Income Taxes (Tables)

9 Months Ended

12 Months Ended

Dec. 31, 2023

Mar. 31, 2023

Income Tax Disclosure [Abstract]

Schedule of Income before Income Tax, Domestic and Foreign

The Company’s net loss before provision for income taxes for the three months and nine months periods ended December 31, 2023 and December 31, 2022 was as follows:

Particulars	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
Domestic		(28,679,087	)		2,796,117			(61,637,236	)		(5,806,071	)
Foreign		(2,058,059	)		(2,450,329	)		(4,254,813	)		(3,932,603	)
Total		(30,737,146	)		345,788			(65,892,049	)		(9,738,674	)

The Company’s net loss before provision for income taxes for the years ended March 31, 2023 and 2022 were as follows:

Particulars	As of March 31, 2023			As of March 31, 2022
Domestic		(8,917,510	)		(8,311,979	)
Foreign		(5,325,906	)		(1,469,642	)
Total		(14,243,416	)		(9,781,621	)

Schedule of Components of Provision for Income Taxes

The components of the provision for income taxes for the three months and nine months periods ended December 31, 2023 and December 31, 2022 were as follows:

Particulars	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
Current:
Domestic		—			—			—			—
Foreign		(27,700	)		17,214			44,377			22,115
		(27,700	)		17,214			44,377			22,115
Deferred:
Domestic		—			—			—			—
Foreign		(99,032	)		(65,933	)		(137,759	)		(68,826	)
		(99,032	)		(65,933	)		(137,759	)		(68,826	)
Total provision for income taxes		(126,732	)		(48,719	)		(93,382	)		(46,711	)

The components of the provision for income taxes for the years ended March 31, 2023 and 2022, were as follows:

Particulars	As of March 31, 2023			As of March 31, 2022
Current:
Domestic		—			—
Foreign		86,420			114,422
		86,420			114,422
Deferred:
Domestic		—			(32,778	)
Foreign		(128,685	)		(56,687	)
		(128,685	)		(89,465	)
Total provision for income taxes		(42,265	)		24,957

Schedule of Reconciliation of Statutory Federal Income Tax Rate

The following is a reconciliation of the federal statutory income tax rate to the Company’s effective tax rate for the three months and nine months periods ended December 31, 2023 and December 31, 2022:

Particulars	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
Federal statutory income tax rate		21.00	%		21.00	%		21.00	%		21.00	%
Non deductible expenses		0.03	%		26.80	%		4.98	%		(2.93	)%
Valuation allowance		(20.51	)%		0.82	%		(25.73	)%		(19.41	)%
Foreign rate differential		(0.16	)%		(27.81	)%		(0.17	)%		1.64	%
Share warrants		0.00	%		2.01	%		0.00	%		(0.07	)%
Other		0.05	%		(36.91	)%		0.06	%		0.25	%
Total provision for income taxes		0.41	%		(14.09	)%		0.14	%		0.48	%

The following is a reconciliation of the federal statutory income tax rate to the Company’s effective tax rate for the years ended March 31, 2023 and 2022:

Particulars	As of March 31, 2023			As of March 31, 2022
Federal statutory income tax rate		21.00	%		21.00	%
Non-deductible expenses		(4.08	)%		1.57	%
Valuation allowance		(17.65	)%		(21.04	)%
Foreign rate differential		1.24	%		1.20	%
Share warrants		(0.05	)%		(3.66	)%
Other		(0.17	)%		0.68	%
Total provision for income taxes		0.30	%		(0.26	)%

Schedule of Net Deferred Tax Assets

The components of the Company’s net deferred tax assets as of the nine months period ended December 31, 2023 and year ended March 31, 2023 were as follows:

Particulars	As of December 31, 2023			As of March 31, 2023
Deferred tax assets:
Net operating loss carry forwards		25,134,198			8,480,316
Unabsorbed depreciation carry forwards		107,160			54,438
Retirement benefits		74,587			56,603
Depreciation and amortization		124,269			50,918
Others		241,303			5,965
Total deferred tax assets		25,681,517			8,648,240
Less: valuation allowance		(25,521,208	)		(8,565,895	)
Deferred tax assets, net of valuation allowance		160,309			82,345
Deferred tax liabilities:
Intangibles on account of business combination		(523,462	)		—
Net deferred tax assets/ (liabilities)		(363,153	)		82,345

The components of the Company’s net deferred tax assets as of the years ended March 31, 2023 and 2022 were as follows:

