Following the release of its earnings report, shares of Roadzen, Inc. (NASDAQ: RDZN) have surged significantly on the US stock charts. As of the latest current-market check, RDZN stock has soared by 72.84%, reaching $2.80.
Impressive Financial Performance and Market Expansion
Roadzen (RDZN) revealed its financial results for the year ended on March 31, 2024, highlighting a remarkable year with significant revenue growth and a solid path toward profitability. The business has maintained strong growth in India while significantly increasing its footprint in the US and UK markets.
The advanced technology group and AI research lab of RDZN now support a comprehensive global client base and infrastructure. This includes 101 large enterprise clients, such as leading insurers, automakers, and extensive fleets, along with approximately 3,200 small and medium businesses, including agents, brokers, dealerships, and smaller fleets.
Revenue for the year reached $46.7 million, a 245% increase over the previous year, driven by incremental revenue from acquisitions in the U.S. and U.K. as well as ongoing growth in India.
As of March 31, 2024, Roadzen had secured 33 insurance customer agreements, up from 26 in the previous year, and 68 automotive customer agreements, compared to 23 in the prior year. Additionally, the number of agents and fleet customer agreements rose to approximately 3,200, compared to about 2,000 in the prior year.
Growth in Brokerage Segment and Strategic Streamlining
In the brokerage segment, Roadzen sold 324,293 policies during fiscal 2024, generating $61.8 million in Gross Written Premium (GWP), compared to 258,546 policies sold in the previous year for $38.0 million in GWP. This represents a 25.5% increase in policies sold and a 62.6% increase in GWP.
Looking forward, Roadzen anticipates sustaining its momentum and establishing itself as a leader in vertical AI for auto insurance within the public markets. The company plans to leverage the robust foundation it has built over the past year.
In preparation for the 2024 year-end, Roadzen has focused on simplifying and streamlining its organizational structure and internal financial reporting protocols, readying the company for scaling and another breakout year in 2025.
