Based in 2015, Roadzen makes use of superior AI to offer knowledge that permits insurers to construct auto insurance coverage merchandise. The corporate has grown to $9.8 million in whole consolidated income for the fiscal 12 months ending March 31, 2022, and is predicted 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 know-how 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 consider it is a agency subsequent step in that journey. Our workforce, know-how, enterprise technique and an ecosystem of world-class companions will create vital and powerful progress for years to come back. We’re thrilled to accomplice with Vahanna and its unbelievable workforce of buyers and operators to unlock this progress.”
“Vahanna’s conviction is that know-how corporations leveraging India’s extremely developed tech ecosystem can vault to the worldwide markets accessing capital and assets, to catalyze progress and remodel industries,” mentioned Saurav Adhikari, chairman of Vahanna. “Roadzen, with its extremely proficient administration workforce, AI know-how prowess, and sharp deal with auto insurance coverage, supplies our buyers a novel alternative to take part in an trade below vital transformation.”
The merger is predicted to shut throughout the second quarter of 2023, topic to customary closing circumstances. Proceeds of the transaction are anticipated to fund Roadzen’s natural progress initiatives and M&A technique.
After the deal is accomplished, present Roadzen shareholders are anticipated to personal 73.2% of the mixed firm.
Roadzen has 5 international places of work, together with ones in New Delhi and New York. Final 12 months, it signed acquisition agreements to increase 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 subsequent era of U.S.-Indian know-how corporations belong on the worldwide public markets, and that SPACs, particularly operator-led SPACs, can play an important function in serving to their founders handle public market preparedness. We consider the mixture of Vahanna’s institutional bench, in help of Roadzen’s distinctive founder and entrepreneurial imaginative and prescient, guarantees a brand new market chief.”