Particulars	As of March 31, 2023			As of March 31, 2022
Deferred tax assets:
Net operating loss carryforwards		8,480,316			5,742,033
Unabsorbed depreciation carryforwards		54,438			9,174
Retirement benefits		56,603			53,656
Depreciation and amortization		50,918			25,232
Fair value changes on convertible notes		—			3,967
Others		5,965			288,348
Total deferred tax assets		8,648,240			6,122,410
Less: valuation allowance		(8,565,895	)		(6,052,307	)
Deferred tax assets, net of valuation allowance		82,345			70,103
Deferred tax liabilities:
Intangibles on account of business combination		—			(117,729	)
Net deferred tax assets/ (liabilities)		82,345			(47,626	)

Schedule of Movement in Net Deferred Tax Assets

Movement in net deferred tax assets:

	As of March 31, 2023			Recognized/ reversed through statements of operations			Impact of currency translation and acquisitions			As of December 31, 2023
Deferred tax assets:
Net operating loss carry forwards		8,480,316			16,653,882			—			25,134,198
Unabsorbed depreciation carry forwards		54,438			52,722			—			107,160
Retirement benefits		56,603			17,984			—			74,587
Depreciation and amortization		50,918			73,351			—			124,269
Fair value changes on convertible notes		—			—			—			—
Others		5,965			235,338			—			241,303
Less: valuation allowance		(8,565,895	)		(16,955,313	)		—			(25,521,208	)
Deferred tax liabilities:
Intangibles on account of business combination		—			(523,462	)		—			(523,462	)
Acquisitions		—			606,512			(606,512	)		—
Currency translation		—			(23,255	)		23,255			—
Net deferred tax assets/ (liabilities)		82,345			137,759			(583,257	)		(363,153	)

Particulars	As of March 31, 2022			Recognized/ reversed through statements of operations			Impact of currency translation and acquisitions		As of March 31, 2023
Deferred tax assets:
Net operating loss carry forwards		5,742,033			2,738,283			—		8,480,316
Unabsorbed depreciation carry forwards		9,174			45,264			—		54,438
Retirement benefits		53,656			2,947			—		56,603
Depreciation and amortization		25,232			25,686			—		50,918
Fair value changes on convertible notes		3,967			(3,967	)		—		—
Others		288,348			(282,383	)		—		5,965
Less: valuation allowance		(6,052,307	)		(2,513,588	)		—		(8,565,895	)
Deferred tax liabilities:
Intangibles on account of business combination		(117,729	)		117,729			—		—
Currency translation		—			(1,286	)		1,286		—
		(47,626	)		128,685			1,286		82,345

Movement in net deferred tax assets:

	As of March 31, 2022			Recognised/ reversed through statements of operations			Impact of currency translation and acquisitions		As of March 31, 2023
Deferred tax assets:
Net operating loss carry forwards		5,742,033			2,738,283			—		8,480,316
Unabsorbed depreciation carry forwards		9,174			45,264			—		54,438
Retirement benefits		53,656			2,947			—		56,603
Depreciation and amortization		25,232			25,686			—		50,918
Fair value changes on convertible notes		3,967			(3,967	)		—		—
Others		288,348			(282,383	)		—		5,965
Less: valuation allowance		(6,052,307	)		(2,513,588	)		—		(8,565,895	)
Deferred tax liabilities:
Intangibles on account of business combination		(117,729	)		117,729			—		—
Currency translation		—			(1,286	)		1,286		—
Net deferred tax assets/ (liabilities)		(47,626	)		128,685			1,286		82,345

Particulars	As of March 31, 2021			Recognised/ reversed through statements of operations			Impact of currency translation and acquisitions			As of March 31, 2022
Deferred tax assets:
Net operating loss carry forwards		3,921,905			1,820,128			—			5,742,033
Unabsorbed depreciation carry forwards		8,399			775			—			9,174
Retirement benefits		27,311			26,344			—			53,656
Depreciation and amortization		15,919			9,314			—			25,232
Fair value changes on convertible notes		—			—			—			—
Fair value changes on convertible notes		—			3,967			—			3,967
Others		55,267			233,081			—			288,348
Less: valuation allowance		(3,994,222	)		(2,058,085	)		—			(6,052,307	)
Deferred tax liabilities:
Intangibles on account of business combination		(11,039	)		(106,690	)		—			(117,729	)
Gain on convertible notes		(32,778	)		32,778			—			—
Currency translation		—			(1,131	)		1,131			—
Acquisitions		—			128,985			(128,985	)		—
		(9,238	)		89,466			(127,854	)		(47,626	)