Fair value measurements (Tables)

12 Months Ended

Mar. 31, 2022

Fair Value Disclosures [Abstract]

Summary of Company's Financial Assets and Liabilities

The following table summarizes the Company’s financial assets and liabilities measured and recorded at fair value on recurring basis as of March 31, 2021 and 2022:

			Fair value measurement at reporting date using
Description	Fair value as of March 31, 2021		Quoted price 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		168,546		—		168,546		—
Available-for-sale debt investments		71,357		—		—		71,357
Total assets		239,903		—		168,546		71,357
Liabilities:
Derivative liabilities		9,996		—		190		9,806

			Fair value measurement at reporting date using
Description	Fair value as of March 31, 2022		Quoted price 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		128,084		—		128,084		—
Available-for-sale debt investments		74,866		—		—		74,866
Equity securities with readily determinable fair values		670		670		—		—
Total assets		203,620		670		128,084		74,866
Liabilities:
Derivative liabilities		9,086		—		—		9,086

Summary of Roll Forward of Major Level 3 Investments

The roll forward of major Level 3 investments are as following:

	Derivative liabilities			Available-for-sale debt investments
Fair value of Level 3 investments as at March 31, 2019		35,524			16,050
New addition		13,487			50,000
Conversion of Series D-1 Notes (Note 20)		(10,701	)		—
Conversion of Series D-2 Notes (Note 20)		(10,614	)		—
Unrealized fair value change of the derivative liabilities		(13,345	)		—
Unrealized fair value change of the available-for-sale debt investments		—			4,278
Fair value of Level 3 investments as at March 31, 2020		14,351			70,328
New addition		9,581			—
Disposal of Series D-3 Notes (Note 20)		(2,377	)		—
Unrealized fair value change of the derivative liabilities		(11,559	)		—
Unrealized fair value change of the available-for-sale debt investments		—			1,029
Fair value of Level 3 investments as at March 31, 2021		9,996			71,357
New addition		—			16,000
Reclassification of forward exchange contracts		746			—
Unrealized fair value change of the derivative liabilities		(1,656	)		—
Unrealized fair value change of the available-for-sale debt investments		—			(12,491	)
Fair value of Level 3 investments as at March 31, 2022		9,086			74,866

Summary of Significant Unobservable Inputs

The Company determined the fair value of their investments by using income approach and equity allocation model. The determination of the fair value was based on estimates, judgments and information of other comparable public companies. The significant unobservable inputs adopted in the valuation as of March 31, 2021 and 2022:

	As of March 31, 2021	As of March 31, 2022
Weighted average cost of capital	15%,16.5%	15%,16.5,18%
Lack of marketability discount	17%,23%	17%,23%,29%
Risk-free rate	2.88%,2.87%	1.95%,,2.23%,,2.34%,,2.36%
Expected volatility	41.79%,42.26%	39.88%,42.17%,42.48%,47.34%
Probability	Liquidation scenario: 40% Redemption scenario: 40% IPO scenario: 20%	Liquidation scenario: 20% Redemption scenario: 40% IPO scenario: 40%

Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions

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

	As of March 31, 2021	As of March 31, 2022
Spot price (US$)	5.57, 7.19	0.44, 6.93
Risk-free rate	0.00%, 0.9%	1.25%, 2.5%
Expected volatility	41.05%, 52.33%,	57.95%, 48.15%
Expected expiry years (in years)	0.50, 4.56	0.50, 3.56