Revenue

9 Months Ended

Dec. 31, 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 December 31, 2023		For the three months ended December 31, 2022		For the nine months ended December 31, 2023		For the nine months ended December 31, 2022
Revenue from services
Commission and Distribution Income		8,157,336		2,785,167		17,617,282		6,804,247
Income from Insurance as a Service		7,484,105		531,478		19,105,650		1,750,146
		15,641,441		3,316,645		36,722,932		8,554,393

There was one customer that individually represented 33% of the Company’s revenue for the three months ended December 31, 2023 and one customer that individually represented 30% of the Company’s revenue for the three months ended December 31, 2022

Contract balances

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

	As of December 31, 2023		As of March 31, 2023
Contract liabilities
Deferred revenue		1,423,827		108,442
Total contract liabilities		1,423,827		108,442
Contract assets
Unbilled revenue		2,134,765		868,382
Total contract assets		2,134,765		868,382

The Company records deferred revenue when cash payments are received or due in advance of Company's performance. Deferred revenue primarily relate to commission and distribution income and insurance as a service. The amount of revenue recognized for the period ended December 31, 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 obligations were satisfied.