Insurtech Roadzen has plans to become a publicly traded company in the US via merger with Vahanna Tech Edge Acquisition in a blank-check vehicle in a deal valued $965mn.
The merger is expected to close during the second quarter of 2023, subject to customary closing conditions.
Roadzen, a global insurance technology company, and Vahanna Tech Edge Acquisition, a special purpose acquisition company, announced today that they have entered into a definitive merger agreement. Upon the closing of the transaction, the combined company will operate as Roadzen and expects to be listed on Nasdaq.
The transaction reflects a pre-money equity value for Roadzen of approximately $683 million. The merger is expected to close during the second quarter of 2023, subject to satisfaction of customary closing conditions.
Roadzen’s CEO Rohan Malhotra will continue to lead the combined company following the closing of the transaction.
Roadzen has positioned itself as a leading insurance technology company on a mission to transform global auto insurance powered by advanced AI.
Roadzen’s B2B2C focused business model across brokerage and technology sales has grown to $9.8mn in total consolidated revenue for the fiscal year ended March 31, 2022 and is expected to generate approximately $59mn and $118mn in total consolidated revenue for the fiscal years ending March 31, 2023 and 2024, respectively.
Roadzen is a leading insurance technology company on a mission to transform global auto insurance powered by advanced AI. At the heart of Roadzen’s mission is its commitment to create transparency, efficiency, and a seamless experience for the millions of end customers who use its products through its insurer, original equipment manufacturer (“OEM”), and fleet (such as trucking, delivery, and commercial fleets) partners.
Roadzen seeks to accomplish this by combining computer vision, telematics and AI with continually updated data sources to provide a better way of building auto insurance products, processing claims and improving driver safety. In 2022, Roadzen signed acquisition agreements to expand into the lucrative U.S. and U.K. markets.
by Peter Sonner
