 shares (FPA subscription shares).The fair value of the Forward Purchase agreement is comprised of the Prepayment Amount (as defined in the FPA, $44.4 million) and is reduced by the economics of the downside provided to the Sellers ($36.3 million) and the estimated consideration payment at the Cash Settlement Payment Date ($8.1 million). During the three months ended June 30, 2024, an additional $1 million was received from the Seller, bringing the total cash receipts to $4.8 million. The Forward Purchase Agreement asset was adjusted as a result, and will continue to be re-measured at fair value in future periods. The Forward purchase agreement are treated as a Financial Instrument and revalued at each reporting date with the corresponding earnings (loss) reflected in the consolidated statements of operations as a change in fair value of the Forward Purchase Agreement.

Schedule of Assumptions Used In Calculating Estimated Fair Value Of Forward Purchase Agreement

Assumptions used in calculating estimated fair value of the Forward Purchase Agreement as of June 30, 2024 are as follows:


Volatility		59.30	%
Risk-free rate		4.14	%
Dividend yield		0.00	%
Strike price		10.77
Remaining term (years)	0.75 year

Intangible Assets, Net - Schedule of Estimated Amortization of the Company's Intangible Assets for Future Periods (Details)	Jun. 30, 2024 USD ($)
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]
2025	$ 922,570
2026	722,180
2027 and thereafter	$ 35,810

Borrowings - Schedule of Short Term Borrowings (Details) - USD ($)	Jun. 30, 2024	Mar. 31, 2024
Debt Disclosure [Abstract]
Loans from banks (note a)	$ 829,920	$ 781,455
Loans from related parties	1,114,878	1,096,109
Loans from others (note b)	15,011,893	13,877,265
Short term borrowings	$ 16,956,691	$ 15,754,829

Intangible Assets, Net - Schedule of Finite-Lived Intangible Assets (Details) - USD ($)	Dec. 31, 2023	Mar. 31, 2023
Finite-Lived Intangible Assets [Line Items]
Intangible assets, Gross	$ 11,538,389	$ 11,475,895
Less: accumulated depreciation and amortization	(9,318,076)	(8,442,649)
Less: Impairment loss	(43,642)	(43,642)
Intangible assets, net	2,176,671	2,989,604
Software for internal use
Finite-Lived Intangible Assets [Line Items]
Intangible assets, Gross	8,582,453	8,583,145
Customer contracts
Finite-Lived Intangible Assets [Line Items]
Intangible assets, Gross	2,300,336	2,299,835
Intangible assets under development
Finite-Lived Intangible Assets [Line Items]
Intangible assets, Gross	496,110	439,374
Intellectual property
Finite-Lived Intangible Assets [Line Items]
Intangible assets, Gross	159,436	153,487
Trademark
Finite-Lived Intangible Assets [Line Items]
Intangible assets, Gross	$ 54	$ 54

Cover Page - shares	3 Months Ended
Cover Page - shares	Jun. 30, 2024	Aug. 13, 2024
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2024
Document Fiscal Year Focus	2025
Document Fiscal Period Focus	Q1
Current Fiscal Year End Date	--03-31
Entity Registrant Name	ROADZEN INC.
Entity Central Index Key	0001868640
Entity Filer Category	Non-accelerated Filer
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Document Transition Report	false
Document Quarterly Report	true
Entity Incorporation, State or Country Code	D8
Entity Address, Address Line One	111 Anza Blvd.
Entity Address, Address Line Two	Suite 109
Entity Address, City or Town	Burlingame
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	94010
Entity File Number	001-41094
Entity Tax Identification Number	98-1600102
City Area Code	650
Local Phone Number	414-3530
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		68,440,829
Ordinary Share [Member]
Document Information [Line Items]
Title of 12(b) Security	Ordinary Shares, par value $0.0001 per share
Trading Symbol	RDZN
Security Exchange Name	NASDAQ
Warrants, each warrant exercisable for one Ordinary Share, each at an exercise price of $11.50 per share [Member]
Document Information [Line Items]
Title of 12(b) Security	Warrants, each warrant exercisable for one Ordinary Share, each at an exercise price of $11.50 per share
Trading Symbol	RDZNW
Security Exchange Name	NASDAQ

Prepayments and Other Current Assets - Additional Information (Details) - USD ($)	3 Months Ended
	Jun. 30, 2024	Mar. 31, 2024
Prepaid Expense And Other Assets Current [Line Item]
Cash payments to the Seller	$ 3,473	$ 2,906
Prepayments	1,180,815	$ 1,613,407
Forward Purchase Agreement Asset [Member]
Prepaid Expense And Other Assets Current [Line Item]
Cash payments to the Seller	44,400,000
Prepayments	44,390,000
Reimbursable transaction cost	$ 50,000.00
Recycled shares	3,440,791
Asset PIPE subscription shares	702,255
Fair value of forward purchase agreement asset prepayment amount	$ 44,400,000
Fair value of forward purchase agreement asset reduction in the economics provided by sellers	36,300,000
Fair value of forward purchase agreement asset payment at the cash settlement payment date	8,100,000
Fair value of forward purchase agreement asset selling amount	1,000,000
Cash receipts	$ 4,800,000

Income Taxes - Schedule of Income before Income Tax Domestic and Foreign (Details) - USD ($)	3 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Income Tax Disclosure [Abstract]
Domestic	$ (26,270,441)	$ (3,744,111)
Foreign	(22,075,253)	(300,474)
(Loss)/Income before income tax expense	$ (48,345,694)	$ (4,044,585)

- Definition

Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 48
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-48

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-30

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 270
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482964/270-10-50-1

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (ee)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 7: http://fasb.org/us-gaap/role/ref/otherTransitionRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(11))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477250/944-220-S99-1

Reference 9: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-31

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 235
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-05(b)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477314/942-235-S99-1

Reference 11: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(10))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483621/220-10-S99-2

Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 942
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(15))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478524/942-220-S99-1

+ Details

Condensed Consolidated Statements of Operations (Unaudited) - USD ($)	3 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Income Statement [Abstract]
Revenue	$ 8,931,517	$ 5,610,910
Costs and expenses:
Cost of services	5,427,440	2,297,809
Research and development	1,789,542	573,300
Sales and marketing	5,802,298	3,659,341
General and administrative	25,826,188	2,601,983
Depreciation and amortization	480,349	367,538
Total costs and expenses	39,325,817	9,499,971
Loss from operations	(30,394,300)	(3,889,061)
Interest income/(expense)	(821,686)	(217,954)
Fair value gains/(losses) in financial instruments carried at fair value	(17,152,060)
Other income/(expense) net	22,352	62,430
Total other income/(expense)	(17,951,394)	(155,524)
(Loss)/Income before income tax expense	(48,345,694)	(4,044,585)
Total provision for income taxes	106,650	22,411
Income tax expense	12,933
Deferred tax expense	93,717	469
Net (loss)/income before non-controlling interest	(48,452,344)	(4,066,996)
Net loss attributable to non-controlling interest, net of tax	(45,319)	(27,752)
Net (loss)/income attributable to Roadzen Inc.	(48,407,025)	(4,039,244)
Net (loss)/income attributable to Roadzen Inc. ordinary shareholders
Net (loss)/income attributable to Roadzen Inc. ordinary shareholders	$ (48,407,025)	$ (4,039,244)
Basic net income (loss) per share	$ (0.71)	$ (6.73)
Diluted net income (loss) per share	$ (0.71)	$ (6.73)
Weighted-average number of shares outstanding used to compute net loss per share attributable to Roadzen Inc. ordinary shareholders
Weighted average shares outstanding, Basic	68,440,829	606,425
Weighted average shares outstanding, Diluted	68,440,829	606,425

Cash, Cash Equivalents and Restricted Cash

3 Months Ended

Jun. 30, 2024

Cash and Cash Equivalents [Abstract]

Cash, Cash Equivalents and Restricted Cash

3. Cash, cash equivalents and restricted cash


	As of June 30, 2024		As of March 31, 2024
Balances with banks
In current accounts		7,773,940		11,183,189
Cash in hand		3,473		2,906
		7,777,413		11,186,095

Restricted cash and cash equivalents (non - current)		376,981		378,993

Income Taxes - Schedule of Net Deferred Tax Assets (Details) - USD ($)	Jun. 30, 2024	Mar. 31, 2024	Mar. 31, 2023
Deferred tax assets:
Net operating loss carry forwards	$ 35,803,863	$ 25,515,511	$ 8,480,316
Unabsorbed depreciation carry forwards	93,243	76,126	54,438
Retirement benefits	77,523	72,349	56,603
Depreciation and amortization	80,165	109,299	50,918
Others	16,957	244,136	5,965
Total deferred tax assets	36,071,751	26,017,421
Less: valuation allowance	(36,047,669)	(25,995,368)	(8,565,895)
Deferred tax assets, net of valuation allowance	24,082	22,053
Deferred tax liabilities:
Intangibles on account of business combination	(228,273)	(263,665)
Net deferred tax assets			$ 82,345
Net deferred tax liabilities	$ (204,191)	$ (241,612)

Property and Equipment, Net - Additional Information (Details) - USD ($)	3 Months Ended	12 Months Ended
	Jun. 30, 2024	Mar. 31, 2024
Property, Plant and Equipment [Line Items]
Capitalized amount		$ 687,130
Cumulative translation adjustment of captilized asset		(1,180)
Cumulative translation adjustment of disposal asset	$ (1,421)
Company capitalized towards computer	9,214	28,008
Assets derecognised	73,641
Capitalized computer net of disposal		106
Disposal of property plant and equipment net of capitalization	23,520
Company disposal amount	64,645
Property, Plant and Equipment [Member]
Property, Plant and Equipment [Line Items]
Depreciation expenses	31,155	152,113
FA Premium Insurance Broking Pvt. Ltd [Member]
Property, Plant and Equipment [Line Items]
Company capitalized towards computer	396,123
Computers
Property, Plant and Equipment [Line Items]
Depreciation expenses	$ 9,117	$ 77,422

Derivative Warrant Liabilities - Summary of Obliged to Issue Warrants Shares (Details)	Jun. 30, 2024
180 days
Derivative [Line Items]
Warrant Shares based on fully diluted Ordinary Shares of the Company as of issuance date	1.00%
210 days
Derivative [Line Items]
Warrant Shares based on fully diluted Ordinary Shares of the Company as of issuance date	1.17%
240 days
Derivative [Line Items]
Warrant Shares based on fully diluted Ordinary Shares of the Company as of issuance date	1.33%
270 days
Derivative [Line Items]
Warrant Shares based on fully diluted Ordinary Shares of the Company as of issuance date	1.50%
300 days
Derivative [Line Items]
Warrant Shares based on fully diluted Ordinary Shares of the Company as of issuance date	1.67%
330 days
Derivative [Line Items]
Warrant Shares based on fully diluted Ordinary Shares of the Company as of issuance date	1.83%
360 days
Derivative [Line Items]
Warrant Shares based on fully diluted Ordinary Shares of the Company as of issuance date	2.50%

Warrants

3 Months Ended

Jun. 30, 2024

Warrant Liability [Abstract]

Warrants

16. Warrants

In connection with Vahanna's initial public offering in 2021, 10,004,994 public warrants were issued (the “Public Warrants”) and 9,152,087 warrants were issued in a private placement (the "Private Placement Warrants"). Both Public Warrants and Private Placement Warrants remained outstanding and became warrants to purchase Ordinary Shares in the Company upon the close of the Business Combination.

As of June 30, 2024, there were 10,004,994 Public Warrants outstanding. No fractional shares will be issued upon exercise of the Public Warrants. Each whole warrant entitles the registered holder to purchase one Ordinary Share at a price of $11.50 per share. The Public Warrants became exercisable as of October 20, 2023. The Public Warrants will expire five years from the consummation of a Business Combination or earlier upon redemption or liquidation.

The Company may redeem the outstanding Public Warrants and Private Placement Warrants:

•

at a price of $0.01 per warrant;

•

upon not less than 30 days’ prior written notice of redemption given to each warrant holder; and

•

if, and only if, the reported last sale price of the Ordinary Shares equals or exceeds $18.00 per share (as adjusted for stock splits, stock dividends, reorganizations, recapitalizations and the like) for any 20 trading days within a 30-trading day period commencing once the warrants become exercisable and ending three business days before the Company sends the notice of redemption to the warrant holders.

If the Company calls the Public Warrants for redemption, as described above, its management will have the option to require any holder that wishes to exercise the Public Warrants to do so on a “cashless basis,” as described in the warrant agreement. The exercise price and number of Ordinary Shares issuable upon exercise of the Public Warrants may be adjusted in certain circumstances including in the event of a share dividend, extraordinary dividend or recapitalization, reorganization, merger or consolidation. However, except as described below, the Public Warrants will not be adjusted for issuances of Ordinary Shares at a price below its exercise price. Additionally, in no event will the Company be required to net cash settle the Public Warrants.

As of June 30, 2024, there were 9,152,087 Private Placement Warrants outstanding. The Private Placement Warrants are identical to the Public Warrants underlying the Units sold in the Initial Public Offering, except that the Private Placement Warrants and the Ordinary Shares issuable upon the exercise of the Private Placement Warrants will not be transferable, assignable or saleable until 30 days after the completion of a Business Combination, subject to certain limited exceptions.

Pursuant to the terms of a Securities Purchase Agreement entered into among the Company, Supurna VedBrat and Krishnan-Shah Family Partners, LP on March 28, 2024 (the “March 2024 SPA”), on April 22, 2024, the Company issued warrants to purchase 50,000 Ordinary Shares to Krishnan-Shah Family Partners, LP, on June 20, 2024, the Company issued warrants to purchase 50,000 Ordinary Shares to Ms. VedBrat, and the Company expects to issue warrants to purchase an additional 50,000 Ordinary Shares to Ms. VedBrat in the near future (such warrants collectively the “March 2024 SPA Warrants"). Each March 2024 SPA Warrant will be exercisable at any time during the period commencing on March 28, 2025 (or earlier under certain circumstances described in the March 2024 SPA Warrants) (as applicable, the “Vesting Date”) through March 28, 2031 (or until the dissolution, liquidation or winding up of the Company, if earlier). The exercise price of the March 2024 SPA Warrants is equal to 80% of the lower of (i) the volume weighted average price (the “VWAP”) of the Ordinary Shares, as reported on the relevant market or exchange, over the 60 trading days subsequent to the first loan funding pursuant to the March 2024 SPA, (ii) the opening price of any public offering of straight equity securities of the Company occurring within six months after the issue date of the March 2024 SPA Warrants and (iii) the VWAP of the Ordinary Shares over the 60 trading days immediately prior to the Vesting Date. Ms. VedBrat is a director of the Company. Ajay Shah, another director of the Company, and his wife, are trustees of the general partner of the Krishnan-Shah Family Partners, LP.

On May 14, 2024, as required by the terms of this senior secured notes agreement entered with Mizuho in June 30, 2023, the Company issued to Mizuho a warrant to purchase 1,432,517 Ordinary Shares at an exercise price of $0.0001 per share (the "Mizuho Warrants").

As of June 30, 2024, there were 100,000 March 2024 SPA Warrants and 1,432,517 Mizuho Warrants outstanding.

Commitments and Contingencies

3 Months Ended

Jun. 30, 2024

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

22. Commitments and contingencies

A. Leases - Accounted as per ASC 842 for the Period Ended June 20, 2024

Operating leases

The Company leases office space under non-cancellable operating lease agreements, which expire on various dates through April 2031. Some property leases contain extension options exercisable by the Company. The lease agreements do not contain any material residual value guarantees or material restrictive covenants. The components of lease cost for the period ended June 30, 2024 are summarized below:

The following tables presents the various components of lease costs:

ii)

The following table presents supplemental information relating to the cash flow and non cash flows arising from lease transactions. Cash payments related to short-term leases are not included in the measurement of operating liabilities, and, as such, are excluded from the amounts below.

        Particulars

        For the
three months ended
June 30,
2024

        Cash paid for amounts included in the measurement of lease liabilities:

Operating cash flows from operating leases

51,972

        Right-of-use assets obtained in exchange for lease obligations:

Operating Assets

-

iii)

Balance sheet information related to leases is as follows:

        Particulars

        As of
June 30,
2024

        Operating Leases:

Operating Lease ROU Asset, net

981,108

Short term liabilities

314,675

Long term liabilities

508,143

Total operating lease liabilities

822,818

iv)

Weighted Average Remaining Lease Term (In years)

         
        As of
June 30,
2024

Operating leases

5.37

Weighted Average Discount Rate


	As of June 30, 2024
Operating leases		12.62	%

vi)

Maturities of lease liabilities were as follows:


Particulars	Lease Liabilities (USD)*
For Period Ended June 30, 2024
2025		381,273
2026		177,134
2027		173,585
2028		93,321
2029		90,309
Thereafter		212,117
Total Lease Payments		1,127,739
Less: Imputed Interest		(304,921	)
Total		822,818

* The lease liabilities are translated into U.S. Dollars using the closing rate for the period ended June 30, 2024

Litigation and loss contingencies

From time to time, the Company may be subject to other legal proceedings, claims, investigations, and government inquiries (collectively, "Legal Proceedings") in the ordinary course of business. It may receive claims from third parties asserting, among other things, infringement of their intellectual property rights, defamation, labor and employment rights, privacy, and contractual rights. There are no currently pending Legal Proceedings that the Company believes will have a material adverse impact on the business or consolidated financial statements.

