Employee Benefit Plans

12 Months Ended

Mar. 31, 2024

Retirement Benefits [Abstract]

Employee Benefit Plans

16. Employee benefit plans

The Company has employee benefit plans in the form of certain statutory and other programs covering its employees.

Defined benefit plan (unfunded)

In accordance with Indian law, the Company provides a defined benefit retirement plan (the “Gratuity Plan”) covering substantially all of its Indian employees. The Gratuity Plan provides a lump-sum payment to vested employees upon retirement or termination of employment in an amount based on each employee’s salary and duration of employment with the Company. The Gratuity Plan benefit cost for the year is calculated on an actuarial basis. The Company contributes the required funding for all ascertained liabilities to the Gratuity Plan. There is no plan asset against the defined benefit plan.

The following table sets forth the amounts recognized in the Company’s financial statements based on actuarial valuations carried out as of March 31 2024 and 2023

Change in benefit obligation	As of  March 31, 2024			As of March 31, 2023
Projected benefit obligation at the beginning of the year		297,309			163,744
Interest costs		21,664			11,610
Service costs		80,183			124,010
Actuarial (gain) loss		(120,120	)		16,627
Benefits paid		(10,358	)		—
Effect of exchange rate changes		(4,151	)		(18,682	)
Projected benefit obligation at the end of the year		264,527			297,309

Amounts recognized in the Consolidated Balance Sheets consist of
Current liabilities (recorded under accrued expenses and other current liabilities)	14,128	3,008
Non-current liabilities (recorded under other liabilities)	250,399	294,301
Unfunded amount recognized	—	—
	264,527	297,309

Net defined benefit plan costs include the following components for:
	As of  March 31, 2024			As of March 31, 2023
Interest costs		21,664			11,610
Service costs		80,183			124,010
Actuarial (gain) loss		(120,120	)		16,627
Total		(18,273	)		152,247

The estimated net defined benefit plan cost over the next fiscal year is $ 14,192

The principal assumptions used in determining gratuity for the Company’s plans are shown below:
	As of  March 31, 2024		As of March 31, 2023
Discount rate	7.39%		7.39%
Rate of increase in compensation per annum	10.00%		10.00%
Retirement age (in years)		60		60

The Company evaluates these assumptions based on projections of the Company’s long-term growth and prevalent industry standards.

The expected benefit plan payments set forth below reflect expected future service:
Year ending March 31	Amounts
2025		14,192
2026		42,589
2027		60,284
2028		67,591
2029		77,097
2030-2034		463,729
		725,482

The Company’s expected benefit plan payments are based on the same assumptions that were used to measure the Company’s benefit obligations as of March 31, 2024.

Defined contribution plans

The Company makes contributions to Employee provident fund and Employee state insurance, determined as a specified percentage of employee salaries, in respect of qualifying employees towards defined contribution schemes. During the years March 31, 2024 and March 31, 2023, the Company contributed $332,169 and $115,947 respectively to defined contribution plans in India and the United Kingdom.