NEW YORK, July 18, 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 the Company's Special Committee of Independent Directors has unanimously approved a plan for certain related parties to release $3.5 million of short-term debt in exchange for ordinary shares of RDZN. The related parties that have executed binding term sheets and agreed to the exchange include Roadzen's CEO, Rohan Malho ...

For investors, RDZN stock could be a tempting way to play the fast-growing AI trend. Specifically, Roadzen works with automakers, dealerships, and insurance companies via its platform. This platform uses AI to create new auto insurance products as well as sell insurance and process claims. This tie in, as well as its financial performance, could establish Roadzen as an AI stock that investors should be watching. Roadzen is one of the market's top movers today. After reporting results for the 12-month period ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended March 31, 2024 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD FROM TO Commission File Number 001-41094 ROADZEN INC. (Exact name of Registrant as specified in its Charter) British Virgin Islands 98-1600102 (State or other jurisdiction ...

[Executive Summary & Fiscal Year Highlights](index=1&type=section&id=Executive%20Summary%20%26%20Fiscal%20Year%20Highlights) Roadzen Inc. achieved record revenue growth in its first public fiscal year, managing a net loss from non-cash items through strategic expansion. [Overall Performance](index=1&type=section&id=Overall%20Performance) Roadzen Inc. achieved record revenue growth in its first public fiscal year, navigating a net loss from non-cash items. - Roadzen Inc. reported **record revenue growth** in its first fiscal year as a public company, ending March 31, 2024[2](index=2&type=chunk)[3](index=3&type=chunk) - Net loss of **$99.7 million** was primarily impacted by non-cash, non-recurring, and extraordinary items[2](index=2&type=chunk) - Adjusted EBITDA loss was **$10.4 million**, a **5.1% increase** over the prior year[2](index=2&type=chunk) - CFO noted focus on simplifying organizational structure, streamlining operations, and eliminating redundancies, leading to a **7% headcount reduction** and closure of under-performing assets[4](index=4&type=chunk) - CEO highlighted substantial revenue growth, trajectory towards profitability, and significant expansion in U.S. and U.K. markets, alongside strong growth in India[23](index=23&type=chunk) [Revenue and Key Performance Indicators](index=1&type=section&id=Revenue%20and%20Key%20Performance%20Indicators) Full-year revenue surged to **$46.7 million**, a **245% increase**, driven by acquisitions and strong segment growth. | Metric | FY2024 | FY2023 | Change (%) | | :----- | :----- | :----- | :--------- | | Total Revenue | $46.7 million | $13.5 million | 245% | | Brokerage Revenue Share | 65% | N/A | N/A | | Brokerage Revenue Growth | 232% | N/A | N/A | | IaaS Revenue Share | 35% | N/A | N/A | | IaaS Revenue Growth | 270% | N/A | N/A | | Gross Margin | 61.2% | 60.1% | +1.1 pp | | Customer Segment | FY2024 | FY2023 | Change (%) | | :--------------- | :----- | :----- | :--------- | | Insurance Customer Agreements | 33 | 26 | 26.9% | | Automotive Customer Agreements | 68 | 23 | 195.7% | | Agents & Fleet Customer Agreements | ~3,200 | ~2,000 | 60% | | Brokerage Segment Performance | FY2024 | FY2023 | Change (%) | | :-------------------------- | :----- | :----- | :--------- | | Policies Sold | 324,293 | 258,546 | 25.4% | | Gross Written Premium (GWP) | $61.8 million | $38.0 million | 62.6% | | IaaS Segment Performance | FY2024 | FY2023 | Change (%) | | :--------------------- | :----- | :----- | :--------- | | Claims & Vehicle Inspections | 301,120 | 220,781 | 36.4% | [Expenses and Net Results](index=2&type=section&id=Expenses%20and%20Net%20Results) Operating expenses significantly increased to **$104.1 million**, largely due to non-cash items, resulting in a **$99.7 million** net loss. | Metric | FY2024 | FY2023 | Change | | :----- | :----- | :----- | :----- | | Operating Expenses (excl. D&A) | $104.1 million | $18.1 million | +$86.0 million | | Non-cash Expenses (within OpEx) | $61.2 million | N/A | N/A | | Equity Compensation Expense | $56.3 million | N/A | N/A | | Provisions for Doubtful Accounts | $4.9 million | N/A | N/A | | Other Expenses | $22.2 million | $2.7 million | +$19.5 million | | Net Loss Attributable to Roadzen Inc. | $(99,669,335) | $(14,024,268) | $(85,645,067) | | Adjusted EBITDA Loss | $(10.4) million | $(9.9) million | +$0.5 million | | Adjusted EBITDA Margin | -22.3% | -73.1% | +50.8 pp | - The increase in other expenses was driven by **$19.5 million** of non-cash expense related to fair market valuation adjustments of financial instruments[9](index=9&type=chunk) [Balance Sheet Highlights](index=3&type=section&id=Balance%20Sheet%20Highlights) Current assets reached **$49.8 million**, driven by prepayments and cash, while current liabilities totaled **$65.7 million**. | Metric | March 31, 2024 | March 31, 2023 | Change | | :----- | :------------- | :------------- | :----- | | Current Assets | $49.8 million | $5.4 million | +$44.4 million | | FPA Prepayment Balance (within Current Assets) | $28.8 million | N/A | N/A | | Cash on Hand | $11.2 million | $0.6 million | +$10.6 million | | Current Liabilities | $65.7 million | $16.7 million | +$49.0 million | | Long-Term Liabilities | $3.0 million | $1.3 million | +$1.7 million | - Current liabilities included **$17.4 million** in Accounts Payable assumed by Roadzen in connection with the Business Combination, and **$13.1 million** for Mizuho Securities USA LLC, comprising **$7.5 million** in short-term borrowings and a **$5.6 million** fair valuation of warrants[30](index=30&type=chunk) [About Roadzen Inc.](index=4&type=section&id=About%20Roadzen%20Inc.) Roadzen Inc. is a global AI technology company transforming auto insurance, headquartered in California. [Company Overview](index=4&type=section&id=Company%20Overview) Roadzen Inc. is a global AI technology company based in California, transforming auto insurance with advanced AI. - Roadzen Inc. is a global technology company transforming auto insurance using advanced artificial intelligence (AI)[13](index=13&type=chunk) - The company's technology is used by thousands of clients, including leading insurers, carmakers, fleets, dealerships, and auto insurance agents, for product development, sales, claims processing, and road safety[13](index=13&type=chunk) - Roadzen's mission is to advance AI research at the intersection of mobility and insurance to prevent accidents, ensure fair premiums, and process claims rapidly[13](index=13&type=chunk) - Headquartered in Burlingame, California, Roadzen has over **380 employees** globally across the U.S., India, U.K., and France[13](index=13&type=chunk) [Financial Statements](index=5&type=section&id=Financial%20Statements) Financial statements detail Roadzen's balance sheet, operations, and cash flows, reflecting revenue growth, increased expenses, and a net loss. [Consolidated Balance Sheets](index=5&type=section&id=Consolidated%20Balance%20Sheets) Total assets grew to **$58.1 million**, driven by current assets including cash and prepayments, while total liabilities increased to **$68.6 million**. | Metric | March 31, 2024 | March 31, 2023 | Change | | :----- | :------------- | :------------- | :----- | | Total Assets | $58,136,346 | $15,181,242 | +$42,955,104 | | Current Assets | $49,842,571 | $5,367,158 | +$44,475,413 | | Cash and Cash Equivalents | $11,186,095 | $589,340 | +$10,596,755 | | Prepayments and Other Current Assets | $34,426,335 | $3,181,936 | +$31,244,399 | | Total Liabilities | $68,636,212 | $17,989,861 | +$50,646,351 | | Total Current Liabilities | $65,652,506 | $16,681,985 | +$48,970,521 | | Total Shareholders' Deficit | $(10,499,866) | $(51,082,898) | +$40,583,032 | - Significant increases in current assets and liabilities reflect business expansion and financial instrument adjustments[10](index=10&type=chunk)[15](index=15&type=chunk)[30](index=30&type=chunk)[34](index=34&type=chunk) [Consolidated Statements of Operations](index=7&type=section&id=Consolidated%20Statements%20of%20Operations) Revenue significantly increased to **$46.7 million**, but a surge in total costs and expenses to **$124.4 million** led to a net loss of **$(99.7) million**. | Metric | FY2024 | FY2023 | Change | | :----- | :----- | :----- | :----- | | Revenue | $46,724,287 | $13,560,498 | +$33,163,789 | | Cost of Services | $18,132,757 | $5,413,686 | +$12,719,071 | | Research and Development | $4,973,816 | $2,670,333 | +$2,303,483 | | Sales and Marketing | $33,195,608 | $10,736,173 | +$22,459,435

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 ...