Insurance Technology Company Roadzen Secures Nasdaq Listing With $683 Million Equity Value Roadzen is expected to make its debut on Nasdaq today, 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'
By Teena Jose
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Roadzen, a global insurance technology company on a mission to transform global auto insurance powered by advanced AI, announced today that it has been listed on Nasdaq and secured a pre-money equity value of $683 million.
Roadzen is expected to make its debut on Nasdaq today, 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'. As per an official statement, the Company will ring the closing bell at Nasdaq in New York City on September 22, 2023.
Additionally, the company has completed its previously announced business combination with Vahanna Tech Edge Acquisition I Corp., a special purpose acquisition company, which was approved at the extraordinary general meeting of Vahanna shareholders on August 25, 2023 (the "Business Combination"). The statement said, the combined company will operate under the name Roadzen Inc., and its ordinary shares and warrants are expected to commence trading on Nasdaq today.
"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 $800 billion 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," said Rohan Malhotra, founder and chief executive officer, Roadzen.
Roadzen expects the merger with Vahanna to provide Roadzen with the capital and resources it needs to accelerate its growth and expand its product offerings. The company plans to use the proceeds from the transaction to invest in AI research, expand its sales and marketing efforts, and make strategic acquisitions. Furthermore, the combined company will continue to be led by Rohan Malhotra and the current Roadzen management team. The Company will be supported by a highly experienced board with extensive technology and capital markets experience.
"Roadzen is truly one of the rare insurtech platforms leveraging applied AI, telematics and computer vision to revolutionize the legacy auto insurance industry, which is plagued by rising costs and soaring premiums. In today's inflationary environment, better underwriting and claims processing, coupled with lowering costs for insurers and ultimately consumers, provide a significant runway for Roadzen's growth in the years ahead," said Vinode Ramgopal, chairman of Vahanna's sponsor, Vahanna LLC.
