Roadzen Inc. (Nasdaq: RDZN), a global pioneer in next-generation auto insurance powered by AI, today reported its quarterly earnings for the third fiscal quarter ended December 31, 2023. The company reported revenue of $15.64 million, an increase of 372% from revenue of $3.32 million in the same quarter last year.

Rohan Malhotra, Co-Founder and CEO of Roadzen, stated, "This quarter's performance is a testament to Roadzen’s strength as a leading provider of AI-driven insurance and mobility solutions. We are pleased with the balance we have achieved with 52% of our revenue coming from brokerage sales and 48% from our Insurance as a Service (IaaS) technology platform sales. This showcases the depth of our business plan and our ability to land-and-expand multiple products within our customer base."

Roadzen posted a net loss of $30.57 million for the quarter, impacted by $26.5 million in non-cash, non-recurring, and extraordinary items. When adjusted for these factors, the Adjusted EBITDA loss stood at $3.1 million, 14% lower compared to an Adjusted EBITDA loss of $3.6 million in the previous quarter.

Roadzen's cutting-edge AI uniquely positions us as the preferred partner for insurers, fleets and carmakers aiming to innovate their auto insurance offerings. At the end of the fiscal quarter ended December 31 2023, Roadzen had 92 enterprise customers (including carriers, automotive, self-insureds, and large fleets) and approximately 3,200 SMB customers including fleets, agents, brokers and dealerships. The company made progress on several other notable objectives this quarter - continuing its leadership in AI research as a founding member of the AI Alliance alongside industry leaders, bolstering Roadzen’s global leadership team with key hires, and achieving growth across the US, UK, EU and India.

“Our priority remains threefold,” added Mr. Malhotra, “continued growth in our key global markets, pushing the boundaries of AI at the intersection of mobility and insurance, and enhancing our position as a strategic partner to the world’s leading insurers, carmakers, and fleets."

______________________1 Adjusted EBITDA is a non-GAAP financial metric. See “Non-GAAP Financial Measures” at the end of this press release for more information, including a reconciliation to the nearest GAAP financial measure.

About Roadzen Inc.

Roadzen Inc. (NASDAQ: RDZN) is a leading insurance technology company on a mission to transform global auto insurance powered by advanced AI. Thousands of clients - from some of the world's leading insurers, fleets, and carmakers to small fleets, brokers, and insurance agents - use Roadzen's technology to build new products, sell insurance, process claims, and improve road safety. Roadzen's pioneering work in telematics and computer vision has earned recognition as a top AI innovator by publications such as Forbes, Fortune, and Financial Express. Roadzen has approximately 400 employees across its global offices in the US, India, UK, and France. For more information, visit

Cautionary Statement Regarding Forward-Looking Statements

This press release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). We have based these forward-looking statements on our current expectations and projections about future events. These forward-looking statements are subject to known and unknown risks, uncertainties and assumptions about us that may cause our actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by such forward-looking statements. In some cases, you can identify forward-looking statements by terminology such as “may,” “should,” “could,” “would,” “expect,” “plan,” “anticipate,” “believe,” “estimate,” and “continue,” or the negative of such terms or other similar expressions. Such statements include, but are not limited to, statements regarding our strategy, demand for our products, expansion plans, future operations, future operating results, estimated revenues, losses, projected costs, prospects, plans and objectives of management, as well as all other statements other than statements of historical fact included in this press release. Factors that might cause or contribute to such a discrepancy include, but are not limited to, those described in “Risk Factors” in our Securities and Exchange Commission (“SEC”) filings, including the definitive proxy statement/prospectus we filed with the SEC on August 14, 2023. We urge you to consider these factors, risks and uncertainties carefully in evaluating the forward-looking statements contained in this press release. All subsequent written or oral forward-looking statements attributable to our company or persons acting on our behalf are expressly qualified in their entirety by these cautionary statements. The forward-looking statements included in this press release are made only as of the date of this release. Except as expressly required by applicable securities law, we disclaim any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise.

