Zoomcar (ZCAR) 10-Q17 Nov 232024 Q2 Quarterly reportFinancial data

Company Profile

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
Document and Entity Information - shares	Sep. 30, 2023	Nov. 17, 2023
Document and Entity Information
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Sep. 30, 2023
Entity File Number	001-40964
Entity Registrant Name	INNOVATIVE INTERNATIONAL ACQUISITION CORP.
Entity Incorporation, State or Country Code	E9
Entity Tax Identification Number	98-1630742
Entity Address, Address Line One	24681 La Plaza Ste 300
Entity Address, City or Town	Dana Point
Entity Address State Or Province	CA
Entity Address, Postal Zip Code	92629
City Area Code	805
Local Phone Number	907-0597
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Shell Company	true
Entity Central Index Key	0001854275
Current Fiscal Year End Date	--03-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q2
Amendment Flag	false
Units, each consisting of one Class A ordinary share, par value $0.0001 per share, and one-half of one redeemable warrant
Document and Entity Information
Title of 12(b) Security	Units, each consisting of one Class A ordinary share, par value $0.0001 per share, and one-half of one redeemable warrant
Trading Symbol	IOACU
Security Exchange Name	NASDAQ
Class A ordinary shares
Document and Entity Information
Title of 12(b) Security	Class A ordinary share, par value $0.0001 per share, included as part of the units
Trading Symbol	IOAC
Security Exchange Name	NASDAQ
Entity Common Stock, Shares Outstanding		2,710,421
Class B ordinary shares
Document and Entity Information
Entity Common Stock, Shares Outstanding		8,050,000
Redeemable warrants, each exercisable for one Class A ordinary share for $11.50 per share, included as part of the units
Document and Entity Information
Title of 12(b) Security	Redeemable warrants, each exercisable for one Class A ordinary share for $11.50 per share, included as part of the units
Trading Symbol	IOACW
Security Exchange Name	NASDAQ

UNAUDITED CONDENSED BALANCE SHE

UNAUDITED CONDENSED BALANCE SHEETS - USD ($)	Sep. 30, 2023	Mar. 31, 2023
Current assets
Cash	$ 23,213	$ 50,274
Prepaid expenses	34,047	185,522
Total current assets	57,260	235,796
Marketable securities held in Trust Account	30,733,473	33,058,050
Total Assets	30,790,733	33,293,846
Current Liabilities
Accounts payable and accrued expenses	7,987,368	6,935,174
Due to related party	61,935	121,935
Promissory Notes - Related Party	3,027,625	1,495,000
Total current liabilities	11,076,928	8,552,109
Deferred underwriters' discount	12,100,000	12,100,000
Total Liabilities	23,176,928	20,652,109
Commitments and Contingencies (Note 6)
Shareholders' Deficit:
Preference shares, $0.0001 par value; 1,000,000 shares authorized; none issued and outstanding
Accumulated deficit	(23,120,579)	(20,417,224)
Total Shareholders' Deficit	(23,119,668)	(20,416,313)
Total Liabilities, Redeemable Shares and Shareholders' Deficit	30,790,733	33,293,846
Class A ordinary shares
Shareholders' Deficit:
Common stock	106	106
Class A ordinary shares subject to possible redemption
Redeemable Shares
Class A ordinary shares subject to possible redemption, 2,710,421 and 3,050,335 shares at redemption value of $11.34 and $10.84 per share at September 30, 2023 and March 31, 2023, respectively	30,733,473	33,058,050
Class B ordinary shares
Shareholders' Deficit:
Common stock	$ 805	$ 805

UNAUDITED CONDENSED BALANCE S_2

UNAUDITED CONDENSED BALANCE SHEETS (Parenthetical) - $ / shares	Sep. 30, 2023	Mar. 31, 2023
Preferred stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Preferred stock, shares authorized	1,000,000	1,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Class A ordinary shares
Common shares, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common shares, shares authorized	200,000,000	200,000,000
Common shares, shares issued	1,060,000	1,060,000
Common shares, shares outstanding	1,060,000	1,060,000
Class A ordinary shares subject to possible redemption
Class A ordinary shares subject to possible redemption (in shares)	2,710,421	3,050,335
Temporary equity, redemption price (in dollars per share)	$ 11.34	$ 10.84
Class A ordinary shares not subject to possible redemption
Common shares, shares issued	1,060,000	1,060,000
Common shares, shares outstanding	1,060,000	1,060,000
Class B ordinary shares
Common shares, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common shares, shares authorized	20,000,000	20,000,000
Common shares, shares issued	8,050,000	8,050,000
Common shares, shares outstanding	8,050,000	8,050,000

UNAUDITED CONDENSED STATEMENTS

UNAUDITED CONDENSED STATEMENTS OF OPERATIONS - USD ($)	3 Months Ended		6 Months Ended
UNAUDITED CONDENSED STATEMENTS OF OPERATIONS - USD ($)	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Operating costs	$ 1,190,500	$ 2,407,767	$ 2,045,733	$ 2,886,686
Loss from operations	(1,190,500)	(2,407,767)	(2,045,733)	(2,886,686)
Other income
Interest income - bank	1	16	3	34
Interest earned on cash held in Trust Account	404,601	1,058,906	801,041	1,375,701
Other income	404,602	1,058,922	801,044	1,375,735
Net loss	$ (785,898)	$ (1,348,845)	$ (1,244,689)	$ (1,510,951)
Class A redeemable ordinary share
Other income
Weighted average shares outstanding, basic (in shares)	2,784,315	23,000,000	2,916,598	23,000,000
Weighted average shares outstanding, diluted (in shares)	2,784,315	23,000,000	2,916,598	23,000,000
Basic net loss per share (in dollars per share)	$ (0.07)	$ (0.04)	$ (0.10)	$ (0.05)
Diluted net loss per share (in dollars per share)	$ (0.07)	$ (0.04)	$ (0.10)	$ (0.05)
Non-redeemable Class A and Class B ordinary shares
Other income
Weighted average shares outstanding, basic (in shares)	9,110,000	9,110,000	9,110,000	9,110,000
Weighted average shares outstanding, diluted (in shares)	9,110,000	9,110,000	9,110,000	9,110,000
Basic net loss per share (in dollars per share)	$ (0.07)	$ (0.04)	$ (0.10)	$ (0.05)
Diluted net loss per share (in dollars per share)	$ (0.07)	$ (0.04)	$ (0.10)	$ (0.05)

UNAUDITED CONDENSED STATEMENT_2

UNAUDITED CONDENSED STATEMENTS OF CHANGES IN SHAREHOLDERS' DEFICIT - USD ($)	Class A Common Stock Common Stock	Class B Common Stock Common Stock	Additional Paid-in Capital	Accumulated Deficit	Total
Balance at the beginning at Mar. 31, 2022	$ 106	$ 805		$ (13,661,610)	$ (13,660,699)
Balance at the beginning (in shares) at Mar. 31, 2022	1,060,000	8,050,000
Increase (decrease) in stockholders' (deficit) equity
Accretion of Class A ordinary shares to redemption amount				(316,795)	(316,795)
Net loss				(162,106)	(162,106)
Balance at the end at Jun. 30, 2022	$ 106	$ 805		(14,140,511)	(14,139,600)
Balance at the end (in shares) at Jun. 30, 2022	1,060,000	8,050,000
Balance at the beginning at Mar. 31, 2022	$ 106	$ 805		(13,661,610)	(13,660,699)
Balance at the beginning (in shares) at Mar. 31, 2022	1,060,000	8,050,000
Increase (decrease) in stockholders' (deficit) equity
Net loss					(1,510,951)
Balance at the end at Sep. 30, 2022	$ 106	$ 805		(16,473,759)	(16,472,848)
Balance at the end (in shares) at Sep. 30, 2022	1,060,000	8,050,000
Balance at the beginning at Jun. 30, 2022	$ 106	$ 805		(14,140,511)	(14,139,600)
Balance at the beginning (in shares) at Jun. 30, 2022	1,060,000	8,050,000
Increase (decrease) in stockholders' (deficit) equity
Excess of fair value of Sponsor Class B shares granted to directors			$ 74,503		74,503
Accretion of Class A ordinary shares to redemption amount			$ (74,503)	(984,403)	(1,058,906)
Net loss				(1,348,845)	(1,348,845)
Balance at the end at Sep. 30, 2022	$ 106	$ 805		(16,473,759)	(16,472,848)
Balance at the end (in shares) at Sep. 30, 2022	1,060,000	8,050,000
Balance at the beginning at Mar. 31, 2023	$ 106	$ 805		(20,417,224)	(20,416,313)
Balance at the beginning (in shares) at Mar. 31, 2023	1,060,000	8,050,000
Increase (decrease) in stockholders' (deficit) equity
Accretion of Class A ordinary shares to redemption amount				(891,440)	(891,440)
Net loss				(458,791)	(458,791)
Balance at the end at Jun. 30, 2023	$ 106	$ 805		(21,767,455)	(21,766,544)
Balance at the end (in shares) at Jun. 30, 2023	1,060,000	8,050,000
Balance at the beginning at Mar. 31, 2023	$ 106	$ 805		(20,417,224)	(20,416,313)
Balance at the beginning (in shares) at Mar. 31, 2023	1,060,000	8,050,000
Increase (decrease) in stockholders' (deficit) equity
Net loss					(1,244,689)
Balance at the end at Sep. 30, 2023	$ 106	$ 805		(23,120,579)	(23,119,668)
Balance at the end (in shares) at Sep. 30, 2023	1,060,000	8,050,000
Balance at the beginning at Jun. 30, 2023	$ 106	$ 805		(21,767,455)	(21,766,544)
Balance at the beginning (in shares) at Jun. 30, 2023	1,060,000	8,050,000
Increase (decrease) in stockholders' (deficit) equity
Accretion of Class A ordinary shares to redemption amount				(567,226)	(567,226)
Net loss				(785,898)	(785,898)
Balance at the end at Sep. 30, 2023	$ 106	$ 805		$ (23,120,579)	$ (23,119,668)
Balance at the end (in shares) at Sep. 30, 2023	1,060,000	8,050,000

UNAUDITED CONDENSED STATEMENT_3

UNAUDITED CONDENSED STATEMENTS OF CASH FLOW - USD ($)	6 Months Ended
UNAUDITED CONDENSED STATEMENTS OF CASH FLOW - USD ($)	Sep. 30, 2023	Sep. 30, 2022
Cash Flows from Operating Activities:
Net loss	$ (1,244,689)	$ (1,510,951)
Adjustments to reconcile net loss to net cash used in operating activities:
Interest earned on cash held in Trust Account	(801,041)	(1,375,701)
Excess of fair value of shares granted to directors		74,503
Changes in operating assets and liabilities:
Prepaid expenses	151,475	116,475
Accounts payable and accrued expenses	1,052,194	1,630,123
Due to related party	(60,000)	60,000
Net cash used in operating activities	(902,061)	(1,005,551)
Cash flows from investing activities:
Extension contributions to the trust account	(657,625)
Withdrawals from the trust account to pay redemptions	3,783,243
Net cash provided by investing activities	3,125,618
Cash flows from financing activities:
Proceeds from promissory notes to Sponsor and affiliate of Sponsor	1,532,625	300,000
Proceeds from private placement	(3,783,243)
Net cash (used in) provided by financing activities	(2,250,618)	300,000
Net Change in Cash	(27,061)	(705,551)
Cash at the beginning of the period	50,274	791,520
Cash at the end of the period	23,213	85,969
Non-cash investing and financing activities:
Remeasurement of ordinary share subject to possible redemption	$ 1,458,666	$ 1,399,325

