
	As of March 31, 2024		As of March 31, 2023
Balance with statutory authorities		1,462,119		1,189,787
Unbilled revenue		1,821,134		868,382
Advances given (net of doubtful advances of $2,299,569 as of March 31, 2024 and $225,495 as of March 31, 2023)		672,716		922,380
Other receivables (net of doubtful receivables of $2,800,000 as of March 31, 2024)		6,829		126,928
Prepayments		1,613,407		22,091
Forward purchase agreement		28,784,993		—
Deposits		65,137		52,368
		34,426,335		3,181,936

Advances given include:

$ 244,087 and $ 822,278 of advances to suppliers as of March 31, 2024 and March 31, 2023, respectively.

$119,220 and $55,753 of advances to employees as of March 31, 2024 and March 31, 2023, respectively. Advances to employees include related party balances of $54,082 and $28,516 as of March 31, 2024 and as of March 31, 2023.

c) $2,042,459 in advances were extended to Peoplebay Consultancy Services Private Limited, FA Events & Media Private Limited, and FA Premium Insurance Private Limited. However, due to a loss of control over these entities during the year, the Company is doubtful on the recovery of these advances and has consequently created a provision.

ii.

Other receivables includes a provision of $2,800,000 created against amount to be received from a subscriber on account of issuance of preferred stock of Roadzen (DE) during the financial year 2023-24 which was converted to Ordinary Shares upon Business Combination

iii.

Forward purchase agreement

On August 25, 2023, Vahanna entered into an agreement with (i) Meteora Capital Partners, LP (“MCP”), (ii) Meteora Select Trading Opportunities Master, LP (“MSTO”), and (iii) Meteora Strategic Capital, LLC (“MSC” and, collectively with MCP and MSTO, “Seller”) (the “Forward Purchase Agreement” or “FPA”) for OTC Equity Prepaid Forward Transactions. Vahanna is referred to as the “Counterparty” prior to the consummation of the Business Combination, while the Parent Company is referred to as the “Counterparty” after the consummation of the Business Combination.

The Forward Purchase Agreement represents the recognition of the cash payments to the Seller of $46.2 million (including prepayment of $46.1 million and the reimbursable transaction cost of $0.1 million) and the forward purchase agreement with regard to 4,297,745 shares (recycled shares) and 702,255 shares (FPA subscription shares).The fair value of the forward purchase agreement is comprised of the Prepayment Amount ($ 46.2 million) and is reduced by the economics of the downside provided to the Sellers ($13.6 million) and the estimated consideration payment at the Cash Settlement Payment Date ($ 28.8 million). During the year ended March 31, 2024, an amount of $3.8 million was received from the Seller and accordingly the value of Forward Purchase Agreement was adjusted. The forward purchase agreement asset will be remeasured at fair value with changes in earnings in the future periods. Forward purchase agreement are treated as a Financial Instrument and revalued at each reporting date with the corresponding earnings (loss) reflected in the consolidated statements of operations as a change in fair value of Forward Purchase Agreement.

Assumptions used in calculating estimated fair value of Forward Purchase Agreement as of March 31, 2024 is as follows:


Volatility		62.65	%
Risk-free rate		4.21	%
Dividend yield		0.00	%
Strike price		10.77
Remaining term (years)	1 year