Indemnifications

In the ordinary course of business, the Company enters into contractual arrangements under which the Company agrees to provide indemnification of varying scope and terms to customers, business partners, and other parties with respect to certain matters, including losses arising out of intellectual property infringement claims made by third parties, if the Company has violated applicable laws, if the Company is negligent or commits acts of willful misconduct, and other liabilities with respect to its products and services and its business. In these circumstances, payment is typically conditional on the other party making a claim pursuant to the procedures specified in the

particular contract. To date, the Company has not incurred any material costs as a result of such indemnifications and has not accrued any liabilities related to such obligations in its consolidated financial statements.

Financial instruments - Schedule of Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation (Details)	3 Months Ended
	Jun. 30, 2024 USD ($)
Forward Purchase Agreement [Member]
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Initial measurement	$ 28,784,993
Change in fair value	(20,681,187)
Balance as of June 30, 2024	8,103,806
Convertible instruments
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Initial measurement	1,374,481
Change in fair value	(121,927)
Balance as of June 30, 2024	$ 1,252,554

Derivative Warrant Liabilities (Tables)

3 Months Ended

Jun. 30, 2024

Derivative Instruments, Gain (Loss) [Line Items]

Summary Of Obliged To Issue Warrants Shares


Milestone (days after issuance)	Warrant Shares based on fully diluted Ordinary Shares of the Company as of June 30, 2023
180 days		1.00	%
210 days		1.17	%
240 days		1.33	%
270 days		1.50	%
300 days		1.67	%
330 days		1.83	%
360 days		2.50	%

Schedule of Assumptions Used in Calculating Estimated Fair Value of The Warrants Due

Assumptions used in calculating estimated fair value of the Forward Purchase Agreement as of June 30, 2024 are as follows:


Volatility		59.30	%
Risk-free rate		4.14	%
Dividend yield		0.00	%
Strike price		10.77
Remaining term (years)	0.75 year

Warrants

Derivative Instruments, Gain (Loss) [Line Items]

Schedule of Assumptions Used in Calculating Estimated Fair Value of The Warrants Due

The assumptions used in calculating estimated fair value of the warrant due as of June 30, 2024 is as follows:


Closing price	$	2.22
Risk Free rate		4.33	%
Dividend Yield		0	%
Volatility		150.25	%
Expected Life of the option	4.5 years

Net Loss Per Share - Schedule of Computation of Basic Net Loss Per Share Attributable to Ordinary Shareholders and Preferred Stock Holders (Details) - USD ($)	3 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Numerator:
Net loss	$ (48,407,025)	$ (4,039,244)
Less: dividend attributable to preferred stockholders for the current year		40,297
Net loss per share attributable to Roadzen, Inc. common sotck holders - Basic	$ (48,407,025)	$ (4,079,541)
Denominator:
Weighted-average shares used in computing net loss per share attributable to Roadzen, Inc. ordinary shareholders - basic	68,440,829	606,425
Weighted-average shares used in computing net loss per share attributable to Roadzen, Inc. ordinary shareholders - diluted	68,440,829	606,425
Net loss per share attributable to Roadzen, Inc. ordinary shareholders - basic	$ (0.71)	$ (6.73)
Net loss per share attributable to Roadzen, Inc. ordinary shareholders - diluted	$ (0.71)	$ (6.73)

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

+ References

+ Details

- Definition

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

+ References

+ Details

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

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+ Details

Stock Based Compensation (Tables)

3 Months Ended

Jun. 30, 2024

Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]

Schedule of Option Value and Assumption



Fair value per share (as of grant date)	$	10.83
Exercise price	$	0
Assumptions:
Volatility		30.82	%
Expected dividends		0.00	%
Expected term (in years)	1.5
Risk free rate		5.24	%

Schedule of RSU Vesting Activity

        RSU vesting schedule for year ended

        As of
June 30,
2024

March 2025

9,787,923

March 2026

71,669

March 2027

63,336

Summary of Restricted Stock Units Activity


Stock option activity	As of June 30, 2024
Opening unvested units		9,707,986
Granted		215,000
Exercised		-
Cancelled		-
Closing unvested units		9,922,986

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Subsequent Events

3 Months Ended

Jun. 30, 2024

Subsequent Events [Abstract]

Subsequent Events

27. Subsequent Events

Amendment No. 1 to Senior Secured Mizuho Notes

On June 30, 2023, Roadzen entered into a Note Purchase Agreement (the "Note Purchase Agreement") with Mizuho Securities USA LLC (“Mizuho”), as administrative agent and collateral agent, and as a purchaser, pursuant to which Mizuho purchased an aggregate principal amount of $7,500,000 of senior secured notes (the "Mizuho Notes"). The Mizuho Notes bear interest at a rate of 15.0% per annum, which will automatically increase by 5% if we fail to prepay the Mizuho Notes upon the occurrence of certain mandatory prepayment events as set forth in the Note Purchase Agreement. The Mizuho Notes were originally scheduled to mature on June 30, 2024. On June 30, 2024, Mizuho granted to the Company a waiver until July 31, 2024 thereby waiving the obligation to repay the Mizuho Notes while the parties continued negotiations to extend the loan and to possibly advance additional funds. On July 26, 2024, subsequent to the date of the balance sheet, the Company entered into Amendment No. 1 to the senior secured notes, providing for an additional $4 million in principal amount to a total of $11.5 million, and an extension of the maturity date to December 31, 2024. Terms of the notes are otherwise the same as the original notes issued in June 2023, including an interest rate of 15% per annum, and did not require any additional warrants.

Debt Exchange

In July 2024, subsequent to the date of the balance sheet, the Company announced it was kicking off a balance sheet reconstitution program aimed at strengthening and simplifying its balance sheet, while addressing the legacy overhang inherited through the going-public process. To start this program, the Company agreed to convert nearly $3.5 million of short-term liabilities due to entities affiliated with our Chairman and CEO into equity.

Mezzanine Equity - Additional Information (Details) - shares	Jun. 30, 2023	Mar. 31, 2023
Convertible Preferred Stock
Temporary Equity [Line Items]
Redeemable convertible preferred stock, Shares outstanding	1,510,957	1,465,100

Accounts Receivables, Net (Tables)

3 Months Ended

Jun. 30, 2024

Receivables [Abstract]

Summary of Accounts Receivables


	As of June 30, 2024			As of March 31, 2024
Accounts receivable		2,978,364			3,997,591
Less: allowance for credit losses		(309,306	)		(345,211	)
Accounts receivable, net		2,669,058			3,652,380

Summary of Account Receivables, Allowance for Credit Accounts

The following table provides details of the Company's allowance for credit accounts:


Balance, beginning of period	345,211		13,726
Additions charged	14,777		301,309
Existing allowance in acquired entities	—		43,902
Reversal of existing allowance	(50,682	)	—
Effect of exchange rate changes	—		(13,726	)
Balance, end of period	309,306		345,211

Business Combinations (Tables)

3 Months Ended

Jun. 30, 2024

Business Acquisition [Line Items]

Schedule of Goodwill

Goodwill


	As of June 30, 2024			As of March 31, 2024
Opening balance		2,061,553			996,441
Goodwill relating to acquisitions consummated during the year (Refer Note 18 (a) & (b))		-			1,475,685
Derecognition on deconsolidation of subsidiaries		-			(535,844	)
Impairment reversed on goodwill during the year on account of deconsolidation of subsidiaries		—			131,803
Effect of exchange rate changes		(261	)		(6,532	)
Closing balance		2,061,292			2,061,553

Global Insurance Management Limited

Business Acquisition [Line Items]

Schedule of Major Classes of Assets and Liabilities Allocated to Purchase Price

The major classes of assets and liabilities to which we have allocated the purchase price were as follows:



Cash and cash equivalents	10,997,974
Acquired customer contract (Refer Note 8)	1,157,920
Other assets	7,157,343
Other liabilities	(15,947,363	)
Net assets	3,365,874
Purchase consideration	3,998,000
Goodwill (Refer Note 18(c))	632,126

Schedule of Purchase Price Allocated to Intangible Assets Acquired

Following are details of the purchase price allocated to the intangible assets acquired:


	Amount		Weighted average life
Acquired customer contracts		1,157,920	3 years

National Automobile Club

Business Acquisition [Line Items]

Schedule of Major Classes of Assets and Liabilities Allocated to Purchase Price

The major classes of assets and liabilities to which we have allocated the purchase price were as follows:



Cash and cash equivalents	182,713
Intangible assets	13,384
Acquired customer contract (Refer Note 8)	870,027
Other assets	1,947,606
Other liabilities	(1,215,247	)
Net assets	1,798,483
Purchase consideration	2,238,000
Goodwill (Refer Note 18(c))	439,517

Schedule of Purchase Price Allocated to Intangible Assets Acquired

Following are details of the purchase price allocated to the intangible assets acquired:


	Amount		Weighted average life
Acquired customer contracts		870,027	3 years

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

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-Subparagraph (e)
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-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

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-URI https://asc.fasb.org/1943274/2147482573/350-20-50-2

+ Details

Non-Marketable Securities

3 Months Ended

Jun. 30, 2024

Equity Method Investments and Joint Ventures [Abstract]

Non-Marketable Securities

6. Non-marketable securities

Moonshot - Internet SAS ("Moonshot")

Roadzen (DE) invested $2,410,000 representing 6.68% equity stake in Moonshot - Internet SAS, a simplified Joint Stock Company existing under the laws of France, which is a subsidiary of Société Générale. Moonshot is an InsurTech company, registered as an insurance broker, which specializes in usage-based insurance products and services dedicated to E-Commerce. Roadzen (DE) has a representative on the board of directors of Moonshot, however the investment of 6.68% does not give Roadzen (DE) the ability to significantly influence the operating and financial policies of Moonshot, since majority ownership of Moonshot is concentrated with a single shareholder. Therefore, Roadzen (DE) uses the measurement alternative for equity investments without readily determinable fair values for its investment in Moonshot. The Company carries this investment at cost, less impairment.

Daokang (Beijing) Data Science Company Ltd. ("Daokang")

Roadzen (DE) entered into a joint venture contract with WI Harper VIII LLP and Shangrao Langtai Daokang Information Technology Co. Ltd. and invested an amount of $2,500,030 (representing a 34.5% of equity interest) of Daokang. Despite its significant equity interest in Daokang, Roadzen (DE) has attempted but has not been able to obtain adequate financial information as per USGAAP to apply equity method. Roadzen (DE), therefore, was unable to exercise significant influence over the operating and financial policies of Daokang. Accordingly, Roadzen (DE) used the measurement alternative for equity investments without readily determinable fair values for its investment in Daokang. The Company carries this investment at cost, less impairment.

The Company evaluates its non-marketable equity securities for impairment in each reporting period based on a qualitative assessment that considers various potential impairment indicators. This evaluation consists of several factors including, but not limited to, an assessment of significant adverse change in the economic environment, significant adverse changes in the general market condition of the geographies and industries in which our investees operate, and other available financial information as per the local reporting requirements applicable to the relevant jurisdictions that affects the value of our non-marketable equity securities. Based on such assessment, the Company has created an impairment of $2,140,530 for Moonshot - Internet SAS and $1,254,704 for Daokang (Beijing) Data Science Company Ltd.

Borrowings - Schedule of Assumptions Used in Calculating Estimated Fair Value of Warrants Due (Details)	Jun. 30, 2024
Risk free rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants and Rights Outstanding, Measurement Input	4.33
Risk free rate \| Warrants Entitlement
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants and Rights Outstanding, Measurement Input	4.33
Volatility
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants and Rights Outstanding, Measurement Input	150.25
Volatility \| Warrants Entitlement
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants and Rights Outstanding, Measurement Input	150.25
Annual Interest rate \| Warrants Entitlement
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants and Rights Outstanding, Measurement Input	13
Conversion Price \| Warrants Entitlement
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants and Rights Outstanding, Measurement Input	10

Ordinary Shares - Additional Information (Details) - $ / shares	Jun. 30, 2024	Mar. 31, 2024
Stockholders' Equity Note [Abstract]
Ordinary shares, authorized	220,000,000	220,000,000
Ordinary shares, par value	$ 0.0001	$ 0.0001
Ordinary shares, outstanding	68,440,829	68,440,829

Borrowings - Schedule of Loans from Banks (Details) - USD ($)	3 Months Ended
	Jun. 30, 2024	Mar. 31, 2024
Debt Instrument [Line Items]
Interest rate	17.50%	17.50%
Amount outstanding	$ 126,365	$ 112,169
8.75% due on 10-Aug-30
Debt Instrument [Line Items]
Interest rate	8.75%
Maturity date	Aug. 10, 2030
Amount outstanding	$ 108,764
9.00% due on 1-May-29
Debt Instrument [Line Items]
Interest rate	9.00%
Maturity date	May 01, 2029
Amount outstanding	$ 17,601

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

Borrowings - Summary of Estimated Fair Value of Working Capital Loan (Details)	Jun. 30, 2024 $ / shares
Debt Disclosure [Abstract]
Closing price	$ 0.05
Open price	0.05
High	0.05
Low	$ 0.05

Condensed Consolidated Statement of Shareholders' deficit (Unaudited) - USD ($)	Total	Convertible Preferred Stock [Member]	Ordinary Stock and Additional Paid In Capital [Member]	Accumulated Deficit [Member]	Debenture Redemption Reserve [Member]	Stock Based Compensation [Member]	Accumulated Other Comprehensive Loss [Member]
Mezzanine equity, beginning balance at Mar. 31, 2023		$ 48,274,279
Mezzanine equity, beginning balance (in shares) at Mar. 31, 2023		1,465,100
Beginning balance at Mar. 31, 2023	$ (50,845,203)		$ 303,213	$ (51,448,299)	$ 366,786		$ (66,903)
Beginning Balance (in shares) at Mar. 31, 2023			606,425
Issuance of Series A1 stock during the period through rights issue		$ 4,445,027
Issuance of Series A1 stock during the period through rights issue, Shares		28,679
Issuance of Series A1 stock during the period through conversion of loan		$ 2,662,590
Issuance of Series A1 stock during the period through conversion of loan, Shares		17,178
Net profit/ (Loss) attributable to ordinary shareholders	(4,039,244)			(4,039,244)
Other comprehensive income	(35,538)						(35,538)
Mezzanine equity, ending balance at Jun. 30, 2023		$ 55,381,896
Mezzanine equity, ending balance (in shares) at Jun. 30, 2023		1,510,957
Ending Balance (in shares) at Jun. 30, 2023			606,425
Ending Balance at Jun. 30, 2023	(54,919,985)		$ 303,213	(55,487,543)	366,786		(102,441)
Beginning balance at Mar. 31, 2024	(10,073,836)		$ 84,974,378	(151,008,419)	257,571	$ 56,303,135	(600,501)
Beginning Balance (in shares) at Mar. 31, 2024			68,440,829
Net profit/ (Loss) attributable to ordinary shareholders	(48,407,025)			(48,407,025)
Movement attributable to stock based Compensation Reserve						26,230,989
Other comprehensive income	(284,598)						(284,598)
Ending Balance (in shares) at Jun. 30, 2024			68,440,829
Ending Balance at Jun. 30, 2024	$ (32,534,470)		$ 84,974,378	$ (199,415,444)	$ 257,571	$ 82,534,124	$ (885,099)

Property and Equipment, Net - Schedule of Property Plant and Equipment, Net (Details) - USD ($)	Jun. 30, 2024	Mar. 31, 2024	Mar. 31, 2023
Property, Plant and Equipment [Line Items]
Total	$ 1,243,464		$ 1,308,109
Less: accumulated depreciation	(998,402)		(853,520)
Property and equipment, net	245,062	$ 454,589	454,589
Computers
Property, Plant and Equipment [Line Items]
Total	684,494		660,504
Office equipment
Property, Plant and Equipment [Line Items]
Total	333,423		422,046
Furniture & fixtures
Property, Plant and Equipment [Line Items]
Total	162,865		162,851
Electrical equipment
Property, Plant and Equipment [Line Items]
Total	30,966		30,972
Leasehold improvements
Property, Plant and Equipment [Line Items]
Total	$ 31,716		$ 31,736

Summary of Significant Accounting Policies (Policies)

3 Months Ended

Jun. 30, 2024

Accounting Policies [Abstract]

Basis of Presentation and Consolidation

Basis of presentation and consolidation

The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States (“U.S. GAAP”) and the rules and regulations of the Securities and Exchange Commission (the “SEC”). The accompanying consolidated financial statements reflect all adjustments that management considers necessary for a fair presentation of the results of operations for the periods presented.

The accompanying unaudited condensed consolidated financial statements have been prepared on a consolidated basis and reflect the financial statements of the Parent Company and its subsidiaries. All intercompany balances and transactions have been eliminated. When the Company does not have a controlling interest in an investee but exerts significant influence over the investee, the Company applies the equity method of accounting.