ORGANIZATION, BUSINESS OPERATIO

ORGANIZATION, BUSINESS OPERATION AND LIQUIDITY	6 Months Ended
ORGANIZATION, BUSINESS OPERATION AND LIQUIDITY	Sep. 30, 2023
ORGANIZATION, BUSINESS OPERATION AND LIQUIDITY
ORGANIZATION, BUSINESS OPERATION AND LIQUIDITY	NOTE 1. ORGANIZATION, BUSINESS OPERATION AND LIQUIDITY Innovative International Acquisition Corp. (the “Company”) was incorporated as a Cayman Islands exempted company on March 22, 2021. The Company was incorporated for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses or entities (the “Business Combination”). The Company will not be limited to a particular industry or geographic region in its identification and acquisition of a target company. As of September 30, 2023, the Company had not commenced any operations nor generated any revenue. All activity for the period from March 22, 2021 (inception) through September 30, 2023, relates to the Company’s formation, the initial public offering (the “IPO”) described below, and subsequent to the IPO, identifying a target company for a Business Combination and other customary business conduct related thereto. The Company will not generate any operating revenues until after the completion of its initial Business Combination, at the earliest. The Company will generate non-operating income in the form of interest income on cash and cash equivalents from the proceeds derived from the IPO. The Company has selected March 31 as its fiscal year end. The Company’s sponsor is Innovative International Sponsor I LLC, a Delaware limited liability company (the “Sponsor”). The registration statement for the Company’s IPO was declared effective on October 26, 2021 (the “Effective Date”). On October 29, 2021, the Company consummated its IPO of 23,000,000 units (the “Units” and, with respect to the ordinary shares included in the Units being offered, the “Public Shares”) at $10.00 per Unit (which included the full exercise of the underwriters’ over-allotment option), which is discussed in Note 3 and the sale of 1,060,000 shares (the “Private Placement Shares”) at a price of $10.00 per Private Placement Share in a private placement to the Sponsor, and Cohen & Company Capital Markets, a division of J.V.B. Financial Group, LLC (“CCM”), and Cantor Fitzgerald & CO. (“Cantor”). Transaction costs amounted to $16,664,843 consisting of $3,173,059 of underwriting commissions, $12,100,000 of deferred underwriting commissions and $1,391,784 of other cash offering costs. The initial Business Combination must occur with one or more operating businesses or assets with an aggregate fair market value equal to at least 80% of the assets held in the Trust Account (as defined below) (excluding the deferred underwriting commissions and taxes payable on the income earned on the Trust Account) at the time of the signing a definitive agreement in connection with the initial Business Combination. However, the Company will only complete such Business Combination if the post-transaction company owns or acquires 50% or more of the issued and outstanding voting securities of the target or otherwise acquires a controlling interest in the target business sufficient for it not to be required to register as an investment company under the Investment Company Act of 1940, (the “Investment Company Act”). There is no assurance that the Company will be able to complete a Business Combination successfully. Upon the closing of the IPO, management has agreed that an amount equal to at least $10.20 per Unit sold in the IPO, including a portion of the proceeds of the Private Placement Shares, will be held in a Trust Account (“Trust Account”) and will be invested only in U.S. government treasury obligations with a maturity of 185 days or less or in money market funds meeting certain conditions under Rule 2a-7 under the Investment Company Act that invest only in direct U.S. government treasury obligations. Except with respect to interest earned on the funds held in the Trust Account that may be released to the Company to pay its taxes, if any (less up to $100,000 interest to pay dissolution expenses), the proceeds from the IPO and the sale of the Private Placement Shares deposited into the Trust Account will not be released from the Trust Account until the earliest of (i) the completion of the initial Business Combination, (ii) the redemption of any public shares properly tendered in connection with a shareholder vote to amend the Company’s amended and restated memorandum and articles of association (A) to modify the substance or timing of the Company’s obligation to allow redemption in connection with the initial Business Combination or to redeem 100% of the public shares if the Company does not complete its initial Business Combination within 24 months from the closing of the IPO or (B) with respect to any other provision relating to shareholders’ rights or pre-Business Combination activity and (iii) the redemption of all of the public shares if the Company is unable to complete its initial Business Combination within 24 months from the closing of the IPO, subject to applicable law. The Company will provide its public shareholders with the opportunity to redeem all or a portion of their public shares (the “Public Shares”) upon the completion of the initial Business Combination either (i) in connection with a general meeting called to approve the Business Combination or (ii) by means of a tender offer. The decision as to whether the Company will seek shareholder approval of a proposed Business Combination or conduct a tender offer will be made by the Company, solely in the Company’s discretion, and will be based on a variety of factors such as the timing of the transaction and whether the terms of the transaction would require the Company to seek shareholder approval under the applicable law or stock exchange listing requirement. The shareholders will be entitled to redeem their shares at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the Trust Account calculated as of two The ordinary shares subject to redemption were recorded at a redemption value and classified as temporary equity upon the completion of the IPO, in accordance with Financial Accounting Standards Board’s (“FASB”) Accounting Standards Codification (“ASC”) Topic 480 “Distinguishing Liabilities from Equity.” All of the Public Shares contain a redemption feature which allows for the redemption of such Public Shares in connection with the Company’s liquidation, if there is a shareholder vote or tender offer in connection with the Business Combination and in connection with certain amendments to the Company’s amended and restated memorandum and articles of association. In accordance with the U.S. Securities and Exchange Commission and its guidance on redeemable equity instruments, which has been codified in ASC 480-10-S99, redemption provisions not solely within the control of a company require ordinary shares subject to redemption to be classified outside of permanent equity. Given that the Public Shares were issued with other freestanding instruments (i.e., public warrants), the initial carrying value of Class A ordinary shares classified as temporary equity were the allocated proceeds determined in accordance with ASC 470-20. The Class A ordinary shares are subject to ASC 480-10-S99. If it is probable that the equity instrument will become redeemable, the Company has the option to either (i) accrete changes in the redemption value over the period from the date of issuance (or from the date that it becomes probable that the instrument will become redeemable, if later) to the earliest redemption date of the instrument or (ii) recognize changes in the redemption value immediately as they occur and adjust the carrying amount of the instrument to equal the redemption value at the end of each reporting period. The Company has elected to recognize the changes immediately. The accretion or remeasurement will be treated as a deemed dividend (i.e., a reduction to retained earnings, or in absence of retained earnings, additional paid-in capital). While redemptions cannot cause the Company’s net tangible assets to fall below $5,000,001, the Public Shares are redeemable and will be classified as such on the balance sheets until such date that a redemption event takes place. In such case, the Company will proceed with a Business Combination if the Company has net tangible assets of at least $5,000,001 upon such consummation of a Business Combination and, if the Company seeks shareholder approval, a majority of the issued and outstanding shares voted are voted in favor of the Business Combination. The Company has up to 24 months from the closing of the IPO to complete the Business Combination (the “Combination Period”). If the Company is unable to consummate the Business Combination within the Combination Period, the Company will: (i) cease all operations except for the purpose of winding up, (ii) as promptly as reasonably possible but not more than 10 business days thereafter, redeem the Public Shares, at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the Trust Account, including interest (which interest shall be net of taxes payable, and less up to $100,000 of interest to pay dissolution expenses) divided by the number of then issued and outstanding Public Shares, which redemption will completely extinguish public shareholders’ rights as shareholders (including the right to receive further liquidation distributions, if any), subject to applicable law, and (iii) as promptly as reasonably possible following such redemption, subject to the approval of the remaining shareholders and the Company’s board of directors, liquidate and dissolve, subject in each case to the Company’s obligations under Cayman Islands law to provide for claims of creditors and the requirements of other applicable law. There will be no redemption rights or liquidating distributions with respect to the warrants, which will expire worthless if the Company fails to complete its initial Business Combination within the Combination Period. On January 19, 2023, the Company held the Extraordinary General Meeting (“January EGM”). At the January EGM, the shareholders of the Company approved (i) an amendment to the Company’s Amended and Restated Memorandum and Articles of Association to extend the date by which the Company must consummate an initial business combination up to six (6) times for an additional one (1) month each time from January 29, 2023 to July 29, 2023 (which is 21 months from the closing of the Company’s initial public offering) (the “Extension”) and (ii) an amendment to the Company’s investment management trust agreement, dated as of October 26, 2021, and between the Company and American Stock Transfer & Trust Company, LLC (the “Trust Agreement”), pursuant to which amendment the Company would deposit into the Company’s Trust Account, for each one-month extension, the lesser of (a) $165,000 and (b) $0.055 for each public share outstanding after giving effect to the redemption. In connection with the January EGM, shareholders holding 19,949,665 public shares exercised their right to redeem their shares for a pro rata portion of the funds in the Company’s Trust Account. As a result, approximately $206.5 million (approximately $10.35 per public share redeemed) was removed from the Trust Account to pay such holders and approximately $31.5 million remained in the Trust Account. In connection with the First Extension, the Sponsor has agreed to make available to the Company an aggregate amount of up to $990,000 to be used only for expenses accrued in connection with the extension of the date by which the Company must consummate an initial business combination, pursuant to a promissory note in favor of the Sponsor (the “First Extension Note”). The First Extension Note is non-convertible and bears no interest, and the principal balance is payable by the Company on the date of the consummation of the Company’s initial business combination. On July 20, 2023, the Company held the Extraordinary General Meeting (the “July EGM”). At the July EGM, the shareholders of the Company approved (i) an amendment to the Company’s Amended and Restated Memorandum and Articles of Association to extend the date by which the Company must consummate an initial business combination up to three (3) times for an additional one one-month In connection with the July EGM, shareholders holding 339,914 public shares exercised their right to redeem their shares for a pro rata portion of the funds in the Company’s Trust Account. As a result, approximately $3.8 million (approximately $11.13 per public share redeemed) was removed from the Trust Account to pay such holders and approximately $30.17 million remained in the Trust Account. Following redemptions, the Company had 2,710,421 public shares outstanding. In connection with the Second Extension, on July 20, 2023, the Company issued an unsecured promissory note (the “Second Extension Note”), in the amount of up to $180,000 to the Sponsor. The proceeds of the Second Extension Note may be drawn down from time to time prior to the date of the consummation of the Company’s initial business combination upon request by the Company. The Second Extension Note is non-convertible and bears no interest, and the principal balance is payable on the date of the consummation of the Company’s initial business combination. The Second Extension Note is subject to customary events of default, the occurrence of certain of which automatically triggers the unpaid principal balance of the Second Extension Note and all other sums payable with regard to the Second Extension Note becoming immediately due and payable. For the six months ended September 30, 2023, the Company has drawn $657,625 under First and Second Extension Notes and deposited it in the Trust Account. On July 28, 2023, we received a written notice from the Nasdaq Listing Qualifications Department notifying the us that, as a result of the resignation of Valarie Sheppard, a member of the IOAC Board, we are not in compliance with Nasdaq’s independent director, compensation and audit committee requirements as set forth in Listing Rule 5605. The notice is only a notification of deficiency, not of imminent delisting, and has no current effect on the listing or trading of our securities on the Nasdaq Global Market. The letter states that, consistent with Nasdaq Listing Rules 5605(b)(1)(A), 5605(d)(2) and 5605(c)(4), Nasdaq will provide the Company with a cure period in order to regain compliance as follows: (i) until the earlier to occur of the Company’s next annual shareholders’ meeting or July 21, 2024; or (ii) if the next annual shareholders’ meeting is held before January 17, 2024, then the Company must evidence compliance no later than January 17, 2024. In each case, we expect to regain compliance with the Nasdaq Listing Rules prior to the expiration of the applicable cure periods provided by Nasdaq. On August 18, 2023, the Company issued an unsecured promissory note (the “August 2023 Note”), in the amount of up to $500,000 to the Sponsor. The proceeds of the August 2023 Note may be drawn down from time to time prior to the date of the consummation of the Company’s initial business combination (the “Maturity Date”) upon request by the Company. The August 2023 Note bears no interest and the principal balance is payable on the Maturity Date. The August 2023 Note is subject to customary events of default, the occurrence of certain of which automatically triggers the unpaid principal balance of the August 2023 Note and all other sums payable with regard to the August 2023 Note becoming immediately due and payable. The Sponsor, officers, and directors have agreed (i) to waive their redemption rights with respect to their Founder Shares held by them, and any Public Shares they may acquire during or after the IPO in connection with the completion of the initial Business Combination and (ii) to waive their rights to liquidating distributions from the Trust Account with respect to their Founder Shares if the Company fails to complete its initial Business Combination within the Combination Period (although they will be entitled to liquidating distributions from the Trust Account with respect to any Public Shares they hold if the Company fails to complete its initial Business Combination within the prescribed time frame), and (iii) vote their Founder Shares and Public Shares in favor of the Company’s initial Business Combination. The Sponsor has agreed that it will be liable to the Company if and to the extent any claims by a third party (other than the Company’s independent auditors) for services rendered or products sold to the Company, or a prospective target business with which the Company has discussed entering into a transaction agreement, reduce the amount of funds in the Trust Account to below (i) $10.00 per public share or such lesser amount per public share held in the Trust Account as of the date of the liquidation of the Trust Account due to reductions in the value of the trust assets, in each case net of the interest which may be withdrawn to pay taxes. This liability will not apply with respect to any claims by a third party who executed a waiver of any and all rights to seek access to the Trust Account and except as to any claims under the Company’s indemnity of the underwriters of the IPO against certain liabilities, including liabilities under the Securities Act. Moreover, in the event that an executed waiver is deemed to be unenforceable against a third party, the Sponsor will not be responsible to the extent of any liability for such third-party claims. Because we are a blank check company, rather than an operating company, and the Company’s operations will be limited to searching for prospective target businesses to acquire, the only third parties the Company currently expects to engage would be vendors such as lawyers, investment bankers, computer or information and technical services providers or prospective target businesses. Liquidity and Capital Resources As of September 30, 2023, the Company had cash outside the Trust Account of $23,213 available for working capital needs. Except with respect to interest earned on the funds held in the Trust Account that may be released to the Company to pay its tax obligations, all remaining cash held in the Trust Account is generally unavailable for the Company’s use, prior to an initial Business Combination, and is restricted for use either in a Business Combination or to redeem ordinary shares. As of September 30, 2023, none of the amount in the Trust Account was available to be withdrawn as described above. Through September 30, 2023, the Company’s liquidity needs were satisfied through receipt of $25,000 from the sale of the Founder Shares and the remaining net proceeds from the IPO and the sale of Private Placement Shares. On September 7, 2022, the Company issued an unsecured convertible promissory note in the amount of up to $500,000 to Ananda Small Business Trust, an affiliated of the Sponsor (“Ananda Trust”). On January 3, 2023, the Company issued an unsecured promissory note (the “January 2023 Note”), in the amount of up to $500,000 to Ananda Trust. On January 19, 2023, the Company issued the First Extension Note of up to an aggregate amount of up to $990,000 to be used only for expenses accrued in connection with the extension of the date by which the Company must consummate an initial business combination. On May 10, 2023, the Company issued an unsecured promissory note (the “May 2023 Note”), in the amount of up to $500,000 to the Sponsor. On July 20, 2023, the Company issued an unsecured promissory note (the “Second Extension Note”), in the amount of up to $180,000 to the Sponsor. On August 18, 2023, the Company issued an unsecured promissory note (the “August Note”), in the amount of up to $500,000 to the Sponsor. Total amount $3,027,625 was drawn under the notes listed above and outstanding as of September 30, 2023. Going Concern The Company anticipates that the $23,213 of cash held outside of the Trust Account as of September 30, 2023, might not be sufficient to allow the Company to operate for at least the next 12 months from the issuance of the financial statements, assuming that a Business Combination is not consummated during that time. Until consummation of our Business Combination, the Company will be using the funds not held in the Trust Account, and any additional Working Capital Loans (as defined in Note 5) from the initial shareholders, the Company’s officers and directors, or their respective affiliates (which is described in Note 5), for identifying and evaluating prospective acquisition candidates, performing business due diligence on prospective target businesses, traveling to and from the offices, plants or similar locations of prospective target businesses, reviewing corporate documents and material agreements of prospective target businesses, selecting the target business to acquire and structuring, negotiating and consummating the Business Combination. The Company can raise additional capital through Working Capital Loans from the initial shareholders, the Company’s officers, directors, or their respective affiliates (which is described in Note 5), or through loans from third parties. None of the Sponsor, officers or directors are under any obligation to advance funds to, or to invest in, the Company. If the Company is unable to raise additional capital, it may be required to take additional measures to conserve liquidity, which could include, but not necessarily be limited to, curtailing operations, suspending the pursuit of its business plan, and reducing overhead expenses. The Company cannot provide any assurance that new financing will be available to us on commercially acceptable terms, if at all. These conditions raise substantial doubt about the Company’s ability to continue as a going concern for a reasonable period of time, which is considered to be one year from the issuance date of the financial statements. In connection with the Company’s assessment of going concern considerations in accordance with Financial Accounting Standard Board’s Accounting Standards Update (“ASU”) 2014-15, “Disclosures of Uncertainties about an Entity’s Ability to Continue as a Going Concern,” the Company has until October 29, 2023 to consummate a Business Combination. It is uncertain that the Company will be able to consummate a Business Combination by this time. If a Business Combination is not consummated by this date, there will be a mandatory liquidation and subsequent dissolution of the Company. Management has determined that the mandatory liquidation, should a Business Combination not occur, and potential subsequent dissolution raises substantial doubt about the Company’s ability to continue as a going concern. No adjustments have been made to the carrying amounts of assets or liabilities should the Company be required to liquidate after October 29, 2023. Risks and Uncertainties In February 2022, Russia commenced a military action with the country of Ukraine. As a result of this action, various nations, including the United States, have instituted economic sanctions against Russia. The invasion of Ukraine may result in market volatility that could adversely affect our stock price and our search for a target company. Other recent events contributing to a climate of geopolitical uncertainty include military conflict between Palestine and Israel and rising tensions between China and Taiwan. Further, the impact of these actions and related sanctions on the world economy are not determinable as of the date of these unaudited condensed financial statements and the specific impact on the Company’s financial condition, results of operations, and cash flows is also not determinable as of the date of these unaudited condensed financial statements. On August 16, 2022, the Inflation Reduction Act of 2022 (the “IR Act”) was signed into federal law. The IR Act provides for, among other things, a new U.S. federal 1% excise tax on certain repurchases of stock by publicly traded U.S. domestic corporations and certain U.S. domestic subsidiaries of publicly traded foreign corporations occurring on or after January 1, 2023. The excise tax is imposed on the repurchasing corporation itself, not its shareholders from which shares are repurchased. The amount of the excise tax is generally 1% of the fair market value of the shares repurchased at the time of the repurchase. However, for purposes of calculating the excise tax, repurchasing corporations are permitted to net the fair market value of certain new stock issuances against the fair market value of stock repurchases during the same taxable year. In addition, certain exceptions apply to the excise tax. The U.S. Department of the Treasury (the “Treasury”) has been given authority to provide regulations and other guidance to carry out and prevent the abuse or avoidance of the excise tax. Any redemption or other repurchase that occurs after December 31, 2022, in connection with a business combination, extension vote or otherwise, may be subject to the excise tax. Whether and to what extent the Company would be subject to the excise tax in connection with a business combination, extension vote or otherwise would depend on a number of factors, including (i) the fair market value of the redemptions and repurchases in connection with the business combination, extension or otherwise, (ii) the structure of a business combination, (iii) the nature and amount of any “PIPE” or other equity issuances in connection with a business combination (or otherwise issued not in connection with a business combination but issued within the same taxable year of a business combination) and (iv) the content of regulations and other guidance from the Treasury. In addition, because the excise tax would be payable by the Company and not by the redeeming holder, the mechanics of any required payment of the excise tax have not been determined. The foregoing could cause a reduction in the cash available on hand to complete a business combination and in the Company’s ability to complete a business combination. The IR Act has indicated that in most cases, interim U.S. federal and state income taxes would not apply to a SPAC incorporated in the Cayman Islands, including us, because the Cayman Islands does not impose income taxes.

