Fair Value Measurement (Tables)

12 Months Ended

Mar. 31, 2023

Fair Value Disclosures [Abstract]

Schedule of Fair Value Assets Measured at Fair Value on Recurring Basis

As of March 31, 2022 and 2023, the Group’s assets and liabilities that are measured or disclosed at fair value on a recurring basis in periods subsequent to their initial recognition are as follows:

			Fair value measurement at reporting date using
Description	Fair value as of March 31, 2022		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
	RMB		RMB		RMB		RMB
Assets:
Short-term investments
- wealth management products		190,000		—		190,000		—
- equity securities with readily determinable fair values		6,853		6,853		—		—
Available-for-sale debt securities		44,873		—		—		44,873
Total assets		241,726		6,853		190,000		44,873

			Fair value measurement at reporting date using
Description	Fair value as of March 31, 2023		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
	RMB		RMB		RMB		RMB
Assets:
Short-term investments
- wealth management products		145,584		-		145,584		-
- equity securities with readily determinable fair values		252		252		-		-
Available-for-sale debt securities		34,368		-		-		34,368
Total assets		180,204		252		145,584		34,368

Schedule of Roll Forward of Major Level 3 Investments

The Group classifies its available-for-sales debt securities as Level 3 investments. The roll forward of major Level 3 investments are as following:

	iSNOB Holdings Limited (“iSNOB”)			Ruisha Technology			Huzan Inc. (“Huzan”)			Xuanwei Limied  (“Xuanwei”)			Poppy Mobile Inc. (“Poppy”)			Others			Total
	RMB			RMB			RMB			RMB			RMB			RMB			RMB
Fair value of Level 3 investments as at March 31, 2020		76,841			7,623			10,996			3,525			—			3,388			102,373
Addition		—			—			—									8,000			8,000
Disposal		(59,243	)		—			—			(3,525	)		—			—			(62,768	)
Impairment		—			—			(4,055	)		—			—			(3,388	)		(7,443	)
Effect of currency translation adjustment		(3,717	)		—			(110	)		—			—			—			(3,827	)
The change in fair value of the investments		8,714			11,442			(5,145	)		—			—			—			15,011
Fair value of Level 3 investments as at March 31, 2021		22,595			19,065			1,686			—			—			8,000			51,346
Addition		—			—			—			—			16,215			5,600			21,815
Disposal(1)		—			(18,157	)		—			—			—			(3,000	)		(21,157	)
Impairment		—			—			(1,635	)		—			—			(3,000	)		(4,635	)
Effect of currency translation adjustment		(677	)		—			(51	)		—			(344	)		—			(1,072	)
The change in fair value of the investments		—			(908	)		—			—			—			(516	)		(1,424	)
Fair value of Level 3 investments as at March 31, 2022		21,918			—			—			—			15,871			7,084			44,873
Addition		—			—			—			—			—			8,000			8,000
Impairment		—			—			—			—			(16,817	)		(3,600	)		(20,417	)
Effect of currency translation adjustment		1,816			—			—			—			946			239			3,001
The change in fair value of the investments		922			—			—			—			—			(2,011	)		(1,089	)
Fair value of Level 3 investments as at March 31, 2023		24,656			—			—			—			—			9,712			34,368

(1)For the year ended March 31, 2022, the Company derecognized the available-for-sale debt security investment and recycled the previously recognized fair value change recorded as other comprehensive income of RMB11,106 into the gain from investments (Note 10).

Schedule of Significant Unobservable Inputs Adopted in Valuation of Fair Value Assets

The significant unobservable inputs adopted in the valuation as of March 31, 2021, 2022 and 2023 are as following:

	For the years ended March 31,
	2021			2022			2023
Lack of marketability discount		30	%		30	%		30	%
Risk-free rate		0.5	%	2%-3%			3.6%-4.3%
Expected volatility		45	%	30%-46%			39%-60%
Revenue multiple		7.92		1-10			4-9
Net profit multiple		16			25			-