Roadzen Inc.
 Condensed Consolidated Balance Sheets
(in US$, except per share data and share count)
Particulars   As ofDecember 31,2023(Unaudited)   As of March 31,2023
Current assets:      
Cash and cash equivalents   9,406,697     589,340  
Accounts receivable, net   7,142,624     1,535,985  
Inventories   29,333     59,897  
Prepayments and other current assets   35,847,455     3,181,936  
Investments   501,812     -  
Total current assets   52,927,921     5,367,158  
Restricted cash   427,697     542,490  
Non marketable securities   4,910,030     4,910,030  
Property and equipment, net   524,484     232,493  
Goodwill   2,142,778     996,441  
Operating lease right-of-use assets   868,391     545,988  
Intangible assets, net   4,497,636     2,469,158  
Other long-term assets   335,948     117,484  
Total assets   66,634,885     15,181,242  
Liabilities, mezzanine equity and stockholders' deficit      
Current liabilities      
Current portion of long-term borrowings   2,393,383     2,852,528  
Short-term borrowings   15,165,855     4,875,801  
Due to insurer   8,866,766      
Accounts payable and accrued expenses   30,582,855     6,241,066  
Short-term operating lease liabilities   423,710     208,697  
Other current liabilities   8,737,264     2,503,893  
Total current liabilities   66,169,833     16,681,985  
Long-term borrowings   608,183     653,269  
Long-term operating lease liabilities   246,743     360,306  
Other long-term liabilities   922,972     294,301  
Total liabilities   67,947,731     17,989,861  
Commitments and contingencies (refer note 23)      
Mezzanine equity      
None authorized or issued as of December 31, 2023; Series A and A1 Preferred stock and additional paid in capital, $0.0001 par value per share, 81,635,738 shares authorized (Series A 5,442,383 and Series A1 76,193,356); 39,868,173 shares issued and outstanding as on March 31, 2023.       48,274,279  
Shareholders' deficit      
Preference shares, $0.0001 par value per share, 60,000,000 shares authorized and none issued as of December 31, 2023 and none authorized or issued as of March 31, 2023        
Ordinary Shares and additional paid in capital, $0.0001 par value per share, 220,000,000 shares authorized as of December 31 2023 and $0.0001 par value per share, 108,840,000 shares authorized as of March 31, 2023; 68,440,829 shares and 16,501,984 shares issued and outstanding as of December 31, 2023 and March 31, 2023 respectively   84,980,325     303,213  
Accumulated deficit   (117,034,658 )   (51,448,299 )
Accumulated other comprehensive income/(loss)   44,294     (66,903 )
Other components of equity   31,042,146     366,786  
Total shareholders’ deficit   (967,893 )   (50,845,203 )
Non-controlling interest   (344,953 )   (237,695 )
Total deficit   (1,312,846 )   (51,082,898 )
Total liabilities, Mezzanine equity and Shareholders’ deficit, Non-controlling interest   66,634,885     15,181,242  
Roadzen Inc.
Unaudited Condensed Consolidated Statements of Operations
(in US$, except per share data and share count)
    For the three months endedDecember 31,   For the nine months endedDecember 31,
Particulars   2023   2022   2023   2022
Revenue   15,641,441     3,316,645     36,722,932     8,554,393  
Costs and expenses:            
Cost of services (exclusive of depreciation and amortization shown separately)   6,816,794     1,512,670     15,665,565     4,404,735  
Research and development   1,876,839     519,931     3,052,244     1,779,842  
Sales and marketing   11,137,159     3,090,890     24,663,562     7,262,861  
General and administrative   26,676,170     861,060     34,855,630     1,974,121  
Depreciation and amortization   451,773     521,544     1,232,626     1,293,803  
Total costs and expenses   46,958,735     6,506,095     79,469,627     16,715,362  
Loss from operations   (31,317,294 )   (3,189,450 )   (42,746,695 )   (8,160,969 )
Interest income/(expense)   (723,561 )   (399,905 )   (1,558,985 )   (603,643 )
Fair value gains/(losses) in financial instruments carried at fair value   1,220,362     4,017,520     (22,369,638 )   (1,009,374 )
Other income/(expense) net   83,347     (82,377 )   783,269     35,312  
Total other income/(expense)   580,148     3,535,238     (23,145,354 )   (1,577,705 )