Liquidity and Going Concern

Liquidity and going concern

The accompanying consolidated financial statements have been prepared assuming the Company will continue as a going concern.

The Company has experienced operating losses in current and preceding years. As of June 30, 2024 and 2023, the Company has negative operating cash flows. These events among others, raise substantial doubt over the Company’s ability to continue as a going concern for a reasonable period of time. The Company expects to have ongoing requirements for capital investment or debt to implement its business plans to achieve revenue growth forecast, control operating costs, and meet cash flow requirements. The Company’s ability to continue as a going concern is dependent upon, among other things, the mitigation plan to (i) raise additional funds from existing or new credit facilities (ii) receive funds through the Forward Purchase Agreement ("FPA") (Refer Note 5(iii) for further information).

Subsequent to the balance sheet date, the Company has undertaken multiple initiatives to achieve these goals, including agreeing the terms to convert certain liabilities into equity and working to restructure and convert other current liabilities into equity or long-term notes, as well as entering into non-binding term sheets with various parties to assist in obtaining additional capital through a combination of debt, equity or equity-linked instruments with a potential to infuse funds around $50 million. These initiatives are contingent upon the completion of legal and financial due diligence and the execution of definitive agreements. The Company expects the funds available through these initiatives will be sufficient to alleviate doubts about its ability to continue as a going concern.

The consolidated financial statements do not include any adjustments relating to the recovery of the recorded assets or the classification of the liabilities that might be necessary if the Company is unable to continue as a going concern.

Use of Estimates

Use of estimates

The preparation of the unaudited condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions, which affect the reported amounts in the financial statements and accompanying notes. Estimates are based on historical experience, where applicable, and other assumptions which management believes are reasonable under the circumstances. On an ongoing basis, the Company evaluates its estimates and underlying assumptions, including those related to the allowance for accounts receivables, fair values of financial instruments, measurement of defined benefit obligations, impairment of non-financial assets, useful lives of property, plant and equipment and intangible assets, income taxes, certain deferred tax assets and tax liabilities, and other contingent liabilities. Although these estimates are inherently subject to judgment and actual results could differ from those estimates, management believes that the estimates used in the preparation of the consolidated financial statements are reasonable.

Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized in the period in which the estimates are revised and in any future periods affected.

Reclassifications

During the quarter ended June 30, 2024,the Company has reclassified certain expenses related to its India brokerage operations to better align with their true nature and industry practice. These expenses, initially categorized under Cost of Services, have been reclassified to Sales & Marketing expenses during the current quarter. This reclassification is based on the recognition that these costs are primarily associated with marketing and sales efforts, including advertising, promotions, and customer acquisition, which more accurately reflect the Company's efforts to drive revenue.

To maintain consistency and comparability, the Company has also adjusted the comparative financial statements of prior periods to conform to the current period presentation. Accordingly, the Company has reclassified $1,029,330 from Cost of Services to Sales & Marketing in the quarter ended June 30, 2024 and $192,285 in the quarter ended June 30, 2023.

This reclassification impacts the Unaudited Condensed Consolidated Statements of Operations, where these expenses are now reported under Sales & Marketing instead of Cost of Services. This reclassification does not affect the Company's net income or loss, nor does it alter the figures presented in the Unaudited Condensed Consolidated Balance Sheets, Unaudited Condensed Consolidated Statements of Cash Flows, or Unaudited Condensed Consolidated Statement of Shareholders' Deficit. The change ensures that the financial statements provide a clearer and more accurate view of the Company's cost structure.

Revenue

Revenues consist primarily of revenue from:


	‑	insurance policy distribution in the form of commissions, brokerage, underwriting and other fees; and
	‑	insurance support services comprised of pre-inspection and risk assessment, roadside assistance, extended warranty, and claim processing using the Company’s IaaS platform.

The Company recognizes revenue at the time of transfer of promised goods or services to customers in an amount that reflects the consideration to which the Company expects to be entitled in exchange for those goods or services. Revenues cannot be recognized until the performance obligation(s) are satisfied and control is transferred to the customer.

Income from distribution of insurance policies

Insurance policy distribution and brokerage income:

The Company enters into contracts with insurance companies for the purpose of distributing insurance products to end consumers. The Company’s performance obligation under these contracts is to sell insurance policies to earn commissions, brokerage and other fees. Revenue from distribution services is recognized at a point in time when the related services are rendered as per the terms of the agreement with customers. Revenue is disclosed net of the Goods and Service tax charged on such services.

Distribution fee from underwriting and pricing:

The Company enters into contracts with insurance companies for the purpose of underwriting insurance products for the automotive segment including its pricing on behalf of insurers. The risk of underwriting the insurance contract is covered by the insurer and thus the Company is considered as an agent for the purpose of recognizing revenue. The Company’s performance obligation under these contracts is to underwrite and price the policies. The Company generates underwriting fees termed as Managing General Agent fees (MGA fees) on provision of those services. The underwriting fees are determined as a percentage of net insurance premiums payable to the insurer (net of all commissions, royalties, and administration fees). Revenue from underwriting and pricing is recognized upfront based on the point in time i.e., at the time the policy is issued to the customer.

IaaS platform enabled services:

Roadside assistance and extended warranty income:

The Company enters into contracts with insurance companies and other subscribers in order to provide roadside assistance services and extended warranty services to their policyholders/subscribers. The Company’s performance obligation under these contracts is to provide roadside assistance and extended warranty services as a stand ready obligation. The Company is the primary obligor in these transactions and has latitude in establishing prices and selecting and contracting with suppliers, and is accordingly considered as principal

for the purpose of recognizing gross revenue. Revenue from roadside assistance and extended warranty services is recorded over the tenure of contract which is usually one year.

Inspection income:

The Company enters into contracts with insurance companies to inspect vehicles for accident claims made by their policyholders. The Company’s performance obligation under these contracts is to inspect and assist in assessing claims for and on behalf of the customers, i.e. the insurance companies. The Company engages with multiple vendors to provide these services in different geographies. The Company is the primary obligor in the transaction and has latitude in establishing prices, and selecting and contracting with suppliers, and is accordingly considered as principal for the purpose of recognizing revenue. Revenue from inspection and risk assessment is recorded when the inspections are conducted.

Administration fee from insurance support and service plan administration:

The Company enters into contracts with insurance companies to provide insurance support services which includes premium collection, policy administration, claims handling and processing, customer service, updating customer files, etc., to provide better customer experience for the policyholders/subscribers. Revenue is recognized over time as the performance obligations are satisfied through effort expended to research, investigate, evaluate, document and process claims, and control of these services are transferred to customers/insurance companies. The Company’s obligation to manage and process the claims under insurance support services can range from one to seven years. The Company receives administration fees from its customers at inception of the contract prior to completion of transferring the services to the customer.

The Company’s performance obligation under these contracts is to provide the above services as a stand ready obligation. The obligation to provide insurance services lies with the insurer and the Company has no interest other than receiving the commission/management fee retained. The Company provides the above services on behalf of the insurance companies and is accordingly considered as an agent for the purpose of recognizing revenue.

The Company enters into contracts with Original Equipment Manufacturers ("OEMs") primarily to administer the service plans/extended warranty schemes launched by OEMs. The Company’s performance obligation under these contracts is to administer these programs. The Company acts on behalf of the OEMs and is accordingly considered as an agent for the purpose of recognizing revenue, as the primary obligation to fulfill the service/extended warranty schemes belongs to the OEMs. The administration fees received from the provision of service plan administration is recorded ratably over the tenure of contract which usually ranges from one to seven years.

Contract assets and liabilities

A contract asset (unbilled revenue) is the right to receive consideration in exchange for goods or services transferred to the customer. If the Company performs by transferring goods or services to a customer before the customer pays consideration or before payment is due, a contract asset is recognized for the earned consideration that is conditional.

Contract liabilities consist of amounts paid by the Company’s customers for which the associated performance obligations have not been satisfied and revenue has not been recognized based on the Company’s revenue recognition criteria described above.

Contract liabilities are classified as current in the consolidated balance sheet when the revenue recognition associated with the related customer payments and invoicing is expected to occur within one year of the balance sheet date and as long-term when the revenue recognition associated with the related customer payments and invoicing is expected to occur in more than one year from the balance sheet date.

Cost of Services

Cost of services

The cost of services for the Company's distribution business includes employee related expenses directly involved in generating and servicing revenue and other direct expenses related to facilities.

For our IaaS platform-based services cost of revenue primarily consists of direct costs incurred for delivering the services to customers and the cost of onsite engineering support for roadside assistance, employee related expenses, risk assessment expenses and other direct expenses. Amounts incurred towards vendors/suppliers for inspections and roadside assistance also form part of direct cost. Cost of services also includes cost of telematics devices sold through different subscription or upfront sale model.

Cost of services are recognized as they are incurred.

Cash and Cash Equivalents

Cash and cash equivalents

Cash and cash equivalents primarily represent cash balances in current bank accounts. The Company considers all short-term deposits with an original maturity of three months or less, when purchased, to be cash equivalents.

Restricted Cash and Cash Equivalents

Restricted cash and cash equivalents

Restricted cash and cash equivalents are pledged as security for contractual arrangements. Restricted cash and cash equivalents are classified as current and noncurrent assets based on the term of the remaining restriction. The reconciliation of cash and cash equivalents and restricted cash and cash equivalents to the consolidated balance sheets amounts are as follows:


		June 30, 2024		March 31, 2024
Cash and cash equivalents	$	7,777,413	$	11,186,095
Restricted cash and cash equivalents—current		—		—
Restricted cash and cash equivalents—non-current		376,981		378,993

Concentration of Credit Risk

Concentration of credit risk

Financial instruments that potentially subject the Company to concentration of credit risk are reflected principally in cash and cash equivalents, investment in equity securities and accounts receivable. The Company places its cash and cash equivalents and funds with banks that have high credit ratings, limits the amount of credit exposure with any one bank and conducts ongoing evaluations of the creditworthiness of the corporations and banks with which it does business. The Company holds cash and cash equivalent concentrations in financial institutions around the world in excess of federally insured limits. The Company has not experienced any losses to date related to these concentrations.

Accounts Receivable, Net

Accounts receivable, net

Accounts receivables are recorded at invoice value, net of allowance for doubtful accounts. On a periodic basis, management evaluates its accounts receivable and determines whether to provide an allowance or if any accounts should be written off based on a past history of write-offs, collections, and current credit conditions. A receivable is considered past due if the Company has not received payments based on agreed-upon terms.

Property and Equipment

Property and equipment

Property and equipment represents the costs of furniture and fixtures, office and computer equipment, and leasehold improvements. Property and equipment cost also includes any costs necessarily incurred to bring assets to the condition and location necessary for its intended use. Property and equipment are stated at cost, less accumulated depreciation and impairment losses. Depreciation is calculated using declining balance method over the assets’ estimated useful lives as follows:


Assets		Useful lives
Office and electrical equipment		3-5 years
Computers		3 years
Furniture and fixtures		10 years

Leasehold improvements related to office facilities are depreciated over the shorter of the lease term or the estimated useful life of the improvement.

The Company reviews the remaining estimated useful lives of its property and equipment on an ongoing basis. Management is required to use judgment in determining the estimated useful lives of such assets. Changes in circumstances such as technological advances, changes to the Company’s business model, changes in the Company’s business strategy, or changes in the planned use of property and equipment could result in the actual useful lives differing from the Company’s current estimates. In cases where the Company determines that the estimated useful life of property and equipment should be shortened or extended, the Company would apply the new estimated useful life prospectively.

The Company reviews property and equipment for impairment when events or circumstances indicate the carrying amount may not

be recoverable.

Costs of maintenance and repairs that do not improve or extend the lives of the respective assets are expensed as incurred. Upon retirement or sale, the cost and related accumulated depreciation are removed from the balance sheet and the resulting gain or loss is reflected in operating expenses.

Intangible Assets, Net (Including Intangibles under Development)

Intangible assets, net (including intangibles under development)

The Company capitalizes costs incurred on its internal-use software during the application development stage as intangibles under development. Costs related to preliminary project activities and post implementation activities are expensed as incurred. Once the developed software is available for intended use, capitalization ceases, and the Company estimates the useful life of the asset and begins amortization.

Internal-use software is amortized on a straight-line basis over its estimated useful life, which is generally three years and up to eleven.

The Company evaluates the useful lives of these assets on an annual basis and tests for impairment whenever events or changes in circumstances occur that could impact the recoverability of these assets.

Leases

The Company accounts for leases in accordance with Accounting Standards Codification (“ASC”) 842, “Leases” (“ASC 842”). The Company elected the “package of practical expedients,” which permits us not to reassess under ASC 842 our prior conclusions about lease identification, lease classification and initial direct costs. The Company made a policy election not to separate non-lease components from lease components, therefore, the Company accounts for lease and non-lease components as a single lease component. The Company also elected the short-term lease recognition exemption for all leases that qualify.

The Company determines if a contract contains a lease at inception of the arrangement based on whether the Company has the right to obtain substantially all of the economic benefits from the use of an identified asset and whether it has the right to direct the use of an identified asset in exchange for consideration, which relates to an asset which the Company does not own. Right of use (“ROU”) assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent its obligation to make lease payments arising from the lease. ROU assets are recognized as the lease liability, adjusted for lease incentives received. Lease liabilities are recognized at the present value of the future lease payments at the lease commencement date. The interest rate used to determine the present value of the future lease payments is the Company’s incremental borrowing rate (“IBR”), because the interest rate implicit in most of its leases is not readily determinable. The IBR is a hypothetical rate based on our understanding of what the Company’s credit rating would be to borrow and resulting interest it would pay to borrow an amount equal to the lease payments in a similar economic environment over the lease term on a collateralized basis. Lease payments may be fixed or variable; however, only fixed payments or in-substance fixed payments are included in the Company’s lease liability calculation. Variable lease payments may include costs such as common area maintenance, utilities, real estate taxes or other costs. Variable lease payments are recognized in operating expenses in the period in which the obligation for those payments are incurred.

Operating leases are included in operating lease ROU assets, short-term operating lease liabilities, current and long-term operating lease liabilities, non-current on the Company’s consolidated balance sheets. Finance leases are included in property and equipment, net, accrued and other current liabilities, and other long-term liabilities on the Company’s consolidated balance sheets. For operating leases, lease expense is recognized on a straight-line basis in operations over the lease term. For finance leases, lease expense is recognized as depreciation and interest; depreciation on a straight-line basis over the lease term and interest using the effective interest method.

Fair Value Measurements and Financial Instruments

Fair value measurements and financial instruments

The Company holds financial instruments that are measured and disclosed at fair value. Fair value is determined in accordance with a fair value hierarchy that prioritizes the inputs and assumptions used, and the valuation techniques used to measure fair value. The three levels of the fair value hierarchy are described as follows:


	Level 1 inputs:	Unadjusted quoted prices in active markets for identical assets or liabilities accessible to the reporting entity at the measurement date.

	Level 2 inputs:	Other than quoted prices included in Level 1 inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the asset or liability.

	Level 3 inputs:	Unobservable inputs for the asset or liability used to measure fair value to the extent that observable inputs are not available, thereby allowing for situations in which there is little, if any, market activity for the asset or liability at measurement date.

The Company’s assessment of the significance of a particular input to the fair value measurement requires judgment and may affect the valuation of fair value assets and liabilities and their placement within the fair value hierarchy levels. The Company establishes the fair value of its assets and liabilities using the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date and established a fair value hierarchy based on the inputs used to measure fair value. The recorded amounts of certain financial instruments, including cash and cash equivalents, restricted cash and cash equivalents, accounts receivable, accounts payable, and accrued expenses and other liabilities approximate fair value due to their relatively short maturities.

Business Combination

Business combination

The Company accounts for an acquisition as a business combination if the assets acquired and liabilities assumed in the transaction constitute a business in accordance with Accounting Standard Codification (“ASC”) Topic 805 "Business Combinations." Such acquisitions are accounted using the acquisition method i.e., by recognizing the identifiable tangible and intangible assets acquired and liabilities assumed, and any non-controlling interest in the acquired business, measured at their acquisition date fair values. Where the set of assets acquired and liabilities assumed do not constitute a business, it is accounted for as an asset acquisition where the individual assets and liabilities are recorded at their respective relative fair values corresponding to the consideration transferred.

Goodwill

Goodwill represents the excess of the purchase price over the fair value of net assets acquired in business acquisitions accounted for using the acquisition method of accounting and is not amortized. Goodwill is measured and tested for impairment on an annual basis in accordance with ASC 350, Intangibles - Goodwill and Other, or more frequently if an event occurs or circumstances change that would more likely than not reduce the fair value of a reporting unit below its carrying amount. Such events and changes may include: significant changes in performance related to expected operating results, significant changes in asset use, significant negative industry or economic trends, and changes in our business strategy.

The Company's test for goodwill impairment starts with a qualitative assessment to determine whether it is necessary to perform the quantitative goodwill impairment test. If qualitative factors indicate that the fair value of the reporting unit is more likely than not less than its carrying amount, then a quantitative goodwill impairment test is performed. For the purposes of impairment testing, the Company determined that it has only one reporting unit.

