Roadzen Inc. (RDZNW) SEC Filings

Roadzen Inc., a British Virgin Islands-based insurtech platform, reported first-quarter results for the three months ended June 30, 2026. Revenue was $16,194,324, up from $10,865,545 a year earlier, driven by its insurance distribution and support services.

The company remained loss-making, with a net loss attributable to ordinary shareholders of $9,794,375 versus $4,005,770 in the prior-year quarter, weighed down by $2,854,699 of net interest expense and $7,210,865 of fair value losses on financial instruments. Operating cash burn was substantial: net cash used in operating activities was $5,473,162, while cash and cash equivalents (including restricted cash) were $6,221,147 at quarter-end.

The balance sheet is highly leveraged. Total liabilities were $78,352,492 against total assets of $47,720,671, leaving a shareholders’ deficit of $33,798,313 and an overall deficit of $30,631,821. Management states that recurring operating losses, negative operating cash flows and negative working capital raise substantial doubt about Roadzen’s ability to continue as a going concern. The company is pursuing a mitigation plan involving additional debt and equity financing, liability restructurings, and has used its Form S-3 shelf to raise capital, including $7,460,000 of equity proceeds in the quarter and prior gross proceeds of $7,999,979 in May 2026. Debt facilities remain significant and expensive, including $11.5 million of senior secured notes recently extended to July 7, 2027, junior business loans with high effective payment multipliers, and convertible notes with interest rates around 14%.

Roadzen Inc. reported its best quarter to date for the three months ended June 30, 2026, with record revenue of $16.2 million, up 49% year-over-year. Brokerage solutions contributed 45% of revenue and IaaS 55%, with IaaS growing 72.3% over the prior-year quarter.

Loss from operations narrowed to $1.5 million and Adjusted EBITDA loss improved to $0.37 million, a 73% year-over-year improvement and the eighth consecutive quarter of Adjusted EBITDA gains. Operating margin improved to (9.5)% from (23.2)%, reflecting operating leverage as expenses grew far slower than revenue.

Net loss attributable to ordinary shareholders widened to $9.8 million, mainly due to a $7.2 million non-cash fair-value loss, including a one-time $5.9 million write-down of a Forward Purchase Agreement. The company ended the quarter with $6.0 million in cash and cash equivalents, $47.7 million in total assets, and $78.3 million in total liabilities, resulting in a shareholders’ deficit. Roadzen signed over $30 million in new contracted revenue and a definitive agreement to acquire a European MGA generating $18–20 million in annual revenue and $1.6–2.0 million in EBITDA.

Roadzen Inc., through its 92%-owned India subsidiary, has signed a definitive agreement to acquire Riverside, a European managing general agent focused on short-term car rental insurance. The deal values Riverside at up to £12 million, with £6 million payable at closing and £6 million as a three-year earn-out tied to performance milestones.

The consideration is primarily cash, though two sellers may elect Roadzen India shares based on a valuation of about $280 million. Riverside writes roughly 800,000 policies a year and is expected to generate about $18–20 million in revenue and $1.6–2 million in EBITDA in its current fiscal year. Management states the transaction is not expected to be directly dilutive to Roadzen’s Nasdaq shareholders and aims to pair Riverside’s short-trip data with Roadzen’s AI underwriting and claims technology.

Roadzen Inc. reported record Q4 and fiscal 2026 results with sharply improved profitability metrics but continued net losses and a leveraged balance sheet. Q4 revenue reached $16.1 million, up 42% year-over-year and 12% sequentially, the highest quarterly revenue in the company’s history. Full-year revenue grew 24% to $55.0 million, while gross margin improved to 61.3% from 57.5%.

Net loss attributable to ordinary shareholders for FY2026 narrowed about 69% to $22.5 million, or $0.29 per share, from $72.9 million, helped by a 34% reduction in operating expenses. Adjusted EBITDA loss improved to $3.5 million for the year and $0.4 million in Q4, Roadzen’s seventh consecutive quarter of Adjusted EBITDA improvement.

