Based in 2015, Roadzen makes use of superior AI to supply knowledge that allows insurers to construct auto insurance coverage merchandise. The corporate has grown to $9.8 million in complete consolidated income for the fiscal yr ending March 31, 2022, and is anticipated to generate round $59 million and $118 million for 2023 and 2024, respectively.
“We set out with a daring and impressive imaginative and prescient – to construct the world’s main expertise firm on the intersection of insurance coverage and mobility,” mentioned Rohan Malhotra, Roadzen CEO and co-founder. “We’re dedicated to our long-term imaginative and prescient and imagine this can be a agency subsequent step in that journey. Our crew, expertise, enterprise technique and an ecosystem of world-class companions will create important and robust progress for years to come back. We’re thrilled to accomplice with Vahanna and its unimaginable crew of buyers and operators to unlock this progress.”
“Vahanna’s conviction is that expertise firms leveraging India’s extremely developed tech ecosystem can vault to the worldwide markets accessing capital and sources, to catalyze progress and rework industries,” mentioned Saurav Adhikari, chairman of Vahanna. “Roadzen, with its extremely gifted administration crew, AI expertise prowess, and sharp concentrate on auto insurance coverage, offers our buyers a singular alternative to take part in an trade beneath important transformation.”
The merger is anticipated to shut through the second quarter of 2023, topic to customary closing situations. Proceeds of the transaction are anticipated to fund Roadzen’s natural progress initiatives and M&A technique.
After the deal is accomplished, current Roadzen shareholders are anticipated to personal 73.2% of the mixed firm.
Roadzen has 5 world workplaces, together with ones in New Delhi and New York. Final yr, it signed acquisition agreements to develop additional into the US and UK markets.
“We’re delighted to sponsor Roadzen’s entry to the general public market,” added Vinode Ramgopal, chairman of Vahanna’s sponsor, Vahanna LLC. “It’s exemplary of the Vahanna thesis that the following era of U.S.-Indian expertise firms belong on the worldwide public markets, and that SPACs, particularly operator-led SPACs, can play a significant function in serving to their founders handle public market preparedness. We imagine the mixture of Vahanna’s institutional bench, in assist of Roadzen’s distinctive founder and entrepreneurial imaginative and prescient, guarantees a brand new market chief.”
