Roadzen, Inc. Ordinary Shares - RDZN STOCK NEWS

Roadzen Inc. (NASDAQ: RDZN) announced an expansion of its AI-powered claims processing contract with National Insurance Company (NICL), one of India's top 10 P&C insurers. Following successful implementation across 10 regional offices, NICL is extending Roadzen's XClaim platform to 4 additional offices effective January 1, 2025.

NICL, which processes approximately 200,000 claims annually, selected Roadzen as a Digital Service Provider after a comprehensive RFP process. The evaluation was conducted by four government-owned auto insurance carriers representing 32% of India's automobile insurance market, which grows approximately 18% annually. These carriers collectively process about 1.4 million automobile claims yearly.

Roadzen's XClaim platform enables touchless, real-time claims resolution using computer vision, eliminating the need for manual surveyor visits and providing instant estimates and approvals through photos, videos, or real-time streaming.

Roadzen Inc. (NASDAQ: RDZN) has completed its previously announced underwritten public offering, selling 2,300,000 ordinary shares at $1.25 per share, including 300,000 shares from the full exercise of the underwriter's option. The offering raised gross proceeds of $2,875,000 before deducting costs and commissions.

The company plans to use the net proceeds for sales and marketing costs, research and development, working capital, and general corporate purposes, including personnel costs and public company operating expenses. A portion may be used to repay outstanding debt. ThinkEquity served as the sole book-running manager for the offering, which was conducted under a shelf registration statement filed with the SEC.

Roadzen Inc. (RDZN), an AI company focusing on insurance and mobility, has announced the pricing of an underwritten public offering of 2,000,000 ordinary shares at $1.25 per share, aiming to raise $2.5 million in gross proceeds. The offering includes pre-funded warrants and a 45-day option for underwriters to purchase up to 300,000 additional shares.

The offering is expected to close on December 17, 2024. The company plans to use the proceeds for sales and marketing, R&D, working capital, general corporate purposes, and potentially debt repayment. ThinkEquity is serving as the sole book-running manager for this offering, which is being conducted under a shelf registration statement filed with the SEC.

Roadzen Inc. (Nasdaq: RDZN), a global AI leader in insurance and mobility, has been awarded the prestigious IFTA Excellence in InsurTech Award by the India FinTech Forum. The award recognizes exceptional innovation, efficiency, and customer impact in the insurance industry.

As a technology company transforming auto insurance through advanced AI, Roadzen serves thousands of clients, including major insurers, carmakers, fleets, dealerships, and insurance agents. The company specializes in telematics, generative AI, and computer vision, with a mission to prevent accidents, ensure fair premiums, and expedite claims processing.

Headquartered in Burlingame, California, Roadzen employs 360 people across global offices in the U.S., India, U.K., and France. The company's innovative solutions help clients build products, sell insurance, process claims, and improve road safety.

Roadzen Inc. (Nasdaq: RDZN) has reached an agreement with Mizuho Securities USA to extend the maturity date of its $11.5 million 15% senior secured notes by one year, to December 31, 2025. The extension is subject to negotiation of definitive agreements and satisfaction of conditions. The company sees this debt restructuring as important for achieving a valuation that reflects its potential, with CEO Rohan Malhotra highlighting Mizuho's support in converting short-term notes into long-term debt.

Roadzen Inc. (NASDAQ: RDZN) has announced a partnership with Cimarron Underwriters through a Memorandum of Understanding (MOU). This strategic alliance will enable Roadzen to leverage Cimarron's nationwide Managing General Agent (MGA) licenses to expand its insurance offerings across all 50 U.S. states.

Under the partnership, Roadzen will utilize Cimarron's brokerage licenses and platform to launch and expand its U.S. brokerage business. Cimarron will oversee agent production, appointment, and supervision, while Roadzen will manage underwriting, sales, accounting, and claims processing through its global technology platform. The company will maintain an asset-light approach by onboarding reinsurance and insurance partners without taking on underwriting risk.

Roadzen Inc. (NASDAQ: RDZN) has partnered with Motive to provide roadside assistance and towing services to Motive's customer base of over one million vehicles. The partnership, through Roadzen's National Automobile Club (NAC), will generate direct revenue based on per vehicle per incident, offering 24/7 nationwide service coverage at substantial savings to Motive customers.

The service will be available from December 16 through Motive's Driver App, with a pay-per-use model and no monthly fees. According to industry data, approximately 20-30% of U.S. trucks require roadside assistance annually, with breakdowns occurring roughly every 10,000 miles. The partnership combines AI-powered risk detection with fleet management capabilities to enhance driver safety and minimize operational disruptions.

Motive has launched a new 24/7/365 roadside assistance service through a partnership with National Automobile Club, offering comprehensive support for commercial fleets. The service provides access to over 75,000 roadside assistance providers across the US and Canada, with customers receiving up to 20% discounts and an additional 5% when using the Motive Card.

The launch comes as holiday season data shows a 32% increase in accidents around Christmas, with 65.5% of collisions occurring on wet or snowy roads. The service includes heavy-duty towing, jump starts, tire changes, fuel delivery, and lock-out assistance, with average response times under 20 seconds and service arrival within 60 minutes.

This addition complements Motive's existing safety features, including AI-powered Drowsiness Detection and Forward Collision Warning systems, which help prevent accidents caused by driver fatigue and rear-end collisions.

Roadzen Inc. (NASDAQ: RDZN) has secured a five-year contract with a major Indian LPG supplier to implement its drivebuddyAI system across their fleet of over 500 vehicles. The contract is expected to generate seven-figure revenue over its term. DrivebuddyAI, the first system to receive ARAI certification under India's AIS184 standard, was selected after a five-month validation process against leading competitors.

The system features advanced AI-powered safety capabilities including 98-point landmark tracking for driver eye movement, real-time monitoring, and predictive analytics. Key features include distraction alerts, drowsiness detection, focus monitoring, and emotion tracking. The technology aims to enhance driver safety, reduce risks, and optimize fleet operations while ensuring compliance with regulatory standards.