Revenue

12 Months Ended

Mar. 31, 2024

Revenue from Contract with Customer [Abstract]

Revenue

20. Revenue

The following table summarizes revenue by the Company's service offerings:

	For the year ended March 31, 2024		For the year ended March 31, 2023
Revenue from services
Commission and Distribution Income		30,500,018		9,173,671
Income from Insurance as a Service		16,224,268		4,386,827
		46,724,287		13,560,498

There were two customer that individually represented 29% and 21% of the Company’s revenue for the year ended March 31, 2024 and two customers that individually represented 28% and 18% of the Company’s accounts receivable balance as of March 31, 2024.

There were two customer that individually represented 24% and 15% of the Company’s revenue for the year ended March 31, 2023 and two customers that individually represented 25% and 14 % of the Company’s accounts receivable balance as of March 31, 2023.

Contract Balances

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

	As of  March 31, 2024		As of March 31, 2023
Contract liabilities
Deferred revenue		656,968		108,442
Advance from Customers				-
Total contract liabilities		656,968		108,442
Contract assets
Unbilled revenue		1,821,134		868,382
Total contract assets		1,821,134		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 March 31, 2024 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.