NEW YORK, March 19, 2025 (GLOBE NEWSWIRE) -- Roadzen Inc. (Nasdaq: RDZN) ("Roadzen" or the "Company"), a global leader in AI-driven mobility and insurance solutions, today announced it has been selected by India’s largest general insurance company to manage its Roadside Assistance program for a second consecutive 3-year term. The insurer, with a global Gross Written Premium (GWP) of $5 billion and approximately 6.4 million motor policy holders, reaffirmed its confidence in Roadzen’s technology following a r ...

NEW YORK, March 11, 2025 (GLOBE NEWSWIRE) -- Roadzen Inc. (Nasdaq: RDZN) (“Roadzen” or the “Company”), a global leader in AI at the intersection of insurance and mobility, today announced that its drivebuddyAI platform has been granted a patent in India for its Cognitive Assessment of Risk for Drivers (CARD) scoring system, with patents pending in the U.S. and Europe. While traditional driver scoring models focus on isolated risks such as hard braking and speeding, drivebuddyAI’s Cognitive Assessment of Ris ...

Core Insights - Roadzen Inc. has received a patent in India for its drivebuddyAI platform's Cognitive Assessment of Risk for Drivers (CARD) scoring system, with pending patents in the U.S. and Europe [1] - The CARD system offers a comprehensive risk assessment by analyzing multiple simultaneous hazards, unlike traditional models that focus on isolated risks [2][3] - The system has demonstrated a 70% reduction in accidents through its integrated approach, which combines various data streams into a contextual algorithm [3] - Roadzen's drivebuddyAI is the first system validated under India's AIS 184 standard, which will be mandatory for all six million commercial vehicles in India by 2026 [3] - The company aims to transform the insurance and mobility sectors, which collectively exceed a trillion dollars in annual spending, by enhancing road safety and improving underwriting precision [4] Company Overview - Roadzen Inc. is a global technology company focused on transforming auto insurance through advanced AI, serving clients including leading insurers, carmakers, and fleets [5] - The company has been recognized as a top AI innovator by major publications and is headquartered in Burlingame, California, with 320 employees across global offices [5]

Core Insights - Roadzen Inc. has been recognized as the Best AI in Deep Tech at the Entrepreneur AI Awards Summit 2025 for its MixtapeAI, which enhances customer experience in auto insurance and mobility through automation of complex workflows [1] - The company has achieved over $50 million in recurring revenue, positioning itself as a leader in the integration of AI within the insurance sector [2] Company Overview - Roadzen Inc. is a global technology company focused on transforming auto insurance using advanced AI, serving thousands of clients including leading insurers, carmakers, and fleets [2] - The company is headquartered in Burlingame, California, and employs 320 people across its offices in the U.S., U.K., and India [2] - Roadzen's mission is to advance AI research at the intersection of mobility and insurance, aiming for rapid claims processing and fair premiums [2]

Core Insights - Roadzen Inc. has been recognized as the Best AI in Deep Tech at the Entrepreneur AI Awards Summit 2025 for its MixtapeAI, which enhances customer experience in auto insurance and mobility through automation of complex workflows [1] - The company has achieved over $50 million in recurring revenue, positioning itself as a leading player in the AI sector focused on insurance and mobility [2] Company Overview - Roadzen Inc. is a global technology company that leverages advanced AI to transform auto insurance, serving thousands of clients including major insurers, car manufacturers, and dealerships [2] - The company is headquartered in Burlingame, California, and employs 320 people across its offices in the U.S., U.K., and India [2] - Roadzen's mission is to advance AI research at the intersection of mobility and insurance, aiming for rapid claims processing and fair premiums [2]

