Borrowings

9 Months Ended

Dec. 31, 2023

Debt Disclosure [Abstract]

Borrowings

13. Borrowings

A.Long-term borrowings consist of the following:

	As of December 31, 2023			As of March 31, 2023
Secured debentures (note a)		2,260,838			3,198,569
Loans from banks (note b)		337,561			307,228
Convertible debenture (note c)		403,167			-
Less: current portion of long-term borrowings		(2,393,383	)		(2,852,528	)
		608,183			653,269

a.Secured debentures:

Particulars	Interest rate			Maturity date	Amount outstanding
Secured debentures		19.50	%	31-May-24		597,282
		19.50	%	31-Jul-24		337,951
		19.25	%	31-May-24		424,509
		20.00	%	31-Jan-24		901,096
						2,260,838

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

b.Loans from banks:

Particulars	Interest rate	Maturity date	Amount outstanding
Long-term borrowings from banks
	16.00%	5-Mar-24		2,321
	16.50%	5-Mar-24		2,906
	15.50%	6-Sep-25		19,179
	18.00%	5-Sep-25		19,438
	16.00%	9-Apr-24		10,005
	18.50%	2-Nov-25		16,095
	19.50%	2-Oct-25		12,288
	15.50%	6-Sep-25		19,179
	14.75%	5-Jun-24		7,627
	17.00%	5-Oct-24		13,637
	15.85%	4-May-26		44,373
	8.75%	10-Aug-30		115,619
	15.75%	5-Aug-26		54,894
				337,561

As of December 31, 2023, the aggregate maturities of long-term borrowings (excluding convertible notes) are as follows:

Period ending March 31, 2024	2,298,943
Period ending March 31, 2025	117,270
Period ending March 31, 2026 and onwards	585,353
	3,001,566

c. Convertible debenture

During the quarter ended December 31, 2023, the Company issued a $0.4 million junior unsecured convertible debentures which has maturity date of December 15, 2025. The instrument bears an interest of 13% per annum. Further, the holder of the debenture has the right to convert all or a portion of the unpaid principal amount, together with accrued interest, into fully paid Ordinary Shares at an agreed conversion price of $10.00 per Ordinary Share (subject to adjustments under certain circumstances). The debenture provides the Company with the right to pay interest, at the option of the Company, in cash or in kind.

B.Short-term borrowings

	As of December 31, 2023		As of March 31, 2023
Loans from banks (note a)		1,901,497		84,587
Loans from related parties		299,031		485,747
Loans from others (note b)		12,965,327		4,305,467
		15,165,855		4,875,801

a)Loans from banks and others

Particulars	Weighted average borrowing rate
Short-term borrowings from banks and others		12.73	%

b) Loans from others

1.During the quarter ended June 30, 2023, Roadzen (DE) entered into a $7.5 million senior secured notes agreement with a syndicate of lenders and Mizuho as administrative agent which has a maturity date of June 30, 2024. The secured notes accrue interest of 15% per annum. The syndicate of lenders are entitled to receive a warrant to purchase an agreed number of Ordinary Shares if the loan is not fully repaid by the Roadzen (DE) within six months from the issue date.

2.As the accounting acquirer Roadzen (DE) 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 the Business Combination. The promissory note is not

convertible and accrues 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, Roadzen (DE) 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 to purchase Ordinary Shares of the Company at a price of $1.00 per Ordinary Share at the option of the holder. The warrants would be identical to the Private Placement Warrants described in note 17.

Since the Warrants are listed under ticker symbol RDZNW, the market price method was used to compute the fair market value of the warrants resulting from the conversion of the convertible promissory note on the reporting date. A comparison of the assumptions used in calculating estimated fair value of working capital loan as of December 31, 2023 is as follows:

Closing price	$	0.07
Open price	$	0.07
High	$	0.07
Low	$	0.07