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	6 Months Ended
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	Sep. 30, 2023
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Change in Fiscal Year On May 30, 2023, the Company’s Board of Directors approved a change in the Company’s fiscal year end from December 31 to March 31. The Company’s current fiscal year will run from April 1, 2023 through March 31, 2024. Year-over-year quarterly financial data continues to be comparative to prior periods as the months that comprise each fiscal quarter in the new fiscal year are the same as those in the Company’s historical financial statements. Basis of Presentation The accompanying unaudited condensed financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“US GAAP”) for interim financial information and in accordance with Article 10 of Regulation S-X of the SEC. Certain information or footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted, pursuant to the rules and regulations of the SEC for interim financial reporting. Accordingly, they do not include all the information and footnotes necessary for a complete presentation of financial position, results of operations, or cash flows. In the opinion of management, the accompanying unaudited condensed financial statements include all adjustments, consisting of a normal recurring nature, which are necessary for a fair presentation of the financial position, operating results and cash flows for the periods presented. The unaudited results for the three and six months ended September 30, 2023, are not necessarily indicative of the results to be expected for the fiscal year ending March 31, 2024, or for any future interim periods. Emerging Growth Company The Company is an “emerging growth company,” as defined in Section 2(a) of the Securities Act, as modified by the Jumpstart our Business Startups Act of 2012, (the “JOBS Act”), and it may take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not emerging growth companies including, but not limited to, not being required to comply with the auditor attestation requirements of Section 404 of the Sarbanes-Oxley Act, reduced disclosure obligations regarding executive compensation in its periodic reports and proxy statements, and exemptions from the requirements of holding a nonbinding advisory vote on executive compensation and shareholder approval of any golden parachute payments not previously approved. Further, Section 102(b)(1) of the JOBS Act exempts emerging growth companies from being required to comply with new or revised financial accounting standards until private companies (that is, those that have not had a Securities Act registration statement declared effective or do not have a class of securities registered under the Exchange Act) are required to comply with the new or revised financial accounting standards. The JOBS Act provides that a company can elect to opt out of the extended transition period and comply with the requirements that apply to non- emerging growth companies but any such election to opt out is irrevocable. The Company has elected not to opt out of such extended transition period which means that when a standard is issued or revised and it has different application dates for public or private companies, the Company, as an emerging growth company, can adopt the new or revised standard at the time private companies adopt the new or revised standard. This may make comparison of the Company’s unaudited condensed financial statements with another public company which is neither an emerging growth company nor an emerging growth company which has opted out of using the extended transition period difficult or impossible because of the potential differences in accounting standards used. Use of Estimates The preparation of these unaudited condensed financial statements is in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the unaudited condensed financial statements and the reported amounts of expenses during the reporting period. Making estimates requires management to exercise significant judgment. It is at least reasonably possible that the estimate of the effect of a condition, situation or set of circumstances that existed at the date of the unaudited condensed financial statements, which management considered in formulating its estimate, could change in the near term due to one or more future confirming events. Accordingly, the actual results could differ significantly from those estimates. One of the more significant accounting estimates included in these unaudited condensed financial statements is the determination of the fair value of the warrant liabilities. Cash and Cash Equivalents The Company considers all short-term investments with an original maturity of three months or less when purchased to be cash equivalents. The Company did not have any cash equivalents as of September 30, 2023 and March 31, 2023. Marketable Securities Held in Trust Account Following the closing of the IPO on October 29, 2021, an amount of $234,600,000 from the net proceeds of the sale of the Units in the IPO and the sale of the Private Placement Shares were placed in the Trust Account and invested only in U.S. government treasury obligations with a maturity of 185 days or less or in money market funds meeting certain conditions under Rule 2a-7 under the Investment Company Act that invest only in direct U.S. government treasury obligations. Except with respect to interest earned on the funds held in the Trust Account that may be released to the Company to pay its taxes, if any (less up to $100,000 interest to pay dissolution expenses), the proceeds from the IPO and the sale of the Private Placement Shares will not be released from the Trust Account until the earliest of (i) the completion of the initial Business Combination, the redemption of any public shares properly tendered in connection with a shareholder vote to amend the Company’s amended and restated memorandum and articles of association (A) to modify the substance or timing of the Company’s obligation to allow redemption in connection with the initial Business Combination or to redeem 100% of the public shares if the Company does not complete its initial Business Combination within 21 months from the closing of the IPO or (B) with respect to any other provision relating to shareholders’ rights or pre-Business Combination activity and (iii) the redemption of all of the public shares if the Company is unable to complete its initial Business Combination within 21 months from the closing of the IPO, subject to applicable law. In connection with the January EGM, shareholders holding 19,949,665 public shares exercised their right to redeem their shares for a pro rata portion of the funds in the Company’s Trust Account. As a result, approximately $206.5 million (approximately $10.35 per public share redeemed) was removed from the Trust Account to pay such holders and approximately $31.5 million remained in the Trust Account. In connection with the July EGM, shareholders holding 339,914 public shares exercised their right to redeem their shares for a pro rata portion of the funds in the Company’s Trust Account. As a result, approximately $3.8 million (approximately $11.13 per public share redeemed) was removed from the Trust Account to pay such holders and approximately $30.17 million remained in the Trust Account. Following redemptions, the Company had 2,710,421 public shares outstanding. The Company classifies its U.S. Treasury securities as Trading Securities in accordance with FASB ASC Topic 320 “Investments - Debt and Equity Securities.” Changes in the value of Trading Securities are recognized in income in the period they occur. Concentration of Credit Risk Financial instruments that potentially subject the Company to concentrations of credit risk consist of cash accounts held at a financial institution, which, at times, may exceed the Federal Depository Insurance Coverage of $250,000. To date the Company has not experienced losses on these accounts. Offering Costs Associated with Initial Public Offering Offering costs consist of legal, accounting, underwriting fees and other costs incurred through the balance sheet date that are directly related to the IPO. Offering costs amounting to $16,664,843 were initially charged to temporary equity upon the completion of the IPO. The Company complies with the requirements of the ASC 340-10-S99-1 and SEC Staff Accounting Bulletin (“SAB”) Topic 5A - “Expenses of Offering”. Offering costs consist principally of professional and registration fees that are related to the IPO. Accordingly, offering costs have been allocated to the separable financial instruments issued in the IPO based on a relative fair value basis compared to total proceeds received. Offering costs associated with the Class A ordinary shares issued were initially charged to temporary equity and then accreted to ordinary shares subject to redemption upon the completion of the IPO. Warrants The Company accounts for its warrants as either equity-classified or liability-classified instruments based on an assessment of the warrant’s specific terms and applicable authoritative guidance in FASB ASC 480, Distinguishing Liabilities from Equity (“ASC 480”) and ASC 815, Derivatives and Hedging (“ASC 815”). The assessment considers whether the warrants are freestanding financial instruments pursuant to ASC 480, meet the definition of a liability pursuant to ASC 480, and whether the warrants meet all of the requirements for equity classification under ASC 815, including whether the warrants are indexed to the Company’s own ordinary shares and whether the warrant holders could potentially require “net cash settlement” in a circumstance outside of the Company’s control, among other conditions for equity classification. This assessment, which requires the use of professional judgment, is conducted at the time warrant issuance and as of each subsequent quarterly period end date while the warrants are outstanding. The Company accounts for the warrants as equity-classified. As such, the warrants were recorded as a component of additional paid-in capital at the time of issuance. For issued or modified warrants that do not meet all of the criteria for equity classification, the warrants are required to be recorded at their initial fair value on the date of issuance, and each balance sheet date thereafter. Class B Founder Shares The Class B ordinary shares will automatically convert into Class A ordinary shares at the time of the initial Business Combination on a one-for-one basis, subject to adjustment for share subdivisions, share consolidations, share capitalizations, reorganizations, recapitalizations and the like, and subject to further adjustment as provided in the Company’s amended and restated memorandum and articles of association. The Founder Shares conversion feature is considered an equity instrument that does not require bifurcation from the host contract. Class A Ordinary Shares Subject to Possible Redemption The Company accounts for its shares of Class A ordinary shares subject to possible redemption in accordance with the guidance in ASC Topic 480 “Distinguishing Liabilities from Equity.” Class A ordinary shares subject to mandatory redemption (if any) are classified as a liability instrument and are measured at fair value. Conditionally redeemable ordinary shares (including shares that feature redemption rights that are either within the control of the holder or subject to redemption upon the occurrence of uncertain events not solely within the Company’s control) are classified as temporary equity. At all other times, ordinary shares are classified as shareholder’s deficit. The Company’s Class A ordinary shares sold in the IPO feature certain redemption rights that are considered to be outside of the Company’s control and subject to the occurrence of uncertain future events. Accordingly, as of September 30, 2023 and March 31, 2023, 2,710,421 and 3,050,335 Class A ordinary shares subject to possible redemption, respectively, are presented at redemption value as temporary equity, outside of the shareholder’s deficit section of the Company’s balance sheets. The Company recognizes changes in redemption value immediately as they occur and adjusts the carrying value of redeemable ordinary shares to equal the redemption value at the end of each reporting period. Such changes are reflected in additional paid-in capital, or in the absence of additional capital, in accumulated deficit. As of September 30, 2023 and March 31, 2023, the Class A ordinary share reflected in the balance sheets are reconciled in the following table: Gross Proceeds from IPO $ 230,000,000 Proceeds allocated to Public Warrants (7,475,000) Issuance costs related to Class A ordinary shares (16,099,160) Accretion of carrying value to redemption value 28,178,166 Ending Balance, December 31, 2021 $ 234,604,006 Accretion of carrying value to redemption value 3,383,887 Ending Balance, December 31, 2022 $ 237,987,893 Redemptions (206,479,033) Accretion of carrying value to redemption value 1,549,190 Ending Balance, March 31, 2023 $ 33,058,050 Accretion of carrying value to redemption value 891,440 Ending Balance, June 30, 2023 $ 33,949,490 Redemptions (3,783,243) Accretion of carrying value to redemption value 567,226 Ending Balance, September 30, 2023 $ 30,733,473 Income Taxes The Company accounts for income taxes under FASB ASC 740, “Income Taxes” (“ASC 740”). ASC 740 requires the recognition of deferred tax assets and liabilities for both the expected impact of differences between the financial statements and tax basis of assets and liabilities and for the expected future tax benefit to be derived from tax loss and tax credit carry forwards. ASC 740 additionally requires a valuation allowance to be established when it is more likely than not that all or a portion of deferred tax assets will not be realized. FASB ASC 740 prescribes a recognition threshold and a measurement attribute for the financial statement recognition and measurement of tax positions taken or expected to be taken in a tax return. For those benefits to be recognized, a tax position must be more likely than not to be sustained upon examination by taxing authorities. There were no unrecognized tax benefits as of September 30, 2023 and March 31, 2023. The Company’s management determined that the Cayman Islands is the Company’s only major tax jurisdiction. The Company recognizes accrued interest and penalties related to unrecognized tax benefits as income tax expense. For the three months ended September 30, 2023 and June 30, 2022, no amounts were accrued for the payment of interest and penalties. The Company is currently not aware of any issues under review that could result in significant payments, accruals or material deviation from its position. There is currently no taxation imposed on income by the Government of the Cayman Islands. In accordance with Cayman income tax regulations, income taxes are not levied on the Company. Consequently, income taxes are not reflected in the Company’s financial statements. Share-Based Payment Compensation Arrangements The Company accounts for share-based payments in accordance with FASB ASC Topic 718, “Compensation - Stock Compensation,” (“ASC 718”) which requires that all equity awards be accounted for at their “fair value.” The Company measures and recognizes compensation expense for all share-based payments on their estimated fair values measured as of the grant date. These costs are recognized as an expense in the Statement of Operations upon vesting, once the applicable performance conditions are met, with an offsetting increase to additional paid-in capital. Forfeitures are recognized as they occur. Net Loss Per Ordinary Share The Company complies with accounting and disclosure requirements of FASB ASC Topic 260, “Earnings Per Share”. The Company has two classes of shares, which are referred to as Class A ordinary shares and Class B ordinary shares. Income and losses are shared pro rata between the two classes of shares. Net loss per ordinary share is computed by dividing net loss by the weighted average number of ordinary shares outstanding for the period. Remeasurement associated with the redeemable Class A ordinary shares is excluded from loss per ordinary share as the redemption value approximates fair value. The calculation of diluted loss per share does not consider the effect of the warrants issued in connection with the (i) IPO, and (ii) the private placement since the exercise of the warrants exceeded the fair value per ordinary share. For the three months ended September 30, 2023, and 2022, the Company did not have any dilutive securities or other contracts that could, potentially, be exercised or converted into ordinary shares and then share in the earnings of the Company. As a result, diluted net loss per ordinary share is the same as basic net income (loss) per ordinary share for the periods presented. The following table reflects the calculation of basic and diluted net loss per ordinary share (in dollars, except per share amounts): For the three months ended For the three months ended September 30, 2023 September 30, 2022 Non- Non- Redeemable redeemable Redeemable redeemable Class A Class A and B Class A Class A and B ordinary ordinary ordinary ordinary shares shares shares shares Basic and diluted net loss per ordinary share Numerator: Allocation of net loss, as adjusted $ (183,969) $ (601,929) $ (965,773) $ (383,072) Denominator: Basic and diluted weighted average shares outstanding 2,784,315 9,110,000 23,000,000 9,110,000 Basic and diluted net loss per ordinary share $ (0.07) $ (0.07) $ (0.04) $ (0.04) For the six months ended For the six months ended September 30, 2023 September 30, 2022 Non- Non- Redeemable redeemable Redeemable redeemable Class A Class A and B Class A Class A and B ordinary ordinary ordinary ordinary shares shares shares shares Basic and diluted net loss per ordinary share Numerator: Allocation of net loss, as adjusted $ (301,852) $ (942,837) $ (1,081,841) $ (429,110) Denominator: Basic and diluted weighted average shares outstanding 2,916,598 9,110,000 23,000,000 9,110,000 Basic and diluted net loss per ordinary share $ (0.10) $ (0.10) $ (0.05) $ (0.05) Recent Accounting Pronouncements Management does not believe that any other recently issued, but not effective, accounting standards, if currently adopted, would have a material effect on the Company’s financial statement.

