Roadzen Inc., a global leader in AI at the convergence of insurance and mobility, has announced the pricing of an underwritten public offering of 2,000,000 ordinary shares at a public offering price of $1.25 per share, for gross proceeds of $2,500,000. The offering, which includes pre-funded warrants in lieu of ordinary shares, is expected to close on December 17, 2024, subject to customary closing conditions.
The net proceeds from the offering will primarily be used for sales and marketing costs, research and development, working capital, and general corporate purposes. This includes personnel costs, capital expenditures, and operating expenses. The company may also use a portion of the proceeds to repay outstanding debt.
ThinkEquity is acting as the sole book-running manager for the offering. The securities will be offered and sold pursuant to a shelf registration statement on Form S-3, filed with the U.S. Securities and Exchange Commission (SEC) on November 1, 2024. A prospectus supplement and accompanying prospectus describing the terms of the offering will be available on the SEC website.
Roadzen Inc. is a global technology company that specializes in transforming auto insurance using advanced artificial intelligence (AI). The company’s technology is used by leading insurers, carmakers, fleets, dealerships, and insurance agents to develop new products, sell insurance, process claims, and enhance road safety. Roadzen’s innovative work in telematics, generative AI, and computer vision has been recognized by publications such as Forbes, Fortune, and Financial Express.
The company’s mission is to advance AI research at the intersection of mobility and insurance, with the goal of preventing accidents, ensuring fair premiums, and expediting claims processing. Headquartered in Burlingame, California, Roadzen Inc. has offices in the U.S., India, U.K., and France.
This press release contains forward-looking statements within the meaning of the Securities Act of 1933 and the Exchange Act. These statements are based on current expectations and projections and are subject to risks and uncertainties that could cause actual results to differ materially from future expectations. Investors are advised to consider these factors carefully when evaluating the company’s forward-looking statements.
For more information, investors can contact IR@roadzen.ai, while media inquiries can be directed to Sanya Soni at sanya@roadzen.ai or media@roadzen.ai. Additional information about Roadzen Inc. can be found on their website.
In conclusion, Roadzen Inc.’s public offering marks a significant milestone for the company as it continues to lead the way in AI-driven innovations in the insurance and mobility sectors. The proceeds from the offering will support the company’s growth and further advancements in technology to benefit its clients and the industry as a whole.