Roadzen Inc. reported its strongest quarter in two years, with third-quarter revenue rising 18.8% year-over-year and 4.9% sequentially to $14.4 million. For the first nine months, revenue grew 18.3% to $38.9 million.
Q3 operating loss narrowed to $2.4 million from $3.2 million, while net loss widened to $9.1 million due mainly to higher interest and fair value losses. Adjusted EBITDA loss improved 67.1% year-over-year to $0.59 million, and for the nine-month period improved to a $3.1 million loss from $45.9 million, reflecting much lower non-cash costs.
As of December 31, 2025, total assets were $44.9 million against total liabilities of $69.0 million, leaving shareholders’ deficit at $26.6 million. Roadzen extended its $11.5 million senior secured facility with Mizuho to June 30, 2027 and completed two strategic deals: majority control of EliteCover, giving regulated access to the approximately $80 billion U.S. commercial auto market, and acquisition of VehicleCare in India. The VehicleCare transaction values Roadzen’s India subsidiary at about $280 million, implying roughly $3.50 per Roadzen share, with Roadzen expecting to retain around 91% ownership and to add about $10 million of high-margin revenue over the next twelve months.
Roadzen Inc. reported its strongest quarter in two years, with third-quarter revenue rising 18.8% year-over-year and 4.9% sequentially to $14.4 million. For the first nine months, revenue grew 18.3% to $38.9 million.
Q3 operating loss narrowed to $2.4 million from $3.2 million, while net loss widened to $9.1 million due mainly to higher interest and fair value losses. Adjusted EBITDA loss improved 67.1% year-over-year to $0.59 million, and for the nine-month period improved to a $3.1 million loss from $45.9 million, reflecting much lower non-cash costs.
As of December 31, 2025, total assets were $44.9 million against total liabilities of $69.0 million, leaving shareholders’ deficit at $26.6 million. Roadzen extended its $11.5 million senior secured facility with Mizuho to June 30, 2027 and completed two strategic deals: majority control of EliteCover, giving regulated access to the approximately $80 billion U.S. commercial auto market, and acquisition of VehicleCare in India. The VehicleCare transaction values Roadzen’s India subsidiary at about $280 million, implying roughly $3.50 per Roadzen share, with Roadzen expecting to retain around 91% ownership and to add about $10 million of high-margin revenue over the next twelve months.
Roadzen Inc. reported higher revenue but continued losses and liquidity pressure for the quarter and nine months ended December 31, 2025. Quarterly revenue rose to $14.4 million from $12.1 million, and nine‑month revenue reached $38.9 million versus $32.9 million a year earlier, reflecting growth in its insurtech services.
The company still posted a quarterly net loss attributable to ordinary shareholders of $9.1 million and a nine‑month net loss of $15.3 million, though this was much lower than the prior year’s $72.7 million loss, which included very large stock‑based compensation.
At December 31, 2025, Roadzen held $5.1 million in cash and cash equivalents and total assets of $44.9 million, against $69.0 million of total liabilities. Shareholders’ deficit widened to $26.6 million, with current liabilities of $63.2 million significantly exceeding current assets.
The company used $16.5 million of cash in operating activities over nine months, partly offset by $16.0 million of net cash from financing, including equity issuances and new borrowings. Management discloses “substantial doubt” about Roadzen’s ability to continue as a going concern but describes an active plan involving additional financings, liability restructurings, and prior equity raises under a shelf registration to improve liquidity.
Roadzen Inc. reported higher revenue but continued losses and liquidity pressure for the quarter and nine months ended December 31, 2025. Quarterly revenue rose to $14.4 million from $12.1 million, and nine‑month revenue reached $38.9 million versus $32.9 million a year earlier, reflecting growth in its insurtech services.
The company still posted a quarterly net loss attributable to ordinary shareholders of $9.1 million and a nine‑month net loss of $15.3 million, though this was much lower than the prior year’s $72.7 million loss, which included very large stock‑based compensation.
At December 31, 2025, Roadzen held $5.1 million in cash and cash equivalents and total assets of $44.9 million, against $69.0 million of total liabilities. Shareholders’ deficit widened to $26.6 million, with current liabilities of $63.2 million significantly exceeding current assets.
The company used $16.5 million of cash in operating activities over nine months, partly offset by $16.0 million of net cash from financing, including equity issuances and new borrowings. Management discloses “substantial doubt” about Roadzen’s ability to continue as a going concern but describes an active plan involving additional financings, liability restructurings, and prior equity raises under a shelf registration to improve liquidity.
