- Roadzen, Inc. and Vahanna Tech Edge Acquisition I Corp. closed their business combination on September 20, 2023.
- Roadzen will start trading on Nasdaq tomorrow under the tickers “RDZN” and “RDZNW” for its ordinary shares and warrants, respectively.
- Roadzen’s mission is to transform the insurance experience for drivers around the world by giving them lower premiums, on-road safety and seamless claims processing.
- Roadzen has built a pioneering technology platform that uses telematics, computer vision and artificial intelligence (“AI”) to transform the insurance value chain – across underwriting, distribution and claims – called the Roadzen “Insurance as a Service” (“IaaS”) platform.
- The transaction is expected to accelerate Roadzen’s investment in its sales and growth initiatives, and its technology, to allow it to pursue its growth as well as other strategic M&A opportunities.
NEW YORK - Sept. 20, 2023 (GLOBE NEWSWIRE) -- Roadzen Inc. (Nasdaq: RDZN, RDZNW), a global insurance technology company on a mission to transform global auto insurance powered by advanced AI, announced today that it 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 combined company has been renamed Roadzen Inc., and its shares and warrants are expected to commence trading on Nasdaq tomorrow under the symbols “RDZN” and “RDZNW,” respectively.
Commenting on today’s announcement, Roadzen’s Founder and Chief Executive Officer, Rohan Malhotra, said, “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.”
Vinode Ramgopal, Chairman of Vahanna’s sponsor, Vahanna LLC, added, “Roadzen is truly one of the rare insuretech 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.”
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.
The Company will ring the closing bell at Nasdaq in New York City on September 22nd, 2023, to celebrate the commencement of trading.
ABOUT ROADZEN
Roadzen is a leading insurance technology company on a mission to transform global auto insurance powered by advanced AI. Thousands of clients - from some of the world’s leading insurers, fleets and carmakers to small fleets, brokers and insurance agents - use Roadzen’s technology to build new products, sell insurance, process claims and improve road safety. Roadzen’s pioneering work in telematics and computer vision has earned recognition as a top AI innovator by publications such as Forbes and Financial Express. Roadzen has 400 employees across its global offices in the U.S., India, U.K. and France.