Business
Roadzen Reports Record Revenue Growth in its First Fiscal Year as a Public Company
Full year revenue of $46.7 million, up from $13.5 million in the prior year, a 245% increase.Net loss of $99.7 million is impacted by non-cash, non-recurring
About this update from Roadzen, Inc.
[{"type":"text","content":"Full year revenue of $46.7 million, up from $13.5 million in the prior year, a 245% increase.Net loss of $99.7 million is impacted by non-cash, non-recurring and extraordinary items, resulting in an Adjusted EBITDA1 loss of $10.4 million, a 5.1% increase over last year.As of market close on June 28, 2024 Roadzen was included in the Russell 2000®, Russell 3000®, and Russell Microcap® indexes bringing new institutional shareholders. NEW YORK, July 01, 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 its results for the twelve-months ended March 31, 2024. \"Roadzen had a remarkable year, achieving substantial revenue growth, maintaining our trajectory towards profitability, and significantly expanding our presence in the U.S. and U.K. markets, along with continued strong growth in India,\" commented Rohan Malhotra, CEO and Founder of Roadzen. \"Our advanced technology group and AI research lab now support a robust global client base and infrastructure, including 101 large enterprise clients, such as leading insurers, automakers, and large fleets, in addition to approximately 3,200 small and medium businesses, including agents, brokers, dealerships, and smaller fleets. Looking ahead, we anticipate continued momentum and establishing Roadzen as a leader in vertical AI for auto insurance within the public markets, leveraging the strong foundation we've built over the past year.\" Jean-Noël Gallardo, Roadzen’s CFO commented, “In preparation for 2024 year-end, we focused on simplifying and streamlining the organizational structure and internal financial reporting protocols to ready the Company for scale and another breakout year in 2025. We also focused on streamlining operations and eliminating redundancies. This allowed us to rationalize small subsidiaries that no longer align with our strategy, yielding a 7% reduction in headcount and the closure of under-performing assets.” ________________________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. Fiscal Year Highlights Revenue and Key Performance Indicators Revenue reached $46.7 million, an increase of 245% over...