Roadzen Secures Nasdaq Listing With $683 Million Equity Value
Roadzen, a global insurance technology company, has completed its business combination with Vahanna Tech Edge Acquisition I Corp., a special purpose acquisition company, which was approved at the extraordinary general meeting of Vahanna shareholders on August 25, 2023 (the “Business Combination”). The combined company will operate under the name Roadzen Inc.
Roadzen expects the merger with Vahanna to provide Roadzen with the capital and resources it needs to accelerate its growth and expand its product offerings. The company plans to use the proceeds from the transaction to invest in AI research, expand its sales and marketing efforts, and make strategic acquisitions. The combined company will continue to be led by Rohan Malhotra and the current Roadzen management team.
Built in India with a global vision, Roadzen aims to transform global auto insurance powered by advanced AI.
Roadzen has secured a pre-money equity value of $683 million. Roadzen has made its debut on the Nasdaq, with its ordinary shares trading on the Nasdaq Global Market under the symbol "RDZN" and its warrants trading on the Nasdaq Capital Market under the symbol "RDZNW". The Company rang the closing bell at Nasdaq in New York City on September 22, 2023.
Roadzen is a leading provider of AI-powered insurance technology solutions that help insurers improve customer experience, reduce fraud, and make better underwriting decisions. The company's solutions are used by over 90 enterprise customers including major global insurers, fleets and carmakers to provide superior customer experiences in the US, UK, Europe and India.
Roadzen has partnered with global automotive players like Mercedes, Audi, Volvo-Eicher, Mitsubishi, Skoda, Seat, Renault, and Dacia, & insurers such as Axa, Societe Generale, and Arch, and fleet companies such as CJ Darcl. In addition to these collaborations, Roadzen serves a customer base of over 2,600 smaller agents and fleets.
Roadzen has achieved a 5x revenue growth in the last 2 years, growing its revenues from $13.5 million in FY 2021 to $58.6 million (proforma) in FY 2023.
The global automobile insurance market, valued at US$817 billion in 2022, is projected to grow rapidly at a robust CAGR of 7.1 per cent.
