Revenue and Growth - Roadzen's IaaS Platform accounted for approximately 57% of revenues for the three months ended September 30, 2025, while Brokerage Solutions accounted for approximately 43%[219][221]. - Revenue for the three months ended September 30, 2025, was $13,679,267, representing a 15% increase from $11,874,098 in the same period of 2024[256]. - For the six months ended September 30, 2025, revenue increased by 18% to $24,544,813 from $20,805,615 in 2024[256]. - Revenue for the three months ending September 30, 2025, increased by $1.8 million, or 15%, compared to the same period in the prior year, primarily due to the consolidation of the Variable Interest Entity in China[258]. - Income from Insurance as a Service increased by $1.9 million, or 31%, for the three months ending September 30, 2025, primarily due to the consolidation of the VIE in China[259]. - For the six months ending September 30, 2025, total revenue increased by $3.7 million, or 18%, compared to the same period in the prior year, driven by the consolidation of the VIE in China and expansion of the distribution network[261]. Customer Agreements and Market Expansion - As of September 30, 2025, Roadzen had 46 insurance customer agreements, 80 automotive customer agreements, and approximately 3,900 agents and fleet customer agreements[230]. - The company aims to leverage its technology platform to expand into new markets and enhance its product offerings in response to the evolving mobility landscape[229]. - The company is focused on expanding its B2B2C model and enhancing customer experience through technology integration and innovative product offerings[229]. Financial Performance and Expenses - Total costs and expenses decreased by 52% to $17,015,443 for the three months ended September 30, 2025, down from $35,415,512 in 2024[256]. - Loss from operations improved significantly to $(3,336,176) for the three months ended September 30, 2025, compared to $(23,541,414) in 2024, marking an 86% reduction[256]. - Research and development costs dropped by 90% to $148,529 for the three months ended September 30, 2025, from $1,496,600 in 2024[256]. - Sales and marketing expenses decreased by 23% to $6,252,328 for the three months ended September 30, 2025, compared to $8,076,959 in 2024[256]. - General and administrative expenses saw a significant reduction of 81%, totaling $3,806,800 for the three months ended September 30, 2025, down from $20,430,960 in 2024[256]. Cash Flow and Financing - For the six months ended September 30, 2025, net cash used in operating activities was $8.9 million, a decrease of $2.3 million compared to $11.2 million for the same period in the prior year[290]. - Cash provided by financing activities was $8.5 million for the six months ended September 30, 2025, mainly from the issuance of Ordinary Shares and equity shares of a subsidiary[297]. - The company anticipates continued operating losses and negative cash flows in the near future due to planned investments, necessitating additional capital resources[286]. - The Company raised gross proceeds of $2,875,000 in December 2024, $5,000,175 in January 2025, $5,500,000 in July 2025, and $8,500,000 in October 2025 through equity sales[35]. Regulatory and Compliance - Roadzen's operations are subject to various regulatory requirements, particularly in India, which could impact its business and financial results if not complied with[233][236]. - The FCA has paused all sales of the Guaranteed Asset Protection (GAP) product effective February 2024, which is expected to impact revenue and profitability significantly[240]. Company Structure and Changes - The company has undergone a merger, changing its name to "Roadzen Inc." and its shares now trade under the ticker symbol "RDZN" on the Nasdaq Global Market[30]. - The Company is classified as an "emerging growth company," allowing it to delay the adoption of certain accounting standards, which may complicate financial comparisons with other public companies[333]. Liabilities and Obligations - The total contractual obligations as of September 30, 2025, amounted to $58.4 million, including $23.2 million in debt and $1.1 million in operating leases[300]. - Total liabilities as of September 30, 2025, were $62,400,719, an increase from $58,270,130 as of March 31, 2025[14]. Stock and Equity - The Company issued an amended warrant to purchase an additional 104,566 Ordinary Shares at an exercise price of $0.001 per share, totaling up to 1,537,083 Ordinary Shares[310]. - The Company may issue up to $50 million in principal amount of December 2023 Convertible Debentures, with an initial closing receiving $400,000[312]. - The Company raised $7 million in total from its India subsidiary financing, representing approximately 8% dilution at the subsidiary level[328].
Roadzen (RDZN) - 2025 Q3 - Quarterly Report