Foreign Currency

Foreign currency

The Company’s consolidated financial statements are reported in U.S. Dollars ("USD"), the Parent Company’s functional currency. The functional currency for the Company’s subsidiaries in India, is the Indian Rupee ("INR"), the functional currency of the Company's subsidiary in the United Kingdom is the British Pound Sterling ("GBP"). The translation of the functional currency of the Company’s subsidiaries into USD is performed for balance sheet accounts using the exchange rates in effect as of the balance sheet date and for revenues and expense accounts using an average exchange rate prevailing during the respective period. The gains or losses resulting from such translation are reported as currency translation adjustments ("CTA") under other comprehensive income/loss, or under accumulated other comprehensive income/loss as a separate component of equity.

Monetary assets and liabilities of the Company and its subsidiaries that are denominated in currencies other than the subsidiary’s functional currency are translated into their respective functional currency at the rates of exchange prevailing on the balance sheet date. Transactions of the Company and its subsidiaries that are denominated in currencies other than the subsidiary’s functional currency are translated into the respective functional currencies at the average exchange rate prevailing during the period of the transaction. The gains or losses resulting from foreign currency transactions are included in the consolidated statements of operations.

Employee Benefit Plans

Employee benefit plans

Contributions to defined contribution plans are charged to consolidated statements of operations in the period in which services are rendered by the covered employees. Current service costs for defined benefit plans are accrued in the period to which they relate. The liability from defined benefit plans is calculated annually by the Company using the projected unit credit method. Prior service cost, if any, resulting from an amendment to a plan is recognized and amortized over the remaining period of service of the covered employees.

The Company records annual amounts relating to its defined benefit plans based on calculations that incorporate various actuarial and other assumptions, including discount rates, mortality, future compensation increases and attrition rates. The Company reviews its assumptions on an annual basis and makes modifications to the assumptions based on current rates and trends when it is appropriate to do so. The effect of modifications to those assumptions is recorded in its entirety immediately. The Company believes that the assumptions utilized in recording its obligations under its plans are reasonable based on its experience and market conditions.

Inventories

Inventories are stated at the lower of cost and net realizable value. Cost is determined using the first-in, first-out method (FIFO) for all inventories.

Income Taxes

Income taxes

The Company accounts for income taxes using the asset and liability method, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been recognized in the Company’s consolidated financial statements. In estimating future tax consequences, generally all expected future events other than enactments or changes in the tax law or rates are considered.

The Company accounts for uncertainty in tax positions recognized in the consolidated financial statements by recognizing a tax benefit from an uncertain tax position when it is more likely than not that the position will be sustained upon examination, including resolutions of any related appeals or litigation processes, based on the technical merits. Income tax positions must meet a more-likely-than-not recognition threshold at the effective date to be recognized.

Deferred tax assets and liabilities are recognized for future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their tax bases and for all operating loss and tax credit carryforwards, if any. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax laws or rates is recognized in the consolidated statement of income in the period that includes the enactment date. Deferred tax assets are reduced by a valuation allowance if, based on the weight of available evidence, it is more likely than not that some portion or all of the deferred tax assets will not be realized.

Future realization of deferred tax assets ultimately depends on the existence of sufficient taxable income of the appropriate character within the carryback or carryforward periods available under the applicable tax law.

The Company regularly reviews the deferred tax assets for recoverability based on historical taxable income, projected future taxable income, the expected timing of the reversals of existing temporary differences and tax planning strategies. The Company’s judgment regarding future profitability may change due to many factors, including future market conditions and the ability to successfully execute the business plans and/or tax planning strategies. Should there be a change in the ability to recover deferred tax assets, the Company’s income tax provision would increase or decrease in the period in which the assessment is changed.

Income/Loss per Share Attributable to Common Shareholders

Income/loss per share attributable to common shareholders

The Company computes net income (loss) per share using the two-class method required for participating securities. The two-class method requires income available to holders of Ordinary Share for the period to be allocated between Ordinary Shares and participating securities based upon their respective rights to receive dividends as if all income for the period had been distributed. For the reclassified periods prior to the Business Combination, the Roadzen (DE) convertible preferred stock is a participating security because holders of such shares have dividend rights in the event that a cash dividend was declared on the common stock of Roadzen (DE) at an amount equal to dividend paid on each share of Roadzen (DE) common stock. The convertible notes of Roadzen (DE) prior to the Business Combination and of the Company at and subsequent to the Business Combination are not considered participating securities. The holders of the convertible preferred stock in Roadzen (DE) prior to the Business Combination would have been would be entitled to dividends in preference to shareholders of Roadzen (DE) common stock, at specified rates, if declared. Then any remaining earnings would be distributed to the holders of Roadzen (DE) common stock and convertible preferred stock on a pro-rata basis assuming conversion of all convertible preferred stock into common stock of Roadzen (DE).

Basic net income/(loss) per share is calculated by dividing the net income/(loss) attributable to Ordinary Shares or, pre-Business Combination, common stock of Roadzen (DE) by the weighted-average number of Ordinary Shares or, pre-Business Combination, common stock of Roadzen (DE), outstanding during the period, without consideration of potentially dilutive securities. Diluted net income/(loss) per share is computed by dividing the net income/(loss) attributable to Ordinary Shares or, pre-Business Combination, common stock of Roadzen (DE), by the weighted-average number of Ordinary Shares or, pre-Business Combination, common stock of Roadzen (DE), and potentially dilutive securities that could have been outstanding for the period.

Investments

Equity securities

Equity investments with a readily determinable fair value, other than equity method investments, are measured at fair value with changes in fair value recognized in the consolidated statements of operations. Equity investments without a readily determinable fair value, are measured at cost, less any impairment.

Commitments and Contingencies

Commitments and contingencies

Liabilities for loss contingencies arising from claims, assessments, litigation, fines, and penalties and other sources are recorded when it is probable that a liability has been incurred and the amount can be reasonably estimated. Legal costs incurred in connection with loss contingencies are expensed as incurred. Recoveries of environmental remediation costs from third parties that are probable of realization are separately recorded as assets and are not offset against the related environmental liability.

Expenses

Set forth below is a brief description of the components of the Company’s expenses:

Sales, marketing and business development expense

Sales expenses includes costs related to brokerage income which is derived from sale of insurance policies such as broker expenses, cost of sales, promotion expense, and travel and entertainment expenses. Broker expense is the compensation paid

to our channel partners when an insurance policy is written through a broker relationship. This function also includes expenses incurred directly or indirectly for selling and marketing a product or service and costs spent on/by personnel employed under the sales or marketing departments and share based compensation expenses. These expenses also include marketing efforts made by the Company to expand its market reach for distributing insurance policies. The expenses include advertisements through different mediums to reach end customers of insurance policies to enhance awareness and educate end customers.

ii.

General and administrative expenses

General and administrative expenses include personnel costs for corporate, finance, legal and other support staff, including bonus and share based compensation expenses, professional fees, allowance for doubtful accounts and other corporate expenses.

iii.

Research and development expense

Research and development expense consists of personnel costs incurred by the technology development team, subscription costs and other costs associated with ongoing improvements to and maintenance of internally developed software, share based compensation expenses and allocation of certain corporate costs.

Recently Issued Accounting Pronouncements and Not Yet Adopted

Recently issued accounting pronouncements and not yet adopted

The Company is an “emerging growth company,” as defined in Section 2(a) of the Securities Act of 1933, as amended, (the “Securities Act”), as modified by the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”). The JOBS Act provides that an emerging growth company can take advantage of an extended transition period for complying with new or revised accounting standards. Thus, an emerging growth company can delay the adoption of certain accounting standards until those standards would otherwise apply to private companies. The Company has elected to take advantage of the extended transition period to comply with new or revised accounting standards and to adopt certain of the reduced disclosure requirements available to emerging growth companies. As a result of the accounting standards election, the Company will not be subject to the same implementation timeline for new or revised accounting standards as other public companies that are not emerging growth companies which may make comparison of the Company’s financial statements to those of other public companies more difficult.

In August 2020, the FASB issued ASU No. 2020-06, “Debt-Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging-Contracts in Entity's Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity's Own Equity," which signifies the accounting for certain financial instruments with characteristics of liability and equity, including convertible instruments and contracts on an entity's own equity. The standard reduces the number of models used to account for convertible instruments, removes certain settlement conditions that are required for equity contracts to qualify for the derivative scope exception, and requires the if-converted method for calculation of diluted earnings per share for all convertible instruments. The ASU is effective for the Company for fiscal years, and interim periods within those fiscal years, beginning on or after December 15, 2023. Early adoption is permitted but no earlier than fiscal years beginning after December 15, 2020. The Company is currently evaluating the impact of this accounting standard update on its consolidated financial statements.

ii.

In October 2021, the FASB issued ASU No. 2021-08, Accounting for Contract Assets and Contract Liabilities from Contracts with Customers (Topic 805). This ASU requires an acquirer in a business combination to recognize and measure contract assets and contract liabilities (deferred revenue) from acquired contracts using the revenue recognition guidance in Topic 606. At the acquisition date, the acquirer applies the revenue model as if it had originated the acquired contracts. The ASU is effective for annual periods beginning after December 15, 2022, including interim periods within those fiscal years. Adoption of the ASU should be applied prospectively. Early adoption is also permitted, including adoption in an interim period. If early adopted, the amendments are applied retrospectively to all business combinations for which the acquisition date occurred during the fiscal year of adoption. The Company is currently evaluating the impact of this accounting standard update on its consolidated financial statements.

iii.

In November 2023, the FASB issued ASU No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which requires a public entity to disclose significant segment expenses and other segment items on an annual and interim basis and provide in interim periods all disclosures about a reportable segment’s profit or loss and assets that are currently required annually. It requires a public entity to disclose the title and position of the Chief Operating Decision Maker. The new standard is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. A public entity should apply the amendments in this ASU retrospectively to all prior periods presented in the financial statements. The Company is currently evaluating the impact of this accounting standard update on its consolidated financial statements.

iv.

In December 2023, the FASB issued Accounting Standards Update 2023-09, “Improvements to Income Tax Disclosures” (“ASU 2023-09”), which provides for additional disclosures primarily related to the income tax rate reconciliations and income taxes paid. ASU 2023-09 requires entities to annually disclose the income tax rate reconciliation using both amounts and

percentages, considering several categories of reconciling items, including state and local income taxes, foreign tax effects, tax credits and nontaxable or nondeductible items, among others. Disclosure of the reconciling items is subject to a quantitative threshold and disaggregation by nature and jurisdiction. ASU 2023-09 also requires entities to disclose net income taxes paid or received to federal, state and foreign jurisdictions, as well as by individual jurisdiction, subject to a five percent quantitative threshold. ASU 2023 -09 may be adopted on a prospective or retrospective basis and is effective for fiscal years beginning after December 15, 2024 with early adoption permitted. The Company is currently evaluating the impact of this accounting standard update on its consolidated financial statements.

aa)

Recent Accounting Pronouncements - Accounting Standards Adopted

In June 2016, the FASB issued ASU 2016-13, Financial Instruments — Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. ASU 2016-13 requires measurement and recognition of expected credit losses for financial assets by requiring an allowance to be recorded as an offset to the amortized cost of such assets. The standard primarily impacts the amortized cost of the Company's available-for-sale debt securities. The Company adopted this standard, which did not result in a material impact on its consolidated financial statements.

Financial Instruments

3 Months Ended

Jun. 30, 2024

Fair Value Disclosures [Abstract]

Financial Instruments

19. Financial instruments

The Company measures its convertible promissory notes and Forward Purchase Agreement asset at fair value. The Company’s convertible promissory notes are categorized as Level 1 because they are measured based on observable listed prices of such instruments. The Forward Purchase Agreement is categorized as Level 3 because of unobservable inputs and other estimation techniques due to the absence of quoted market prices, inherent lack of liquidity and the tenure of such financial instruments.

Financial instruments measured at fair value on a recurring basis

The following table represents the fair value hierarchy for the Company’s financial instruments measured at fair value on a recurring basis as of June 30, 2024:


	June 30, 2024
	Fair Value Measured using
Particulars	Level 1		Level 2		Level 3		Total
Financial liabilities:
Derivative warrant liabilities		3,178,756		-		-		3,178,756
Convertible debentures		-		-		1,252,554		1,252,554
		3,178,756		-		1,252,554		4,431,310


	June 30, 2024
	Fair Value Measured using
Particulars	Level 1		Level 2		Level 3		Total
Financial assets:
Forward purchase agreement				-		8,103,806		8,103,806
		-		-		8,103,806		8,103,806

The Company uses a third-party valuation specialist to assist management in its determination of the fair value of its Level 1 classified derivative warrant liabilities. The fair value of these financial instruments is based on the volatility of its ordinary share warrants, based on implied volatility from the Company’s traded warrants and from historical volatility of select peer company’s ordinary shares that matches the expected remaining life of the warrants. For key aspects of valuation of convertible debentures refer note 13.

The Company uses a third party valuation specialist to assist management in its determination of the fair value of its Level 3 classified Convertible debentures and Forward Purchase Agreement. The instruments were fair valued using a Monte Carlo simulation model utilizing assumptions related to the contractual term of the instruments and current interest rates. For key aspect of the valuation inputs refer notes 13 (c) and 5 (iii) respectively.

The following table presents a reconciliation of the Company’s Level 3 financial instruments measured and recorded at fair value on a recurring basis as of June 30, 2024:


	Financial asset			Financial liability
	Forward purchase agreement			Convertible debentures
Initial measurement		28,784,993			1,374,481
Change in fair value		(20,681,187	)		(121,927	)
Balance as of June 30, 2024		8,103,806			1,252,554

Assets measured at Fair Value on a non-recurring basis

The Company’s non-financial assets, such as goodwill, intangible assets and property and equipment are adjusted to fair value when an impairment charge is recognized. Such fair value measurements are based predominately on Level 3 inputs.

Non-Marketable Equity Securities

The Company measures its non-marketable equity securities that do not have readily determinable fair values under the measurement alternative at cost less impairment, adjusted by price changes from observable transactions recorded within "Other income/(expense) net" in the consolidated statements of operations. The Company’s non-marketable equity securities are investments in privately held companies without readily determinable fair values and primarily relate to its investment in Daokang and Moonshot. During the year ended March 31, 2024, the Company recorded an impairment loss for its non-marketable equity securities, refer note 6.

Management of risks

Interest rate risk - Interest rate risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate due to change to market interest rates. The Company is exposed to interest rate risk for its long-term debts where the interest rates are variable according to the market conditions.

Foreign currency risk - The Company monitors its foreign currency exposures on a regular basis. The operations are primarily denominated in United States Dollars, Pounds Sterling, Indian Rupees and Euros. For the purpose of analyzing foreign currency exchange risk, we considered the historical trends in foreign currency exchange rates. Based on a sensitivity analysis we have performed as of June 30, 2024, an adverse 10% foreign currency exchange rate change applied to total monetary assets and liabilities denominated in currencies other than the United States Dollar would not have a material effect on our financial statements.

Ordinary Shares

3 Months Ended

Jun. 30, 2024

Equity [Abstract]

Ordinary Shares

15. Ordinary Shares

As of June 30, 2024, the Company was authorized to issue 220,000,000 shares of ordinary shares, $0.0001 par value.

The holders of Ordinary Shares are entitled to receive dividends as declared from time to time and are entitled to one vote per share at meetings of the Company. In the event of liquidation, the holders of ordinary shares are eligible to receive an equal share in the distribution of the surplus assets of the Company based on their percent of ownership.

As of June 30, 2024 and March 31, 2024, 68,440,829 and 68,440,829 of the Company's Ordinary Shares were outstanding, respectively.

The following table summarizes the Company’s Ordinary Shares reserved for future issuance on an as-converted basis:


	As of June 30, 2024		As of March 31, 2024
Conversion of outstanding redeemable convertible instruments		125,255		137,448
Remaining shares available for future issuance under the Company's equity incentive plan		9,922,986		9,707,986
Warrants		21,618,972		21,045,965

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147480008/505-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 1
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-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
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-URI https://asc.fasb.org/505/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Subparagraph (i)
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-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

+ Details

Cash, Cash Equivalents and Restricted Cash - Schedule of Cash, Cash Equivalents And Restricted Cash (Details) - USD ($)	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023
Cash and Cash Equivalents [Abstract]
Balances with banks In current accounts	$ 7,773,940	$ 11,183,189
Cash in hand	3,473	2,906
Cash and Cash Equivalents, at Carrying Value, Total	7,777,413	11,186,095	$ 18,674,424
Restricted cash and cash equivalents-non-current	$ 376,981	$ 378,993	$ 543,596

- Definition

Amount of currency on hand as well as demand deposits with banks or financial institutions. Includes other kinds of accounts that have the general characteristics of demand deposits. Excludes cash and cash equivalents within disposal group and discontinued operation.

