372% Year-Over-Year Increase
Quarterly revenue of $15.64 million, a 372% increase year-over-year.
Net loss of $30.57 million is impacted by non-cash, non-recurring and extraordinary items leading to an Adjusted EBITDA1 loss of $3.1 million, a 14% improvement in Adjusted EBITDA over the second quarter.
Revenue composition continues to highlight the strength of Roadzen’s strategic plan with brokerage solutions contributing 52% and technology sales accounting for 48%.
NEW YORK, Feb. 12, 2024 (GLOBE NEWSWIRE) — 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.”
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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 www.roadzen.io.
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 of
December 31,
2023
(Unaudited)
As of March 31,
2023
Assets
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
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