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Commitments and Contingencies | 9 Months Ended | 12 Months Ended
--- | --- | ---
Dec. 31, 2023 | Mar. 31, 2023
Commitments and Contingencies Disclosure [Abstract] |  |
Commitments and Contingencies | 23. Commitments and contingencies A. Commitments Dividend on preferred stock As of December 31, 2023, no shares of convertible preferred stock were outstanding. In view of losses, cumulative dividend of $477,101 in respect of Preferred stock of Roadzen (DE) (Series A and A1 stock) was not provided as of March 31, 2023. B. Leases - Accounted as per ASC 842 for the Period Ended December 31, 2023 Operating leases The Company leases office space under non-cancelable 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. Rent expenses for operating leases for the period ended December 31, 2023 was $69,489. The components of lease cost for the period ended December 31, 2023 are summarized below: i) The following tables presents the various components of lease costs:
Particulars |  | For the period ended December 31, 2023 |
Lease : |  |  |
Operating lease cost |  |  | 54,133 |
Short-term lease cost |  |  | 15,356 |
Total lease cost |  |  | 69,489 |
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 period ended December 31, 2023 |
Cash paid for amounts included in the measurement of lease liabilities: |  |  |
Operating cash flows from operating leases |  |  | 59,437 |
Right-of-use assets obtained in exchange for lease obligations: |  |  |
Operating Assets |  |  | 557,117 |
iii) Balance sheet information related to leases is as follows:
Particulars |  | As of December 31, 2023 |
Operating Leases: |  |  |
Operating Lease ROU Asset, net |  |  | 868,391 |
|  |  | — |
Short term liabilities |  |  | 423,710 |
Long term liabilities |  |  | 246,743 |
Total operating lease liabilities |  |  | 670,453 |
iv) Weighted Average Remaining Lease Term (In years)
|  | As of December 31, 2023 |
Operating leases |  |  | 5.20 |
v) Weighted Average Discount Rate
|  | As of December 31, 2023 |
Operating leases |  |  | 12.72 | %
vi) Maturities of lease liabilities were as follows:
Particulars |  | Lease Liabilities (USD)* |
For Period Ended December 31 2023 |  |  |
2024 |  |  | 436,030 |
2025 |  |  | 122,249 |
2026 |  |  | 124,193 |
2027 |  |  | 67,548 |
2028 |  |  | 12,472 |
Thereafter |  |  | 33,577 |
Total Lease Payments |  |  | 796,069 |
Less: Imputed Interest |  |  | (125,616 | )
Total |  |  | 670,453 |
* The lease liabilities are translated into U.S. Dollars using the closing rate for the period ended December 31, 2023 C. 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. D. 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. | 19. Commitments and contingencies A. Commitments The Company has entered into binding share purchase agreement to acquire Global Insurance Management Limited and its subsidiary (incorporated in England) and National Automobile Club (incorporated in United States of America) for a base purchase consideration of £5,000,000 and $1,750,000 respectively. The base purchase consideration will be adjusted for closing date working capital and other certain adjustments as per the respective share purchase agreement. Dividend on Preferred stock In view of losses, cumulative dividend in respect of Preferred stock (Series A and A1 stock) not provided for $477,101 and $357,885 as of March 31, 2023 and 2022, respectively. B. Leases - Accounted as per ASC 842 for the Financial Year Ended March 31, 2023 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 year ended March 31, 2023, is summarized below: Rent expense for operating leases for the year ended March 31, 2023, was $221,166. i) The following table presents the various components of lease costs:
Particulars |  | For the year ended March 31, 2023 |
Lease: |  |  |
Operating lease cost |  |  | 221,166 |
Short-term lease cost |  |  | 41,212 |
Total lease cost |  |  | 262,378 |
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 year ended March 31, 2023 |
Cash paid for amounts included in the measurement of lease liabilities: |  |  |
Operating cash flows from operating leases |  |  | 206,823 |
Right-of-use assets obtained in exchange for lease obligations: |  |  |
Operating Assets |  |  | 732,658 |
iii) Balance sheet information related to leases are as follows:
Particulars |  | March 31, 2023 |
Operating Leases: |  |  | — |
Operating Lease ROU Asset, net |  |  | 545,988 |
Other current liabilities |  |  | 208,697 |
Operating lease liabilities |  |  | 360,306 |
Total operating lease liabilities |  |  | 569,003 |
iv) Weighted Average Remaining Lease Term (In years)
Particulars |  | As of March 31, 2023 |
Operating Leases: |  |  | 5.71 |
v) Weighted Average Discount Rate
Particulars |  | As of March 31, 2023 |
Operating Leases: |  |  | 15.26 | %
vi) Maturities of lease liabilities were as follows:
Particulars |  | Lease Liabilities (USD) |
For Year Ended March 31: |  |  |
2024 |  |  | 224,770 |
2025 |  |  | 180,959 |
2026 |  |  | 130,928 |
2027 |  |  | 129,542 |
2028 |  |  | 47,418 |
Thereafter |  |  | 56,313 |
Total Lease Payments |  |  | 769,930 |
Less: Imputed Interest |  |  | (200,928 | )
Total |  |  | 569,003 |
* The lease liabilities are translated into USD using the closing rate for the year ended March 31, 2023 Leases Accounted under ASC 840 for the year ended March 31, 2022: Operating leases The Company leases office space under non-cancellable operating lease agreements, which expire on various dates through September 2028. Certain lease agreements include options to renew or terminate the lease, which are not reasonably certain to be exercised and therefore are not factored into the determination of lease payments. Rent expense for operating leases for the years ended March 31, 2022, was $ 141,832. c) 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, labour 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. d) 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.

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