Roadzen ended FY2026 with a shareholders’ deficit of $29.6 million and total liabilities of $79.2 million, but restructured its debt by cutting short-term borrowings from $19.9 million to $7.8 million and extending an $11.5 million senior secured facility to July 2027. Management highlights more than $30 million in new annual revenue mandates early in FY2027 and an exit annualized revenue run-rate of about $64 million as it targets reaching $100 million in annualized revenue and Adjusted EBITDA profitability.

Roadzen Inc., a British Virgin Islands-based insurtech, reported revenue of approximately $55.0 million for the year ended March 31, 2026, up from $44.3 million a year earlier, driven by its AI-powered auto insurance technology and brokerage operations.

The company remains unprofitable, with net losses of $23.6 million in 2026 and $72.9 million in 2025, leading to an accumulated deficit of $248.6 million. Its business is split between Insurance as a Service platform fees, contributing about 49.6% of 2026 revenue, and brokerage commissions and fees, contributing about 50.4%.

Roadzen operates globally across India, the U.S., U.K., Europe and China, serving 61 insurers, 91 automotive clients and roughly 4,200 agents and fleets. The business is concentrated, with three customers representing about 13.0%, 10.0% and 8.0% of 2026 revenue and the top 10 customers providing about 56.0%. As of June 26, 2026, it had 84,562,603 ordinary shares outstanding and a public float valued at about $42.8 million as of September 30, 2025.

Roadzen Inc. entered into a Third Amendment to its Securities Purchase Agreement and junior convertible notes with an institutional investor. The amendment shifts installment payments on the November 2025 note that were due on April 21, 2026 and May 21, 2026, and the installment on the January 2026 note that was due on May 20, 2026, so they are all due on July 20, 2026. It adds a conversion price adjustment to the November note for certain equity financings below the then-current conversion price, aligning it with the January note, and removes the requirement to use up to 25% of net proceeds of subsequent placements to redeem the November note. The investor’s right to participate in certain company financings is extended to December 20, 2027, and the company must use commercially reasonable efforts to obtain shareholder approval under Nasdaq Listing Rules to allow conversions of the notes into more than 20% of the ordinary shares outstanding as of November 20, 2025.

Roadzen Inc. furnished an update about its collaboration with Anthropic PBC and the launch of new AI agents for insurance underwriting and claims. Roadzen is a beta testing partner for Anthropic’s Managed Agents Platform, which entered public beta on May 6, 2026, after Roadzen had early pre-launch access.

The company is deploying AI agents built on this platform to handle key underwriting tasks such as reviewing first-of-class submissions, assessing and managing risk, validating documents, and making underwriting decisions. Roadzen’s proprietary AI models are designed to work together with Anthropic’s Claude reasoning layer inside a multi-agent system to run end-to-end workflows without human handoffs. Roadzen states that this relationship is an important step in its strategy to build a comprehensive suite of AI agents for the global insurance industry.

Roadzen Inc. entered into a registered direct equity offering, selling 4,705,870 ordinary shares at $1.70 per share to institutional investors. The transaction, conducted on a best efforts basis through Maxim Group LLC, generated gross proceeds of about $7,999,979 before fees and expenses.

The shares were issued under Roadzen’s effective Form S-3 shelf registration, with closing on or about May 5, 2026. Roadzen plans to use the net proceeds for working capital and general corporate purposes and may also apply a portion toward repayment of outstanding indebtedness. For 20 days from May 5, 2026, the company agreed to limit additional equity issuances and certain registration filings, subject to specified exceptions.

Roadzen Inc. is conducting a best-efforts registered offering of 4,705,870 ordinary shares at a fixed public offering price of $1.70 per share, for gross proceeds of approximately $8.0 million. Delivery is expected on or about May 5, 2026. Net proceeds are estimated at approximately $7.4 million to be used for working capital, general corporate purposes, and potentially to repay outstanding indebtedness identified as of December 31, 2025. The offering has no minimum close requirement; the placement agent (Maxim Group LLC) will use reasonable best efforts to arrange the sale and will not purchase shares itself.