Borrowings

6 Months Ended

Sep. 30, 2023

Debt Disclosure [Abstract]

Borrowings

13.Borrowings

A.Long term borrowings consist of the following:

	As of September 30, 2023			As of March 31, 2023
Secured debentures (note a)		2,672,542			3,198,569
Loans from banks (note b)		375,335			307,228
Less: current portion of long-term borrowings		(2,813,526	)		(2,852,528	)
		234,351			653,269

a.Secured debentures:

Particulars	Interest rate			Maturity date	Amount outstanding
Secured debentures		19.50	%	31-May-24		759,526
		19.50	%	31-Jul-24		417,441
		19.25	%	31-May-24		592,592
		20.00	%	31-Jan-24		902,983
						2,672,542

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

b.Loan from banks:

Particulars	Interest rate	Maturity date	Amount outstanding
	16.00%	5-Mar-24		4,709
	16.50%	5-Mar-24		5,904
	15.50%	6-Sep-25		21,566
	18.00%	5-Sep-25		21,797
	16.00%	9-Apr-24		13,111
	18.50%	2-Nov-25		17,844
Long term borrowings from banks	19.50%	2-Oct-25		13,679
	15.50%	6-Sep-25		21,566
	14.75%	5-Jun-24		11,260
	17.00%	5-Oct-24		17,442
	15.85%	4-May-26		48,321
	8.75%	10-Aug-30		119,053
	15.75%	5-Aug-26		59,083
				375,335

As of September 30, 2023, the aggregate maturities of long-term borrowings (excluding convertible notes) are as follows:

Period ending March 31, 2024	550,524
Period ending March 31, 2025	2,316,170
Period ending March 31, 2026 and onwards	181,183
	3,047,877

B.Short term borrowings

	As of September 30, 2023		As of March 31, 2023
Loan from banks (note a)		674,618		84,587
Loan from related parties		557,594		485,747
Loan from others (note b)		12,819,994		4,305,467
		14,052,206		4,875,801

a)Loan from banks and others

Particulars	Weighted average borrowing rate
Short term borrowings from banks and others		13.09	%

b) Loan from others

1.During the quarter ended June 30, 2023, the Predecessor Roadzen entered into a $7.5 million secured notes agreement with a syndicate of lenders which has a maturity date of June 30, 2024. The secured notes accrue interest at 15% per annum. The syndicate of lenders are entitled to receive a warrant to purchase an agreed number of shares of common stock in the event that the loan is not fully repaid by the Predecessor Roadzen within six months from the issue date.

2.As the accounting acquirer Predecessor Roadzen is deemed to have assumed the promissory note amounting to $2.46 million at a discount of 10% which was obtained to finance transaction costs in connection with a Business Combination. The promissory note is not convertible and accrued interest at 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.

3.As the accounting acquirer, Predecessor Roadzen is deemed to have assumed a Convertible Promissory Note amounting to $1.04 million which was obtained to finance transaction costs in connection with a Business Combination. The Convertible Promissory Note 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 17.

Since the Public Warrants are listed, market price method was used to compute the fair market value on the reporting date. A comparison of the assumptions used in calculating estimated fair value of working capital loan as of September 30, 2023 is as follows:

Closing price	$	0.04
Open price	$	0.04
High	$	0.04
Low	$	0.04