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Intangible Assets, Net
 6 Months Ended
Sep. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]  
Intangible Assets, Net

8. Intangible assets, net

 

 

 

 

 

 

As of
 September 30,
2024

 

 

As of
March 31,
2024

 

Software for internal use

 

 

 

 

 

8,295,276

 

 

 

8,583,145

 

Customer contracts - (refer note 19)

 

 

 

 

 

1,209,556

 

 

 

2,299,835

 

Intangible assets under development

 

 

 

 

 

568,195

 

 

 

439,374

 

Intellectual property

 

 

 

 

 

158,798

 

 

 

153,487

 

Trademark

 

 

 

 

 

54

 

 

 

54

 

Total

 

 

 

 

 

10,231,879

 

 

 

11,475,895

 

Less: accumulated depreciation and amortization

 

 

 

 

 

(9,085,391

)

 

 

(8,442,649

)

Less: impairment loss

 

 

 

 

 

(43,642

)

 

 

(43,642

)

 

 

 

 

 

 

 

 

 

 

Intangible assets, net

 

 

 

 

 

1,102,846

 

 

 

2,989,604

 

 

During the six month period ended September 30, 2024, the Company has decapitalized intangible assets worth $1,456,289 out of which customer contracts with Global Insurance management worth $1,157,920 and accumulated amortization of $389,714 associated with these contracts were written back on account of termination of contract and no future economic benefits is available with the Company. Also the Company decapitalized software of $298,369 and written back associated accumulated amortization of $215,489. 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 September 30 2024:

 

 

 

 

 

 

Amount

 

2025

 

 

 

 

 

 

 

247,692

 

2026

 

 

 

 

 

 

 

123,743

 

2027 and thereafter

 

 

 

 

 

 

 

20,718