+ References + Details

Derivative Warrant Liabilities

3 Months Ended

Jun. 30, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Warrant Liabilities

12. Derivative warrant liabilities

Fair valuation of warrants issued to lenders as a part of a senior secured note agreement entered into between Roadzen (DE) and Mizuho Securities USA LLC ("Mizuho") as administrative agent amounting to $3,178,756. Each warrant grants the holder the right to purchase one Ordinary Share of the Company at an exercise price of $0.001 with a cashless settlement option where the difference between the exercise price and the market price would be paid to the warrant holder in the form of Ordinary Shares. Since the Company has Warrants traded under the symbol RDZNW, market price method was used to compute the fair market value on the reporting date. The warrants issued are recognized as derivative liabilities and were initially measured using the Black-Scholes model and are subsequently re-measured at each reporting period with changes recorded in consolidated statements of operation. As per the agreement entered into, if the principal and interest payments are not made as per the repayment schedule, the Company is obliged to issue warrants in the sequence below. On May 14, 2024, as required by the terms of this senior secured notes agreement, the Company issued to Mizuho a warrant to purchase 1,432,517 Ordinary Shares at an exercise price of $0.0001 per share.


Milestone (days after issuance)	Warrant Shares based on fully diluted Ordinary Shares of the Company as of June 30, 2023
180 days		1.00	%
210 days		1.17	%
240 days		1.33	%
270 days		1.50	%
300 days		1.67	%
330 days		1.83	%
360 days		2.50	%

The assumptions used in calculating estimated fair value of the warrant due as of June 30, 2024 is as follows:


Closing price	$	2.22
Risk Free rate		4.33	%
Dividend Yield		0	%
Volatility		150.25	%
Expected Life of the option	4.5 years

Accounts Receivables, Net

3 Months Ended

Jun. 30, 2024

Receivables [Abstract]

Accounts Receivables, Net

4. Accounts receivables, net


	As of June 30, 2024			As of March 31, 2024
Accounts receivable		2,978,364			3,997,591
Less: allowance for credit losses		(309,306	)		(345,211	)
Accounts receivable, net		2,669,058			3,652,380

The following table provides details of the Company's allowance for credit accounts:


Balance, beginning of period	345,211		13,726
Additions charged	14,777		301,309
Existing allowance in acquired entities	—		43,902
Reversal of existing allowance	(50,682	)	—
Effect of exchange rate changes	—		(13,726	)
Balance, end of period	309,306		345,211

Accounts Payable and Accrued Expenses - Schedule of Accounts Payable and Accrued Expenses (Details) - USD ($)	Jun. 30, 2024	Mar. 31, 2024
Payables and Accruals [Abstract]
Accounts payable	$ 23,198,115	$ 22,795,847
Accrued expenses	7,404,481	5,916,896
Amounts due to employees	942,775	860,895
Accounts payable and accrued expenses	$ 31,545,371	$ 29,573,638

Derivative Warrant Liabilities - Schedule of Assumptions Used In Calculating Estimated Fair Value Of Warrants Due (Details)	Jun. 30, 2024
Closing price
Derivative [Line Items]
Warrants and Rights Outstanding, Measurement Input	2.22
Risk-free rate
Derivative [Line Items]
Warrants and Rights Outstanding, Measurement Input	4.33
Dividend yield
Derivative [Line Items]
Warrants and Rights Outstanding, Measurement Input	0
Volatility
Derivative [Line Items]
Warrants and Rights Outstanding, Measurement Input	150.25
Expected Life of the option
Derivative [Line Items]
Warrants and Rights Outstanding, Term	4 years 6 months

Sum Due to Insurer

3 Months Ended

Jun. 30, 2024

Sum Due To Insurer [Abstract]

Sum Due to Insurer

20. Sum due to insurer

Represents the net amounts of premium due to insurer based on the respective contract with each insurer. The net amount due is equal to the gross written premium less the Company’s commission for policies that have reached their effective date. Sum due to insurer is $6,637,826 as of June 30, 2024, which represents funds from the insurer to meet working capital requirements/contingencies arising out of claim settlement.

Investments

3 Months Ended

Jun. 30, 2024

Equity Method Investments and Joint Ventures [Abstract]

Investments

21. Investments

These balances include certain investments in mutual funds that are recorded at fair value. Any changes to the fair value are recorded in "Fair value gains/(losses) in financial instruments carried at fair value" due to the election of the fair value option of accounting for financial instruments.

Sum Due to Insurer - Additional Information (Details)	Jun. 30, 2024 USD ($)
Sum Due To Insurer [Abstract]
Sum due to insurer	$ 6,637,826

Summary of Significant Accounting Policies - Schedule of Depreciation Over Assets Estimated Useful Lives (Details)	Jun. 30, 2024
Office and Electrical Equipment [Member] \| Minimum [Member]
Summary of Significant Accounting Policies [Line Items]
Property and equipment, Useful lives (years)	3 years
Office and Electrical Equipment [Member] \| Maximum [Member]
Summary of Significant Accounting Policies [Line Items]
Property and equipment, Useful lives (years)	5 years
Computers
Summary of Significant Accounting Policies [Line Items]
Property and equipment, Useful lives (years)	3 years
Furniture and Fixtures [Member]
Summary of Significant Accounting Policies [Line Items]
Property and equipment, Useful lives (years)	10 years

Revenue - Additional Information (Details) - USD ($)			3 Months Ended	12 Months Ended
Revenue - Additional Information (Details) - USD ($)	Mar. 31, 2024	Mar. 31, 2023	Jun. 30, 2024	Mar. 31, 2024
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue recognized	$ 1,384,821	$ 108,442
Customer One [Member] \| Customer Concentration [Member] \| Revenue [Member]
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Company revenue percentage			16.00%	45.00%
Customer One [Member] \| Customer Concentration [Member] \| Accounts Receivable [Member]
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Company revenue percentage			20.00%	28.00%
Customer Two [Member] \| Customer Concentration [Member] \| Revenue [Member]
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Company revenue percentage			12.00%
Customer Two [Member] \| Customer Concentration [Member] \| Accounts Receivable [Member]
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Company revenue percentage				18.00%
Customer Three [Member] \| Customer Concentration [Member] \| Revenue [Member]
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Company revenue percentage			12.00%

- Definition

Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income after deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss).

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-41

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 270
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482964/270-10-50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (ee)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 4: http://fasb.org/us-gaap/role/ref/otherTransitionRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 5: http://fasb.org/us-gaap/role/ref/otherTransitionRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-30

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 42
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-URI https://asc.fasb.org/1943274/2147482810/280-10-50-42

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-40

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

+ Details

Condensed Balance Sheets (Parenthetical) - $ / shares	Jun. 30, 2024	Mar. 31, 2024
Statement of Financial Position [Abstract]
Common stock, par value	$ 0.0001	$ 0.0001
Common stock, shares authorized	220,000,000	220,000,000
Common stock, shares outstanding	68,440,829	68,440,829

Intangible Assets, Net (Tables)

3 Months Ended

Jun. 30, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Finite-Lived Intangible Assets


	As of June 30, 2024			As of March 31, 2024
Software for internal use		8,582,453			8,583,145
Customer contracts - (refer note 17)		2,300,336			2,299,835
Intangible assets under development		496,110			439,374
Intellectual property		159,436			153,487
Trademark		54			54
Total		11,538,389			11,475,895
Less: accumulated depreciation and amortization		(9,318,076	)		(8,442,649	)
Less: impairment loss		(43,642	)		(43,642	)
Intangible assets, net		2,176,671			2,989,604

Schedule of Estimated Amortization of The Company's Intangible Assets for Future Periods

The estimated amortization schedule for the Company’s intangible assets for future periods is set out below:


For Period Ended June 30:	Amount
2025		922,570
2026		722,180
2027 and thereafter		35,810

Ordinary Shares (Tables)

3 Months Ended

Jun. 30, 2024

Equity [Abstract]

Schedule of Ordinary Shares Reserved for Future Issuance

The following table summarizes the Company’s Ordinary Shares reserved for future issuance on an as-converted basis:


	As of June 30, 2024		As of March 31, 2024
Conversion of outstanding redeemable convertible instruments		125,255		137,448
Remaining shares available for future issuance under the Company's equity incentive plan		9,922,986		9,707,986
Warrants		21,618,972		21,045,965

Commitments and Contingencies - Schedule of Maturities of Lease Liabilities (Details)	Jun. 30, 2024 USD ($)
Commitments and Contingencies Disclosure [Abstract]
2025	$ 381,273
2026	177,134
2027	173,585
2028	93,321
2029	90,309
Thereafter	212,117
Total Lease Payments	1,127,739
Less: Imputed Interest	(304,921)
Total	$ 822,818

Income Taxes

3 Months Ended

Jun. 30, 2024

Income Tax Disclosure [Abstract]

Income Taxes

24. Income taxes

The Company's net loss before provision for income taxes for the period ended June 30, 2024 and June 30, 2023 were as follows:


Particulars	For the three months ended June 30, 2024			For the three months ended June 30, 2023
Domestic		(26,270,441	)		(3,744,111	)
Foreign		(22,075,253	)		(300,474	)
Total		(48,345,694	)		(4,044,585	)

The components of the provision for income taxes for the period ended June 30, 2024 and June 30, 2023 were as follows:


Particulars	For the three months ended June 30, 2024		For the three months ended June 30, 2023
Current:
Domestic		12,933		—
Foreign		-		21,942
		12,933		21,942
Deferred:
Domestic		—		—
Foreign		93,717		469
		93,717		469

Total provision for income taxes		106,650		22,411

The following is a reconciliation of the federal statutory income tax rate to the Company’s effective tax rate for the period ended June 30, 2024 and June 30, 2023:


Particulars	For the three months ended June 30, 2024			For the three months ended June 30, 2023
Federal statutory income tax rate		21.00	%		21.00	%
Non deductible expenses		(0.25	%)		62.50	%
Valuation allowance		(20.79	%)		(84.49	%)
Foreign rate differential		0.05	%		0.27	%
Share warrants		0.00	%		0.00	%
Other		(0.04	%)		0.16	%
Total provision for income taxes		(0.03	%)		(0.56	%)

The components of the Company’s net deferred tax assets as of the period ended June 30, 2024 and year ended March 31, 2024 were as follows:


Particulars	As of June 30, 2024			As of March 31, 2024
Deferred tax assets:
Net operating loss carry forwards		35,803,863			25,515,511
Unabsorbed depreciation carry forwards		93,243			76,126
Retirement benefits		77,523			72,349
Depreciation and amortization		80,165			109,299
Others		16,957			244,136
Total deferred tax assets		36,071,751			26,017,421
Less: valuation allowance		(36,047,669	)		(25,995,368	)
Deferred tax assets, net of valuation allowance		24,082			22,053
Deferred tax liabilities:
Intangibles on account of business combination		(228,273	)		(263,665	)
Net deferred tax assets/ (liabilities)		(204,191	)		(241,612	)

Movement in net deferred tax assets:


	As of March 31, 2024			Recognized/ reversed through statements of operations			Impact of currency translation and acquisitions			As of June 30, 2024
Deferred tax assets:
Net operating loss carry forwards		25,515,511			10,288,352			—			35,803,863
Unabsorbed depreciation carry forwards		76,126			17,117			—			93,243
Retirement benefits		72,349			5,174			—			77,523
Depreciation and amortization		109,299			-29,134			—			80,165
Fair value changes on convertible notes		—			—			—			—
Others		244,136			(227,179	)		—			16,957
Less: valuation allowance		(25,995,368	)		(10,052,301	)		—			(36,047,669	)
Deferred tax liabilities:
Intangibles on account of business combination		(263,665	)		35,392			—			(228,273	)
Acquisitions		—			635,965			(635,965	)		—
Deconsolidation		—			-			-			—
Currency translation		—			(284,598	)		284,598			—
Net deferred tax assets/ (liabilities)		(241,612	)		388,788			(351,367	)		(204,191	)


Particulars	As of March 31, 2023			Recognized/ reversed through statements of operations			Impact of currency translation and acquisitions			As of March 31, 2024
Deferred tax assets:
Net operating loss carry forwards		8,480,316			17,035,195			—			25,515,511
Unabsorbed depreciation carry forwards		54,438			21,688			—			76,126
Retirement benefits		56,603			15,746			—			72,349
Depreciation and amortization		50,918			58,381			—			109,299
Fair value changes on convertible notes		-			-			—			—
Others		5,965			238,171			—			244,136
Less: valuation allowance		(8,565,895	)		(17,429,473	)		—			(25,995,368	)
Deferred tax liabilities:
Intangibles on account of business combination		-			(263,665	)		—			(263,665	)
Gain on convertible notes		-			608,233			-608,233.00			-
Currency translation		—			(193,121	)		193,121			—
Acquisitions		-			(48,330	)		48,330			-
		82,345			42,825			(366,782	)		(241,612	)

The Company regularly reviews its deferred tax assets for recoverability based on historical taxable income, projected future taxable income, the expected timing of the reversals of existing taxable temporary differences and tax planning strategies. The Company's judgment regarding future profitability may change due to many factors, including future market conditions and the ability to successfully execute the business plans and/or tax planning strategies. Should there be a change in the ability to recover deferred tax assets, the Company's income tax provision would increase or decrease in the period in which the assessment is changed. The Company's valuation allowance increased by $10,052,301 during the period ended June 30, 2024 and $17,429,473 during the year ended March 31, 2024 .

The Company has not provided U.S. income taxes and foreign withholding taxes on undistributed earnings of foreign subsidiaries because the Company intends to permanently reinvest such earnings outside the U.S.

Net operating loss and credit carry forwards

As of June 30, 2024, the Company has U.S. federal net operating loss carry forwards of approximately $111,055,348, of which none are subject to limitation under Internal Revenue Code Section 382 (IRC Section 382). The federal net operating loss carry forwards that were generated prior to the 2018 tax year will begin to expire in 2030 if not utilized. For net operating loss carry forwards arising in tax years beginning after March 31, 2017, the tax act limits the Company's ability to utilize carry forwards to 80% of taxable income, however, these operating losses may be carried forward indefinitely. The state (Delaware) net operating loss carry forwards will begin to expire in 2032 if not utilized. The Company has foreign tax credits which will expire at the end of 8 years from the end of the assessment year in which these tax credits were originated.

Utilization of the net operating loss carry forwards may be subject to a substantial annual limitation due to the ownership change provisions of IRC Section 382 and similar state provisions. The annual limitation may result in the inability to fully offset future annual taxable income and could result in the expiration of net operating loss carry forwards before utilization. The Company continually reviews the impact to net operating losses of any ownership changes.

Unrecognized tax benefits

The Company has adopted authoritative guidance which prescribes a recognition threshold and measurement attribute for the financial statement recognition and measurement of uncertain tax positions taken or expected to be taken in the Company’s income tax return, and also provides guidance on derecognition, classification, interest and penalties, accounting in interim periods, disclosure, and transition. The Company did not have any unrecognized tax benefits with a significant impact on its financial statements as of June 30, 2024 and March 31, 2024.

The Company's major tax jurisdictions are India, the United Kingdom and the U.S. The U.S. federal, state and foreign jurisdictions have statutes of limitations that generally range from three to six years. Due to the Company's net losses, substantially all of its federal and state income tax returns are subject to examination for federal and state purposes.

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 231
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12C

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-Name Accounting Standards Codification
-Section 50
-Paragraph 12B
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-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12B

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 270
-Name Accounting Standards Codification
-Section 50
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477891/740-270-50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 20
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-Publisher FASB
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 10
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-Section 50
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-SubTopic 10
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-Paragraph 2
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-Topic 740
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-Paragraph 2
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482603/740-30-50-2

+ Details

Summary of Significant Accounting Policies (Tables)

3 Months Ended

Jun. 30, 2024

Accounting Policies [Abstract]

Schedule of Depreciation Over Assets Estimated Useful Lives

Depreciation is calculated using declining balance method over the assets’ estimated useful lives as follows:


Assets		Useful lives
Office and electrical equipment		3-5 years
Computers		3 years
Furniture and fixtures		10 years

Revenue - Schedule of Summarizes Revenue By The Company's Service (Details) - USD ($)	3 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Disaggregation of Revenue [Line Items]
Revenue from services	$ 8,931,517	$ 5,610,910
Commission and Distribution Income [Member]
Disaggregation of Revenue [Line Items]
Revenue from services	3,082,652	1,078,193
Income from Insurance as a Service [Member]
Disaggregation of Revenue [Line Items]
Revenue from services	$ 5,848,865	$ 4,532,717

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-41

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 270
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482964/270-10-50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (ee)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 4: http://fasb.org/us-gaap/role/ref/otherTransitionRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 5: http://fasb.org/us-gaap/role/ref/otherTransitionRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 924
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 11.L)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479941/924-10-S99-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-5

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-30

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-42

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-40

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-4

+ Details

Business Combinations - Additional Information (Details) - USD ($)			3 Months Ended		9 Months Ended
	Jun. 30, 2023	Jun. 06, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023	Mar. 31, 2024	Mar. 31, 2023
Business Acquisition [Line Items]
Business acquisition, aggregate cash consideration payable			$ 488,000	$ 3,621,531
Business acquisition, cash consideration transferred				$ 2,720,000
Goodwill			$ 2,061,292			$ 2,061,553	$ 996,441
Global Insurance Management Limited
Business Acquisition [Line Items]
Business acquisition, effective date	Jun. 30, 2023
Business acquisition, percentage of equity interests acquired	100.00%			100.00%
Business acquisition, aggregate cash consideration payable	$ 3,998,000
Goodwill	$ 632,126			$ 632,126		632,126
National Automobile Club
Business Acquisition [Line Items]
Business acquisition, effective date		Jun. 06, 2023
Business acquisition, percentage of equity interests acquired		100.00%
Business acquisition, aggregate cash consideration payable		$ 2,238,000
Business acquisition, cash consideration transferred					$ 1,750,000
Goodwill		$ 439,517				$ 439,517

- Definition

+ References

+ Details

Borrowings - Schedule of Long Term Borrowings (Details) - USD ($)	Jun. 30, 2024	Mar. 31, 2024
Debt Disclosure [Abstract]
Loans from banks (note a)	$ 126,365	$ 112,169
Secured debentures (note b)	2,212,644	2,214,754
Convertible debenture (note c)	1,252,554	1,374,481
Less: current portion of long-term borrowings	(2,225,255)	(2,228,471)
Long term borrowings	$ 1,366,308	$ 1,472,933

Recapitalization - Summary of Number of Ordinary Shares Issued Immediately Following the Consummation of the Business Combination (Details) - shares	Jun. 30, 2024	Mar. 31, 2024
Restructuring Cost and Reserve [Line Items]
Common stock, outstanding prior to the Business Combination	68,440,829	68,440,829

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Summary of Significant Accounting Policies

3 Months Ended

Jun. 30, 2024

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

2. Summary of significant accounting policies

Basis of presentation and consolidation

Liquidity and going concern

The accompanying consolidated financial statements have been prepared assuming the Company will continue as a going concern.

