Roadzen, Inc. Ordinary Shares - RDZN STOCK NEWS

Roadzen has announced a partnership with a leading commercial auto-focused agency network in India, adding over 1,200 agents across 18 states to its platform. The collaboration is expected to cover over 300,000 vehicles annually, generating around $65 million in gross written premiums.

This partnership is projected to enhance Roadzen’s annual revenue by $10 million over the next year. The Indian economy, projected to grow at 8% in 2024, is now the third-largest car market globally. The auto insurance market in India is forecasted to grow at a CAGR of 7.9% from 2024 to 2028.

Roadzen’s platform offers real-time quote options, risk-matching algorithms, and streamlined claims processes. It also provides accident prevention technology and proactive roadside assistance for commercial fleet owners.

Rohan Malhotra, CEO of Roadzen, emphasized the partnership’s role in advancing the auto insurance ecosystem by leveraging advanced technology and capital to support sustainable growth.

Roadzen (Nasdaq: RDZN) will participate in the Jefferies Global FinTech Conference on June 12-13, 2024, in New York City. CEO Rohan Malhotra will join an InsurTech Panel on June 12 at 11:30 a.m. ET. The company will also be available for one-on-one meetings during the event. Roadzen leverages AI to revolutionize auto insurance, with technology adopted by insurers, carmakers, and fleets globally. Recognized by Forbes and Fortune, the company focuses on enhancing telematics, generative AI, and computer vision to improve road safety and expedite claims processing.

Roadzen (Nasdaq: RDZN), a global leader in AI for insurance and mobility, announced its inclusion in the Russell 2000, Russell 3000, and Russell Microcap Indexes, effective July 1, 2024. This milestone follows the release of a preliminary addition list by FTSE Russell on May 24, 2024. CEO Rohan Malhotra highlighted the increased institutional awareness and investor exposure expected from this inclusion. Roadzen's AI technology aims to transform global auto insurance by enhancing driver safety, processing claims in real-time, and reducing fraud, resulting in fairer premiums. Russell indexes are widely used benchmarks with approximately $10.5 trillion in assets benchmarked against them. Membership in the Russell 3000 Index ensures automatic inclusion in either the large-cap Russell 1000 or the small-cap Russell 2000, along with relevant growth and value style indexes. FTSE Russell is a prominent global index provider, covering 98% of the investable market worldwide.

Roadzen, a global AI leader in insurance and mobility, announced its participation in the Maxim Group Virtual TMT Conference on June 4, 2024. Founder and CEO Rohan Malhotra will engage in a fireside chat with Maxim’s Senior Research Analyst, Allen Klee. The event, held virtually, will explore advancements in AI and its applications in various sectors. On May 23, 2024, Maxim Group initiated research coverage of Roadzen. Roadzen's technology is utilized by major insurers, carmakers, and dealerships to innovate and streamline auto insurance processes. The company, headquartered in California, employs over 400 staff globally.

Roadzen Inc. announced that Dalmia Transport & Logistics has selected its DrivebuddyAI technology for fleet operations. This partnership aims to enhance safety and operational efficiency in the logistics industry in India. DrivebuddyAI's ADAMATICS technology platform combines ADAS with telematics to provide collision avoidance and driver drowsiness detection features. The selection of DrivebuddyAI over other leading vendors highlights its potential to revolutionize driver management and behavior monitoring.

Roadzen Inc. appoints Bruce Goldberg as General Counsel, bringing over thirty years of executive experience to strengthen the leadership team. Goldberg's expertise in legal, compliance, M&A, and HR positions Roadzen for future growth and innovation in the insurance industry.

Roadzen Inc. (Nasdaq: RDZN) reported a remarkable 372% year-over-year increase in quarterly revenue, reaching $15.64 million. The company's net loss of $30.57 million was impacted by non-cash, non-recurring, and extraordinary items, resulting in an Adjusted EBITDA loss of $3.1 million, showing a 14% improvement over the previous quarter. Revenue composition revealed a strategic balance with brokerage solutions contributing 52% and technology sales accounting for 48%.

Roadzen Inc. (Nasdaq: RDZN) appoints Jean-Noël Gallardo as new Chief Financial Officer, bringing over two decades of experience in financial planning and analysis, treasury management, compliance, fundraising, and M&A. With extensive experience in insurtech, brokerage, and claims administration throughout the US and EU, Mr. Gallardo is ideally positioned to propel Roadzen’s continued expansion. His role includes enhancing Roadzen's financial and operational playbook, overseeing investor and analyst engagement, and steering strategic financial initiatives.

Roadzen Inc. (NASDAQ: RDZN) collaborates with over 50 leading organizations worldwide to form the AI Alliance, dedicated to advancing open, safe, and responsible AI. The alliance aims to foster an open community, accelerate responsible innovation in AI, and address safety concerns, ensuring scientific rigor, trust, safety, security, diversity, and economic competitiveness.