PUBLIC OFFERING

PUBLIC OFFERING	6 Months Ended
PUBLIC OFFERING	Sep. 30, 2023
PUBLIC OFFERING
PUBLIC OFFERING	NOTE 3. PUBLIC OFFERING On October 29, 2021, the Company consummated its IPO of 23,000,000 Units, which included the full exercise of the underwriters’ over-allotment option, at a price of $10.00 per Unit, generating gross proceeds of $230,000,000. Each Unit consists of one Class A ordinary share and one

PRIVATE PLACEMENT

PRIVATE PLACEMENT	6 Months Ended
PRIVATE PLACEMENT	Sep. 30, 2023
PRIVATE PLACEMENT
PRIVATE PLACEMENT	NOTE 4. PRIVATE PLACEMENT The Sponsor, Cantor and CCM purchased an aggregate of 1,060,000 Class A ordinary shares (which included the full exercise of the underwriters’ over-allotment option), or Private Placement Shares, at a price of $10.00 per share ($10,600,000 in the aggregate) in a private placement that closed simultaneously with the closing of the IPO. Of those 1,060,000 Private Placement Shares, the Sponsor purchased 960,000 shares, CCM purchased 30,000 shares and Cantor purchased 70,000 shares. The Private Placement Shares are transferable, assignable or saleable until 30 days after the completion of the Initial Business Combination. Additionally, the Private Placement Shares will be non-redeemable so long as they are held by the Sponsor, CCM, Cantor or their permitted transferees. If the Private Placement Shares are held by holders other than the Sponsor, CCM, Cantor or their permitted transferees, the Private Placement Shares will be redeemable by the Company in all redemption scenarios.

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	6 Months Ended
RELATED PARTY TRANSACTIONS	Sep. 30, 2023
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS	NOTE 5. RELATED PARTY TRANSACTIONS Founder Shares On April 19, 2021, the Sponsor paid $25,000 to cover certain offering costs in consideration for 7,187,500 Class B ordinary shares, par value $0.0001. In September 2021, the Company effected a 1.12 share dividend for each Class B ordinary share outstanding, resulting in 8,050,000 Founder Shares being held by the Sponsor, up to 1,050,000 shares of which were subject to forfeiture depending on the extent to which the underwriter’s over-allotment option was exercised. The underwriter fully exercised their over-allotment option on October 29, 2021 which meant no Founder Shares were forfeited. All shares and related amounts have been retroactively restated to reflect the split. The Sponsor officers and directors have agreed not to transfer, assign or sell any of their Founder Shares and any Class A ordinary shares issuable upon conversion thereof until the earlier of: (A) one year after the completion of the initial Business Combination or (B) the date on which the Company completes a liquidation, merger, share exchange, reorganization or other similar transaction after the initial Business Combination that results in all of the public shareholders having the right to exchange their ordinary shares for cash, securities or other property. Any permitted transferees will be subject to the same restrictions and other agreements of our Sponsor, officers and directors with respect to any Founder Shares (the “Lock-up”). Due to Related Parties The balances of $61,935 and $121,935 as of September 30, 2023 and March 31, 2023, respectively, represent administrative support fees paid by related party on behalf of the Company. Promissory Note — Related Party On April 17, 2021, the Sponsor agreed to loan the Company up to $300,000 to be used for a portion of the expenses of the IPO. These loans are non-interest bearing, unsecured and due at the earlier of December 31, 2021, or the closing of the IPO. The loan will be repaid upon the closing of the IPO out of the offering proceeds not held in the Trust Account. As of October 29, 2021, the Company had $122,292 in borrowings under the promissory note which are now due on demand. The balance was repaid on November 5, 2021 . On September 7, 2022, the Company issued an unsecured promissory note (the “September 2022 Note”), in the amount of up to $500,000 to Ananda Trust, an affiliate of the Sponsor. The September 2022 Note bears no interest and the principal balance is payable on the date of the consummation of the Company’s initial Business Combination. On or before such date, the Sponsor has the option to convert all or any portion of the principal outstanding under the September 2022 Note into Class A ordinary shares of the Company (“Working Capital Shares”) at a conversion price of $10.00 per share. The terms of the Working Capital Shares, if any, would be identical to the terms of the Private Placement Shares issued by the Company at the time of its IPO. The September 2022 Note is subject to customary events of default, the occurrence of certain of which automatically triggers the unpaid principal balance of the September 2022 Note and all other sums payable with regard to the September 2022 Note becoming immediately due and payable. The conversion feature included in the September 2022 Note does not meet the definition of a derivative instrument. The full amount of the September 2022 Note, or $500,000, was drawn and outstanding as of September 30, 2023 and March 31, 2023. On January 3, 2023, the Company issued an unsecured promissory note (the “January 2023 Note”), in the amount of up to $500,000 to Ananda Trust, an affiliate of the Sponsor. The proceeds of the January 2023 Note may be drawn down from time to time prior to the date of the consummation of the Company’s initial business combination upon request by the Company. The January 2023 Note bears no interest, and the principal balance is payable on the date of the consummation of the Company’s initial business combination. The January 2023 Note is subject to customary events of default, the occurrence of certain of which automatically triggers the unpaid principal balance of the January 2023 Note and all other sums payable with regard to the January 2023 Note becoming immediately due and payable. The full amount of the January 2023 Note was drawn and outstanding as of September 30, 2023 and March 31, 2023. In connection with the First Extension, the Sponsor has agreed to make available to the Company an aggregate amount of up to $990,000 to be used only for expenses accrued in connection with the extension of the date by which the Company must consummate an initial business combination, pursuant to a promissory note in favor of the Sponsor (the “First Extension Note”). The First Extension Note is non-convertible and bears no interest, and the principal balance is payable by the Company on the date of the consummation of the Company’s initial business combination $495,000 was drawn and outstanding under the First Extension Note as of March 31, 2023. The full amount of the First Extension On May 10, 2023, the Company issued an unsecured promissory note (the “May 2023 Note”), in the amount of up to $500,000 to the Sponsor. The May 2023 Note bears no interest, and the principal balance is payable on the date of the consummation of the Company’s initial business combination. The May 2023 Note is subject to customary events of default, the occurrence of certain of which automatically triggers the unpaid principal balance of the May 2023 Note and all other sums payable with regard to the May 2023 Note becoming immediately due and payable. The full amount of the May 2023 Note was drawn and outstanding as of September 30, 2023. On July 20, 2023, the Company issued an unsecured promissory note (the “Second Extension Note”), in the amount of up to $180,000 to the Sponsor. The proceeds of the Second Extension Note may be drawn down from time to time prior to the date of the consummation of the Company’s initial business combination upon request by the Company. The Second Extension Note is non-convertible and bears no interest, and the principal balance is payable on the date of the consummation of the Company’s initial business combination. The Second Extension Note is subject to customary events of default, the occurrence of certain of which automatically triggers the unpaid principal balance of the Second Extension Note and all other sums payable with regard to the Second Extension Note becoming immediately due and payable. On August 18, 2023, the Company issued an unsecured promissory note (the “August 2023 Note”), in the amount of up to $500,000 to the Sponsor. The proceeds of the August 2023 Note may be drawn down from time to time prior to the date of the consummation of the Company’s initial business combination (the “Maturity Date”) upon request by the Company. The August 2023 Note bears no interest and the principal balance is payable on the Maturity Date. The Note is subject to customary events of default, the occurrence of certain of which automatically triggers the unpaid principal balance of the Note and all other sums payable with regard to the Note becoming immediately due and payable. Working Capital Loans In order to finance transaction costs in connection with an intended initial Business Combination, the Sponsor or an affiliate of the Sponsor or certain of the Company’s officers and directors may, but are not obligated to, loan the Company funds as may be required (“Working Capital Loans”). If the Company completes its initial Business Combination, the Company would repay the Working Capital Loans. In the event that the initial Business Combination does not close, the Company may use a portion of the working capital held outside the Trust Account to repay the Working Capital Loans but no proceeds from the Trust Account would be used for such repayment. Up to $1,500,000 of the Working Capital Loans may be convertible into warrants at a price of $1.50 per warrant, at the option of the lender. Such warrants would be identical to the Private Placement Shares. The terms of the Working Capital Loans by the Company’s officers and directors, if any, have not been determined and no written agreements exist with respect to the Working Capital Loans. The Company does not expect to seek loans from parties other than the Sponsor or an affiliate of the Sponsor as the Company does not believe third parties will be willing to loan such funds and provide a waiver against any and all rights to seek access to funds in the Company’s Trust Account. As of September 30, 2023 and March 31, 2023, the Company had no borrowings under the Working Capital Loans. Office Space, Secretarial and Administrative Services The Company will reimburse the Sponsor for office space, secretarial and administrative services provided to members of the Company’s management team, in the amount of $10,000 per month. Upon completion of the initial Business Combination or the Company’s liquidation, the Company will cease paying this obligation. For the three and six months ended September 30, 2023, the Company had incurred expense of $30,000 and $60,000 pursuant to this agreement, respectively, which is included in “Due to related party”. For the three and six months ended September 30, 2022, the Company had incurred expense of $30,000 and $60,000 pursuant to this agreement, respectively, which is included in “Due to related party”. Balance due to related party was $61,935 and $121,935 as of September 30, 2023, and March 31, 2023, respectively. Grant of Special Committee Shares to members of special committee of the board On August 18, 2022, the Sponsor granted in aggregate 15,000 Class B ordinary shares previously issued and outstanding to three of the Company’s directors and advisors (the “Special Committee Shares”) in recognition of and compensation for services to the Company as members of newly formed Special Committee of the Board of Directors. Effective March 31, 2023, one of the members of the Special Committee resigned from her position as a director of the Company, including her membership on the Audit Committee and the Special Committee. She agreed to forfeit 5,000 Class B ordinary shares previously allocated to her for her services on the Special Committee. The grant of the Special Committee Shares to the Company’s directors is within the scope of FASB ASC Topic 718, “Compensation-Stock Compensation” (“ASC 718”). Under ASC 718, stock-based compensation associated with equity-classified awards is measured at fair value upon the grant date. The fair value of the 15,000 shares granted to the Company’s directors was $74,550 or $4.97 per share. $74,503 of the excess of fair value of Special Committee Shares over the initial value of the Class B ordinary shares is recorded as compensation expense in the statement of the operations for the current period.

