Roadzen Reports 245% increase in Fiscal Year Revenue Growth

DENVER, Colo., Jul 02, 2024 (247marketnews.com)- Roadzen Inc. (Nasdaq:RDZN) reported its full fiscal year results, for the twelve-months ended March 31, 2024, including full year revenue of $46.7 million, a 245% increase from $13.5 million in the prior year.

Rohan Malhotra, CEO and Founder of Roadzen, stated, “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.

“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.”

Roadzen’s CFO, Jean-Noël Gallardo, added, “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.”

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