Roadzen Inc. director Adhikari Saurav received a new stock option grant. On 09/15/2025, he was awarded stock options to purchase 152,732 ordinary shares at an exercise price of $2 per share. The options were acquired at a price of $0 and are exercisable starting 09/15/2025, with an expiration date of 09/15/2032. Following this grant, he beneficially owns 152,732 derivative securities directly.
Roadzen Inc. director Adhikari Saurav received a new stock option grant. On 09/15/2025, he was awarded stock options to purchase 152,732 ordinary shares at an exercise price of $2 per share. The options were acquired at a price of $0 and are exercisable starting 09/15/2025, with an expiration date of 09/15/2032. Following this grant, he beneficially owns 152,732 derivative securities directly.
Roadzen Inc. entered a securities purchase agreement with an institutional investor to issue junior convertible notes with up to an aggregate principal amount of $5,555,555. The notes were sold for a gross purchase price of $5,000,000, bear interest at 14% per annum and mature on June 20, 2027, with the rate rising to 18% upon an event of default. Quarterly payments of $925,000 of principal plus accrued interest begin three months after issuance. The notes are convertible into ordinary shares at an initial conversion price of $3.50 per share, subject to adjustment and a beneficial ownership cap starting at 4.99%, which holders may increase up to 9.99% with advance notice. Roadzen may redeem the notes early by paying principal, accrued interest and a make‑whole amount, and agreed to covenants restricting additional indebtedness and certain equity or equity‑linked issuances. The company also amended junior convertible notes issued in November 2025 to add cross‑default and related covenants linked to the new notes.
Roadzen Inc. entered a securities purchase agreement with an institutional investor to issue junior convertible notes with up to an aggregate principal amount of $5,555,555. The notes were sold for a gross purchase price of $5,000,000, bear interest at 14% per annum and mature on June 20, 2027, with the rate rising to 18% upon an event of default. Quarterly payments of $925,000 of principal plus accrued interest begin three months after issuance. The notes are convertible into ordinary shares at an initial conversion price of $3.50 per share, subject to adjustment and a beneficial ownership cap starting at 4.99%, which holders may increase up to 9.99% with advance notice. Roadzen may redeem the notes early by paying principal, accrued interest and a make‑whole amount, and agreed to covenants restricting additional indebtedness and certain equity or equity‑linked issuances. The company also amended junior convertible notes issued in November 2025 to add cross‑default and related covenants linked to the new notes.
Roadzen Inc. is offering $5,555,555 aggregate principal amount of junior convertible notes that are convertible into its ordinary shares. The notes are sold at an approximately 10% original issue discount, providing gross proceeds of $5,000,000 and estimated net proceeds of about $4.9 million after expenses.
The notes mature on June 20, 2027, carry 14% annual interest that increases to 18% if an event of default occurs, and require quarterly payments of $925,000 or the then-outstanding principal plus accrued amounts. They are initially convertible at $3.50 per share, subject to anti-dilution adjustments and 4.99%–9.99% beneficial ownership limits, and may be redeemed by the company if specific conditions are met.
Roadzen plans to use the proceeds mainly to repay payables and higher-cost debt, including secured 2022 debentures bearing 19.25%–20% interest, and for general corporate purposes. The company discloses substantial doubt about its ability to continue as a going concern and warns of significant risks, including debt service burdens, potential dilution from future equity, no trading market for the notes, possible PFIC-related tax consequences for U.S. holders, and the possibility that investors may lose all of their investment.
Roadzen Inc. is offering $5,555,555 aggregate principal amount of junior convertible notes that are convertible into its ordinary shares. The notes are sold at an approximately 10% original issue discount, providing gross proceeds of $5,000,000 and estimated net proceeds of about $4.9 million after expenses.
The notes mature on June 20, 2027, carry 14% annual interest that increases to 18% if an event of default occurs, and require quarterly payments of $925,000 or the then-outstanding principal plus accrued amounts. They are initially convertible at $3.50 per share, subject to anti-dilution adjustments and 4.99%–9.99% beneficial ownership limits, and may be redeemed by the company if specific conditions are met.
Roadzen plans to use the proceeds mainly to repay payables and higher-cost debt, including secured 2022 debentures bearing 19.25%–20% interest, and for general corporate purposes. The company discloses substantial doubt about its ability to continue as a going concern and warns of significant risks, including debt service burdens, potential dilution from future equity, no trading market for the notes, possible PFIC-related tax consequences for U.S. holders, and the possibility that investors may lose all of their investment.