COMMITMENTS & CONTINGENCIES

COMMITMENTS & CONTINGENCIES	6 Months Ended
COMMITMENTS & CONTINGENCIES	Sep. 30, 2023
COMMITMENTS & CONTINGENCIES
COMMITMENTS & CONTINGENCIES	NOTE 6. COMMITMENTS & CONTINGENCIES Registration and Shareholders Rights The holders of the Founder Shares, Private Placement Shares, Special Committee Shares, and Public Warrants (and the Class A ordinary shares issuable upon their exercise) that may be issued on conversion of Working Capital Loans will be entitled to registration rights pursuant to a registration rights agreement signed prior to or on the effective date of the IPO requiring the Company to register the offer and sale of such securities for resale (in the case of the Founder Shares, only after conversion to our Class A ordinary shares). The holders of these securities are entitled to make up to three demands, excluding short form demands, that the Company registers the offer and sale of such securities. In addition, the holders have certain “piggy-back” registration rights with respect to registration statements filed subsequent to the Company’s completion of its initial Business Combination and rights to require the Company to register the resale of such securities pursuant to Rule 415 under the Securities Act. The Company will bear the expenses incurred in connection with the filing of any such registration statements. From time to time the Company has entered into and may enter into agreements with various services providers and advisors, including investment banks, to help us identify targets, negotiate terms of potential Business Combinations, consummate a Business Combination and/or provide other services. In connection with these agreements, the Company may be required to pay such service providers and advisors fees in connection with their services to the extent that certain conditions, including the closing of a potential Business Combination, are met. If a Business Combination does not occur, the Company would not expect to be required to pay these contingent fees. There can be no assurance that the Company will complete a Business Combination. Warrant Amendments The warrant agreement provides that the terms of the warrants may be amended without the consent of any holder to cure any ambiguity or correct any defective provision but requires the approval by the holders of at least a majority of the then issued and outstanding public warrants to make any change that adversely affects the interests of the registered holders of public warrants. Accordingly, the Company may amend the terms of the public warrants in a manner adverse to a holder if holders of at least a majority of the then issued and outstanding public warrants approve of such amendment. Although the Company’s ability to amend the terms of the public warrants with the consent of at least a majority of the then issued and outstanding public warrants is unlimited, examples of such amendments could be amendments to, among other things, increase the exercise price of the warrants, shorten the exercise period or decrease the number of ordinary shares purchasable upon exercise of a warrant. Underwriting Agreement The underwriters were entitled to a cash underwriting discount of two percent ( 2 )% of the gross proceeds of the IPO, or In addition, the underwriters will be entitled to five percent (5)% per unit and seven percent (7)% per over-allotment unit, or $12,100,000 for deferred underwriting commissions. The deferred commissions will be payable only upon completion of the Business Combination. Financial Advisory Agreements The Company engaged CCM, an affiliate of a passive member of the Company’s Sponsor, to provide consulting and advisory services in connection with the IPO, for which it will receive an advisory fee equal to 0.6 % of the aggregate proceeds of the IPO net of underwriter’s expenses. Affiliates of CCM have and manage investment vehicles with a passive investment in the Sponsor. CCM has agreed to defer the portion of its fee resulting from exercise of the underwriters’ over-allotment option until the consummation of the Company’s Business Combination. The Company will also engage CCM as an advisor in connection with the Company’s Business Combination for which it will earn an advisory fee of 1.05% of the proceeds of the IPO payable at closing of the Company’s Business Combination. CCM is engaged to represent the Company’s interests only. CCM is not participating in the IPO as defined in FINRA Rule 5110(j)(16); it is acting as an independent financial adviser as defined in FINRA Rule 5110(j)(9). As such, CCM is not acting as an underwriter in connection with the IPO, it will not identify or solicit potential investors in the IPO or otherwise be involved in the distribution of the IPO. On November 11, 2022, the Company entered into an agreement with Jett Capital to to act as Financial Advisor (i) in connection with its potential business combination (as described in the section “Merger Agreement” below) and (ii) in connection with a possible private placement related to business combination. As compensation for Jett Capital’s services the Company will pay Jett Capital a cash fee equal to $500,000 , upon the closing of the Business Combination. Jett Capital started providing their services in February 2023. Merger Agreement On October 13, 2022, the Company entered into an Agreement and Plan of Merger and Reorganization (the “Merger Agreement”) with Zoomcar, Inc., a Delaware corporation (“Zoomcar”), Innovative International Merger Sub, Inc., a Delaware corporation and a wholly-owned subsidiary of Innovative (“Merger Sub”), and Greg Moran, in the capacity as the representative of the Zoomcar stockholders (in such capacity, the “Seller Representative”) from and after the closing (the “Closing”) of the transactions contemplated by the Merger Agreement (collectively, the “Merger Transactions”). Pursuant to the Merger Agreement, subject to the terms and conditions set forth therein, (i) prior to the Closing, the Company will continue out of the Cayman Islands and re-domesticate into a Delaware corporation (the “Domestication”) and (ii) at the Closing of the Merger Transaction, and following the Domestication, Merger Sub will merge with and into Zoomcar (the “Merger”), with Zoomcar continuing as the surviving entity and wholly-owned subsidiary of the Company, and with each Zoomcar stockholder receiving shares of post-Domestication Company common stock at the Closing (as further described below). Concurrent with the signing of the Merger Agreement, Ananda Trust, a Nevada Trust (“Ananda Trust”), an affiliate of the Sponsor, invested an aggregate of $10,000,000 in Zoomcar (the “Ananda Trust Investment”), in exchange for a convertible promissory note issued by Zoomcar to Ananda Trust, Zoomcar’s repayment obligation under which will be offset against the obligations of Ananda Trust under the subscription agreement entered into by Ananda Trust and the Company concurrent with the Ananda Trust Investment. Management of the Company reviewed this subscription agreement under the ASC 815 “Derivatives and Hedging” and determined that there are no factors that would preclude its equity treatment and it will be recorded at the closing of the Merger Agreement and upon delivery of the Company’s shares. As consideration for the Merger, Zoomcar security holders collectively shall be entitled to receive from the Company, in the aggregate, a number of the Company securities with an aggregate value equal to (w) $350,000,000 plus (x) the sum of the aggregate exercise prices of all vested Zoomcar options and all Zoomcar warrants outstanding as of the effective time of the Merger, plus (y) the aggregate amount of a Zoomcar private debt or equity financing of up to $40,000,000 , if and to the extent consummated prior to Closing in accordance with the terms of the Merger Agreement (but without giving effect to a discount, if any, of the private financing conversion ratio relative to the per share offset ratio for the Ananda Trust Investment) minus (z) the amount of Zoomcar’s net debt at Closing (the “Merger Consideration”), with each Zoomcar stockholder receiving for each share of Zoomcar common stock held (after giving effect to the exchange of the Zoomcar preferred stock to Zoomcar common stock), a number of shares of post-Domestication Company common stock equal to (i) the quotient of the Merger Consideration divided by the number of then-outstanding shares of Zoomcar on a fully diluted as converted to common stock basis (including Zoomcar India Shares, as defined below), divided by (ii) $10.00 (the “Conversion Ratio”) (the total portion of the Merger Consideration amount payable to all Zoomcar stockholders (the “Zoomcar Stockholders”) in respect of shares of Zoomcar common stock, but excluding Merger Consideration payable in respect of Zoomcar options and warrants, the “Stockholder Merger Consideration”). At Merger Closing, each outstanding Zoomcar option shall, without any further action on the part of the holder thereof, be assumed by Innovative and automatically converted into the right to receive an option to acquire shares of the Company. Each outstanding and unexercised Zoomcar warrant shall automatically, without any action on the part of the holder thereof, be assumed by the Company and converted into a warrant to purchase that number of shares of post-Domestication Company common stock equal to the product of (x) the number of shares of Zoomcar stock subject to such Zoomcar warrant multiplied by (y) the Conversion Ratio. For purposes of determining consideration issuable to Zoomcar security holders under the Merger Agreement, holders of equity interests (“Zoomcar India Shares”) in Zoomcar India Private Limited, a majority-owned subsidiary of Zoomcar, shall be treated as Zoomcar Stockholders, subject in each case, to applicable withholding and other requirements; provided, that, at the Closing, shares of Stockholder Merger Consideration otherwise distributable to holders of Zoomcar India Shares shall be deposited into an escrow account for distribution to holders of Zoomcar India Shares upon completion of applicable legal and contractual requirements, in each case as set forth in the Merger Agreement.

SHAREHOLDERS' DEFICIT

SHAREHOLDERS' DEFICIT	6 Months Ended
SHAREHOLDERS' DEFICIT	Sep. 30, 2023
SHAREHOLDERS' DEFICIT
SHAREHOLDERS' DEFICIT	NOTE 7. SHAREHOLDERS’ DEFICIT Preference shares — The Company is authorized to issue 1,000,000 preference shares with a par value of $0.0001 and with such designations, voting and other rights and preferences as may be determined from time to time by the Company’s board of directors. As of September 30, 2023 and March 31, 2023, there were no preference shares issued or outstanding . Class A ordinary shares — Class B ordinary shares — Class A ordinary shareholders and Class B ordinary shareholders of record are entitled to one vote for each share held on all matters to be voted on by shareholders and vote together as a single class, except as required by law; provided, however, that holders of the Class B ordinary shares will have the right to appoint all of the Company’s directors prior to the initial Business Combination and holders of the Class A ordinary shares will not be entitled to vote on the appointment of directors during such time. These provisions of the Company’s amended and restated memorandum and articles of association may only be amended by a special resolution passed by at least 90% of the Founder Shares voting in a general meeting. Unless specified in the Companies Act, the Company’s amended and restated memorandum and articles of association or applicable stock exchange rules, the affirmative vote of a majority of the Company’s ordinary shares that are voted is required to approve any such matter voted on by its shareholders (other than the appointment of directors), and the affirmative vote of a majority of the Company’s Founder Shares is required to approve the appointment of directors. The Class B ordinary shares will automatically convert into Class A ordinary shares at the time of the initial Business Combination on a one-for-one basis, subject to adjustment for share subdivisions, share consolidations, share capitalizations, reorganizations, recapitalizations and the like, and subject to further adjustment as provided herein and in the Company’s amended and restated memorandum and articles of association. In the case that additional Class A ordinary shares, or equity-linked securities, are issued or deemed issued in excess of the amounts sold in the IPO and related to the closing of the initial Business Combination, the ratio at which Class B ordinary shares shall convert into Class A ordinary shares will be adjusted (unless the holders of a majority of the issued and outstanding Class B ordinary shares agree to waive such anti-dilution adjustment with respect to any such issuance or deemed issuance) so that the number of Class A ordinary shares issuable upon conversion of all Class B ordinary shares will equal, in the aggregate, on an as-converted basis, 20% of the sum of all ordinary shares issued and outstanding upon completion of the IPO plus all Class A ordinary shares and equity-linked securities issued or deemed issued in connection with the initial Business Combination (excluding any shares or equity-linked securities issued, or to be issued, to any seller in the initial Business Combination, and any Private Placement Shares issued to the Sponsor or its affiliates upon conversion of loans made to the Company). Any conversion of the Class B ordinary shares described herein will take effect as a compulsory redemption of Class B ordinary shares and an issuance of Class A ordinary shares as a matter of Cayman Islands law. In no event will the Class B ordinary shares convert into Class A ordinary shares at a rate of less than one-to-one. Public Warrants — The warrants became exercisable 30 days after the completion of the Company’s initial Business Combination and will expire five years after the completion of the Company’s initial Business Combination, at 5:00 p.m., New York City time, or earlier upon redemption or liquidation. The Company has agreed that as soon as practicable, but in no event later than 15 business days after the closing of the initial Business Combination, the Company will use its commercially reasonable efforts to file, and within 60 business days following the initial Business Combination to have declared effective, a registration statement covering the offer and sale of such shares and maintain a current prospectus relating to the Class A ordinary shares issuable upon exercise of the warrants, until the expiration of the warrants in accordance with the provisions of the warrant agreement. The Company cannot assure you that it will be able to do so if, for example, any facts or events arise which represent a fundamental change in the information set forth in the registration statement or prospectus, the financial statements contained or incorporated by reference therein are not current or correct or the SEC issues a stop order. If the offer and sale of the shares issuable upon exercise of the warrants is not registered under the Securities Act, the Company will be required to permit holders to exercise their warrants on a cashless basis. However, no warrant will be exercisable for cash or on a cashless basis, and the Company will not be obligated to issue any shares to holders seeking to exercise their warrants, unless the issuance of the shares upon such exercise is registered or qualified under the securities laws of the state of the exercising holder, or an exemption is available. Notwithstanding the foregoing, if a registration statement covering the offer and sale of the Class A ordinary shares issuable upon exercise of the warrants is not effective within a specified period following the consummation of the initial Business Combination, warrant holders may, until such time as there is an effective registration statement and during any period when the Company shall have failed to maintain an effective registration statement, exercise warrants on a cashless basis pursuant to the exemption provided by Section 3(a)(9) of the Securities Act, provided that such exemption is available. If that exemption, or another exemption, is not available, holders will not be able to exercise their warrants on a cashless basis. Notwithstanding the above, if the Class A ordinary shares are, at the time of any exercise of a warrant, not listed on a national securities exchange such that they satisfy the definition of a “covered security” under Section 18(b)(1) of the Securities Act, the Company may, at its option, require holders of public warrants who exercise their warrants to do so on a “cashless basis” in accordance with Section 3(a)(9) of the Securities Act and, in the event the Company so elect, it will not be required to file or maintain in effect a registration statement, and in the event the Company does not so elect, it will use its commercially reasonable efforts to register or qualify the shares under applicable blue sky laws to the extent an exemption is not available. Once the warrants become exercisable, the Company may redeem the outstanding warrants: ● in whole and not in part; ● at a price of $0.01 per warrant; ● upon a minimum of 30 days ’ prior written notice of redemption (the “ 30-day redemption period”); and ● if, and only if, the last reported sale price (the “closing price”) of our Class A ordinary shares equals or exceeds $18.00 per share (as adjusted for adjustments to the number of shares issuable upon exercise or the exercise price of a warrant) for any 20 trading days within a 30- trading day period ending on the third trading day prior to the date on which we send the notice of redemption to the warrant holder.

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	6 Months Ended
FAIR VALUE MEASUREMENTS	Sep. 30, 2023
FAIR VALUE MEASUREMENTS
FAIR VALUE MEASUREMENTS	NOTE 8. FAIR VALUE MEASUREMENTS The Company follows the guidance in ASC Topic 820 Fair Value Measurement, (“ASC 820”) for its financial assets and liabilities that are re-measured and reported at fair value at each reporting period, and non-financial assets and liabilities that are re-measured and reported at fair value at least annually. The fair value of the Company’s financial assets and liabilities reflects management’s estimate of amounts that the Company would have received in connection with the sale of the assets or paid in connection with the transfer of the liabilities in an orderly transaction between market participants at the measurement date. In connection with measuring the fair value of its assets and liabilities, the Company seeks to maximize the use of observable inputs (market data obtained from independent sources) and to minimize the use of unobservable inputs (internal assumptions about how market participants would price assets and liabilities). The following fair value hierarchy is used to classify assets and liabilities based on the observable inputs and unobservable inputs used in order to value the assets and liabilities: Level 1: Quoted prices in active markets for identical assets or liabilities. An active market for an asset or liability is a market in which transactions for the asset or liability occur with sufficient frequency and volume to provide pricing information on an ongoing basis. Level 2: Observable inputs other than Level 1 inputs. Examples of Level 2 inputs include quoted prices in active markets for similar assets or liabilities and quoted prices for identical assets or liabilities in markets that are not active. Level 3: Unobservable inputs based on our assessment of the assumptions that market participants would use in pricing the asset or liability. The following table presents information about the Company’s assets that are measured at fair value on a recurring basis at September 30, 2023 and March 31, 2023, and indicates the fair value hierarchy of the valuation inputs the Company utilized to determine such fair value: September 30, Description Level 2023 Assets: Marketable securities held in Trust Account 1 $ 30,733,473 March 31, Description Level 2023 Assets: Marketable securities held in Trust Account 1 $ 33,058,050 The investment in Trust account is measured at Level 1 because the amount is invested in US Treasury securities.

