Quarterly revenue of $15.64 million, a 372% increase year-over-year.
Adjusted EBITDA loss of $3.1 million, a 14% improvement over second quarter on the path to profitability.
Revenue composition continues to highlight the strength of Roadzen’s strategic plan with brokerage solutions contributing 52% and technology sales accounting for 48%.
Mumbai, Pune, Bangalore, Delhi- India, February 14, 2024 – Roadzen Inc. (Nasdaq: RDZN), a global pioneer in next-generation auto insurance powered by AI, reported its quarterly earnings for the third fiscal quarter ended December 31, 2023. The company reported revenue of $15.64 million, an increase of 372% from revenue of $3.32 million in the same quarter last year.
Roadzen’s success is a testament to its Indian roots, where it initially started its journey. With a significant portion of its 400 employees based in India, the company continues to contribute to the growth of the Indian tech ecosystem.
Rohan Malhotra, Co-Founder and CEO of Roadzen, stated, “This quarter’s performance is a testament to Roadzen’s strength as the leading provider of AI-driven insurance and mobility solutions. We are pleased with the balance we have achieved with 52% of our revenue coming from brokerage sales and 48% from our Insurance as a Service (IaaS) technology platform sales. This showcases the depth of our business plan and our ability to land-and-expand multiple products within our customer base.”
Roadzen posted a net loss of $32.6 million for the quarter, impacted by $28.6 million in non-cash, non-recurring, and extraordinary items. When adjusted for these factors, the Adjusted EBITDA[1] loss stood at $3.1 million, 14% lower compared to an Adjusted EBITDA loss of $3.6 million in the previous quarter, demonstrating a sustained push towards profitability.
Roadzen’s cutting-edge AI uniquely positions us as the preferred partner for insurers, fleets and carmakers aiming to innovate their auto insurance offerings. At the end of the fiscal quarter ended December 31 2023, Roadzen had 92 enterprise customers (including carriers, automotive, self-insureds, and large fleets) and approximately 3,200 SMB customers including fleets, agents, brokers and dealerships. The company made progress on several other notable objectives this quarter – continuing its leadership in AI research as a founding member of the AI Alliance alongside industry leaders, bolstering Roadzen’s global leadership team with key hires, and achieving growth across the US, UK, EU and India.
“Our priority remains threefold,” added Mr. Malhotra, “continued growth in our key global markets, pushing the boundaries of AI at the intersection of mobility and insurance, and enhancing our position as a strategic partner to the world’s leading insurers, carmakers, and fleets.”
[1] Adjusted EBITDA is a non-GAAP financial metrics. See “Non-GAAP Financial Measures” at the end of this press release for more information, including a reconciliation to the nearest GAAP financial measure.
About Roadzen Inc.
Roadzen Inc. (NASDAQ: RDZN) is a leading insurance technology company on a mission to transform global auto insurance powered by advanced AI. Thousands of clients – from some of the world’s leading insurers, fleets, and carmakers to small fleets, brokers, and insurance agents – use Roadzen’s technology to build new products, sell insurance, process claims, and improve road safety. Roadzen’s pioneering work in telematics and computer vision has earned recognition as a top AI innovator by publications such as Forbes, Fortune, and Financial Express. Roadzen has approximately 400 employees across its global offices in the US, India, UK, and France. For more information, visit www.roadzen.io.
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