Roadzen enters Fiscal Year 2026 with Momentum and Improved Operating

Leverage Driven by Strong Performance in the U.S. and India and a $300+Million Pipeline

Key Highlights – Fiscal Year 2025

1.Revenue Growth Returns in Q4

Roadzen reported full-year revenue of $44.3 million, a 5.2% decline year-over-year due to the temporary suspension of GAP insurance sales in the U.K, which impacted an estimated $27 million in annualized revenues of the Company in FY2025. In Fiscal Q4, Roadzen returned to top-line growth, delivering 13.3% year-over-year revenue growth to $11.3 million, up from $10.0 million in Q4 FY2024, led by strong performance in India and the U.S. which offset the prior-year U.K. pause.
  
2.Q4 99% Net Loss Reduction and Lower Adjusted EBITDA1 Loss

Roadzen nearly posted net income breakeven for the first time in Q4, with net loss reduced to $(0.1) million, a 99% improvement from the comparable prior fiscal year period of $(34.1) million. Adjusted EBITDA loss for FY2025 narrowed to $(8.4) million, with Q4 FY2025 improving to $(1.6) million from $(2.1) million in Q4 FY2024, a 24% improvement.
  
3.$300+ Million Pipeline Acceleration Across Core Markets

The Company's pipeline now exceeds $300 million, reflecting strong momentum across India, the U.S., and resumed U.K. contracts, driven by enterprise adoption of Roadzen's AI solutions.
  
4.AI Leadership Across Insurance and Mobility

Roadzen strengthened its position as a global leader in applied AI with the launch of MixtapeAI, a reasoning-based agentic AI platform transforming customer service and claims. DrivebuddyAI™ secured multiple patents and continued scaling — surpassing 1.8 billion kilometers of driving data and enabling client fleets to reduce accidents by 72%.
  
5.Strengthened Balance Sheet & Streamlined Operations

For the full fiscal year compared to the prior fiscal year, Roadzen reduced total liabilities by 15%, or $10.4 million, lowered operating costs by 19%, or $19.8 million, and reduced headcount by 19%, driving meaningful operating leverage and improved efficiency across the organization.
  

___________________________

1 Adjusted EBITDA is a non-GAAP financial metric. See "Non-GAAP Financial Measures" at the end of this press release for more information, including a reconciliation to the nearest GAAP financial measure.

NEW YORK, June 26, 2025 (GLOBE NEWSWIRE) -- Roadzen Inc. (NASDAQ:RDZN) ("Roadzen" or the "Company"), a global leader in AI at the convergence of insurance and mobility, today announced its financial results for the Fiscal Year ended March 31, 2025.

Rohan Malhotra, Founder & CEO of Roadzen Inc., commented, "I'm proud of how our team delivered over the past year. Despite a pause in the U.K. that impacted nearly 40% of our then revenues — approximately $27 million annually — we achieved roughly flat revenues for the year and returned to 13.3% year-over-year growth in Q4, a strong signal of the resilience of our business. We expect this momentum to continue sequentially as we execute on a robust and growing pipeline. We also delivered sequentially lower Adjusted EBITDA loss and almost achieved GAAP breakeven, reflecting a disciplined execution path."

Malhotra continued, "With the U.K. business back online and continued strength in the U.S. and India, we enter FY2026 with renewed momentum. DrivebuddyAI is gaining strong commercial traction and regulatory validation, and we see it unlocking over $200 million worth of revenue opportunities in the market over time, as the Indian government adopt new road safety mandates at scale."

Mr. Malhotra concluded: "We are targeting Adjusted EBITDA breakeven within the next two quarters, depending on revenue mix and geography — a milestone we believe is well within reach given the strength and visibility of our pipeline and the major growth catalysts now in motion; we are confident in our trajectory toward profitability and sustained growth."

Jean-Noël Gallardo, CFO of Roadzen added, "Our primary objectives for FY2025 were to simplify and right-size the balance sheet, reduce operating costs, and grow revenues. We've made clear progress across all three — notably, total liabilities were reduced by approximately 15% since March 31, 2024, and operating costs decreased by 19%. We also reduced total headcount by 19% to 308, as we continue to leverage AI to create operating leverage across the business."

Gallardo continued, "Our work on the balance sheet remains ongoing. We expect to continue negotiating down the public listing-related payables — as we've done successfully this past year at roughly 25 cents on the dollar — which represents a major deleveraging milestone. As we grow the business and clean up the balance sheet, we expect the fundamental value of the Company to come through. We will remain highly disciplined on dilution and focused on protecting our shareholders as we execute this plan."