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	6 Months Ended
SUBSEQUENT EVENTS	Sep. 30, 2023
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS	NOTE 9. SUBSEQUENT EVENTS The Company evaluated subsequent events and transactions that occurred after the balance sheet date up to the date that the condensed financial statements were issued. Based upon this review, the Company did not identify any subsequent events that would have required adjustment or disclosure in the condensed financial statements, other than as described below: On October 3, 2023, the Company issued a promissory note in favor of the Sponsor (the “October 2023 Note”) in the principal amount of up to $90,000 for expenses accrued in connection with the third monthly extension. The Note is non-convertible and bears no interest, and the principal balance is payable by the Company on the date on which the Company consummates an initial business combination. The issuance of the Note was made pursuant to the exemption from registration contained in Section 4(a)(2) of the Securities Act of 1933, as amended (the “Securities Act”). On October 9, 2023, the Company received a written notice (the “Notice”) from the Listing Qualifications Department of The Nasdaq Stock Market (“Nasdaq”) indicating that, based on the number of beneficial holders and holders of record of the Company’s ordinary shares (the “Total Holders”), the Company no longer meets Listing Rule 5450(a)(2), which requires listed companies to maintain a minimum of 400 Total Holders. Nasdaq Listing Rule 5810(c)(2)(C) provides the Company with a period of 45 calendar days, or until November 24, 2023 (the “Compliance Date”), to submit a plan to regain compliance. Pursuant to Nasdaq Listing Rule 5810(c)(2)(B)(i), if Nasdaq accepts the Company’s compliance plan, then Nasdaq may grant an extension of up to 180 calendar days from the date of the Notice for compliance with the Total Holders requirement. If Nasdaq does not accept the Company’s compliance plan, then the Company will have the opportunity to appeal the decision in front of a Nasdaq Hearings Panel. On October 27, 2023, the Company held an extraordinary general meeting of shareholders (the “October EGM”). At the October EGM, the shareholders of the Company approved (i) an amendment to the Company’s Amended and Restated Memorandum and Articles of Association to extend the date by which the Company must consummate an initial business combination for one (1) month from October 29, 2023 to November 29, 2023 (which is 25 months from the closing of the Company’s initial public offering) (the “Third Extension”) and (ii) a third amendment to the Trust Agreement, to allow the Company to extend the date by which the Company must consummate an initial business combination for one (1) month from October 29, 2023 to November 29, 2023. In connection with the October EGM, shareholders holding 250,000 public shares exercised their right to redeem their shares for a pro rata portion of the funds in the Company’s Trust Account. As a result, approximately $2.83 million (approximately $11.35 per public share redeemed in connection with the October EGM) was removed from the Trust Account to pay such holders and approximately $27.9 million remained in the Trust Account. Following such redemptions, the Company had 2,460,421 public shares outstanding.

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	6 Months Ended
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	Sep. 30, 2023
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Change in Fiscal Year	Change in Fiscal Year On May 30, 2023, the Company’s Board of Directors approved a change in the Company’s fiscal year end from December 31 to March 31. The Company’s current fiscal year will run from April 1, 2023 through March 31, 2024. Year-over-year quarterly financial data continues to be comparative to prior periods as the months that comprise each fiscal quarter in the new fiscal year are the same as those in the Company’s historical financial statements.
Basis of Presentation	Basis of Presentation The accompanying unaudited condensed financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“US GAAP”) for interim financial information and in accordance with Article 10 of Regulation S-X of the SEC. Certain information or footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted, pursuant to the rules and regulations of the SEC for interim financial reporting. Accordingly, they do not include all the information and footnotes necessary for a complete presentation of financial position, results of operations, or cash flows. In the opinion of management, the accompanying unaudited condensed financial statements include all adjustments, consisting of a normal recurring nature, which are necessary for a fair presentation of the financial position, operating results and cash flows for the periods presented. The unaudited results for the three and six months ended September 30, 2023, are not necessarily indicative of the results to be expected for the fiscal year ending March 31, 2024, or for any future interim periods.
Emerging Growth Company	Emerging Growth Company The Company is an “emerging growth company,” as defined in Section 2(a) of the Securities Act, as modified by the Jumpstart our Business Startups Act of 2012, (the “JOBS Act”), and it may take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not emerging growth companies including, but not limited to, not being required to comply with the auditor attestation requirements of Section 404 of the Sarbanes-Oxley Act, reduced disclosure obligations regarding executive compensation in its periodic reports and proxy statements, and exemptions from the requirements of holding a nonbinding advisory vote on executive compensation and shareholder approval of any golden parachute payments not previously approved. Further, Section 102(b)(1) of the JOBS Act exempts emerging growth companies from being required to comply with new or revised financial accounting standards until private companies (that is, those that have not had a Securities Act registration statement declared effective or do not have a class of securities registered under the Exchange Act) are required to comply with the new or revised financial accounting standards. The JOBS Act provides that a company can elect to opt out of the extended transition period and comply with the requirements that apply to non- emerging growth companies but any such election to opt out is irrevocable. The Company has elected not to opt out of such extended transition period which means that when a standard is issued or revised and it has different application dates for public or private companies, the Company, as an emerging growth company, can adopt the new or revised standard at the time private companies adopt the new or revised standard. This may make comparison of the Company’s unaudited condensed financial statements with another public company which is neither an emerging growth company nor an emerging growth company which has opted out of using the extended transition period difficult or impossible because of the potential differences in accounting standards used.
Use of Estimates	Use of Estimates The preparation of these unaudited condensed financial statements is in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the unaudited condensed financial statements and the reported amounts of expenses during the reporting period. Making estimates requires management to exercise significant judgment. It is at least reasonably possible that the estimate of the effect of a condition, situation or set of circumstances that existed at the date of the unaudited condensed financial statements, which management considered in formulating its estimate, could change in the near term due to one or more future confirming events. Accordingly, the actual results could differ significantly from those estimates. One of the more significant accounting estimates included in these unaudited condensed financial statements is the determination of the fair value of the warrant liabilities.
Cash and Cash Equivalents	Cash and Cash Equivalents The Company considers all short-term investments with an original maturity of three months or less when purchased to be cash equivalents. The Company did not have any cash equivalents as of September 30, 2023 and March 31, 2023.
Marketable Securities Held in Trust Account	Marketable Securities Held in Trust Account Following the closing of the IPO on October 29, 2021, an amount of $234,600,000 from the net proceeds of the sale of the Units in the IPO and the sale of the Private Placement Shares were placed in the Trust Account and invested only in U.S. government treasury obligations with a maturity of 185 days or less or in money market funds meeting certain conditions under Rule 2a-7 under the Investment Company Act that invest only in direct U.S. government treasury obligations. Except with respect to interest earned on the funds held in the Trust Account that may be released to the Company to pay its taxes, if any (less up to $100,000 interest to pay dissolution expenses), the proceeds from the IPO and the sale of the Private Placement Shares will not be released from the Trust Account until the earliest of (i) the completion of the initial Business Combination, the redemption of any public shares properly tendered in connection with a shareholder vote to amend the Company’s amended and restated memorandum and articles of association (A) to modify the substance or timing of the Company’s obligation to allow redemption in connection with the initial Business Combination or to redeem 100% of the public shares if the Company does not complete its initial Business Combination within 21 months from the closing of the IPO or (B) with respect to any other provision relating to shareholders’ rights or pre-Business Combination activity and (iii) the redemption of all of the public shares if the Company is unable to complete its initial Business Combination within 21 months from the closing of the IPO, subject to applicable law. In connection with the January EGM, shareholders holding 19,949,665 public shares exercised their right to redeem their shares for a pro rata portion of the funds in the Company’s Trust Account. As a result, approximately $206.5 million (approximately $10.35 per public share redeemed) was removed from the Trust Account to pay such holders and approximately $31.5 million remained in the Trust Account. In connection with the July EGM, shareholders holding 339,914 public shares exercised their right to redeem their shares for a pro rata portion of the funds in the Company’s Trust Account. As a result, approximately $3.8 million (approximately $11.13 per public share redeemed) was removed from the Trust Account to pay such holders and approximately $30.17 million remained in the Trust Account. Following redemptions, the Company had 2,710,421 public shares outstanding. The Company classifies its U.S. Treasury securities as Trading Securities in accordance with FASB ASC Topic 320 “Investments - Debt and Equity Securities.” Changes in the value of Trading Securities are recognized in income in the period they occur.
Concentration of Credit Risk	Concentration of Credit Risk Financial instruments that potentially subject the Company to concentrations of credit risk consist of cash accounts held at a financial institution, which, at times, may exceed the Federal Depository Insurance Coverage of $250,000. To date the Company has not experienced losses on these accounts.
Offering Costs Associated with Initial Public Offering	Offering Costs Associated with Initial Public Offering Offering costs consist of legal, accounting, underwriting fees and other costs incurred through the balance sheet date that are directly related to the IPO. Offering costs amounting to $16,664,843 were initially charged to temporary equity upon the completion of the IPO. The Company complies with the requirements of the ASC 340-10-S99-1 and SEC Staff Accounting Bulletin (“SAB”) Topic 5A - “Expenses of Offering”. Offering costs consist principally of professional and registration fees that are related to the IPO. Accordingly, offering costs have been allocated to the separable financial instruments issued in the IPO based on a relative fair value basis compared to total proceeds received. Offering costs associated with the Class A ordinary shares issued were initially charged to temporary equity and then accreted to ordinary shares subject to redemption upon the completion of the IPO.
Warrants	Warrants The Company accounts for its warrants as either equity-classified or liability-classified instruments based on an assessment of the warrant’s specific terms and applicable authoritative guidance in FASB ASC 480, Distinguishing Liabilities from Equity (“ASC 480”) and ASC 815, Derivatives and Hedging (“ASC 815”). The assessment considers whether the warrants are freestanding financial instruments pursuant to ASC 480, meet the definition of a liability pursuant to ASC 480, and whether the warrants meet all of the requirements for equity classification under ASC 815, including whether the warrants are indexed to the Company’s own ordinary shares and whether the warrant holders could potentially require “net cash settlement” in a circumstance outside of the Company’s control, among other conditions for equity classification. This assessment, which requires the use of professional judgment, is conducted at the time warrant issuance and as of each subsequent quarterly period end date while the warrants are outstanding. The Company accounts for the warrants as equity-classified. As such, the warrants were recorded as a component of additional paid-in capital at the time of issuance. For issued or modified warrants that do not meet all of the criteria for equity classification, the warrants are required to be recorded at their initial fair value on the date of issuance, and each balance sheet date thereafter.
Class B Founder Shares	Class B Founder Shares The Class B ordinary shares will automatically convert into Class A ordinary shares at the time of the initial Business Combination on a one-for-one basis, subject to adjustment for share subdivisions, share consolidations, share capitalizations, reorganizations, recapitalizations and the like, and subject to further adjustment as provided in the Company’s amended and restated memorandum and articles of association. The Founder Shares conversion feature is considered an equity instrument that does not require bifurcation from the host contract.
Class A Ordinary Shares Subject to Possible Redemption	Class A Ordinary Shares Subject to Possible Redemption The Company accounts for its shares of Class A ordinary shares subject to possible redemption in accordance with the guidance in ASC Topic 480 “Distinguishing Liabilities from Equity.” Class A ordinary shares subject to mandatory redemption (if any) are classified as a liability instrument and are measured at fair value. Conditionally redeemable ordinary shares (including shares that feature redemption rights that are either within the control of the holder or subject to redemption upon the occurrence of uncertain events not solely within the Company’s control) are classified as temporary equity. At all other times, ordinary shares are classified as shareholder’s deficit. The Company’s Class A ordinary shares sold in the IPO feature certain redemption rights that are considered to be outside of the Company’s control and subject to the occurrence of uncertain future events. Accordingly, as of September 30, 2023 and March 31, 2023, 2,710,421 and 3,050,335 Class A ordinary shares subject to possible redemption, respectively, are presented at redemption value as temporary equity, outside of the shareholder’s deficit section of the Company’s balance sheets. The Company recognizes changes in redemption value immediately as they occur and adjusts the carrying value of redeemable ordinary shares to equal the redemption value at the end of each reporting period. Such changes are reflected in additional paid-in capital, or in the absence of additional capital, in accumulated deficit. As of September 30, 2023 and March 31, 2023, the Class A ordinary share reflected in the balance sheets are reconciled in the following table: Gross Proceeds from IPO $ 230,000,000 Proceeds allocated to Public Warrants (7,475,000) Issuance costs related to Class A ordinary shares (16,099,160) Accretion of carrying value to redemption value 28,178,166 Ending Balance, December 31, 2021 $ 234,604,006 Accretion of carrying value to redemption value 3,383,887 Ending Balance, December 31, 2022 $ 237,987,893 Redemptions (206,479,033) Accretion of carrying value to redemption value 1,549,190 Ending Balance, March 31, 2023 $ 33,058,050 Accretion of carrying value to redemption value 891,440 Ending Balance, June 30, 2023 $ 33,949,490 Redemptions (3,783,243) Accretion of carrying value to redemption value 567,226 Ending Balance, September 30, 2023 $ 30,733,473
Income Taxes	Income Taxes The Company accounts for income taxes under FASB ASC 740, “Income Taxes” (“ASC 740”). ASC 740 requires the recognition of deferred tax assets and liabilities for both the expected impact of differences between the financial statements and tax basis of assets and liabilities and for the expected future tax benefit to be derived from tax loss and tax credit carry forwards. ASC 740 additionally requires a valuation allowance to be established when it is more likely than not that all or a portion of deferred tax assets will not be realized. FASB ASC 740 prescribes a recognition threshold and a measurement attribute for the financial statement recognition and measurement of tax positions taken or expected to be taken in a tax return. For those benefits to be recognized, a tax position must be more likely than not to be sustained upon examination by taxing authorities. There were no unrecognized tax benefits as of September 30, 2023 and March 31, 2023. The Company’s management determined that the Cayman Islands is the Company’s only major tax jurisdiction. The Company recognizes accrued interest and penalties related to unrecognized tax benefits as income tax expense. For the three months ended September 30, 2023 and June 30, 2022, no amounts were accrued for the payment of interest and penalties. The Company is currently not aware of any issues under review that could result in significant payments, accruals or material deviation from its position. There is currently no taxation imposed on income by the Government of the Cayman Islands. In accordance with Cayman income tax regulations, income taxes are not levied on the Company. Consequently, income taxes are not reflected in the Company’s financial statements.
Share-Based Payment Compensation Arrangements	Share-Based Payment Compensation Arrangements The Company accounts for share-based payments in accordance with FASB ASC Topic 718, “Compensation - Stock Compensation,” (“ASC 718”) which requires that all equity awards be accounted for at their “fair value.” The Company measures and recognizes compensation expense for all share-based payments on their estimated fair values measured as of the grant date. These costs are recognized as an expense in the Statement of Operations upon vesting, once the applicable performance conditions are met, with an offsetting increase to additional paid-in capital. Forfeitures are recognized as they occur.
Net Loss Per Ordinary Share	Net Loss Per Ordinary Share The Company complies with accounting and disclosure requirements of FASB ASC Topic 260, “Earnings Per Share”. The Company has two classes of shares, which are referred to as Class A ordinary shares and Class B ordinary shares. Income and losses are shared pro rata between the two classes of shares. Net loss per ordinary share is computed by dividing net loss by the weighted average number of ordinary shares outstanding for the period. Remeasurement associated with the redeemable Class A ordinary shares is excluded from loss per ordinary share as the redemption value approximates fair value. The calculation of diluted loss per share does not consider the effect of the warrants issued in connection with the (i) IPO, and (ii) the private placement since the exercise of the warrants exceeded the fair value per ordinary share. For the three months ended September 30, 2023, and 2022, the Company did not have any dilutive securities or other contracts that could, potentially, be exercised or converted into ordinary shares and then share in the earnings of the Company. As a result, diluted net loss per ordinary share is the same as basic net income (loss) per ordinary share for the periods presented. The following table reflects the calculation of basic and diluted net loss per ordinary share (in dollars, except per share amounts): For the three months ended For the three months ended September 30, 2023 September 30, 2022 Non- Non- Redeemable redeemable Redeemable redeemable Class A Class A and B Class A Class A and B ordinary ordinary ordinary ordinary shares shares shares shares Basic and diluted net loss per ordinary share Numerator: Allocation of net loss, as adjusted $ (183,969) $ (601,929) $ (965,773) $ (383,072) Denominator: Basic and diluted weighted average shares outstanding 2,784,315 9,110,000 23,000,000 9,110,000 Basic and diluted net loss per ordinary share $ (0.07) $ (0.07) $ (0.04) $ (0.04) For the six months ended For the six months ended September 30, 2023 September 30, 2022 Non- Non- Redeemable redeemable Redeemable redeemable Class A Class A and B Class A Class A and B ordinary ordinary ordinary ordinary shares shares shares shares Basic and diluted net loss per ordinary share Numerator: Allocation of net loss, as adjusted $ (301,852) $ (942,837) $ (1,081,841) $ (429,110) Denominator: Basic and diluted weighted average shares outstanding 2,916,598 9,110,000 23,000,000 9,110,000 Basic and diluted net loss per ordinary share $ (0.10) $ (0.10) $ (0.05) $ (0.05)
Recent Accounting Pronouncements	Recent Accounting Pronouncements Management does not believe that any other recently issued, but not effective, accounting standards, if currently adopted, would have a material effect on the Company’s financial statement.

