Intangible Assets, Net

3 Months Ended

Jun. 30, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

8. Intangible assets, net


	As of June 30, 2024			As of March 31, 2024
Software for internal use		8,582,453			8,583,145
Customer contracts - (refer note 17)		2,300,336			2,299,835
Intangible assets under development		496,110			439,374
Intellectual property		159,436			153,487
Trademark		54			54
Total		11,538,389			11,475,895
Less: accumulated depreciation and amortization		(9,318,076	)		(8,442,649	)
Less: impairment loss		(43,642	)		(43,642	)
Intangible assets, net		2,176,671			2,989,604

There is no addition in the intangible assets for the period ended June 30, 2024. During the year ended March 31, 2024, the Company acquired intangible assets worth $4,955,565 related to FA Premium Insurance Broking Pvt. Ltd., Global Insurance Management Limited and National Automobile Club. The Company ceases to hold board control over Peoplebay Consultancy Services Private Limited and FA Events & Media Private Limited with effect from October 1, 2023 and FA Premium Insurance Private Limited with effect from January 1, 2024, as a result intangible assets worth $2,017,117 have been derecognized and impairment & amortization on customer contract of $335,185 has been reversed.

The Company performed qualitative assessment for intangible assets and indicated that it was more likely than not that the carrying value of the acquired entities exceeded its fair value, therefore, it did not result in an impairment.

The estimated amortization schedule for the Company’s intangible assets for future periods is set out below:


For Period Ended June 30:	Amount
2025		922,570
2026		722,180
2027 and thereafter		35,810