Roadzen Inc., a global leader in AI at the convergence of insurance and mobility, has secured an extension of its loan maturity date and an additional $4m in capital from Mizuho Securities.
The amended facility increases the loan from $7.5m to $11.5m in 15% senior secured notes and extends the maturity date to December 31, 2024.
Roadzen Inc. is transforming auto insurance using advanced AI technology. Thousands of clients, including some of the world’s leading insurers, carmakers, and fleets, use Roadzen’s innovative solutions to develop new products, sell insurance, process claims, and enhance road safety.
The company is renowned for its pioneering work in telematics, generative AI, and computer vision, earning recognition from notable publications like Forbes, Fortune, and Financial Express.
The additional funding from Mizuho Securities will support the firm’s efforts to simplify its balance sheet and address inherited costs from going public.
Roadzen’s founder and CEO, Rohan Malhotra, expressed gratitude for Mizuho’s continued support, stating, “We greatly appreciate Mizuho’s continued belief in our vision. This extension and facility increase, combined with management’s recent debt-to-equity exchange, advances our continuing efforts to simplify the company’s balance sheet and address inherited going-public costs – an effort we will look to conclude this summer. As Roadzen’s technology continues to gain market traction, these steps are important in paving the way to achieving a market valuation that reflects our potential.”
Previously, Roadzen raised $7.5m in senior secured notes, demonstrating steady investor confidence in its innovative AI-driven solutions for the auto insurance sector.
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