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	6 Months Ended
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	Sep. 30, 2023
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Schedule of reconciled Class A ordinary share of reflected in balance sheet	Gross Proceeds from IPO $ 230,000,000 Proceeds allocated to Public Warrants (7,475,000) Issuance costs related to Class A ordinary shares (16,099,160) Accretion of carrying value to redemption value 28,178,166 Ending Balance, December 31, 2021 $ 234,604,006 Accretion of carrying value to redemption value 3,383,887 Ending Balance, December 31, 2022 $ 237,987,893 Redemptions (206,479,033) Accretion of carrying value to redemption value 1,549,190 Ending Balance, March 31, 2023 $ 33,058,050 Accretion of carrying value to redemption value 891,440 Ending Balance, June 30, 2023 $ 33,949,490 Redemptions (3,783,243) Accretion of carrying value to redemption value 567,226 Ending Balance, September 30, 2023 $ 30,733,473
Schedule of basic and diluted net loss per ordinary share	For the three months ended For the three months ended September 30, 2023 September 30, 2022 Non- Non- Redeemable redeemable Redeemable redeemable Class A Class A and B Class A Class A and B ordinary ordinary ordinary ordinary shares shares shares shares Basic and diluted net loss per ordinary share Numerator: Allocation of net loss, as adjusted $ (183,969) $ (601,929) $ (965,773) $ (383,072) Denominator: Basic and diluted weighted average shares outstanding 2,784,315 9,110,000 23,000,000 9,110,000 Basic and diluted net loss per ordinary share $ (0.07) $ (0.07) $ (0.04) $ (0.04) For the six months ended For the six months ended September 30, 2023 September 30, 2022 Non- Non- Redeemable redeemable Redeemable redeemable Class A Class A and B Class A Class A and B ordinary ordinary ordinary ordinary shares shares shares shares Basic and diluted net loss per ordinary share Numerator: Allocation of net loss, as adjusted $ (301,852) $ (942,837) $ (1,081,841) $ (429,110) Denominator: Basic and diluted weighted average shares outstanding 2,916,598 9,110,000 23,000,000 9,110,000 Basic and diluted net loss per ordinary share $ (0.10) $ (0.10) $ (0.05) $ (0.05)

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)	6 Months Ended
FAIR VALUE MEASUREMENTS (Tables)	Sep. 30, 2023
FAIR VALUE MEASUREMENTS
Schedule of company's assets that are measured at fair value on a recurring basis	September 30, Description Level 2023 Assets: Marketable securities held in Trust Account 1 $ 30,733,473 March 31, Description Level 2023 Assets: Marketable securities held in Trust Account 1 $ 33,058,050

ORGANIZATION, BUSINESS OPERAT_2

ORGANIZATION, BUSINESS OPERATION AND LIQUIDITY (Details)

6 Months Ended

Oct. 27, 2023 USD ($) $ / shares shares

Oct. 03, 2023 USD ($)

Jul. 20, 2023 USD ($) item $ / shares shares

Jan. 19, 2023 USD ($) item $ / shares shares

Oct. 29, 2021 USD ($) $ / shares shares

Oct. 21, 2021

Mar. 22, 2021

Sep. 30, 2023 USD ($) $ / shares

Aug. 18, 2023 USD ($)

May 10, 2023 USD ($)

Mar. 31, 2023 USD ($)

Jan. 03, 2023 USD ($)

Sep. 07, 2022 USD ($)

ORGANIZATION, BUSINESS OPERATION AND LIQUIDITY

Condition for future business combination number of businesses minimum

Shares issued price per share | $ / shares

$ 10.20

Transaction costs

$ 16,664,843

Underwriting fees

3,173,059

Deferred underwriting fee payable

12,100,000

Other offering costs

$ 1,391,784

Condition for future business combination use of proceeds percentage

Condition for future business combination threshold percentage ownership

Maximum allowed dissolution expenses

$ 100,000

Obligation to redeem public shares if entity does not complete a business combination (as a percent)

100%

Months to complete acquisition

24 months

Redemption of shares calculated based on business days prior to consummation of business combination (in days)

2 days

Condition for future business combination threshold net tangible assets

$ 5,000,001

Redemption period upon closure

10 days

Maximum number of times for extend the date by which the company must consummate an initial business combination | item

Additional extension period each time for the company to consummate an initial business combination

1 month

Combination period, after extensions

24 months

21 months

Deposit into Company's Trust Account for each one-month extension

$ 90,000

$ 165,000

Deposit into Company's Trust Account for each one-month extension, per share amount (in dollars) of each public share outstanding | $ / shares

$ 0.03

$ 0.055

Number of public shares, shareholders exercised their right to redeem | shares

339,914

19,949,665

Amount removed from the Trust Account to pay holders

$ 3,800,000

$ 206,500,000

Redemption price per public share | $ / shares

$ 11.13

$ 10.35

Amount remain in the trust account

$ 30,170,000

$ 31,500,000

$ 30,733,473

$ 33,058,050

Number of public shares outstanding | shares

2,710,421

Cash held outside the Trust Account

23,213

Promissory Notes - Related Party

3,027,625

$ 1,495,000

Subsequent Event

ORGANIZATION, BUSINESS OPERATION AND LIQUIDITY

Additional extension period each time for the company to consummate an initial business combination

1 month

Combination period, after extensions

25 months

Number of public shares, shareholders exercised their right to redeem | shares

250,000

Amount removed from the Trust Account to pay holders

$ 2,830,000

Redemption price per public share | $ / shares

$ 11.35

Amount remain in the trust account

$ 27,900,000

Number of public shares outstanding | shares

2,460,421

Unsecured promissory note

ORGANIZATION, BUSINESS OPERATION AND LIQUIDITY

Maximum borrowing capacity of related party promissory note

$ 180,000

Amount drawn under first and second extension notes

657,625

Promissory Notes - Related Party

$ 3,027,625

Unsecured promissory note | Subsequent Event

ORGANIZATION, BUSINESS OPERATION AND LIQUIDITY

Deposit into Company's Trust Account for each one-month extension

$ 90,000

IPO

ORGANIZATION, BUSINESS OPERATION AND LIQUIDITY

Sale of units, net of underwriting discounts (in shares) | shares

23,000,000

Shares issued price per share | $ / shares

$ 10

Months to complete acquisition

24 months

Sale of founder shares

$ 25,000

Private Placement | Private Placement Warrants

ORGANIZATION, BUSINESS OPERATION AND LIQUIDITY

Sale of private placement warrants (in shares) | shares

1,060,000

Sponsor | Unsecured convertible promissory note

ORGANIZATION, BUSINESS OPERATION AND LIQUIDITY

Maximum borrowing capacity of related party promissory note

$ 500,000

Principal amount of debt

$ 500,000

Sponsor | Extension Note

ORGANIZATION, BUSINESS OPERATION AND LIQUIDITY

Maximum borrowing capacity of related party promissory note

$ 990,000

Sponsor | Unsecured promissory note

ORGANIZATION, BUSINESS OPERATION AND LIQUIDITY

Maximum borrowing capacity of related party promissory note

180,000

$ 500,000

Sponsor | Private Placement

ORGANIZATION, BUSINESS OPERATION AND LIQUIDITY

Price of warrant per share | $ / shares

$ 10

Ananda Trust | Unsecured convertible promissory note

ORGANIZATION, BUSINESS OPERATION AND LIQUIDITY

Maximum borrowing capacity of related party promissory note

$ 180,000

$ 500,000

Principal amount of debt

$ 500,000

Ananda Trust | Unsecured promissory note

ORGANIZATION, BUSINESS OPERATION AND LIQUIDITY

Maximum borrowing capacity of related party promissory note

$ 500,000

SUMMARY OF SIGNIFICANT ACCOUN_4

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) - USD ($)						6 Months Ended
	Oct. 27, 2023	Jul. 20, 2023	Jan. 19, 2023	Oct. 29, 2021	Oct. 21, 2021	Sep. 30, 2023	Mar. 31, 2023
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Cash equivalents						$ 0	$ 0
Maximum allowed dissolution expenses				$ 100,000		100,000
Percentage of redeem of public shares				100%
Combination period, after extensions		24 months	21 months		21 months
Number of public shares, shareholders exercised their right to redeem		339,914	19,949,665
Amount removed from the Trust Account to pay holders		$ 3,800,000	$ 206,500,000
Redemption price per public share		$ 11.13	$ 10.35
Amount remain in the Trust Account		$ 30,170,000	$ 31,500,000
Number of public shares outstanding		2,710,421
Offering costs						16,664,843
Unrecognized Tax Benefits						0	0
Unrecognized tax benefits accrued for interest and penalties						$ 0	$ 0
Subsequent Event
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Combination period, after extensions	25 months
Number of public shares, shareholders exercised their right to redeem	250,000
Amount removed from the Trust Account to pay holders	$ 2,830,000
Redemption price per public share	$ 11.35
Number of public shares outstanding	2,460,421
Private Placement
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Net proceeds of sale of the units in the public offering				$ 234,600,000
Class A ordinary shares subject to possible redemption
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Class A ordinary shares subject to possible redemption (in shares)						2,710,421	3,050,335

SUMMARY OF SIGNIFICANT ACCOUN_5

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Reconciliation of Class A ordinary share reflected in the balance sheets (Details) - USD ($)	3 Months Ended					12 Months Ended
	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2022	Jun. 30, 2022	Dec. 31, 2022	Dec. 31, 2021
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Accretion of carrying value to redemption value	$ 567,226	$ 891,440		$ 1,058,906	$ 316,795
Class A ordinary shares subject to possible redemption
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Gross Proceeds from IPO							$ 230,000,000
Proceeds allocated to Public Warrants							(7,475,000)
Issuance costs related to Class A ordinary shares							(16,099,160)
Redemptions	(3,783,243)		$ (206,479,033)
Accretion of carrying value to redemption value	567,226	891,440	1,549,190			$ 3,383,887	28,178,166
Ending Balance	$ 30,733,473	$ 33,949,490	$ 33,058,050			$ 237,987,893	$ 234,604,006

