Revenue

6 Months Ended

Sep. 30, 2023

Revenue from Contract with Customer [Abstract]

Revenue

18.Revenue

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

	For the three months ended September 30, 2023		For the three months ended September 30, 2022		For the six months ended September 30, 2023		For the six months ended September 30, 2022
Revenue from services
Commission and Distribution Income		8,381,753		2,250,787		9,459,946		4,019,080
Income from Insurance as a Service		7,088,828		356,790		11,621,545		1,218,668
		15,470,581		2,607,577		21,081,491		5,237,748

There was one customer that individually represented 37% of the Company’s revenue for the period ended September 30, 2023 and one customer that represented 29% of the Company’s revenue for the period ended September 30, 2022.

Contract balances

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

	As of September 30, 2023		As of March 31, 2023
Contract liabilities
Deferred revenue		1,787,252		108,442
Total contract liabilities		1,787,252		108,442
Contract assets
Unbilled revenue		3,803,937		868,382
Total contract assets		3,803,937		868,382

The Company record 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 September 30, 2023 that was included in the deferred revenue balance as of March 31, 2023 was $108,442. The amount of revenue recognized in the year ended March 31, 2023 that was included in the deferred revenue balance as of March 31, 2022 was $292,031. The Company's remaining performance obligations in contracts with customers will be completed within 12 months from the reporting date.

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 obligation were satisfied.