Global InsurTech Roadzen has outlined its plans to go public in the US in a blank-check vehicle in a deal valued $965m.
The definitive merger deal with special purpose acquisition company Vahanna Tech Edge Acquisition valued Roadzen at a pre-money equity value of $683m.
Roadzen has positioned itself as a leading insurance technology company on a mission to transform global auto insurance powered by advanced AI.
The company said it is committed to creating transparency, efficiency and a seamless experience for the millions of end customers who use its products through its insurer, original equipment manufacturer (OEM) and fleet partners.
The InsurTech plans to achieve this by combining computer vision, telematics and AI with continually updated data sources to provide a better way of building auto insurance products, processing claims and improving driver safety.
Roadzen’s business-to-business-to-consumer focused business model across brokerage and technology sales has grown to $9.8m in total consolidated revenue for the fiscal year ended March 31, 2022 and is expected to generate approximately $59m and $118m in total consolidated revenue for the fiscal years ending March 31, 2023 and 2024, respectively.
The merger is expected to close during the second quarter of 2023, subject to customary closing conditions.
Rohan Malhotra, chief executive officer and founder of Roadzen, said, “We set out with a bold and ambitious vision – to build the world’s leading technology company at the intersection of insurance and mobility. We are committed to our long-term vision and believe this is a firm next step in that journey.
“Our team, technology, business strategy and an ecosystem of world-class partners will create significant and strong growth for years to come. We are thrilled to partner with Vahanna and its incredible team of investors and operators to unlock this growth.”
Last year, Thai Life Insurance was reported to be targeting a capital raise of $1bn through an initial public offering (IPO) in Thailand.
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