Fair value measurements (Tables)

12 Months Ended

Mar. 31, 2023

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, 2022 and 2023:

			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

			Fair value measurement at reporting date using
Description	Fair value as of March 31, 2023		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		69,797		—		69,797		—
Available-for-sale debt investments		68,011		—		—		68,011
Equity securities with readily determinable fair values		102		102		—		—
Total assets		137,910		102		69,797		68,011
Liabilities:
Derivative liabilities		10,701		—		—		10,701

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, 2020		14,351			70,328
New addition		9,581			—
Disposal of Series D-3 Notes		(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
Reclassification of forward exchange contracts		(651	)		—
Unrealized fair value change of the derivative liabilities		2,266			—
Unrealized fair value change of the available-for-sale debt investments		—			(6,427	)
Disposal of available-for-sale debt investments		—			(428	)
Fair value of Level 3 investments as at March 31, 2023		10,701			68,011

Summary of Significant Unobservable Inputs

The Company determined the fair value of their investments by using equity allocation model, market approach and binomial 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, 2022 and 2023:

	As of March 31, 2022	As of March 31, 2023
Implied price to sales after discount for lack of marketability	n.a.	1.04x
Weighted average cost of capital	15%, 16.5%, 18%	n.a.
Lack of marketability discount	17%, 23%, 29%	20%
Risk-free rate	1.95%, 2.23%, 2.34%, 2.36%	2.60%, 2.31%, 2.19%
Expected volatility	39.88%, 42.17%, 42.48%, 47.34%	47.19%, 43.65%, 32.08%
Probability	Liquidation scenario: 20% Redemption scenario: 40% IPO scenario: 40%	Liquidation scenario: 35%, 40% Redemption scenario: 35%, 40% IPO scenario: 30%, 20%

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

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

	As of March 31, 2022	As of March 31, 2023
Spot price (US$)	0.44, 6.93	5.90
Risk-free rate	1.25%, 2.5%	3.83%
Expected volatility	57.95%, 48.15%	61.13%
Expected expiry years (in years)	0.50, 3.56	2.60