Financial Highlights

P&L

Revenue and Key Performance Indicators:

Operating Expenses:

Net Results:

Balance Sheet

Assets:

Liabilities:

Capitalization:

Fourth Quarter Financial Developments

Full-Year 2025 Significant Operational Highlights

        Product Launch: MixtapeAI

        Patents and Certifications:

        FY2025 New Key Contracts, Partnerships and Collaborations:

Subsequent FY2026 Operational Developments

        Product Advances and Patent Awards:

        Contract Announcement:

        General Interest:

About Roadzen Inc.

Roadzen Inc. (NASDAQ:RDZN) is a global technology company transforming auto insurance using advanced artificial intelligence (AI). Thousands of clients, from the world's leading insurers, carmakers, and fleets to dealerships and auto insurance agents, use Roadzen's technology to build new products, sell insurance, process claims, and improve road safety. Roadzen's pioneering work in telematics, generative AI, and computer vision has earned recognition as a top AI innovator by publications such as Forbes, Fortune, and Financial Express. Roadzen's mission is to continue advancing AI research at the intersection of mobility and insurance, ushering in a world where accidents are prevented, premiums are fair, and claims are processed within minutes, not weeks. Headquartered in Burlingame, California, the Company has 308 employees across its global offices in the U.S., U.K. and India. To learn more, please visit www.roadzen.ai.

Cautionary Statement Regarding Forward Looking Statements

This press release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). We have based these forward-looking statements on our current expectations and projections about future events. These forward-looking statements are subject to known and unknown risks, uncertainties and assumptions about us that may cause our actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by such forward-looking statements. In some cases, you can identify forward-looking statements by terminology such as "may," "should," "could," "would," "expect," "plan," "anticipate," "believe," "estimate," and "continue," or the negative of such terms or other similar expressions. Such statements include, but are not limited to, statements regarding the anticipated benefits of our products and solutions, anticipated benefits and revenues from the contracts and other initiatives described in this press release, strategy, demand for our products, pipeline, expansion plans, future operations, future operating results, estimated revenues, losses, projected costs, prospects, plans and objectives of management, as well as all other statements other than statements of historical fact included in this press release. Factors that might cause or contribute to such a discrepancy include, but are not limited to, those described in "Risk Factors" in our Securities and Exchange Commission ("SEC") filings, including the annual report on Form 10-K we are filing with the SEC on or about the date hereof. We urge you to consider these factors, risks and uncertainties carefully in evaluating the forward-looking statements contained in this press release. All subsequent written or oral forward-looking statements attributable to our company or persons acting on our behalf are expressly qualified in their entirety by these cautionary statements. The forward-looking statements included in this press release are made only as of the date of this release. Except as expressly required by applicable securities law, we disclaim any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

For more information, please contact:

Investor Contacts: IR@roadzen.ai

Media Contacts: Sanya Soni sanya@roadzen.ai or media@roadzen.ai

Financial Statements Follow

   
Roadzen Inc.
Consolidated Balance Sheets
(in US $, except share count)
  
 As of March 31,As of March 31,
Particulars20252024
Assets  
Current assets:  
Cash and cash equivalents4,836,576 11,186,095 
Accounts receivable, net2,625,385 3,652,380 
Inventories202,535 70,667 
Prepayments and other current assets19,092,595 34,426,335 
Investments197,805 507,094 
Total current assets26,954,896 49,842,571 
Non current assets  
Restricted cash217,064 378,993 
Non marketable securities269,470 1,514,796 
Property and equipment, net602,923 454,589 
Goodwill2,061,553 2,061,553 
Operating lease right-of-use assets1,109,219 822,327 
Intangible assets, net1,243,253 2,989,604 
Other long-term assets120,972 71,913 
Total Non current assets5,624,454 8,293,775 
Total assets32,579,350 58,136,346 
   
Liabilities and shareholders' Equity/(Deficit)  
Current liabilities  
Current portion of long-term borrowings2,904,444 2,228,471 
Short-term borrowings19,865,645 15,754,829 
Accounts payable and accrued expenses30,254,010 38,492,487 
Derivative warrant liabilities1,489,818 5,585,955 
Short-term operating lease liabilities318,921 358,802 
Other current liabilities2,102,466 3,231,962 
Total current liabilities56,935,304 65,652,506 
Non current liabilities  
Long-term borrowings139,775 1,472,933 
Long-term operating lease liabilities628,400 268,856 
Other long-term liabilities566,651 1,241,917 
Total Non current liabilities1,334,826 2,983,706 
Total liabilities58,270,130 68,636,212 
   
