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Business Combinations | 6 Months Ended
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Sep. 30, 2024
Business Combinations [Abstract] |
Business combinations | 19. Business combinations a) 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 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. 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 the Company has 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 19(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
b) 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 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 September 30, 2024, Roadzen (DE) has paid 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 19(c)) |  |  |  |  |  |  |  |  | 439,517 |
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 |  |  |  |  |  |  | 870,027 |  |  | 3 years
c) Goodwill
|  |  |  |  |  | As of September 30, 2024 |  |  | As of March 31, 2024 |
Opening balance |  |  |  |  |  |  | 2,061,553 |  |  |  | 996,441 |
Goodwill relating to acquisitions consummated during the year (Refer Note 19(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 |  |  |  |  |  |  | 34,144 |  |  |  | (6,532 | )
Closing balance |  |  |  |  |  |  | 2,095,697 |  |  |  | 2,061,553 |
During the year ended March 31, 2024, the Company acquired Global Insurance Management Limited and National Automobile Club with goodwill of $632,126 and $439,517 respectively. 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.

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- Definition The entire disclosure for a business combination (or series of individually immaterial business combinations) completed during the period, including background, timing, and recognized assets and liabilities. The disclosure may include leverage buyout transactions (as applicable). + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 805 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 5 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479907/805-20-50-5 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 805 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/805/tableOfContent + Details
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