Use of estimates

Reclassifications

Revenue

Revenues consist primarily of revenue from:


	‑	insurance policy distribution in the form of commissions, brokerage, underwriting and other fees; and
	‑	insurance support services comprised of pre-inspection and risk assessment, roadside assistance, extended warranty, and claim processing using the Company’s IaaS platform.

Income from distribution of insurance policies

Insurance policy distribution and brokerage income:

Distribution fee from underwriting and pricing:

IaaS platform enabled services:

Roadside assistance and extended warranty income:

for the purpose of recognizing gross revenue. Revenue from roadside assistance and extended warranty services is recorded over the tenure of contract which is usually one year.

Inspection income:

Administration fee from insurance support and service plan administration:

Contract assets and liabilities

Cost of services

The cost of services for the Company's distribution business includes employee related expenses directly involved in generating and servicing revenue and other direct expenses related to facilities.

Cost of services are recognized as they are incurred.

Cash and cash equivalents

Restricted cash and cash equivalents


		June 30, 2024		March 31, 2024
Cash and cash equivalents	$	7,777,413	$	11,186,095
Restricted cash and cash equivalents—current		—		—
Restricted cash and cash equivalents—non-current		376,981		378,993

Concentration of credit risk

Accounts receivable, net

Property and equipment


Assets		Useful lives
Office and electrical equipment		3-5 years
Computers		3 years
Furniture and fixtures		10 years

Leasehold improvements related to office facilities are depreciated over the shorter of the lease term or the estimated useful life of the improvement.

The Company reviews property and equipment for impairment when events or circumstances indicate the carrying amount may not

be recoverable.

Intangible assets, net (including intangibles under development)

Internal-use software is amortized on a straight-line basis over its estimated useful life, which is generally three years and up to eleven.

Leases

Fair value measurements and financial instruments


	Level 1 inputs:	Unadjusted quoted prices in active markets for identical assets or liabilities accessible to the reporting entity at the measurement date.

	Level 2 inputs:	Other than quoted prices included in Level 1 inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the asset or liability.

	Level 3 inputs:	Unobservable inputs for the asset or liability used to measure fair value to the extent that observable inputs are not available, thereby allowing for situations in which there is little, if any, market activity for the asset or liability at measurement date.

Business combination

Goodwill

Foreign currency

Employee benefit plans

Inventories

Inventories are stated at the lower of cost and net realizable value. Cost is determined using the first-in, first-out method (FIFO) for all inventories.

Income taxes

Income/loss per share attributable to common shareholders

Investments

Equity securities

Commitments and contingencies

Expenses

Set forth below is a brief description of the components of the Company’s expenses:

Sales, marketing and business development expense

ii.

General and administrative expenses

iii.

Research and development expense

Recently issued accounting pronouncements and not yet adopted

ii.

iii.

iv.

aa)

Recent Accounting Pronouncements - Accounting Standards Adopted

Financial instruments (Tables)

3 Months Ended

Jun. 30, 2024

Fair Value Disclosures [Abstract]

Schedule of Financial Instruments Measured at Fair Value on Recurring Basis

The following table represents the fair value hierarchy for the Company’s financial instruments measured at fair value on a recurring basis as of June 30, 2024:


	June 30, 2024
	Fair Value Measured using
Particulars	Level 1		Level 2		Level 3		Total
Financial liabilities:
Derivative warrant liabilities		3,178,756		-		-		3,178,756
Convertible debentures		-		-		1,252,554		1,252,554
		3,178,756		-		1,252,554		4,431,310


	June 30, 2024
	Fair Value Measured using
Particulars	Level 1		Level 2		Level 3		Total
Financial assets:
Forward purchase agreement				-		8,103,806		8,103,806
		-		-		8,103,806		8,103,806

Schedule of Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation

The following table presents a reconciliation of the Company’s Level 3 financial instruments measured and recorded at fair value on a recurring basis as of June 30, 2024:


	Financial asset			Financial liability
	Forward purchase agreement			Convertible debentures
Initial measurement		28,784,993			1,374,481
Change in fair value		(20,681,187	)		(121,927	)
Balance as of June 30, 2024		8,103,806			1,252,554

Stock Based Compensation - Schedule of Stock Option Activity (Details)	3 Months Ended
	Jun. 30, 2024 shares
Share-Based Payment Arrangement [Abstract]
Opening unvested units	9,707,986
Granted	215,000
Closing unvested units	9,922,986

Net Loss Per Share - Schedule of Potential Ordinary Shares Equivalents Excluded From the Computation of Diluted Net Loss Per Share (Details) - shares	3 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount	31,596,500	1,482,790
Share warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount	21,618,972	0
Restricted stock units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount	9,922,986
Convertible instruments
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount	54,542	0
Preferred stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount		1,482,790

Borrowings

3 Months Ended

Jun. 30, 2024

Debt Disclosure [Abstract]

Borrowings

13. Borrowings

Long-term borrowings consist of the following:


	As of June 30, 2024			As of March 31, 2024
Loans from banks (note a)		126,365			112,169
Secured debentures (note b)		2,212,644			2,214,754
Convertible debenture (note c)		1,252,554			1,374,481
Less: current portion of long-term borrowings		(2,225,255	)		(2,228,471	)
		1,366,308			1,472,933

Loan from banks:


Particulars	Interest rate	Maturity date	Amount outstanding
Long-term borrowings from banks	8.75%	10-Aug-30		108,764
Long-term borrowings from banks	9.00%	1-May-29		17,601
				126,365

The above loans are vehicle loans and secured by way of hypothecation against the vehicle for which each loan is granted.

Secured debentures:


Particulars	Interest rate			Maturity date	Amount outstanding
N1 Series Debentures		19.50	%	31-May-24		577,586
N2 Series Debenture		19.50	%	31-Jul-24		327,100
N3 Series Debentures		19.25	%	31-May-24		409,252
N4 Series Debentures		20.00	%	31-Jan-24		898,705
						2,212,644

The debentures are secured by a subordinated lien on intellectual property, current assets and movable property and equipment of certain material foreign subsidiaries.

Convertible debenture

During the period ended June 30, 2024, the Company has outstanding $1.10 million unsecured convertible debentures to different parties which have maturity date of December 15, 2025. The instruments carry an interest rate of 13% per annum, unless otherwise specified, as below.

Redemption/Conversion

On Maturity

If any amount of principal or interest under the notes remain outstanding on the maturity date, the Company shall repay the principal together with payment of accrued interest.

Optional Conversion

The unpaid principal amount of this debenture (together with all accrued but unpaid interest thereon) shall be convertible, in whole or in part, at the option of the Holder at any time prior to the payment in full of the principal amount of this Debenture, into such number of Ordinary Shares as is determined by dividing the principal amount of the Debenture so converted (together with all accrued but unpaid interest thereon) by the conversion price i.e. $10 per share.

However the conversion price is subject to downward adjustment if, on December 15, 2024, the volume-weighted average price (or VWAP) of RDZN for the thirty (30)-trading day period immediately preceding the December 15, 2024 is less than the original conversion price, subject to a floor of $8.50 per share.

Mandatory Conversion by Company

If at any time after the original issuance date, the closing price of the Common Stock of the company for any 20 Trading Days within a consecutive 30 Trading Day-period exceeding 130% of the then-applicable Conversion Price, then the Company shall thereafter have the

right, at any time upon written notice to the Holder, to convert the unpaid principal amount of this Debenture (together with all accrued but unpaid interest thereon) into such number of shares of fully paid and non-assessable shares of Common Stock as is determined by dividing the principal amount of the Debenture (together with all accrued but unpaid interest thereon) by the Conversion Price (a “Company Conversion”).

Warrants Entitlement

The Company has agreed to issue the warrants to the debenture holder within 90 days of the closing of the securities purchase agreement. The warrants shall be equivalent to the 10% of the original principal balance of the notes. The exercise price of the warrants shall be eight dollars and fifty cents ($8.50) per warrant share. The warrants shall expire five (5) years after issuance.

The assumptions used in calculating estimated fair value of warrants due as of June 30, 2024 are as follows:

d. As of June 30 2024, the aggregate maturities of long-term borrowings are as follows:


Period ending March 31, 2025								2,225,255
Period ending March 31, 2026								18,106
Period ending March 31, 2027								19,776
Period ending March 31, 2027 onwards								75,872
								2,339,009

Short-term borrowings


	As of June 30, 2024		As of March 31, 2024
Loans from banks (note a)		829,920		781,455
Loans from related parties		1,114,878		1,096,109
Loans from others (note b)		15,011,893		13,877,265
		16,956,691		15,754,829

Loans from banks and others


Particulars	Weighted average borrowing rate
Short-term borrowings from banks and others		14.00	%

Loans from banks includes a loan facility taken by Good Insurance Brokers Private Limited from The Hongkong and Shanghai Banking Corporation Limited for an amount of $0.57 million and same is secured by way of exclusive charge of hypothecation of the entire current assets both present and future, exclusive charge over deposit under lien to the extent of 50% and Corporate Guarantee (CGT) from Roadzen (DE) along with relevant certified true copy of the Board Resolution and constitutional documents.

b) Loans from others

During the quarter ended June 30, 2023, Roadzen (DE) entered into a $7.5 million senior secured notes agreement with Mizuho as a lender and administrative agent, which originally had a maturity date of 30 June, 2024. On May 14, 2024, as required by the terms of this senior secured notes agreement, the Company issued to the lender Mizuho, a warrant to purchase 1,432,517 Ordinary Shares at an exercise price of $0.0001 per share. On July 26, 2024, subsequent to the date of the balance sheet, the Company entered into Amendment No. 1 to the senior secured notes, providing for an additional $4 million in principal amount to a total of $11.5 million, and an extension of the maturity date to December 31, 2024. Terms of the notes are otherwise the same as the original notes issued in June 2023, including an interest rate of 15% per annum, and did not require any additional warrants.

As the accounting acquirer Roadzen (DE) has assumed promissory note amounting to $2.46 million at a discount of 10% which was obtained to finance transaction costs in connection with the Business Combination. The Promissory note is not convertible and interest of 20% per annum and is due and payable upon the earlier of the date on which the Company consummates its initial Business Combination or the date of the liquidation of the Company. The Company has not honored repayment of the promissory note on the due date.

During the quarter ended December 31, 2023, Good Insurance Brokers Private Limited secured loan facilities from two financial institutions. A loan of $0.76 million was obtained from Mufin Green Finance Ltd., bearing an interest rate of 17.5%, with repayments scheduled in monthly installments up to November 2024. Additionally, a loan of $0.06 million was availed from Hindon Mercantile Ltd., carrying an interest rate of 21%, with the principal amount repayable in bullet payments within 60 days from the date of each disbursement

During the quarter ended June 30, 2024 and March 31, 2024 the Company has issued $1.0 million and $0.5 million notes at an interest rate of 17.5% per annum and mature on the sixth month anniversary of the funding of the notes respectively. The interest rate on the notes can be increased maximum up to 29% as per the applicable condition of repayment.

As the accounting acquirer, Roadzen (DE) is deemed to have assumed Convertible Promissory Note amounting to $1.03 million which was obtained to finance transaction costs in connection with a Business Combination. The Convertible Promissory Notes is a non-interest bearing instrument and payable upon the consummation of a Business Combination or may be convertible into warrants of the post-Business Combination entity at a price of $1.00 per warrant at the holder's discretion. The warrants would be identical to the private placement warrants described in note 16. The Company has not honored repayment of the promissory note on the due date.

Fair Value of the Warrants:



Closing price	$	0.05
Open price	$	0.05
High	$	0.05
Low	$	0.05

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 40
-Name Accounting Standards Codification
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-Paragraph 1
-Subparagraph (a)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
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-Paragraph 1B
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 470
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/470/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482925/835-30-45-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section 50
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
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-Paragraph 1B
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
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-Paragraph 1C
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Section 50
-Paragraph 1C
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1E

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Section 50
-Paragraph 1I
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

+ Details

Other Long-Term Liabilities

3 Months Ended

Jun. 30, 2024

Other Liabilities Disclosure [Abstract]

Other Long-Term Liabilities

14. Other long-term liabilities


	As of June 30, 2024		As of March 31, 2024
Retirement benefits		265,229		250,399
Deferred tax liability		228,273		263,665
Deferred revenue		403,705		727,853
		897,207		1,241,917

Business Combinations - Schedule of Purchase Price Allocated to Intangible Assets Acquired (Details) - USD ($)	Jun. 30, 2023	Jun. 06, 2023
Global Insurance Management Limited
Business Acquisition [Line Items]
Acquired customer contracts, Amount	$ 1,157,920
Acquired customer contracts, Weighted average life	3 years
National Automobile Club
Business Acquisition [Line Items]
Acquired customer contracts, Amount		$ 870,027
Acquired customer contracts, Weighted average life		3 years

Borrowings - Summary of Loans from Banks and Others (Details)	Jun. 30, 2024
Debt Disclosure [Abstract]
Short term borrowings from banks and others, weighted average borrowing rate	14.00%

Prepayments and Other Current Assets - Schedule of Prepayments and Other Current Assets (Parenthetical) (Details) - USD ($)	Jun. 30, 2024	Mar. 31, 2024
Prepaid Expense And Other Assets Current [Line Item]
Net of doubtful advances	$ 2,297,378	$ 2,299,569
Net of doubtful receivables	2,800,000	2,800,000
Advances to suppliers	430,219	244,087
Advances to employees	197,750	119,220
Advances to employees include related party	63,316	$ 54,082
Advances to affected entities	$ 2,042,459

Other Long Term Assets

3 Months Ended

Jun. 30, 2024

Other Assets, Noncurrent [Abstract]

Other Long Term Assets

9. Other long-term assets


	As of June 30, 2024		As of March 31, 2024
Deposits		12,360		12,672
Advances		5,897		34,685
Interest accrued		2,501		2,503
Deferred tax assets (refer note 23)		24,082		22,053
		44,840		71,913

Accounts Receivables, Net - Summary of Account Receivables, Allowance for Credit Accounts (Details) - USD ($)	3 Months Ended	12 Months Ended
	Jun. 30, 2024	Mar. 31, 2024
Receivables [Abstract]
Balance, beginning of period	$ 345,211	$ 13,726
Additions charged	14,777	301,309
Existing allowance in acquired entities		43,902
Reversal of existing allowance	(50,682)
Effect of exchange rate changes		(13,726)
Balance, end of period	$ 309,306	$ 345,211

Non-Marketable Securities - Additional Information (Details)	3 Months Ended
	Jun. 30, 2024 USD ($)
Moonshot - Internet SAS [Member]
Summary of Investment Holdings [Line Items]
Investment at cost	$ 2,410,000
Investment at cost, percentage	6.68%
Impairment loss on investment	$ 2,140,530
Daokang (Beijing) Data Science Company Ltd [Member]
Summary of Investment Holdings [Line Items]
Investment at cost	$ 2,500,030
Investment at cost, percentage	34.50%
Impairment loss on investment	$ 1,254,704

- Definition

Cost of the investment.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
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+ Details

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

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+ Details

Condensed Consolidated Statements of Comprehensive Loss (Unaudited) - USD ($)	3 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Statement of Comprehensive Income [Abstract]
Net (loss)/income	$ (48,407,025)	$ (4,039,244)
Other comprehensive income, net of tax:
Changes in foreign currency translation reserve	(288,265)	(38,964)
Less: changes in foreign currency translation reserve attributable to non-controlling interest	(3,667)	(3,426)
Other comprehensive income (loss) attributable to Roadzen Inc. ordinary shareholders	(284,598)	(35,538)
Total comprehensive loss attributable to Roadzen Inc. ordinary shareholders	$ (48,691,623)	$ (4,074,782)

