Global InsurTech Roadzen has completed a business combination with SPAC Vahanna Tech Edge Acquisition I Corp, and will now start trading on Nasdaq with a $683M equity value.
The combined company will operate under the name Roadzen Inc., as its ordinary shares and warrants commence Nasdaq trading.
Founded in New Delhi, Roadzen reports that it has achieved a significant milestone by securing a pre-money equity value of $683m. The firm made its Nasdaq debut last week (September 22) with its ordinary shares trading on the Nasdaq Global Market under the symbol “RDZN” and its warrants trading on the Nasdaq Capital Market under the symbol “RDZNW”.
Rohan Malhotra, founder and CEO, Roadzen, commented on the deal, stating, “Going public is a pivotal moment in Roadzen’s journey, yet it’s merely one milestone in our mission to deliver simpler, smarter and safer insurance to drivers globally.
“We’re incredibly excited about the transformative potential of AI in reshaping the $800bn auto insurance market and are going to be unwavering in our focus to build Roadzen as the leader at the intersection of AI, mobility and insurance.”
Roadzen provides AI-powered insurance technology solutions aimed at helping insurers improve customer experience, reduce fraud, and make better underwriting decisions. The company’s solutions are used by over 90 enterprise customers including major global insurers, fleets and carmakers in the US, UK, continental Europe and India.
Its litany of impressive clients include; Mercedes, Audi, Volvo-Eicher, Mitsubishi, Skoda, Seat, Renault, and Dacia, major insurers such as Axa, Societe Generale, and Arch, and fleet companies such as CJ Darcl.
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