Roadzen Set to Join Russell 2000® and Russell 3000® Indexes

Rhea-AI Summary

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.

Positive

• Inclusion in the prestigious Russell 2000, 3000, and Microcap Indexes.
• Expected increase in institutional awareness and investor exposure.
• Use of AI to potentially reduce auto insurance premiums and enhance road safety.
• Automatic inclusion in relevant growth and value style indexes.
• Russell indexes benchmark approximately $10.5 trillion in assets.

Negative

• No direct mention of immediate financial gains or increased revenue.
• The announcement is forward-looking and speculative in nature.
• Potential challenges in achieving the claimed benefits of AI technology.

NEW YORK, May 30, 2024 (GLOBE NEWSWIRE) -- Roadzen Inc. (Nasdaq: RDZN) ("Roadzen" or the "Company”), a global leader in AI at the convergence of insurance and mobility, today announced that the Company is set to be added to the Russell 2000, Russell 3000, and Russell Microcap Indexes as part of the annual reconstitution of the Russell stock indexes, effective at the US market open on Monday, July 1, 2024. A preliminary list of Russell 3000 Index additions, including Roadzen, was posted by FTSE Russell on May 24, 2024.

Rohan Malhotra, founder and CEO, commented, “We are delighted to be included in the prestigious Russell indexes during our first year as a Nasdaq-listed company. The inclusion in the Russell should increase overall institutional awareness and investor exposure of our company as we execute on our mission to transform global auto insurance using AI. Our goal is important as auto insurance is one of the leading contributors to inflation in the US, with rates continuing to rise for consumers and businesses alike. We believe this dynamic can be countered using our technology, which employs artificial intelligence to make drivers safer, resolve claims in real-time and reduce fraud, leading to fairer premiums for all drivers.”

Russell indexes are widely used by investment managers and institutional investors for index funds and as benchmarks for active investment strategies. Approximately $10.5 trillion in assets are benchmarked against Russell’s US indexes. Russell indexes are part of FTSE Russell, a leading global index provider. Membership in the US all-cap Russell 3000® Index, which remains in place for one year, means automatic inclusion in the large-cap Russell 1000® Index or small-cap Russell 2000® Index as well as the appropriate growth and value style indexes. FTSE Russell determines membership for its Russell indexes primarily by objective, market-capitalization rankings, and style attributes.

For more information on the Russell 3000 Index and the Russell indexes reconstitution, go to the “Russell Reconstitution” section on the FTSE Russell website.

Russell 2000®, Russell 3000® and Russell Microcap® are registered trademarks of the Frank Russell Company, used under license.

About Roadzen Inc.

Roadzen Inc. (Nasdaq: RDZN) is a global technology company transforming auto insurance using advanced artificial intelligence (AI). Thousands of clients, from the world’s leading insurers, carmakers, and fleets to dealerships and auto insurance agents, use Roadzen’s technology to build new products, sell insurance, process claims, and improve road safety. Roadzen’s pioneering work in telematics, generative AI, and computer vision has earned recognition as a top AI innovator by publications such as Forbes, Fortune, and Financial Express. Roadzen’s mission is to continue advancing AI research at the intersection of mobility and insurance, ushering in a world where accidents are prevented, premiums are fair, and claims are processed within minutes, not weeks.  Headquartered in Burlingame, California, the Company has 400+ employees across its global offices in the US, India, UK and France. To learn more, please visit www.roadzen.ai.

About FTSE Russell

FTSE Russell is a global index leader that provides innovative benchmarking, analytics and data solutions for investors worldwide. FTSE Russell calculates thousands of indexes that measure and benchmark markets and asset classes in more than 70 countries, covering 98% of the investable market globally. FTSE Russell index expertise and products are used extensively by institutional and retail investors globally. Approximately $20.1 trillion is currently benchmarked to FTSE Russell indexes. For over 30 years, leading asset owners, asset managers, ETF providers and investment banks have chosen FTSE Russell indexes to benchmark their investment performance and create ETFs, structured products and index-based derivatives. A core set of universal principles guides FTSE Russell index design and management: a transparent rules-based methodology is informed by independent committees of leading market participants. FTSE Russell is focused on applying the highest industry standards in index design and governance and embraces the IOSCO Principles. FTSE Russell is also focused on index innovation and customer partnerships as it seeks to enhance the breadth, depth and reach of its offering. FTSE Russell is wholly owned by London Stock Exchange Group. For more information, visit www.ftserussell.com.

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.

Media Contacts:
Sanya Soni: sanya@roadzen.ai
Gutenberg: roadzen@thegutenberg.com

Investor Contacts:
Yvonne Zappulla: yvonne@roadzen.ai

FAQ

When will Roadzen be included in the Russell indexes?

Roadzen will be included in the Russell indexes effective July 1, 2024.

Which indexes will Roadzen be added to?

Roadzen will be added to the Russell 2000, Russell 3000, and Russell Microcap Indexes.

What is the significance of being included in the Russell indexes for Roadzen?

Inclusion in the Russell indexes is expected to increase institutional awareness and investor exposure.

What is the stock symbol for Roadzen?

The stock symbol for Roadzen is RDZN.

What is the financial benchmark value of the Russell indexes?

Approximately $10.5 trillion in assets are benchmarked against Russell's US indexes.

Who announced the inclusion of Roadzen in the Russell indexes?

FTSE Russell announced the inclusion of Roadzen in the Russell indexes.