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Fair Value Measurement (Tables) | 12 Months Ended
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Mar. 31, 2021
Fair Value Disclosures [Abstract] |
Schedule of Fair Value Assets Measured at Fair Value on Recurring Basis | As of March 31, 2020 and 2021, the Group’s assets and liabilities that are measured or disclosed at fair value on a recurring basis in periods subsequent to their initial recognition is as follows:
|  |  |  |  | Fair value measurement at reporting date using |
Description |  | Fair value as of March 31, 2020 |  |  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  |  | Significant Other Observable Inputs (Level 2) |  |  | Significant Unobservable Inputs (Level 3) |
|  | RMB |  |  | RMB |  |  | RMB |  |  | RMB |
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Short-term investments |  |  | 238,000 |  |  |  | — |  |  |  | 238,000 |  |  |  | — |
Available-for-sale debt securities |  |  | 102,373 |  |  |  | — |  |  |  | — |  |  |  | 102,373 |
Total assets |  |  | 340,373 |  |  |  | — |  |  |  | 238,000 |  |  |  | 102,373 |
|  |  |  |  | Fair value measurement at reporting date using |
Description |  | Fair value as of March 31, 2021 |  |  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  |  | Significant Other Observable Inputs (Level 2) |  |  | Significant Unobservable Inputs (Level 3) |
|  | RMB |  |  | RMB |  |  | RMB |  |  | RMB |
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Short-term investments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
-wealth management products |  |  | 260,000 |  |  |  | — |  |  |  | 260,000 |  |  |  | — |
- equity securities with readily determinable fair value |  |  | 245 |  |  |  | 245 |  |  |  | — |  |  |  | — |
Available-for-sale debt securities |  |  | 51,346 |  |  |  | — |  |  |  | — |  |  |  | 51,346 |
Total assets |  |  | 311,591 |  |  |  | 245 |  |  |  | 260,000 |  |  |  | 51,346 |
Schedule of Roll Forward of Major Level 3 Investments | The Group classified its available-for-sales debt securities as Level 3 investment. The roll forward of major Level 3 investments are as following:
|  | iSNOB |  |  | Ruisha Technology |  |  | Huzan |  |  | Xuanwei |  |  | Kuailaimai |  |  | Others |  |  | Total |
|  | RMB |  |  | RMB |  |  | RMB |  |  | RMB |  |  | RMB |  |  | RMB |  |  | RMB |
Fair value of Level 3 investments as at March 31, 2019 |  |  | 38,378 |  |  |  | — |  |  |  | 19,822 |  |  |  | — |  |  |  | 14,259 |  |  |  | — |  |  |  | 72,459 |
Addition |  |  | — |  |  |  | 7,050 |  |  |  | — |  |  |  | 3,525 |  |  |  | — |  |  |  | 5,000 |  |  |  | 15,575 |
Impairment |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (14,259 | ) |  |  | — |  |  |  | (14,259 | )
Effect of currency translation adjustment |  |  | 2,004 |  |  |  | — |  |  |  | 1,036 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 3,040 |
The change in fair value of the investments |  |  | 36,459 |  |  |  | 573 |  |  |  | (9,862 | ) |  |  | — |  |  |  | — |  |  |  | (1,612 | ) |  |  | 25,558 |
Fair value of Level 3 investments as at March 31, 2020 |  |  | 76,841 |  |  |  | 7,623 |  |  |  | 10,996 |  |  |  | 3,525 |  |  |  | — |  |  |  | 3,388 |  |  |  | 102,373 |
Addition |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 8,000 |  |  |  | 8,000 |
Disposal* |  |  | (59,243 | ) |  |  | — |  |  |  | — |  |  |  | (3,525 | ) |  |  | — |  |  |  | — |  |  |  | (62,768 | )
Impairment |  |  | — |  |  |  | — |  |  |  | (4,055 | ) |  |  | — |  |  |  | — |  |  |  | (3,388 | ) |  |  | (7,443 | )
Effect of currency translation adjustment |  |  | (3,717 | ) |  |  | — |  |  |  | (110 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (3,827 | )
The change in fair value of the investments |  |  | 8,714 |  |  |  | 11,442 |  |  |  | (5,145 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 15,011 |
Fair value of Level 3 investments as at March 31, 2021 |  |  | 22,595 |  |  |  | 19,065 |  |  |  | 1,686 |  |  |  | — |  |  |  | — |  |  |  | 8,000 |  |  |  | 51,346 |
* | For the year ended March 31, 2021, the amount of disposal in the roll forward included a reclassification adjustment of RMB46,029, representing the unrealized security holding gains for the disposed portion that were previously recorded as other comprehensive income and was reclassified as the gain from investments included in net loss in connection with the disposal.
Schedule of Significant Unobservable Inputs Adopted in Valuation of Fair Value Assets | The significant unobservable inputs adopted in the valuation as of March 31, 2019, 2020 and 2021 are as following:
|  | For the years ended March 31, |
|  | 2019 |  |  | 2020 |  |  | 2021 |
Lack of marketability discount |  |  | 30% |  |  |  | 30% |  |  |  | 30% |
Risk-free rate |  |  | 2.25%-2.60% |  |  |  | 0.3%~2.29% |  |  |  | 0.5% |
Expected volatility |  |  | 45%-52.68% |  |  |  | 42%~54% |  |  |  | 45% |
Revenue multiple |  |  | 2.80-18.74 |  |  |  | 5.09~11.18 |  |  |  | 7.92 |
Net profit multiple |  |  | 21.23 |  |  |  | 8.95 |  |  |  | 16 |
Summary of Significant Unobservable Inputs Adopted in the Valuation | The significant unobservable inputs adopted in the valuation as of March 31, 2020 and 2021 are as following:
|  | For the years ended March 31, |
|  | 2020 |  |  | 2021 |
Unobservable Inputs |  |  |  |  |  |  |  |
Revenue growth rate |  |  | 12%~217% |  |  |  | 8%~327% |
Weighted average cost of capital |  |  | 20% |  |  |  | 30% |
Lack of marketability discount |  |  | 30% |  |  |  | 30% |
EBIT margin rate |  |  | (29.5%)~27.3% |  |  |  | 17%~29% |

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