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 the prior year, due to the incremental revenue from U.S. and U.K. acquisitions, as well as continuing growth in India. Revenue from brokerage solutions accounted for 65% of our revenue, increasing $21.3 million, or 232% over the prior year, while IaaS revenue accounted for the remaining 35% of revenue, increasing $11.8 million, or 270% over the prior year. Gross margin continued to show improvement, with a slight increase over the prior year to 61.2% up from 60.1%. As of March 31, 2024, we had 33 insurance customer agreements (including carriers, self-insureds and other entities processing insurance claims), compared to 26 in the prior year; 68 automotive customer agreements in fiscal 2024 compared to 23 in the prior year; and approximately 3,200 agents and fleet customer agreements in fiscal 2024 compared to approximately 2,000 in the prior year. In the brokerage segment: 324,293 policies were sold during fiscal 2024 adding up to $61.8 million of Gross Written Premium ("GWP"), compared to 258,546 policies sold in the prior year for $38.0 million of GWP, a 25.5% and 62.6% increase respectively. For the IaaS segment: 301,120 claims and vehicle inspections were conducted during the fiscal year compared to 220,781 the prior year, representing a 36.4% increase. Expenses and Net Results Operating expenses excluding Depreciation and Amortization totaled $104.1 million, an increase of $86.0 million compared to the prior year. This includes $61.2 million of non-cash expenses, comprised of $56.3 million of equity compensation expense related to RSUs granted to employees on September 18, 2023, and $4.9 million in provisions for doubtful accounts that include $2.8 million related to the issuance of preferred stock prior to the Business Combination (as defined in our SEC filings) and $2.1 million in advances made to de-consolidated subsidiaries. Other expenses totaled $22.2 million, an increase of $19.5 million over the prior year, driven by $19.5 million of non-cash expense related to fair market valuation adjustments of financial instruments, including the Forward Purchase Agreement ("FPA") and warrants. In total, net loss for the fiscal year includes $89.4 million of non-cash, non-recurring and other extraordinary items that, when removed, result in an Adjusted EBITDA loss of $10.4 million compared to $9.9 million loss in the prior year. Adjusted EBITDA margin was -22.3% in fiscal 2024 compared to -73.1% in the prior year. Balance Sheet Cash on hand as of March 31, 2024 was $11.2 million compared to $0.6 million on March 31, 2023. Current Assets were $49.8 million, primarily due to the $28.8 million FPA prepayment balance. Current Liabilities totaled $65.7 million, including $17.4 million in Accounts Payable assumed by Roadzen in connection with the Business Combination, and $13.1 million for Mizuho Securities USA LLC ("Mizuho") that includes short-term borrowings of $7.5 million and a $5.6 million fair valuation of warrants granted as part of the Mizuho debt agreement. Long-Term Liabilities totaled $3.0 million, primarily made up of various debt instruments issued by the Company. Russell Indexes June 28, 2024 – Roadzen was added to the Russell Indexes, including the Russell 2000®, Russell 3000®, and Russell Microcap®, which will drive awareness from institutional shareholders and improve visibility as a publicly-listed company. 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 380+ employees across its global offices in the U.S., India, U.K. and France. To learn more, please visit www.roadzen.ai. Cautionary Statement Regarding Forward-Looking StatementsThis 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," "pipeline," "leads," "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.   Roadzen Inc. Consolidated Balance Sheets (in US$, except per share data and share count)       Particulars   As of March 31,2024 As of March 31,2023 Assets       Current assets:       Cash and cash equivalents   11,186,095   589,340   Accounts receivable, net   3,652,380   1,535,985   Inventories   70,667   59,897   Prepayments and other current assets   34,426,335   3,181,936   Investments   507,094   -   Total current assets   49,842,571   5,367,158   Restricted cash   378,993   542,490   Non marketable securities   1,514,796   4,910,030   Property and equipment, net   454,589   232,493   Goodwill   2,061,553   996,441   Operating lease right-of-use assets   822,327   545,988   Intangible assets, net   2,989,604   2,469,158   Other long-term assets   71,913   117,484   Total assets   58,136,346   15,181,242           Liabilities, mezzanine equity and stockholders' deficit       Current liabilities       Current portion of long-term borrowings   2,228,471   2,852,528   Short-term borrowings   15,754,829   4,875,801   Due to insurer   8,918,849   —   Accounts payable and accrued expenses   29,573,638   6,241,066   Derivative warrant liabilities   5,585,955   —   Short-term operating lease liabilities   358,802   208,697   Other current liabilities   3,231,962   2,503,893   Total current liabilities   65,652,506   16,681,985   Long-term borrowings   1,472,933   653,269   Long-term operating lease liabilities   268,856   360,306   Other long-term liabilities   1,241,917   294,301   Total liabilities   68,636,212   17,989,861           Commitments and contingencies (refer note 26)               Mezzanine equity       None authorized or issued as of March 31, 2024; Series A and A1 preferred ...