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income, attributable to parent entity. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References + Details

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

Income Taxes - Schedule of Components of Provision for Income Taxes (Details) - USD ($)	3 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Current:
Domestic	$ 12,933	$ 0
Foreign	0	21,942
Total	12,933	21,942
Deferred:
Domestic	0	0
Foreign	93,717	469
Total	93,717	469
Total provision for income taxes	$ 106,650	$ 22,411

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References

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+ Details

Accounts Receivables, Net - Summary of Accounts Receivables (Details) - USD ($)	Jun. 30, 2024	Mar. 31, 2024	Mar. 31, 2023
Receivables [Abstract]
Accounts receivable	$ 2,978,364	$ 3,997,591
Less: allowance for credit losses	(309,306)	(345,211)	$ (13,726)
Accounts receivable, net	$ 2,669,058	$ 3,652,380

Income Taxes (Tables)

3 Months Ended

Jun. 30, 2024

Income Tax Disclosure [Abstract]

Schedule of Income before Income Tax, Domestic and Foreign

The Company's net loss before provision for income taxes for the period ended June 30, 2024 and June 30, 2023 were as follows:


Particulars	For the three months ended June 30, 2024			For the three months ended June 30, 2023
Domestic		(26,270,441	)		(3,744,111	)
Foreign		(22,075,253	)		(300,474	)
Total		(48,345,694	)		(4,044,585	)

Schedule of Components of Provision for Income Taxes

The components of the provision for income taxes for the period ended June 30, 2024 and June 30, 2023 were as follows:


Particulars	For the three months ended June 30, 2024		For the three months ended June 30, 2023
Current:
Domestic		12,933		—
Foreign		-		21,942
		12,933		21,942
Deferred:
Domestic		—		—
Foreign		93,717		469
		93,717		469

Total provision for income taxes		106,650		22,411

Schedule of Reconciliation of Statutory Federal Income Tax Rate

The following is a reconciliation of the federal statutory income tax rate to the Company’s effective tax rate for the period ended June 30, 2024 and June 30, 2023:


Particulars	For the three months ended June 30, 2024			For the three months ended June 30, 2023
Federal statutory income tax rate		21.00	%		21.00	%
Non deductible expenses		(0.25	%)		62.50	%
Valuation allowance		(20.79	%)		(84.49	%)
Foreign rate differential		0.05	%		0.27	%
Share warrants		0.00	%		0.00	%
Other		(0.04	%)		0.16	%
Total provision for income taxes		(0.03	%)		(0.56	%)

Schedule of Net Deferred Tax Assets

The components of the Company’s net deferred tax assets as of the period ended June 30, 2024 and year ended March 31, 2024 were as follows:


Particulars	As of June 30, 2024			As of March 31, 2024
Deferred tax assets:
Net operating loss carry forwards		35,803,863			25,515,511
Unabsorbed depreciation carry forwards		93,243			76,126
Retirement benefits		77,523			72,349
Depreciation and amortization		80,165			109,299
Others		16,957			244,136
Total deferred tax assets		36,071,751			26,017,421
Less: valuation allowance		(36,047,669	)		(25,995,368	)
Deferred tax assets, net of valuation allowance		24,082			22,053
Deferred tax liabilities:
Intangibles on account of business combination		(228,273	)		(263,665	)
Net deferred tax assets/ (liabilities)		(204,191	)		(241,612	)

Schedule of Movement in Net Deferred Tax Assets

Movement in net deferred tax assets:


	As of March 31, 2024			Recognized/ reversed through statements of operations			Impact of currency translation and acquisitions			As of June 30, 2024
Deferred tax assets:
Net operating loss carry forwards		25,515,511			10,288,352			—			35,803,863
Unabsorbed depreciation carry forwards		76,126			17,117			—			93,243
Retirement benefits		72,349			5,174			—			77,523
Depreciation and amortization		109,299			-29,134			—			80,165
Fair value changes on convertible notes		—			—			—			—
Others		244,136			(227,179	)		—			16,957
Less: valuation allowance		(25,995,368	)		(10,052,301	)		—			(36,047,669	)
Deferred tax liabilities:
Intangibles on account of business combination		(263,665	)		35,392			—			(228,273	)
Acquisitions		—			635,965			(635,965	)		—
Deconsolidation		—			-			-			—
Currency translation		—			(284,598	)		284,598			—
Net deferred tax assets/ (liabilities)		(241,612	)		388,788			(351,367	)		(204,191	)


Particulars	As of March 31, 2023			Recognized/ reversed through statements of operations			Impact of currency translation and acquisitions			As of March 31, 2024
Deferred tax assets:
Net operating loss carry forwards		8,480,316			17,035,195			—			25,515,511
Unabsorbed depreciation carry forwards		54,438			21,688			—			76,126
Retirement benefits		56,603			15,746			—			72,349
Depreciation and amortization		50,918			58,381			—			109,299
Fair value changes on convertible notes		-			-			—			—
Others		5,965			238,171			—			244,136
Less: valuation allowance		(8,565,895	)		(17,429,473	)		—			(25,995,368	)
Deferred tax liabilities:
Intangibles on account of business combination		-			(263,665	)		—			(263,665	)
Gain on convertible notes		-			608,233			-608,233.00			-
Currency translation		—			(193,121	)		193,121			—
Acquisitions		-			(48,330	)		48,330			-
		82,345			42,825			(366,782	)		(241,612	)

Ordinary Shares - Schedule of Ordinary Shares Reserved For Future Issuance On An As-converted Basis (Details) - shares	Jun. 30, 2024	Mar. 31, 2024
Conversion of outstanding redeemable convertible instruments
Class of Stock [Line Items]
Ordinary shares reserved for future issuance	125,255	137,448
Remaining shares available for future issuance under the Company's equity incentive plan
Class of Stock [Line Items]
Ordinary shares reserved for future issuance	9,922,986	9,707,986
Warrants
Class of Stock [Line Items]
Ordinary shares reserved for future issuance	21,618,972	21,045,965

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

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-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(27)(b))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(28))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(29))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-03(i)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479886/946-10-S99-3

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-03(i)(1))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479886/946-10-S99-3

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-03(i)(2)(i))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479886/946-10-S99-3

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-03(i)(2)(ii))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479886/946-10-S99-3

+ Details

Summary of Significant Accounting Policies - Additional Information (Details)	3 Months Ended
	Jun. 30, 2024 USD ($) Unit	Jun. 30, 2023 USD ($)	Aug. 13, 2024 USD ($)
Summary of Significant Accounting Policies [Line Items]
Roadside assistance services period	1 year
Number of reporting unit \| Unit	1
Cost of Services to Sales and Marketing [Member]
Summary of Significant Accounting Policies [Line Items]
Reclassification adjustment	$ 1,029,330	$ 192,285
Subsequent Event [Member]
Summary of Significant Accounting Policies [Line Items]
Debt and equity securities amount			$ 50,000,000
Minimum [Member]
Summary of Significant Accounting Policies [Line Items]
Insurance support services period	1 year
Service plan administration period	1 year
Maximum [Member]
Summary of Significant Accounting Policies [Line Items]
Insurance support services period	7 years
Service plan administration period	7 years

Other Current Liabilities (Tables)

3 Months Ended

Jun. 30, 2024

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Schedule of Other Current Liabilities

Other current liabilities consist of the following:


	As of June 30, 2024		As of March 31, 2024
Statutory liabilities		1,543,837		1,252,384
Deferred revenue		1,000,663		656,968
Advances from customers		90,461		445,696
Retirement benefits		21,630		14,128
Other payables		865,694		862,786
		3,522,285		3,231,962

Income Taxes - Schedule of Movement in Net Deferred Tax Assets (Details) - USD ($)	3 Months Ended	12 Months Ended
	Jun. 30, 2024	Mar. 31, 2024
Deferred tax assets:
Net operating loss carry forwards, Beginning	$ 25,515,511	$ 8,480,316
Unabsorbed depreciation carry forwards, Beginning	76,126	54,438
Retirement benefits, Beginning	72,349	56,603
Depreciation and amortization, Beginning	109,299	50,918
Others, Beginning	244,136	5,965
Less: valuation allowance, Beginning	(25,995,368)	(8,565,895)
Net operating loss carry forwards recognized or reversed through statements of operations	10,288,352	17,035,195
Unabsorbed depreciation carry forwards recognized or reversed through statements of operations	17,117	21,688
Retirement benefits recognized or reversed through statements of operations	5,174	15,746
Depreciation and amortization recognized or reversed through statements of operations	(29,134)	58,381
Others recognized or reversed through statements of operations	(227,179)	238,171
Less: valuation allowance recognized or reversed through statements of operations	(10,052,301)	(17,429,473)
Net operating loss carry forwards, Ending	35,803,863	25,515,511
Unabsorbed depreciation carry forwards, Ending	93,243	76,126
Retirement benefits, Ending	77,523	72,349
Depreciation and amortization, Ending	80,165	109,299
Others, Ending	16,957	244,136
Less: valuation allowance, Ending	(36,047,669)	(25,995,368)
Deferred tax liabilities:
Intangibles on account of business combination, Beginning	(263,665)
Intangibles on account of business combination recognized or reversed through statements of operations	35,392	(263,665)
Gain on convertible notes recognized or reversed through statements of operations		608,233
Acquisitions recognized or reversed through statements of operations	635,965	(48,330)
Currency translation recognized or reversed through statements of operations	(284,598)	(193,121)
Gain on convertible notes impact of currency translation and acquisitions		(608,233)
Acquisitions impact of Currency Translation And Acquisitions	(635,965)	48,330
Currency translation of Currency Translation And Acquisitions	284,598	193,121
Intangibles on account of business combination, Ending	(228,273)	(263,665)
Net deferred tax assets, Beginning		82,345
Net deferred tax liabilities, Beginning	(241,612)
Deferred Tax Assets, Net Recognized Or Reversed Through Statements of Operations, Total	388,788	42,825
Net deferred tax assets/ (liabilities) impact of Currency Translation And Acquisitions	(351,367)	(366,782)
Net deferred tax assets
Net deferred tax liabilities	$ (204,191)	$ (241,612)

Commitments and Contingencies - Schedule of Supplemental Cash Flow Information Related to Leases and Non Cash Flows Arising From Lease Transactions (Details)	3 Months Ended
	Jun. 30, 2024 USD ($)
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$ 51,972
Right-of-use assets obtained in exchange for lease obligations:
Operating Assets	$ 0

Reorganization and Description of Business - Additional Information (Details)	3 Months Ended
	Jun. 30, 2024 $ / shares shares	Mar. 31, 2024 $ / shares shares	Sep. 20, 2023 shares
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Common stock, par value \| $ / shares	$ 0.0001	$ 0.0001
Ordinary shares, outstanding \| shares	68,440,829	68,440,829
Roadzen RSU [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Ratio of conversion	27.21
Roadzen. Inc [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Common stock, par value \| $ / shares	$ 0.0001
Ordinary shares, outstanding \| shares			1
Ordinary Shares
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Ratio of conversion	27.21

Prepayments and Other Current Assets - Schedule of Assumptions Used In Calculating Estimated Fair Value Of Forward Purchase Agreement (Details)	3 Months Ended
	Jun. 30, 2024
Prepaid Expense And Other Assets Current [Line Item]
Remaining term (years)	9 months
Forward Purchase Agreement Asset [Member] \| Volatility
Prepaid Expense And Other Assets Current [Line Item]
Fair value of forward purchase agreement asset	59.3
Forward Purchase Agreement Asset [Member] \| Risk-free rate
Prepaid Expense And Other Assets Current [Line Item]
Fair value of forward purchase agreement asset	4.14
Forward Purchase Agreement Asset [Member] \| Dividend yield
Prepaid Expense And Other Assets Current [Line Item]
Fair value of forward purchase agreement asset	0
Forward Purchase Agreement Asset [Member] \| Strike price
Prepaid Expense And Other Assets Current [Line Item]
Fair value of forward purchase agreement asset	10.77

Financial instruments - Schedule of Financial Instruments Measured at Fair Value on Recurring Basis (Details) - USD ($)	Jun. 30, 2024	Mar. 31, 2024
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial liabilities	$ 3,178,756	$ 5,585,955
Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial liabilities	4,431,310
Financial assets	8,103,806
Recurring [Member] \| Derivative warrant liabilities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial liabilities	3,178,756
Recurring [Member] \| Convertible debentures
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial liabilities	1,252,554
Recurring [Member] \| Forward Purchase Agreement [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial assets	8,103,806
Recurring [Member] \| Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial liabilities	3,178,756
Recurring [Member] \| Level 1 [Member] \| Derivative warrant liabilities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial liabilities	3,178,756
Recurring [Member] \| Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial liabilities	1,252,554
Financial assets	8,103,806
Recurring [Member] \| Level 3 [Member] \| Convertible debentures
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial liabilities	1,252,554
Recurring [Member] \| Level 3 [Member] \| Forward Purchase Agreement [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial assets	$ 8,103,806

Other Long Term Liabilities - Summary of Other Long Term Liabilities (Details) - USD ($)	Jun. 30, 2024	Mar. 31, 2024
Other Liabilities Disclosure [Abstract]
Retirement benefits	$ 265,229	$ 250,399
Deferred tax liability	228,273	263,665
Deferred revenue	403,705	727,853
Total	$ 897,207	$ 1,241,917

Business Combinations - Schedule of Major Classes of Assets and Liabilities Allocated to Purchase Price (Details) - USD ($)			3 Months Ended
	Jun. 30, 2023	Jun. 06, 2023	Jun. 30, 2024	Jun. 30, 2023	Mar. 31, 2024	Mar. 31, 2023
Business Acquisition [Line Items]
Purchase consideration			$ 488,000	$ 3,621,531
Goodwill			$ 2,061,292		$ 2,061,553	$ 996,441
Global Insurance Management Limited
Business Acquisition [Line Items]
Cash and cash equivalents	$ 10,997,974			10,997,974
Acquired Customer Contract	1,157,920			1,157,920
Other assets	7,157,343			7,157,343
Other liabilities	(15,947,363)			(15,947,363)
Net assets	3,365,874			3,365,874
Purchase consideration	3,998,000
Goodwill	$ 632,126			$ 632,126	632,126
National Automobile Club
Business Acquisition [Line Items]
Cash and cash equivalents		$ 182,713
Intangible assets		13,384
Acquired Customer Contract		870,027
Other assets		1,947,606
Other liabilities		(1,215,247)
Net assets		1,798,483
Purchase consideration		2,238,000
Goodwill		$ 439,517			$ 439,517

Property and Equipment, Net (Tables)

3 Months Ended

Jun. 30, 2024

Property, Plant and Equipment [Abstract]

Schedule of Property Plant and Equipment, Net

The components of property and equipment, net were as follows:


	As of June 30, 2024			As of March 31, 2024
Computers		684,494			660,504
Office equipment		333,423			422,046
Furniture & fixtures		162,865			162,851
Electrical equipment		30,966			30,972
Leasehold improvements		31,716			31,736
Total		1,243,464			1,308,109
Less: accumulated depreciation		(998,402	)		(853,520	)
Property and equipment, net		245,062			454,589

Commitments and Contingencies - Schedule of Balance Sheet Information Related to Leases (Details) - USD ($)	Jun. 30, 2024	Mar. 31, 2024
Other Commitments [Line Items]
Operating Lease ROU Asset, net	$ 981,108	$ 822,327
Operating Lease, Liability	822,818
Short Term Liabilities [Member]
Other Commitments [Line Items]
Operating Lease, Liability	314,675
Long Term Liabilities [Member]
Other Commitments [Line Items]
Operating Lease, Liability	$ 508,143

Property and Equipment, Net

3 Months Ended

Jun. 30, 2024

Property, Plant and Equipment [Abstract]

Property and Equipment, Net

7. Property and equipment, net

The components of property and equipment, net were as follows:


	As of June 30, 2024			As of March 31, 2024
Computers		684,494			660,504
Office equipment		333,423			422,046
Furniture & fixtures		162,865			162,851
Electrical equipment		30,966			30,972
Leasehold improvements		31,716			31,736
Total		1,243,464			1,308,109
Less: accumulated depreciation		(998,402	)		(853,520	)
Property and equipment, net		245,062			454,589

The company disposed $64,645 (net of capitalization and CTA impact of $23,520 and $(1,421) respectively ) and capitalized $687,130 (net of disposal and CTA impact of $106 and $(1,180), respectively) for the period ended June 30, 2024 and for the year ended March 31, 2024 respectively out of which $396,123 is related to acquisition of FA Premium Insurance Broking Pvt. Ltd., Global Insurance Management Limited and National Automobile Club for the year March 31, 2024. During the year ended March 31, 2024, the Company ceases to hold board control over Peoplebay Consultancy Services Private Limited and FA Events & Media Private Limited with effect from October 01, 2023 and FA Premium Insurance Private Limited with effect from January 01, 2024, as a result property and equipment worth $73,641 have been derecognized. The Company capitalized $9,214 and $28,008 towards computers for the period ended June 30, 2024 and year ended March 31, 2024 respectively. Depreciation expense relating to property and equipment amounted to $31,155 and $152,113 for the period ended June 30, 2024 and year ended March 31, 2024 respectively out of which $9,117 and $77,422 relate to computer for the period ended June 30, 2024 and year ended March 31, 2024.