SUMMARY OF SIGNIFICANT ACCOUN_6

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Basic and diluted net loss per ordinary share (Details) - USD ($)	3 Months Ended		6 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Redeemable Class A ordinary shares
Numerator:
Allocation of net loss, as adjusted	$ (183,969)	$ (965,773)	$ (301,852)	$ (1,081,841)
Denominator:
Weighted average shares outstanding, basic (in shares)	2,784,315	23,000,000	2,916,598	23,000,000
Weighted average shares outstanding, diluted (in shares)	2,784,315	23,000,000	2,916,598	23,000,000
Basic net loss per ordinary share	$ (0.07)	$ (0.04)	$ (0.10)	$ (0.05)
Diluted net loss per ordinary share	$ (0.07)	$ (0.04)	$ (0.10)	$ (0.05)
Non-redeemable Class A and B ordinary shares
Numerator:
Allocation of net loss, as adjusted	$ (601,929)	$ (383,072)	$ (942,837)	$ (429,110)
Denominator:
Weighted average shares outstanding, basic (in shares)	9,110,000	9,110,000	9,110,000	9,110,000
Weighted average shares outstanding, diluted (in shares)	9,110,000	9,110,000	9,110,000	9,110,000
Basic net loss per ordinary share	$ (0.07)	$ (0.04)	$ (0.10)	$ (0.05)
Diluted net loss per ordinary share	$ (0.07)	$ (0.04)	$ (0.10)	$ (0.05)

PUBLIC OFFERING (Details)

PUBLIC OFFERING (Details) - USD ($)	Oct. 29, 2021	Sep. 30, 2023
Public Warrants \| Class A ordinary shares
PUBLIC OFFERING
Number of shares issuable per warrant		1
Exercise price of warrants		$ 11.50
IPO
PUBLIC OFFERING
Number of units sold	23,000,000
Share price	$ 10
Net proceeds of sale of the units in the public offering	$ 230,000,000
IPO \| Public Warrants
PUBLIC OFFERING
Number of warrants in a unit	0.5
IPO \| Public Warrants \| Class A ordinary shares
PUBLIC OFFERING
Number of shares in a unit	1
Number of shares issuable per warrant	1
Exercise price of warrants	$ 11.50

PRIVATE PLACEMENT (Details)

PRIVATE PLACEMENT (Details) - USD ($)	6 Months Ended
PRIVATE PLACEMENT (Details) - USD ($)	Sep. 30, 2023	Oct. 29, 2021
PRIVATE PLACEMENT
Shares issued price per share	$ 10.20	$ 10.20
Private Placement
PRIVATE PLACEMENT
Minimum period for transferable, assignable or saleable of shares	30 days
Private Placement \| Sponsor
PRIVATE PLACEMENT
Number of shares issued	960,000
Private Placement \| CCM
PRIVATE PLACEMENT
Number of shares issued	30,000
Private Placement \| Cantor
PRIVATE PLACEMENT
Number of shares issued	70,000
Private Placement \| Class A ordinary shares
PRIVATE PLACEMENT
Number of shares issued	1,060,000
Shares issued price per share	$ 10
Aggregate purchase price	$ 10,600,000

RELATED PARTY TRANSACTIONS - Fo

RELATED PARTY TRANSACTIONS - Founder shares (Details) - USD ($)		1 Months Ended
	Apr. 19, 2021	Sep. 30, 2021	Sep. 30, 2023	Mar. 31, 2023	Oct. 29, 2021
Class B Common Stock
RELATED PARTY TRANSACTIONS
Common shares, par value (in dollars per share)			$ 0.0001	$ 0.0001
Maximum shares subject to forfeiture			1,050,000
Founder Shares \| Class B Common Stock
RELATED PARTY TRANSACTIONS
Shares subject to forfeiture					0
Founder Shares \| Sponsor
RELATED PARTY TRANSACTIONS
Restrictions on transfer period of time after business combination completion	1 year
Founder Shares \| Sponsor \| Class B Common Stock
RELATED PARTY TRANSACTIONS
Amount paid to cover offering cost	$ 25,000
Number of shares exchanged	7,187,500
Common shares, par value (in dollars per share)	$ 0.0001
Common stock dividend per share		$ 1.12
Number of shares owned		8,050,000
Maximum shares subject to forfeiture		1,050,000

RELATED PARTY TRANSACTIONS - Pr

RELATED PARTY TRANSACTIONS - Promissory note - related party & working capital loans (Details) - USD ($)

3 Months Ended

6 Months Ended

12 Months Ended

Oct. 29, 2021

Sep. 30, 2023

Mar. 31, 2023

Sep. 30, 2022

Sep. 30, 2023

Sep. 30, 2022

Mar. 31, 2023

Aug. 18, 2023

Jul. 20, 2023

May 10, 2023

Jan. 19, 2023

Jan. 03, 2023

Sep. 07, 2022

Apr. 17, 2021

RELATED PARTY TRANSACTIONS

Amount drawn

$ 1,532,625

$ 300,000

Amount drawn

500,000

$ 500,000

Amount outstanding

$ 3,027,625

$ 1,495,000

$ 3,027,625

$ 1,495,000

Notes Payable, Current, Related Party, Type [Extensible Enumeration]

us-gaap:RelatedPartyMember

Notes Payable, Related Party, Type [Extensible Enumeration]

us-gaap:RelatedPartyMember

Expenses incurred and paid

$ 1,190,500

$ 2,407,767

$ 2,045,733

2,886,686

Other Liability, Current, Related Party, Type [Extensible Enumeration]

us-gaap:RelatedPartyMember

Extension Note

RELATED PARTY TRANSACTIONS

Amount drawn

$ 495,000

Working capital loans warrant

RELATED PARTY TRANSACTIONS

Working capital

$ 1,500,000

Price of warrant per share

$ 1.50

Borrowings under working capital loans

$ 0

Sponsor | Unsecured promissory note

RELATED PARTY TRANSACTIONS

Maximum borrowing capacity of related party promissory note

$ 500,000

Principal amount of debt

$ 500,000

Sponsor | Extension Note

RELATED PARTY TRANSACTIONS

Maximum borrowing capacity of related party promissory note

990,000

$ 990,000

Ananda Trust | Unsecured promissory note

RELATED PARTY TRANSACTIONS

Maximum borrowing capacity of related party promissory note

$ 500,000

$ 180,000

$ 500,000

Principal amount of debt

$ 500,000

Ananda Trust | Unsecured promissory note | Working Capital shares

RELATED PARTY TRANSACTIONS

Conversion ratio

$ 10

Promissory Note with Related Party

RELATED PARTY TRANSACTIONS

Maximum borrowing capacity of related party promissory note

$ 300,000

Repayment of promissory note - related party

$ 122,292

Related Party Loans

RELATED PARTY TRANSACTIONS

Due to related party

61,935

$ 121,935

61,935

$ 121,935

Office Space Secretarial and Administrative Services

RELATED PARTY TRANSACTIONS

Expenses per month

10,000

Expenses incurred and paid

$ 30,000

$ 60,000

RELATED PARTY TRANSACTIONS - Gr

RELATED PARTY TRANSACTIONS - Grant of special committee shares to members of special committee of the board (Details) - Class B Common Stock	Aug. 18, 2022 USD ($) director $ / shares shares
RELATED PARTY TRANSACTIONS
Shares forfeit	5,000
Special Committee Shares
RELATED PARTY TRANSACTIONS
Number of shares granted	15,000
Special Committee Shares \| Sponsor
RELATED PARTY TRANSACTIONS
Number of directors and advisors to whom shares granted \| director	3
Number of shares granted	15,000
Value of shares granted \| $	$ 74,550
Grant date fair value \| $ / shares	$ 4.97
Excess of fair value of special committee shares \| $	$ 74,503

COMMITMENTS & CONTINGENCIES (De

COMMITMENTS & CONTINGENCIES (Details)			6 Months Ended
COMMITMENTS & CONTINGENCIES (Details)	Nov. 11, 2022 USD ($)	Oct. 13, 2022 USD ($) $ / shares	Sep. 30, 2023 USD ($) item
COMMITMENTS & CONTINGENCIES
Cash underwriting discount rate			5%
Deferred offering costs noncurrent			$ 12,100,000
Maximum Number Of Demands For Registration Of Securities \| item			3
Zoomcar Inc
COMMITMENTS & CONTINGENCIES
Aggregate investment amount		$ 10,000,000
Cash		350,000,000
Maximum private debt and equity financing		$ 40,000,000
Conversion ratio \| $ / shares		$ 10
Jett Capital
COMMITMENTS & CONTINGENCIES
Compensation of cash fee	$ 500,000
Initial Public Offering
COMMITMENTS & CONTINGENCIES
Cash underwriting discount rate			2%
Underwriter cash discount			$ 4,000,000
Percentage of advisory fee			0.60%
Initial Public Offering \| CCM
COMMITMENTS & CONTINGENCIES
Percentage of advisory fee			1.05%
Over-allotment option
COMMITMENTS & CONTINGENCIES
Cash underwriting discount rate			7%

SHAREHOLDERS' DEFICIT - Prefere

SHAREHOLDERS' DEFICIT - Preference shares (Details) - $ / shares	Sep. 30, 2023	Mar. 31, 2023
SHAREHOLDERS' DEFICIT
Preference shares authorized	1,000,000	1,000,000
Preference shares, par value, (in dollars per share)	$ 0.0001	$ 0.0001
Preference shares issued	0	0
Preference shares outstanding	0	0

SHAREHOLDERS' DEFICIT - Common

SHAREHOLDERS' DEFICIT - Common shares (Details)	6 Months Ended
SHAREHOLDERS' DEFICIT - Common shares (Details)	Sep. 30, 2023 Vote $ / shares shares	Mar. 31, 2023 $ / shares shares	Oct. 29, 2021 shares
Founder Shares
SHAREHOLDERS' DEFICIT
Percentage of voting shares required in meeting	90%
Class A ordinary shares
SHAREHOLDERS' DEFICIT
Common shares, shares authorized (in shares)	200,000,000	200,000,000
Common shares, par value (in dollars per share) \| $ / shares	$ 0.0001	$ 0.0001
Common shares, shares issued (in shares)	1,060,000	1,060,000
Common shares, shares outstanding (in shares)	1,060,000	1,060,000
Class A ordinary shares subject to possible redemption
SHAREHOLDERS' DEFICIT
Temporary equity, ordinary shares subject to possible redemption	2,710,421	3,050,335
Class B ordinary shares
SHAREHOLDERS' DEFICIT
Common shares, shares authorized (in shares)	20,000,000	20,000,000
Common shares, par value (in dollars per share) \| $ / shares	$ 0.0001	$ 0.0001
Common shares, shares issued (in shares)	8,050,000	8,050,000
Common shares, shares outstanding (in shares)	8,050,000	8,050,000
Common shares, votes per share \| Vote	1
Maximum shares subject to forfeiture	1,050,000
Percentage of shares issued and outstanding collectively own by initial shareholders	20%
Aggregated shares issued upon converted basis (in percent)	20%
Class B ordinary shares \| Founder Shares
SHAREHOLDERS' DEFICIT
Shares subject to forfeiture			0

SHAREHOLDERS' DEFICIT - Public

SHAREHOLDERS' DEFICIT - Public warrants (Details) - Public Warrants	6 Months Ended
	Sep. 30, 2023 D $ / shares shares
SHAREHOLDERS' DEFICIT
Public Warrants exercisable term	30 days
Public Warrants expiration term	5 years
Class A ordinary shares
SHAREHOLDERS' DEFICIT
Number of shares issuable per warrant \| shares	1
Exercise price of warrants	$ 11.50
Threshold issue price per share	$ 9.20
Percentage of gross proceeds on total equity proceeds	60%
Threshold trading days determining weighted average trading price	20 days
Maximum period after business combination in which to file registration statement	15 days
Period of time within which registration statement is expected to become effective	60 days
Redemption of Warrants When the Price per Class A Ordinary Share Equals or Exceeds $18.00
SHAREHOLDERS' DEFICIT
Stock price trigger for redemption of public warrants (in dollars per share)	$ 18
Adjustment one of redemption price of stock based on market value and newly issued price (as a percent)	180%
Redemption price per public warrant (in dollars per share)	$ 0.01
Minimum threshold written notice period for redemption of public warrants	30 days
Redemption period	30 days
Threshold trading days for redemption of public warrants	20 days
Threshold consecutive trading days for redemption of public warrants \| D	30
Redemption Of Warrants When Price Per Share Of Class Common Stock Equals Or Exceeds 9.20
SHAREHOLDERS' DEFICIT
Stock price trigger for redemption of public warrants (in dollars per share)	$ 9.20
Adjustment one of redemption price of stock based on market value and newly issued price (as a percent)	115%

FAIR VALUE MEASUREMENTS (Detail

FAIR VALUE MEASUREMENTS (Details) - USD ($)	Sep. 30, 2023	Mar. 31, 2023
Assets:
Marketable securities held in Trust Account	$ 23,213	$ 50,274
Level 1 \| Recurring
Assets:
Marketable securities held in Trust Account	$ 30,733,473	$ 33,058,050

SUBSEQUENT EVENTS (Details)

SUBSEQUENT EVENTS (Details) - USD ($)	Oct. 27, 2023	Oct. 03, 2023	Jul. 20, 2023	Jan. 19, 2023	Oct. 21, 2021	Sep. 30, 2023	Mar. 31, 2023
SUBSEQUENT EVENTS
Deposit into Company's Trust Account for each one-month extension			$ 90,000	$ 165,000
Combination period, after extensions			24 months	21 months	21 months
Additional extension period each time for the company to consummate an initial business combination			1 month	1 month
Number of public shares, shareholders exercised their right to redeem			339,914	19,949,665
Amount removed from the Trust Account to pay holders			$ 3,800,000	$ 206,500,000
Redemption price per public share			$ 11.13	$ 10.35
Amount remain in the trust account			$ 30,170,000	$ 31,500,000		$ 30,733,473	$ 33,058,050
Number of public shares outstanding			2,710,421
Subsequent Event
SUBSEQUENT EVENTS
Combination period, after extensions	25 months
Additional extension period each time for the company to consummate an initial business combination	1 month
Number of public shares, shareholders exercised their right to redeem	250,000
Amount removed from the Trust Account to pay holders	$ 2,830,000
Redemption price per public share	$ 11.35
Amount remain in the trust account	$ 27,900,000
Number of public shares outstanding	2,460,421
Subsequent Event \| Unsecured promissory note
SUBSEQUENT EVENTS
Deposit into Company's Trust Account for each one-month extension		$ 90,000