
	As of June 30, 2024		As of March 31, 2024

Balance with statutory authorities		1,864,287		1,462,119
Unbilled revenue		3,021,839		1,821,134
Advances given (net of doubtful advances of $2,297,378 as of June 30, 2024 and $2,299,569 as of March 31, 2024)		1,668,245		672,716
Other receivables (net of doubtful receivables of $2,800,000 as of June 30 2024 and $2,800,000 as of March 31, 2024)		-		6,829
Prepayments		1,180,815		1,613,407
Forward purchase agreement		8,103,806		28,784,993
Deposits		66,733		65,137
		15,905,725		34,426,335

i) Advances given include:

$430,219 and $ 244,087 of advances to suppliers as of June 30, 2024 and March 31, 2024, respectively.

$197,750 and $119,220 of advances to employees as of June 30, 2024 and March 31, 2024, respectively. Advances to employees include related party balances of $63,316 and $54,082 as of June 30, 2024 and as of March 31, 2024 respectively.

$2,042,459 in advances were extended to Peoplebay Consultancy Services Private Limited, FA Events & Media Private Limited, and FA Premium Insurance Private Limited. However, due to a loss of control over these entities during the previous year, the Company is doubtful on the recovery of these advances and has consequently created a provision.

ii) Other receivables includes a provision of $2,800,000 created against amount to be received from a subscriber on account of issuance of preferred stock of Roadzen (DE) during the fiscal year ended March 31, 2024 which was converted to ordinary shares upon business combination.

iii) Forward purchase agreement

On August 25 2023, Vahanna entered into an agreement with (i) Meteora Capital Partners, LP (“MCP”), (ii) Meteora Select Trading Opportunities Master, LP (“MSTO”), and (iii) Meteora Strategic Capital, LLC (“MSC” and, collectively with MCP and MSTO, “Seller”) (the “Forward Purchase Agreement" or "FPA”) for OTC Equity Prepaid Forward Transactions. Vahanna is referred to as the “Counterparty” prior to the consummation of the Business Combination, while the Parent Company is referred to as the “Counterparty” after the consummation of the Business Combination.

The Forward Purchase Agreement represents the recognition of the cash payments to the Seller of $44.4 million (including prepayment of $44.39 million and the reimbursable transaction cost of $0.05 million) and the Forward Purchase agreement with regard to 3,440,791 shares (recycled shares) and 702,255 shares (FPA subscription shares).The fair value of the Forward Purchase agreement is comprised of the Prepayment Amount (as defined in the FPA, $44.4 million) and is reduced by the economics of the downside provided to the Sellers ($36.3 million) and the estimated consideration payment at the Cash Settlement Payment Date ($8.1 million). During the three months ended June 30, 2024, an additional $1 million was received from the Seller, bringing the total cash receipts to $4.8 million. The Forward Purchase Agreement asset was adjusted as a result, and will continue to be re-measured at fair value in future periods. The Forward purchase agreement are treated as a Financial Instrument and revalued at each reporting date with the corresponding earnings (loss) reflected in the consolidated statements of operations as a change in fair value of the Forward Purchase Agreement.

Assumptions used in calculating estimated fair value of the Forward Purchase Agreement as of June 30, 2024 are as follows:


Volatility		59.30	%
Risk-free rate		4.14	%
Dividend yield		0.00	%
Strike price		10.77
Remaining term (years)	0.75 year