Prepayments and Other Current Assets - Schedule of Prepayments and Other Current Assets (Details) - USD ($)	Jun. 30, 2024	Mar. 31, 2024
Prepaid Expense And Other Assets Current [Line Item]
Balance with statutory authorities	$ 1,864,287	$ 1,462,119
Unbilled revenue	3,021,839	1,821,134
Advances given (net of doubtful advances of $2,297,378 as ofJune 30, 2024 and $2,299,569 as of March 31, 2024)	1,668,245	672,716
Other receivables (net of doubtful receivables of $2,800,000 as of June 30 2024 and $2,800,000 as of March 31, 2024)		6,829
Prepayments	1,180,815	1,613,407
Forward purchase agreement	8,103,806	28,784,993
Deposits	66,733	65,137
Prepayments and other current assets	$ 15,905,725	$ 34,426,335

Other Current Liabilities - Additional Information (Details) - USD ($)	3 Months Ended	12 Months Ended
	Jun. 30, 2024	Mar. 31, 2024
National Automobile Club
Business Acquisition [Line Items]
Consideration payable in connection with acquisitions	$ 488,000	$ 488,000

Other Current Liabilities - Schedule of Other Current Liabilities (Details) - USD ($)	Jun. 30, 2024	Mar. 31, 2024
Other Liabilities, Current [Abstract]
Statutory liabilities	$ 1,543,837	$ 1,252,384
Deferred revenue	1,000,663	656,968
Advance from customers	90,461	445,696
Retirements benefits	21,630	14,128
Other payables	865,694	862,786
Other current liabilities	$ 3,522,285	$ 3,231,962

Intangible Assets, Net - Additional Information (Details) - FA Premium Insurance Broking Pvt. Ltd Global Insurance Management Limited and National Automobile Club [Member]	3 Months Ended
	Jun. 30, 2024 USD ($)
Finite-Lived Intangible Assets [Line Items]
Acquired intangible assets	$ 4,955,565
Intangible assets derecognized	2,017,117
Impairment on customer contract reversed	$ 335,185

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Commitments and Contingencies - Components of Lease Cost (Details)	3 Months Ended
	Jun. 30, 2024 USD ($)
Commitments and Contingencies Disclosure [Abstract]
Operating lease cost	$ 88,741
Short-term lease cost	21,385
Total lease cost	$ 110,126

Summary of Significant Accounting Policies - Schedule of Reconciliation of Cash and Cash Equivalents and Restricted Cash and Cash Equivalents (Details) - USD ($)	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023
Cash and Cash Equivalents [Abstract]
Cash and cash equivalents	$ 7,777,413	$ 11,186,095	$ 18,674,424
Restricted cash and cash equivalents-current	0	0
Restricted cash and cash equivalents-non-current	$ 376,981	$ 378,993	$ 543,596

Borrowings - Schedule of Secured Debentures (Details) - USD ($)	3 Months Ended
	Jun. 30, 2024	Mar. 31, 2024
Debt Instrument [Line Items]
Interest rate	17.50%	17.50%
Amount outstanding	$ 2,212,644	$ 2,214,754
N1 Series Debentures 19.50% due on 31-May-24
Debt Instrument [Line Items]
Interest rate	19.50%
Maturity date	May 31, 2024
Amount outstanding	$ 577,586
N2 Series Debentures 19.50% due on 31-Jul-24
Debt Instrument [Line Items]
Interest rate	19.50%
Maturity date	Jul. 31, 2024
Amount outstanding	$ 327,100
N3 Series Debentures 19.25% due on 31-May-24
Debt Instrument [Line Items]
Interest rate	19.25%
Maturity date	May 31, 2024
Amount outstanding	$ 409,252
N4 Series Debentures 20.00% due on 31-Jan-24
Debt Instrument [Line Items]
Interest rate	20.00%
Maturity date	Jan. 31, 2024
Amount outstanding	$ 898,705

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Condensed Balance Sheets - USD ($)	Jun. 30, 2024	Mar. 31, 2024
Current assets:
Cash and cash equivalents	$ 7,777,413	$ 11,186,095
Accounts receivable, net	2,669,058	3,652,380
Inventories	77,399	70,667
Prepayments and other current assets	15,905,725	34,426,335
Investments	313,488	507,094
Total current assets	26,743,083	49,842,571
Restricted cash	376,981	378,993
Non marketable securities	1,513,995	1,514,796
Property and equipment, net	245,062	454,589
Goodwill	2,061,292	2,061,553
Operating lease right-of-use assets	981,108	822,327
Intangible assets, net	2,176,671	2,989,604
Other long term assets	44,840	71,913
Total Assets	34,143,032	58,136,346
Current Liabilities:
Current portion of long-term borrowings	2,225,255	2,228,471
Short term borrowings	16,956,691	15,754,829
Due to insurer	6,637,826	8,918,849
Accounts payable and accrued expenses	31,545,371	29,573,638
Derivative warrant liabilities	3,178,756	5,585,955
Short-term operating lease liabilities	314,675	358,802
Other current liabilities	3,522,285	3,231,962
Total Current Liabilities	64,380,859	65,652,506
Long term borrowings	1,366,308	1,472,933
Long-term operating lease liabilities	508,143	268,856
Other long term liabilities	897,207	1,241,917
Total Liabilities	67,152,517	68,636,212
Commitments and contingencies (refer note 21)
Shareholders' Deficit:
Ordinary Shares Value	84,974,378	84,974,378
Accumulated deficit	(199,415,444)	(151,008,419)
Accumulated other comprehensive income/(loss)	(885,099)	(600,501)
Other components of equity	82,791,695	56,560,706
Total shareholders' deficit	(32,534,470)	(10,073,836)
Non controlling interest	(475,015)	(426,030)
Total deficit	(33,009,485)	(10,499,866)
Total liabilities and Shareholders' deficit, Non-controlling interest	$ 34,143,032	$ 58,136,346

Intangible Assets, Net

3 Months Ended

Jun. 30, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Assets, Net

8. Intangible assets, net


	As of June 30, 2024			As of March 31, 2024
Software for internal use		8,582,453			8,583,145
Customer contracts - (refer note 17)		2,300,336			2,299,835
Intangible assets under development		496,110			439,374
Intellectual property		159,436			153,487
Trademark		54			54
Total		11,538,389			11,475,895
Less: accumulated depreciation and amortization		(9,318,076	)		(8,442,649	)
Less: impairment loss		(43,642	)		(43,642	)
Intangible assets, net		2,176,671			2,989,604

There is no addition in the intangible assets for the period ended June 30, 2024. During the year ended March 31, 2024, the Company acquired intangible assets worth $4,955,565 related to FA Premium Insurance Broking Pvt. Ltd., Global Insurance Management Limited and National Automobile Club. The Company ceases to hold board control over Peoplebay Consultancy Services Private Limited and FA Events & Media Private Limited with effect from October 1, 2023 and FA Premium Insurance Private Limited with effect from January 1, 2024, as a result intangible assets worth $2,017,117 have been derecognized and impairment & amortization on customer contract of $335,185 has been reversed.

The Company performed qualitative assessment for intangible assets and indicated that it was more likely than not that the carrying value of the acquired entities exceeded its fair value, therefore, it did not result in an impairment.

The estimated amortization schedule for the Company’s intangible assets for future periods is set out below:


For Period Ended June 30:	Amount
2025		922,570
2026		722,180
2027 and thereafter		35,810

Commitments and Contingencies (Tables)

3 Months Ended

Jun. 30, 2024

Commitments and Contingencies Disclosure [Abstract]

Components of Lease Cost

The following tables presents the various components of lease costs:

Schedule of Supplemental Cash Flow Information Related to Leases and Non Cash Flows Arising From Lease Transactions

ii)

        Particulars

        For the
three months ended
June 30,
2024

        Cash paid for amounts included in the measurement of lease liabilities:

Operating cash flows from operating leases

51,972

        Right-of-use assets obtained in exchange for lease obligations:

Operating Assets

-

Schedule of Balance Sheet Information Related to Leases

iii)

Balance sheet information related to leases is as follows:

        Particulars

        As of
June 30,
2024

        Operating Leases:

Operating Lease ROU Asset, net

981,108

Short term liabilities

314,675

Long term liabilities

508,143

Total operating lease liabilities

822,818

Summary of Weighted Average Remaining Lease Terms and Discount Rates

iv)

Weighted Average Remaining Lease Term (In years)

         
        As of
June 30,
2024

Operating leases

5.37

Weighted Average Discount Rate


	As of June 30, 2024
Operating leases		12.62	%

Schedule of Maturities of Lease Liabilities

vi)

Maturities of lease liabilities were as follows:


Particulars	Lease Liabilities (USD)*
For Period Ended June 30, 2024
2025		381,273
2026		177,134
2027		173,585
2028		93,321
2029		90,309
Thereafter		212,117
Total Lease Payments		1,127,739
Less: Imputed Interest		(304,921	)
Total		822,818

* The lease liabilities are translated into U.S. Dollars using the closing rate for the period ended June 30, 2024

Warrants - Additional Information (Details) - $ / shares	3 Months Ended
	Jun. 30, 2024	Jun. 20, 2024	May 14, 2024	Apr. 22, 2024
Public Warrants [Member]
Class of Warrant or Right [Line Items]
Number of warrants outstanding	10,004,994
Warrants and rights outstanding term	5 years
Warrants exercisable date	Oct. 20, 2023
Class of warrants or rights redemption price per unit	$ 0.01
Minimum notice period to be given to the holders of warrants	30 days
Public Warrants [Member] \| Ordinary Shares
Class of Warrant or Right [Line Items]
Warrants exercisable price	$ 11.5
Number of consecutive trading days for determining the share price	20 days
Share price	$ 18
Number of trading days for determining the share price	30 days
Private Placement Warrants [Member]
Class of Warrant or Right [Line Items]
Number of warrants outstanding	9,152,087
Private Placement Warrants [Member] \| From The Completion Of The Initial Business Combination [Member]
Class of Warrant or Right [Line Items]
Period after which the warrants are exercisable	30 days
Mizuho
Class of Warrant or Right [Line Items]
Number of warrants outstanding	1,432,517
Warrants exercisable price	$ 0.001		$ 0.0001
Warrants to purchase shares			1,432,517
Securities Purchase Agreement
Class of Warrant or Right [Line Items]
Number of warrants outstanding	100,000
Warrants exercisable date	Mar. 28, 2025
Percentage of exercise price of warrants	80.00%
Number of trading days subsequent to the first loan funding	60 days
Number of trading days immediately prior to the vesting date	60 days
Supurna VedBrad \| Securities Purchase Agreement \| Ordinary Shares
Class of Warrant or Right [Line Items]
Number of warrants outstanding		50,000
Supurna VedBrad \| Securities Purchase Agreement \| Additional Ordinary Shares [Member]
Class of Warrant or Right [Line Items]
Number of warrants outstanding		50,000
Krishnan Shah Family Partners, LP \| Securities Purchase Agreement \| Ordinary Shares
Class of Warrant or Right [Line Items]
Number of warrants outstanding				50,000

Borrowings - Schedule of Maturities of Long-term Borrowings Excluding Convertible Notes (Details)	Jun. 30, 2024 USD ($)
Debt Disclosure [Abstract]
Period ending March 31, 2025	$ 2,225,255
Period ending March 31, 2026	18,106
Period ending March 31, 2027	19,776
Period ending March 31, 2027 and onwards	75,872
Long-term borrowings excluding convertible notes	$ 2,339,009

Net Loss Per Share (Tables)

3 Months Ended

Jun. 30, 2024

Earnings Per Share [Abstract]

Schedule of Computation Of Basic Net Loss Per Share Attributable To Ordinary Shareholders And Preferred Stock Holders

The following table sets forth the computation of basic net loss per share attributable to ordinary shareholders and preferred stock holders:


Particulars	For the three months ended June 30, 2024			For the three months ended June 30, 2023
Numerator:
Net loss		(48,407,025	)		(4,039,244	)
Less: dividend attributable to preferred stockholders for the current year		-			40,297
Net loss attributable to Roadzen Inc. ordinary shareholders		(48,407,025	)		(4,079,541	)
Denominator:
Weighted-average shares used in computing net loss per share attributable to Roadzen Inc. ordinary shareholders - basic and diluted		68,440,829			606,425
Net loss per share attributable to Roadzen Inc. ordinary shareholders - basic and diluted		(0.71	)		(6.73	)

Schedule of Potential Ordinary Shares Equivalents Excluded From The Computation Of Diluted Net Loss Per Share


Particulars	For the three months ended June 30, 2024		For the three months ended June 30, 2023
Share warrants		21,618,972		-
Restricted stock units		9,922,986		-
Convertible instruments		54,542		-
Preferred stock		—		1,482,790
Total		31,596,500		1,482,790

Recapitalization - Additional Information (Details)	Jun. 30, 2024 shares
Public Warrants [Member]
Restructuring Cost and Reserve [Line Items]
Number of warrants outstanding	10,004,994
Private Placement Warrants [Member]
Restructuring Cost and Reserve [Line Items]
Number of warrants outstanding	9,152,087

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Accounts Payable and Accrued Expenses - Schedule of Accounts Payable and Accrued Expenses (Parenthetical) (Details) - USD ($)	Jun. 30, 2024	Mar. 31, 2024
Accounts Payable And Accrued Expenses [Line Items]
Interest due	$ 790,000
Business combination transaction cost payable	16,901,489	$ 17,422,094
Amounts due to employees	942,775	860,895
Related Party [Member]
Accounts Payable And Accrued Expenses [Line Items]
Amounts due to employees	$ 42,635	$ 95,971

Prepayments and Other Current Assets

3 Months Ended

Jun. 30, 2024

Prepaid Expense and Other Assets, Current [Abstract]

Prepayments and Other Current Assets

5. Prepayments and other current assets


	As of June 30, 2024		As of March 31, 2024

Balance with statutory authorities		1,864,287		1,462,119
Unbilled revenue		3,021,839		1,821,134
Advances given (net of doubtful advances of $2,297,378 as of June 30, 2024 and $2,299,569 as of March 31, 2024)		1,668,245		672,716
Other receivables (net of doubtful receivables of $2,800,000 as of June 30 2024 and $2,800,000 as of March 31, 2024)		-		6,829
Prepayments		1,180,815		1,613,407
Forward purchase agreement		8,103,806		28,784,993
Deposits		66,733		65,137
		15,905,725		34,426,335

i) Advances given include:

$430,219 and $ 244,087 of advances to suppliers as of June 30, 2024 and March 31, 2024, respectively.

iii) Forward purchase agreement

Assumptions used in calculating estimated fair value of the Forward Purchase Agreement as of June 30, 2024 are as follows:


Volatility		59.30	%
Risk-free rate		4.14	%
Dividend yield		0.00	%
Strike price		10.77
Remaining term (years)	0.75 year

Subsequent Events - Additional Information (Details) - USD ($)		3 Months Ended
	Jul. 26, 2024	Jun. 30, 2023	Jul. 31, 2024	Jun. 30, 2024	Mar. 31, 2024
Subsequent Event [Line Items]
Debt instrument face value				$ 1,000,000	$ 500,000
Interest rate				17.50%	17.50%
Subsequent Event
Subsequent Event [Line Items]
Conversion of short-term liabilities due to entity affiliate			$ 3,500,000
Senior Secured Notes Agreement \| Subsequent Event
Subsequent Event [Line Items]
Debt instrument face value	$ 11,500,000
Interest rate	15.00%
Additional principal amount	$ 4,000,000
Maturity date	Dec. 31, 2024
Senior Secured Notes Agreement \| Mizuho
Subsequent Event [Line Items]
Debt instrument face value		$ 7,500,000
Interest rate		15.00%
Debt instrument increase percentage upon failure to prepayment		5.00%
Maturity date		Jun. 30, 2024

Accounts Payable and Accrued Expenses

3 Months Ended

Jun. 30, 2024

Payables and Accruals [Abstract]

Accounts Payable and Accrued Expenses

10. Accounts payable and accrued expenses


	As of June 30, 2024		As of March 31, 2024
Accounts payable		23,198,115		22,795,847
Accrued expenses		7,404,481		5,916,896
Amounts due to employees		942,775		860,895
		31,545,371		29,573,638

As the accounting acquirer, Roadzen (DE) has assumed certain accounts payables obtained in connection with Business Combination amounting to $16,901,489 and $17,422,094 as of 30 June, 2024 and March 31, 2024 respectively. Accrued expenses included the amount of $0.79 million on account of interest due but not paid.

Amount due to employees consists of reimbursements and salaries payable. The total includes related parties balance of $42,635 and $95,971 as of June 30, 2024 and as of March 31, 2024, respectively.