Roadzen Inc. Closes $2.875 Million Public Offering and Expands AI-Powered Claims Contract in India

Roadzen Closes $2.875 Million Public Offering

Roadzen Inc. (NASDAQ: RDZN), a global leader in AI for insurance and mobility, has successfully closed its previously announced underwritten public offering. The company sold 2,300,000 ordinary shares at a public offering price of $1.25 per share, raising gross proceeds of $2,875,000 1

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. This includes the full exercise of the underwriter's option to purchase additional shares.

The net proceeds from this offering are earmarked for various purposes, including:

• Sales and marketing costs
• Research and development
• Working capital and general corporate purposes
• Potential repayment of outstanding indebtedness

ThinkEquity acted as the sole book-running manager for the offering, which was made pursuant to a shelf registration statement filed with the U.S. Securities and Exchange Commission 1

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Expansion of AI-Powered Claims Contract in India

In a significant development for Roadzen's market presence, the company announced an expansion of its AI-based claims contract with National Insurance Company Ltd. (NICL), one of the top 10 property and casualty insurers in India 2

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. Following successful implementation in 10 regional offices, NICL has extended the contract to include an additional 4 regional offices, effective January 1, 2025.

Roadzen's AI-powered XClaim platform has demonstrated superior performance in claims processing, leading to this expansion. The platform offers:

• Digital, touchless, real-time claims resolution
• Faster settlement by eliminating manual surveyor visits
• Remote surveys using photos, videos, or real-time streaming
• Instant final reports for quick claim completion and payments

This expansion is particularly noteworthy as NICL is part of a group of four government-owned auto insurance carriers that collectively process an estimated 1.5 million automobile claims annually in India 2

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Roadzen's AI Technology and Market Position

Roadzen's CEO, Rohan Malhotra, emphasized the significance of this expansion, stating, "This marks an important validation of our technology and how AI is fundamentally transforming the claims process" 2

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. The company's XClaim platform has shown substantial improvements in claims processing speed and accuracy, potentially revolutionizing the insurance industry.

Key aspects of Roadzen's technology include:

• Advanced AI applications in telematics, generative AI, and computer vision
• Solutions for insurers, carmakers, fleets, dealerships, and insurance agents
• Focus on building new products, selling insurance, processing claims, and improving road safety

With 360 employees across global offices in the U.S., India, U.K., and France, Roadzen is positioning itself as a leader in AI-driven insurance technology 3

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Financial and Market Outlook

The successful public offering and contract expansion come at a time when the Indian automobile insurance market is growing at approximately 18% annually 2

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. This growth, coupled with Roadzen's innovative AI solutions, presents significant opportunities for the company's expansion in the insurance technology sector.

As Roadzen continues to advance its AI research and applications, it aims to create a future where insurance processes are more efficient, accidents are prevented, and claims are processed rapidly. The company's recent developments indicate a strong market position and potential for further growth in the AI-driven insurance and mobility sectors.