Financial Performance - Third quarter 2025 revenue totaled $12.1 million, a sequential increase of 1.8% over the second quarter, but a decrease of $3.6 million, or 23%, compared to the same quarter last year[5]. - Net loss for the third quarter fell to $2.5 million, an 88% decrease from a $21.8 million net loss in the second fiscal quarter, indicating a clear path to breakeven[5]. - Adjusted EBITDA loss for the fiscal third quarter was $1.87 million, narrowing approximately 13% over the second fiscal quarter[5]. - Revenue for the three months ended December 31, 2024, was $12,086,286, a decrease of 22.5% compared to $15,641,441 for the same period in 2023[34]. - Net loss attributable to Roadzen Inc. for the nine months ended December 31, 2024, was $72,734,754, compared to a net loss of $65,690,663 for the same period in 2023, indicating an increase in losses of 10.4%[34]. - The net loss for Q3 2024 was $2,582,289, a significant improvement compared to a net loss of $30,610,414 in Q3 2023, representing a reduction of approximately 91.6%[38]. - For the nine months ended December 31, 2024, the net loss increased to $72,866,038 from $65,798,667 in the same period of 2023, indicating a decline of about 4.9%[38]. - Adjusted EBITDA for Q3 2024 was reported at $(1,867,730), an improvement from $(3,098,230) in Q3 2023, reflecting a reduction of approximately 39.6%[38]. - For the nine months ended December 31, 2024, Adjusted EBITDA was $(6,885,794), compared to $(8,228,932) in the same period of 2023, showing an improvement of about 16.4%[38]. Assets and Liabilities - Total current assets decreased from $49,842,571 as of March 31, 2024, to $25,993,966 as of December 31, 2024, representing a decline of 47.8%[32]. - Total liabilities decreased from $68,636,212 as of March 31, 2024, to $62,476,413 as of December 31, 2024, a reduction of 9.5%[32]. - Cash and cash equivalents at the end of the period (including restricted cash) decreased from $11,565,088 to $5,829,991, a decline of 49.5%[35]. - The company reported a total of 71,968,686 shares outstanding as of December 31, 2024, compared to 68,440,829 shares outstanding as of March 31, 2024, an increase of 5.3%[32]. Operational Highlights - Roadzen eliminated approximately $12.6 million in short-term liabilities over the last six months, utilizing $1.65 million in cash and approximately 1.2 million new shares[5]. - Gross margin for the third quarter improved to 64.6%, up from 56.1% in the second quarter[6]. - Roadzen sold 77,326 policies during the third quarter, generating approximately $13.2 million of Gross Written Premium (GWP), compared to 101,700 policies and $21.4 million GWP in the prior fiscal year third quarter[8]. - As of December 31, 2024, Roadzen had 34 insurance customer agreements and 77 automotive customer agreements, with approximately 3,700 agents and fleet customer agreements[7]. Research and Development - Research and development expenses for the three months ended December 31, 2024, were $249,635, significantly lower than $1,876,839 for the same period in 2023, a decrease of 86.7%[34]. Strategic Initiatives - The launch of MixtapeAI aims to transform customer support in insurance and mobility, highlighting Roadzen's leadership in AI applications[5]. - Roadzen signed a contract with Motive to provide 24/7 roadside assistance for over one million vehicles, reflecting significant market expansion[17]. - DrivebuddyAI surpassed one billion kilometers of real-world driving data, enhancing driver safety and monitoring capabilities[15]. Expenses and Losses - Stock-based compensation expense for Q3 2024 was $158,163, a significant decrease from $27,253,455 in Q3 2023[38]. - Interest expense for the nine months ended December 31, 2024, increased to $2,533,846 from $1,558,985 in the same period of 2023, representing an increase of approximately 62.5%[38]. - Fair value changes in financial instruments for the nine months ended December 31, 2024, were $16,526,145, down from $22,369,638 in the same period of 2023, indicating a decrease of about 26.0%[38]. - Non-recurring expenses for the nine months ended December 31, 2024, were $953,316, a decrease from $2,277,449 in the same period of 2023, reflecting a reduction of approximately 58.2%[38]. - Depreciation and amortization for Q3 2024 was $299,949, down from $451,773 in Q3 2023, indicating a decrease of about 33.5%[38]. - The company recorded fair value losses in financial instruments carried at fair value amounting to $16,526,145 for the nine months ended December 31, 2024[35]. - The company reported a net income tax benefit of $(9,068) for Q3 2024, compared to $(126,732) in Q3 2023, showing a significant improvement in tax expenses[38].