(Loss)/Income before income tax expense   (30,737,146 )   345,788     (65,892,049 )   (9,738,674 )
Less: income tax (benefit)/expense   (126,732 )   (48,719 )   (93,382 )   (46,711 )
Net (loss)/income before non-controlling interest   (30,610,414 )   394,507     (65,798,667 )   (9,691,963 )
Net loss attributable to non-controlling interest, net of tax   (40,795 )   (82,922 )   (108,004 )   (162,091 )
Net (loss)/income attributable to Roadzen Inc.   (30,569,619 )   477,429     (65,690,663 )   (9,529,872 )
Net (loss)/income attributable to Roadzen Inc. ordinary shareholders   (30,569,619 )   477,429     (65,690,663 )   (9,529,872 )
Basic and diluted   (0.45 )   0.03     (1.82 )   (0.58 )
Weighted-average number of shares outstanding used to compute net loss per share attributable to Roadzen Inc. ordinary shareholders   68,440,829     16,501,984     36,144,311     16,501,984  
Roadzen Inc.
Unaudited Condensed Consolidated Statements of Cash Flow
(in US$)
    For the nine months endedDecember 31,
Particulars   2023   2022
Cash flows from operating activities      
Net loss including non controlling interest   (65,798,667 )   (9,691,963 )
Adjustments to reconcile net loss to net cash used in operating activities:      
Depreciation and amortization   1,232,626     1,293,803  
Stock based compensation   30,779,664     -  
Deferred income taxes   36,283     (42,729 )
Unrealised foreign exchange loss/(profit)   628,435     8,417  
Fair value losses in financial instruments carried at fair value   22,369,638     1,009,374  
Gain on fair valuation of investments   (1,812 )   -  
Gain on sale of property and equipment   -     (495 )
Expected credit loss (net of reversal)   208,264     -  
Lease equalisation reserve   -     14,676  
Balances written off/(back)   -     209  
Changes in assets and liabilities, net of assets acquired and liabilities assumed from acquisitions:      
Inventories   30,013     (29,079 )
Income taxes, net   19,286     109,680  
Accounts receivables, net   2,412,838     (170,992 )
Prepayments and other assets   (24,935,177 )   (1,290,384 )
Accounts payable and accrued expenses and other current liabilities   19,656,629     1,730,544  
Other liabilities   (1,219,411 )   87,564  
Net cash used in operating activities   (14,581,391 )   (6,971,374 )
Cash flows from investing activities      
Purchase of property and equipment, intangible assets and goodwill   (423,575 )   (326,972 )
Proceeds from sale of property, plant and equipment   -     1,096  
Acquisition of businesses   (5,749,202 )   -  
Investment in mutual funds   (500,000 )   -  
Net cash used in investing activities   (6,672,777 )   (325,876 )
Cash flows from financing activities      
Proceeds from business combination   32,770     -  
Proceeds from issue of preferred stock   6,079,409     -  
Proceeds from long-term borrowings   2,806,638     4,357,544  
Repayments of long-term borrowings   (1,025,884 )   (685,659 )
Net proceeds/(payments) from short-term borrowings   10,702,721     4,573,698  
Net cash generated from financing activities   18,595,654     8,245,583  
Effect of exchange rate changes on cash and cash equivalents   108,532     (109,748 )
Net (decrease)/increase in cash and cash equivalents (including restricted cash)   (2,549,982 )   838,585  
Cash acquired in business combination   11,252,546     -  
Cash and cash equivalents at the beginning of the period (including restricted cash)   1,131,830     1,086,418  
Cash and cash equivalents at the end of the period (including restricted cash)   9,834,394     1,925,003  
Reconciliation of cash and cash equivalents      
Cash and cash equivalents   9,406,697     1,283,615  
Restricted cash   427,697     641,388  
Total cash and cash equivalents   9,834,394     1,925,003  
Supplemental disclosure of cash flow information      
Cash paid for interest, net of amounts capitalized   174,934     281,944  
Cash paid for income taxes, net of refunds   -     22,115  
Non-cash investing and financing activities      
Convertible preferred stock issued on conversion of convertible notes       6,441,014  
Consideration payable in connection with acquisitions   1,850,384     602,093  
Interest accrued on borrowings   451,805      