Commitments and contingencies (refer note 22)  
   
Shareholders' Equity/(Deficit)  
Ordinary Shares and additional paid in capital, $0.0001 par value per share, 220,000,000 shares authorized as of March 31, 2025 and March 31, 2024; 74,290,986 and 68,440,829 shares outstanding as of March 31, 2025 and March 31, 2024 respectively95,501,291 84,974,378 
Accumulated deficit(223,826,442)(151,008,419)
Accumulated other comprehensive income/(loss)(468,859)(600,501)
Other components of equity103,720,113 56,560,706 
Total shareholders' deficit(25,073,897)(10,073,836)
Non-controlling interest(616,883)(426,030)
Total deficit(25,690,780)(10,499,866)
Total liabilities and Total Deficit32,579,350 58,136,346 
   
The accompanying notes are an integral part of these consolidated financial statements.
   



Roadzen Inc.
 Consolidated Statements of Operations
(in US $, except share count)
 
 For the Year ended

March 31,
Particulars20252024
Revenue44,296,098 46,724,287 
Costs and expenses:  
Cost of services18,833,218 18,132,757 
Research and development3,779,955 4,973,816 
Sales and marketing28,873,150 33,195,608 
General and administrative51,602,107 65,895,085 
Depreciation and amortization2,020,610 2,185,858 
Total costs and expenses105,109,040 124,383,124 
Loss from operations(60,812,942)(77,658,837)
Interest expense (net)(3,247,831)(2,291,123)
Fair value gains/(losses) in financial instruments carried at fair value(14,844,420)(19,475,005)
Gain on deconsolidation of subsidiaries- 2,098,745 
Impairment of investment(1,245,326)(3,395,234)
Other income (net)7,073,235 838,728 
Total other income/(expense)(12,264,342)(22,223,889)
(Loss)/Income before income tax expense(73,077,284)(99,882,726)
Less: income tax (benefit)/expense(13,973)(23,648)
Net (loss)/income before non-controlling interest(73,063,311)(99,859,078)
Net loss attributable to non-controlling interest, net of tax(192,879)(189,743)
Net Loss attributable to Ordinary shareholders(72,870,432)(99,669,335)
   
Net loss per share attributable to Ordinary shareholders  
Basic and diluted(1.04)(2.26)
Weighted-average number of shares used in computing net loss per share69,867,792 44,032,410 
   
The accompanying notes are an integral part of these consolidated financial statements.
   



Roadzen Inc.
 Consolidated Statements of Cash Flows
(in US $, except share count)
  For the Year ended

March 31,
Particulars 20252024
    
Cash flows from operating activities   
Net loss including non controlling interest (73,063,311)(99,859,078)
Adjustments to reconcile net loss to net cash used in operating activities:   
Depreciation and amortization 2,020,610 2,185,858 
Stock based compensation 47,211,816 56,303,135 
Deferred income taxes (193,261)(86,020)
Unrealised foreign exchange loss/(profit) 132,121 (459,190)
Fair value losses in financial instruments carried at fair value 14,844,420 19,475,005 
Gain on deconsolidation of subsidiaries - (2,098,745)
Gain on fair valuation of investments - (1,812)
Impairment of investment 1,245,326 3,395,234 
Expected credit loss (net of reversal) 246,115 293,853 
Provision on doubtful advances and receivables, - 4,877,222 
Balances written off/(back) (8,143,051)(51,513)
  (15,699,215)(16,026,051)
Changes in assets and liabilities, net of assets acquired and liabilities assumed from acquisitions:   
Inventories (131,868)(11,688)
Income taxes, net - (64,243)
Accounts receivables, net 780,880 5,865,550 
Prepayments and other assets (4,822,952)(27,652,091)
Accounts payable and accrued expenses 2,833,077 19,344,448 
Other liabilities (1,102,120)(674,090)
Net cash used in operating activities (18,142,198)(19,218,165)
    
Cash flows from investing activities   
Purchase of property and equipment, intangible assets and goodwill (424,910)(455,924)
Acquisition of businesses - (5,749,200)
Proceeds from sale of mutual fund 309,289 - 
Investment in mutual funds - (500,000)
Net cash used in investing activities (115,621)(6,705,124)
    
