v3.25.1
Financial Instruments - Fair Value Measurements (Tables)
 9 Months Ended 12 Months Ended
Dec. 31, 2024
Mar. 31, 2024
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Schedule of Financial Instruments Not Carried at Fair Value

The carrying value of financial instruments not carried at fair value by categories are as below:

 

   December 31,
2024		   March 31,
2024		 
As at   Carrying value   Carrying value 
Financial assets        
Cash and cash equivalents  $4,397,373   $1,496,144 
Accounts receivable   97,128    194,197 
Short term investments   
-
    298,495 
Receivable from government authorities   476,037    445,828 
Long term investments   25,295    91,947 
Other financial assets   966,027    770,941 
Total assets  $5,961,860   $3,297,552 
Financial liabilities          
Accounts payable  $20,791,914   $14,431,587 
Debt   2,973,192    5,049,483 
Other financial liabilities   1,315,048    1,232,930 
Total liabilities  $25,080,154   $20,714,000 

The carrying value of financial instruments not carried at fair value by categories are as below:

 

  March 31, 2024   March 31, 2023 
As at  Carrying value   Carrying value 
Financial assets        
Cash and cash equivalents  $1,794,639   $3,686,741 
Accounts receivable   194,197    255,175 
Receivable from government authorities   445,828    4,211,143 
Long term investments   91,947    254,032 
Other financial assets   770,941    1,381,926 
Total assets   3,297,552    9,789,017 
Financial liabilities          
Accounts payable  $14,431,587   $6,547,978 
Debt   5,049,483    5,509,948 
Other financial liabilities   1,232,930    1,349,393 
Total liabilities   20,714,000    13,407,319 
Schedule of Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis

The following tables present information about the Company’s financial assets and liabilities measured at fair value on a recurring basis:

 

   December 31, 2024 
   Total
Carrying value		   Level 1   Level 2   Level 3 
Assets:                
Assets held for sale  $527,784   $
-
   $527,784   $
-
 
Liabilities:                    
Atalaya Note  $7,017,543   $
     -
   $
-
   $7,017,543 
Derivative financial instruments  $7,950,503   $
-
   $
-
   $7,950,503 
   March 31, 2024 
   Total
Carrying value		   Level 1   Level 2   Level 3 
Assets:                
Assets held for sale  $629,908   $
-
   $629,908   $
-
 
Liabilities:                    
Atalaya Note  $10,067,601   $
        -
   $
-
   $10,067,601 

The following tables present information about the Company’s financial assets and liabilities measured at fair value on a recurring basis:

 

   March 31, 2024 
   Total Carrying value   Level 1   Level 2   Level 3 
Assets:                
Assets held for sale  $629,908   $         -   $629,908   $- 
Liabilities:                    
Atalaya Note   10,067,601    -    -    10,067,601 

 

   March 31, 2023 
   Total Carrying value   Level 1   Level 2   Level 3 
Assets:                
Assets held for sale  $923,176   $           -   $923,176   $- 
Liabilities:                    
Preferred stock warrant liability  $1,190,691   $-   $-   $1,190,691 
Notes   10,944,727    -    -    10,944,727 
SSCPN   17,422,132    -    -    17,422,132 
Derivative financial instrument   14,373,856    -    -    14,373,856 
Schedule of Changes in the Fair Value

The changes in the fair value are summarized below:

 

   Preferred
stock
warrant
liability		   Notes   SSCPN   Unsecured
Convertible
Note
(‘Atalaya Note’)		   Derivative
financial
instruments		 
Balance as of April 1, 2023  $1,190,691   $10,944,727   $17,422,132   $
-
   $14,373,856 
Issue of SSCPN and warrants   
-
    
-
    8,655,330    
-
    
-
 
Change in fair value of convertible preferred stock warrant   (245,143)   
-
    
-
    
-
    
-
 
Change in fair value of SSCPN   
-
    
-
    10,519,247    
-
    
-
 
Change in fair value of Notes   
-
    420,022    
-
    
-
    
-
 
Change in fair value of derivative financial instrument   
-
    
-
    
-
    
-
    9,222,809 
Balance as of June 30, 2023  $945,548   $11,364,749   $36,596,709   $
-
   $23,596,665 
Issue of SSCPN and warrants   
-
    
-
    4,519,696    
-
    
-
 
Change in fair value of convertible preferred stock warrant   (175,102)   
-
    
-
    
-
    
-
 
Change in fair value of Notes   
-
    575,434    
-
    
-
    
-
 
Change in fair value of SSCPN   
-
    
-
    6,141,965    
-
    
-
 
Change in fair value of derivative financial instrument   
-
    
-
    
-
    
-
    813,566 
Balance as of September 30, 2023  $770,446   $11,940,183   $47,258,370   $
-
   $24,410,231 
Issue of unsecured convertible note at discount   
-
    
-
    
-
    8,434,605    
-
 
Issue of senior subordinated convertible promissory note and warrants   
-
    
-
    (20,110,058)   
-
    
-
 
Change in fair value of convertible preferred stock warrant   5,704,739    
-
    
-
    
-
    
-
 
Change in fair value of convertible promissory note   
-
    (7,986,326)   
-
    
-
    
-
 
Change in fair value of derivative financial instrument   
-
    
-
    
-
    
-
    (6,571,082)
Cost of issuance of Warrants   
-
    
-
    
-
    
-
    
-
 
Conversion to Common Stock   
-
    (3,953,857)   (27,148,312)   
-
    
-
 
Reclassification on conversion of preferred stock warrants and derivative financial instruments of Zoomcar, Inc. to common stock warrants of the Company   (6,475,185)   
-
    