Core Insights - Roadzen Inc. reported financial results for the three and nine-month periods ending December 31, 2024, highlighting revenue growth, product launches, and balance sheet improvements [1][2][3] Financial Performance - Revenue for Q3 2025 was $12.1 million, a sequential increase of 1.8% but a decrease of 23% compared to the same quarter last year. For the nine-month period, revenue totaled $32.9 million, down 11.6% year-over-year [3][4] - The net loss for Q3 2025 was $2.5 million, an 88% decrease from a $21.8 million loss in the previous quarter, indicating a clearer path to breakeven [4] - Adjusted EBITDA loss for Q3 narrowed to $1.87 million, a decrease of approximately 13% from the previous quarter [4] Operational Highlights - The company launched MixtapeAI, aimed at transforming customer support in insurance, and achieved AIS 184 compliance for DrivebuddyAI, marking significant milestones in AI for insurance and mobility [2][4] - Roadzen secured several new enterprise contracts and expanded existing customer relationships, contributing to a growing revenue pipeline [2][4] Balance Sheet and Liabilities - Roadzen reduced short-term liabilities by approximately $12.6 million over the last six months, utilizing $1.65 million in cash and issuing 1.2 million new shares [4][8] - Total assets increased to $32.0 million as of December 31, 2024, primarily due to a $3.7 million rise in prepayments [8][30] Customer Agreements and Market Expansion - As of December 31, 2024, Roadzen had 34 insurance customer agreements and 77 automotive customer agreements, with a total of 77,326 policies sold during Q3 [8][30] - The company signed contracts with major clients, including Motive for roadside assistance and Simple Energy for extended warranties, indicating strong market demand [13][14] Product Development and Innovation - DrivebuddyAI surpassed one billion kilometers of real-world driving data, enhancing its capabilities in driver safety and monitoring [11] - Roadzen's MixtapeAI platform aims to automate complex workflows and improve customer interactions across various sectors [19][20]

Core Insights - Roadzen Inc. has made significant strides in strengthening its balance sheet by eliminating $5.5 million in short-term payables in exchange for $1.65 million in cash [1][2][6] - The company has successfully reduced total short-term liabilities by $12.6 million since the summer of 2024, which includes various strategies such as equity exchanges and renegotiations [6] - Roadzen's CEO emphasized the importance of right-sizing the balance sheet and reducing operating costs, highlighting a nearly 50% reduction in expenses inherited from the going-public transaction [2][6] Financial Improvements - The company has raised approximately $8 million in straight equity over the last month, contributing to its improved financial position [2][6] - An agreement in principle has been reached to extend the senior secured facility by one year, now set to mature on December 31, 2025 [6] - Roadzen has reported a sequential reduction in cash burn over the last three quarters, indicating improved financial management [2] Business Operations - Roadzen is recognized as a leader in AI technology at the intersection of insurance and mobility, serving a diverse client base including insurers, carmakers, and auto insurance agents [3] - The company aims to advance AI research to enhance road safety, streamline claims processing, and ensure fair insurance premiums [3] - Roadzen has established a global presence with 360 employees across offices in the U.S., India, U.K., and France [3]

Core Insights - Roadzen Inc. has integrated DeepSeek's open-source reasoning model into its MixtapeAI platform, enhancing AI capabilities for the insurance and mobility sectors while ensuring data sovereignty [1][2][3] Company Overview - Roadzen Inc. is a global technology company focused on transforming auto insurance through advanced AI, serving thousands of clients including leading insurers, carmakers, and fleets [4] - The company is headquartered in Burlingame, California, and employs 360 staff across global offices in the U.S., India, U.K., and France [4] Product Development - The MixtapeAI platform automates complex workflows, providing intelligent and personalized customer experiences for various stakeholders in the insurance and mobility sectors [2] - The integration of DeepSeek R1 allows MixtapeAI to deliver intelligent, context-aware agents capable of handling tasks such as KYC, onboarding, customer support, sales, and policy administration [3] Market Position - Roadzen's CEO emphasized the importance of application-layer advancements in AI, particularly in the insurance and mobility sectors, indicating a strategic focus on maximizing economic value in these areas [4]

Core Viewpoint - Roadzen Inc. has announced a best-efforts offering of 2,222,300 ordinary shares at a price of $2.25 per share, aiming for gross proceeds of approximately $5 million, with the offering expected to close on January 6, 2025, subject to customary conditions [1]. Group 1: Offering Details - The offering consists entirely of ordinary shares offered by the company [1]. - The net proceeds will primarily be allocated for sales and marketing, research and development, working capital, and general corporate purposes, including personnel costs and capital expenditures [2]. - A portion of the net proceeds may also be used to repay outstanding indebtedness [2]. Group 2: Regulatory Information - The securities will be offered under a shelf registration statement on Form S-3, which was filed with the SEC on November 1, 2024, and declared effective on November 12, 2024 [3]. - The offering will be conducted only through a written prospectus, with a prospectus supplement to be filed with the SEC [3]. Group 3: Company Overview - Roadzen Inc. is a global technology company focused on transforming auto insurance through advanced AI, serving clients including leading insurers, carmakers, and auto insurance agents [5]. - The company has been recognized as a top AI innovator by various publications and aims to advance AI research at the intersection of mobility and insurance [5]. - Headquartered in Burlingame, California, Roadzen employs 360 individuals across its global offices in the U.S., India, U.K., and France [5].