Full year revenue of $46.7 million, up from $13.5 million in the prior year, a 245% increase. Net loss of $99.7 million is impacted by non-cash, non-recurring and extraordinary items, resulting in an Adjusted EBITDA1 loss of $10.4 million, a 5.1% increase over last year. As of market close on June 28, 2024 Roadzen was included in the Russell 2000®, Russell 3000®, and Russell Microcap® indexes bringing new institutional shareholders. NEW YORK, July 01, 2024 (GLOBE NEWSWIRE) -- Roadzen Inc. (Nasdaq: RDZN) ("R ...

Full year revenue of $46.7 million, up from $13.5 million in the prior year, a 245% increase. Net loss of $99.7 million is impacted by non-cash, non-recurring and extraordinary items, resulting in an Adjusted EBITDA1 loss of $10.4 million, a 5.1% increase over last year. As of market close on June 28, 2024 Roadzen was included in the Russell 2000®, Russell 3000®, and Russell Microcap® indexes bringing new institutional shareholders. NEW YORK, July 01, 2024 (GLOBE NEWSWIRE) -- Roadzen Inc. (Nasdaq: RDZN) ("R ...

Company Overview - Oriental Insurance Company Limited (OICL) is a public sector insurance company fully owned by the Government of India, established in 1947, and headquartered in New Delhi [2] - OICL operates 29 regional offices and nearly 1,100 offices across India and has international operations in Nepal, Kuwait, and Dubai, employing over 8,000 people [2] - In the fiscal year 2023-2024, OICL reported a gross direct premium of approximately $2.3 billion, reflecting a year-on-year growth of 17% [2] Claims Processing Upgrade - OICL issued a Request for Proposal (RFP) to explore upgrading to a fully digital infrastructure for claims processing, handling approximately 200,000 claims annually [3] - The company plans to implement automated allocation of claims to digital service providers (DSP) starting July 1, 2024, with Roadzen expected to process roughly 25% of OICL's annual claims volume [3] Roadzen's Technology - Roadzen's xClaim platform offers digital, touchless, and real-time claims resolution, utilizing computer vision for damage assessment and AI for triage, which allows for faster and cheaper claims settlements without in-person assessments [4] - The platform enables remote surveys through photos, videos, or real-time streaming, generating real-time estimates and approvals, and sharing instant final reports with insurers [4] Partnership Impact - Sunita Gupta, General Manager at OICL, emphasized that leveraging technology enhances customer experience and operational efficiency, allowing for quicker claims approvals and reducing fraud [8] - The partnership with Roadzen aims to improve visibility in the claims process and eliminate inefficiencies associated with manual processing [8] Market Position - Roadzen was selected after a thorough review process by the association of four Indian Government-owned auto insurance carriers, which collectively account for approximately 32% of the Indian auto insurance market and process an estimated 1.4 million auto claims annually [7] - Rohan Malhotra, CEO of Roadzen, highlighted that being chosen for this contract validates their technology and positions them as a leader in next-generation claims technology for auto carriers [12]

NEW YORK, June 25, 2024 (GLOBE NEWSWIRE) -- Roadzen Inc. (Nasdaq: RDZN) ("Roadzen" or the "Company"), a global leader in AI at the convergence of insurance and mobility, today announced that it has been chosen to provide claims processing using its AI-powered xClaim product for the Indian Governmentowned Oriental Insurance Company Ltd. The RFP was issued to assess the opportunity to upgrade to a fully digital infrastructure for claims processing. OICL processes approximately 200,000 claims annually and is t ...

According to the World Bank, India's economy is the fastest-growing large economy in the world, with the Reserve Bank of India projecting GDP growth rate of around 8% in 2024. Rising consumer demand and income levels have fueled it to become the third-largest car market globally, with over 4.2 million new vehicles sold last year. Additionally, GlobalData predicts the auto insurance market in India is set to grow at a CAGR of 7.9% from 2024 to 2028, one of the fastest rates in the world. Rohan Malhotra, Foun ...

NEW YORK, June 12, 2024 (GLOBE NEWSWIRE) -- Roadzen Inc. (Nasdaq: RDZN) ("Roadzen" or the "Company"), a global leader in AI at the convergence of insurance and mobility, today announced a significant partnership with a leading commercial auto-focused agency network in India. This alliance onboards over 1,200 agents in 18 states across India to the Roadzen platform and aims to deliver coverage for more than 300,000 vehicles annually. This collaboration is projected to generate approximately $65 million in gr ...

Media Contacts: Sanya Soni: sanya@roadzen.ai Gutenberg: roadzen@thegutenberg.com Investor Contacts: Yvonne Zappulla: yvonne@roadzen.ai Cautionary Statement Regarding Forward Looking Statements NEW YORK, June 05, 2024 (GLOBE NEWSWIRE) -- Roadzen Inc. (Nasdaq: RDZN) ("Roadzen" or the "Company"), a global leader in AI at the convergence of insurance and mobility, today announced that it will participate in the upcoming Jefferies Global FinTech Conference, which is being held June 12-13, 2024, at the Park Hyatt ...

Rohan Malhotra, founder and CEO, commented, "We are delighted to be included in the prestigious Russell indexes during our first year as a Nasdaq-listed company. The inclusion in the Russell should increase overall institutional awareness and investor exposure of our company as we execute on our mission to transform global auto insurance using AI. Our goal is important as auto insurance is one of the leading contributors to inflation in the US, with rates continuing to rise for consumers and businesses alik ...

Company Overview - Roadzen Inc. is a global technology company focused on transforming auto insurance through advanced artificial intelligence (AI) [4] - The company serves thousands of clients, including leading insurers, car manufacturers, fleets, dealerships, and auto insurance agents [4] - Roadzen's technology is recognized for its pioneering work in telematics, generative AI, and computer vision, earning accolades from publications like Forbes, Fortune, and Financial Express [4] Upcoming Events - Roadzen will participate in the Maxim Group Virtual TMT Conference on June 4, 2024, featuring a fireside chat with CEO Rohan Malhotra [1][4] - The conference will explore how companies leverage new technologies, including AI and computer vision, to create opportunities across various sectors [3] Strategic Focus - Roadzen aims to advance AI research at the intersection of mobility and insurance, with a mission to prevent accidents, ensure fair premiums, and expedite claims processing [4] - The company is headquartered in Burlingame, California, and employs over 400 individuals across its global offices in the US, India, UK, and France [4]

NEW YORK, May 24, 2024 (GLOBE NEWSWIRE) -- Roadzen Inc. (Nasdaq: RDZN) ("Roadzen" or the "Company"), a global leader in AI at the convergence of insurance and mobility, today announced that it will participate in the upcoming Maxim Group Virtual TMT Conference. Founder and CEO Rohan Malhotra will participate in a fireside chat on Tuesday, June 4, 2024, at 10:30 a.m. ET with Maxim's Senior Research Analyst, Allen Klee, CFA. Maxim 2024 Virtual Tech Conference Charting the Course: Navigating the Intersection o ...