-
    
-
    (17,839,149)
Fair valuation of Company warrants   
-
    
-
    
-
    
-
    
-
 
Discount on issue of unsecured convertible note   
-
    
-
    
-
    
-
    
-
 
Change in fair value of unsecured convertible note   
-
    
-
    
-
    1,732,589    
-
 
Balance as of December 31, 2023  $
-
   $
-
   $
-
   $10,167,194   $
-
 
                          
Balance as of April 1, 2024  $
-
   $
-
   $
-
   $10,067,601   $
-
 
Shares issued to Atalaya Note holders   
-
    
-
    
-
    (2,324,696)   
-
 
Change in fair value of unsecured convertible note   
-
    
-
    
-
    (1,360,238)   
-
 
Balance as of June 30, 2024  $
-
   $
-
   $
-
   $6,382,667   $
-
 
Shares issued to Atalaya Note holders                  
-
      
Change in fair value of unsecured convertible note                  390,218    
 
 
Balance as of September 30, 2024  $
-
   $
-
   $
-
   $6,772,885   $
-
 
Shares issued to Atalaya Note holders   
-
    
-
    
-
    
-
    
-
 
Change in fair value of unsecured convertible note   
-
    
-
    
-
    244,658    
-
 
Issue of derivative financial instruments   
-
    
-
    
-
    
-
    

13,422,022

 
Change in fair value of derivative financial instruments   
-
    
-
    
-
    
-
    (5,471,519)
Balance as of December 31, 2024  $-   $-   $-   $7,017,543   $

7,950,503

 

The changes in the fair value are summarized below:

 

   Preferred stock warrant liability   Notes   SSCPN   Unsecured Convertible Note (‘Atalaya Note’)   Derivative financial instrument (‘Warrants’)
(Refer
Note 18)		 
Balance as of April 01, 2022  $1,610,938   $-   $-   $-   $- 
Issue of Notes  $-   $10,000,000   $-    -   $- 
Issue of SSCPN and warrants   -    -    8,109,954    -    - 
Change in fair value of convertible preferred stock warrant   (420,247)   -    -    -    - 
Change in fair value of Notes   -    944,727    -    -    - 
Change in fair value of SSCPN   -    -    9,312,177    -    - 
Change in fair value of derivative financial instrument   -    -    -    -    14,373,856 
Balance as of March 31, 2023   1,190,691    10,944,727    17,422,132    -    14,373,856 
                          
Balance as of April 1, 2023   1,190,691    10,944,727    17,422,132    -    14,373,856 
Issue of unsecured convertible note at discount   -    -    -    8,434,605    - 
Issue of SSCPN and warrants   -    -    13,175,026    -    - 
Change in fair value of convertible preferred stock warrant   5,284,494    -    -    -    - 
Change in fair value of SSCPN             (3,448,845)          
Change in fair value of Notes   -    (6,990,870)   -    -    - 
Change in fair value of derivative financial instrument   -    -    -    -    3,465,293 
Conversion to Common Stock   -    (3,953,857)   (27,148,313)   -    - 
Reclassification on conversion of preferred stock warrants and derivative financial instruments of Zoomcar, Inc. to common stock warrants of the Company   (6,475,185)   -    -    -    (17,839,149)
Change in fair value of unsecured convertible note   -    -    -    1,632,996    - 
Balance as of March 31, 2024   -    -    -    10,067,601    - 
Warrant [Member]    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Schedule of Model Valuation of Derivative Assumption  

The Company used the following assumptions for the valuation of warrant liability and derivative financial instrument in the model:

 

   December 28, 2023   March 31, 2023 
         
Remaining term (years)   5.0    5.2 
Volatility1   55%   53%
Risk-free rate2   3.80%   3.60%
Estimated exercise price  $3.0   $0.23-5 
Fair value per share  $3.7   $10.7 

 

1.Expected volatility is based upon the historical volatility of a peer group of publicly traded companies.

2.The risk-free rate for the expected term of the warrant is based on U.S. Treasury constant maturities yield at measurement date.
Unsecured Convertible Note [Member]    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Schedule of Model Valuation of Derivative Assumption

The Company used the following assumptions for the valuation of Atalaya Note as on December 31, 2024 in the model of Valuation of:

 

   Atalaya Note 
Remaining term (years)   0.25 
Rate of interest   8.00%
Penal rate of interest   8.00%
Cost of Debt*   14.60%

 

*Cost of debt for commensurate term is considered as discount rate for cash payment.

The Company used the following assumptions for the valuation of Atalaya Note as on March 31, 2024 in the model of Valuation of:

 

    Atalaya
Note		  
Remaining term (years)     4.75  
Volatility1     80 %
Risk-free rate2     4.90 %
Conversion Price3 (after Second Reverse Stock Split and First Reverse Stock Split)   $ 20,000.00  
Fair Value per Share4 (after Second Reverse Stock Split and First Reverse Stock Split)   $ 1,200.00  
1.Expected volatility is based upon the historical volatility of a peer group of publicly traded companies.
2.The risk-free rate for the expected term of the warrant is based on U.S. Treasury constant maturities yield at measurement date.
3.Conversion Price prior to Second Reverse Stock Split and First Reverse Stock Split was $1,000 and $10 respectively.
4.Fair Value per share prior to Second Reverse Stock Split and First Reverse Stock Split was $600 and $0.6 respectively.