Cash flows from financing activities   
Proceeds from business combination - 26,824 
Proceeds from issue of preferred stock - 6,079,409 
Proceeds from issue of ordinary shares 7,073,913 - 
Net proceeds/(payments) from borrowings 3,669,290 15,465,516 
Proceeds from forward purchase agreement 1,000,000 3,790,633 
Net cash generated from financing activities 11,743,203 25,362,382 
Effect of exchange rate changes on cash and cash equivalents 3,168 (244,444)
Net (decrease)/increase in cash and cash equivalents (including restricted cash) (6,511,448)(805,351)
Cash acquired in business combination - 11,238,609 
Cash and cash equivalents at the beginning of the period (including restricted cash) 11,565,088 1,131,830 
Cash and cash equivalents at the end of the period (including restricted cash) 5,053,640 11,565,088 
Reconciliation of cash and cash equivalents   
Cash and cash equivalents 4,836,576 11,186,095 
Restricted cash 217,064 378,993 
Total cash and cash equivalents 5,053,640 11,565,088 
    
Supplemental disclosure of cash flow information   
Cash paid for interest, net of amounts capitalized 1,318,139 623,525 
Non-cash investing and financing activities   
Consideration payable in connection with acquisitions 8,376,253 488,000 
Interest accrued on borrowings 2,123,633 451,323 
    
The accompanying notes are an integral part of these consolidated financial statements.
    

Non-GAAP Financial Measures

This press release includes Adjusted Earnings Before Interest, Tax, Depreciation and Amortization (Adjusted EBITDA"), is a non-GAAP financial measure which excludes the impact of finance costs, taxes, depreciation and amortization and certain other items from reported net profit or loss. We believe that Adjusted EBITDA aids investors by providing an operating profit/loss without the impact of non- cash depreciation and amortization and certain other items to help clarify sustainability and trends affecting the business. For comparability of reporting, management considers non-GAAP measures in conjunction with U.S. GAAP financial results in evaluating business performance. Adjusted EBITDA should not be considered a substitute for, or superior to, the measures of financial performance prepared in accordance with U.S. GAAP. In addition, Adjusted EBITDA does not purport to represent cash flow provided by, or used for, operating activities in accordance with GAAP and should not be used as a measure of liquidity.

Non-GAAP financial measures have limitations as analytical tools and should not be considered in isolation or as substitutes for financial information presented under GAAP. There are a number of limitations related to the use of non-GAAP financial measures versus comparable financial measures determined under GAAP. For example, other companies in our industry may calculate these non-GAAP financial measures differently or may use other measures to evaluate their performance. These limitations could reduce the usefulness of these non-GAAP financial measures as analytical tools. Investors are encouraged to review the related GAAP financial measures and the reconciliations of these non-GAAP financial measures to their most directly comparable GAAP financial measures and to not rely on any single financial measure to evaluate our business.

The following table reconciles our net loss reported in accordance with U.S. GAAP to Adjusted EBITDA

  
 For the three months ended

March 31,
Particulars20252024
Net loss(106,967)(33,978,672)
Adjusted for:  
Other (income)/expense net(3,861,541)(55,459)
Interest (income)/expense714,899 732,138 
Fair value changes in financial instruments carried at fair value(1)(1,681,725)(2,894,633)
Gain on deconsolidation of subsidiaries- (2,098,745)
Impairment of investment1,245,326 3,395,234 
Tax (benefit)/expense69,709 69,734 
Depreciation and amortization1,046,539 953,232 
Stock based compensation expense76,397 25,523,471 
Non-cash expenses493,210 820,440 
Non-recurring expenses386,746 5,408,410 
Adjusted EBITDA(1,617,407)(2,124,850)
   
 For the year ended

March 31,
Particulars20252024
Net loss(72,870,432)(99,669,335)
Adjusted for:  
Other (income)/expense net(7,073,235)(838,728)
Interest (income)/expense3,247,831 2,291,123 
Fair value changes in financial instruments carried at fair value(1)14,844,420 19,475,005 
Gain on deconsolidation of subsidiaries- (2,098,745)
Impairment of investment1,245,326 3,395,234 
Tax (benefit)/expense(13,973)(23,648)
Depreciation and amortization2,020,610 2,185,858 
Stock based compensation expense47,211,816 56,303,135 
Non-cash expenses1,649,448 1,048,464 
Non-recurring expenses1,340,062 7,685,859 
Adjusted EBITDA(8,398,127)(10,245,778)
     


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