Non-GAAP Financial Measures

This press release includes Adjusted Earnings Before Interest, Tax, Depreciation and Amortization (“Adjusted EBITDA”), is a non-GAAP financial measure which excludes the impact of finance costs, taxes, depreciation and amortization and certain other items from reported net profit or loss. We believe that Adjusted EBITDA aids investors by providing an operating profit/loss without the impact of non- cash depreciation and amortization and certain other items to help clarify sustainability and trends affecting the business. For comparability of reporting, management considers non-GAAP measures in conjunction with U.S. GAAP financial results in evaluating business performance. Adjusted EBITDA should not be considered a substitute for, or superior to, the measures of financial performance prepared in accordance with U.S. GAAP. In addition, Adjusted EBITDA does not purport to represent cash flow provided by, or used for, operating activities in accordance with GAAP and should not be used as a measure of liquidity.

Non-GAAP financial measures have limitations as analytical tools and should not be considered in isolation or as substitutes for financial information presented under GAAP. There are a number of limitations related to the use of non-GAAP financial measures versus comparable financial measures determined under GAAP. For example, other companies in our industry may calculate these non-GAAP financial measures differently or may use other measures to evaluate their performance. These limitations could reduce the usefulness of these non-GAAP financial measures as analytical tools. Investors are encouraged to review the related GAAP financial measures and the reconciliations of these non-GAAP financial measures to their most directly comparable GAAP financial measures and to not rely on any single financial measure to evaluate our business.

The following table reconciles our net loss reported in accordance with U.S. GAAP to Adjusted EBITDA

    For the three months endedDecember 31,
Particulars   2023   2022
Net loss   (30,610,414 )   394,507  
Adjusted for:      
Other (income)/expense net   (83,347 )   82,377  
Interest (income)/expense   723,561     399,905  
Fair value changes in financial instruments carried at fair value   (1,220,362 )   (4,017,520 )
Tax (benefit)/expense   (126,732 )   (48,719 )
Depreciation and amortization   451,773     521,544  
Stock based compensation expense   27,253,455     -  
Non-cash expenses   56,133     -  
Non-recurring expenses   457,703     -  
Adjusted EBITDA   (3,098,230 )   (2,667,906 )
    For the nine months endedDecember 31,
Particulars   2023   2022
Net loss   (65,798,667 )   (9,691,963 )
Adjusted for:      
Other (income)/expense net   (783,269 )   (35,312 )
Interest (income)/expense   1,558,985     603,643  
Fair value changes in financial instruments carried at fair value   22,369,638     1,009,374  
Tax (benefit)/expense   (93,382 )   (46,711 )
Depreciation and amortization   1,232,626     1,293,803  
Stock based compensation expense   30,779,664     -  
Non-cash expenses   228,024    
Non-recurring expenses   2,277,449     -  
Adjusted EBITDA   (8,228,932 )   (6,867,166 )

For more information, please contact:

Investor Contacts:Roadzen: Raghav Kansal (

Media Contacts:Roadzen: Sanya Soni ( Gutenberg: 

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