Roadzen Inc., a global leader in AI at the convergence of insurance and mobility, recently announced the successful closing of its underwritten public offering of 2,300,000 ordinary shares (or pre-funded warrants) at a public offering price of $1.25 per share. This offering, which included 300,000 shares sold upon full exercise of the underwriter’s option to purchase additional shares, generated gross proceeds of $2,875,000 for the company.
The net proceeds from the offering will be primarily used for costs related to sales and marketing, research and development, working capital, and general corporate purposes. This includes expenses such as personnel costs, capital expenditure, and operating as a public company. Additionally, the company may allocate a portion of the proceeds to repay outstanding indebtedness.
ThinkEquity served as the sole book-running manager for the offering, which was conducted under a shelf registration statement on Form S-3 filed with the U.S. Securities and Exchange Commission (SEC). The final prospectus supplement related to the offering can be accessed on the SEC’s website.
Roadzen Inc. is a global technology company that leverages advanced artificial intelligence to revolutionize auto insurance. Their innovative solutions are utilized by leading insurers, carmakers, fleets, dealerships, and insurance agents to develop new products, streamline insurance processes, and enhance road safety. With a focus on telematics, generative AI, and computer vision, Roadzen has been recognized as a top AI innovator by esteemed publications.
In a statement, the company articulated its commitment to advancing AI research in the intersection of mobility and insurance. By aiming to prevent accidents, ensure fair premiums, and expedite claims processing, Roadzen envisions a future where insurance operations are more efficient and customer-centric.
For further information about Roadzen Inc., investor inquiries can be directed to IR@roadzen.ai, while media inquiries can be addressed to Sanya Soni at sanya@roadzen.ai or media@roadzen.ai. For media inquiries specifically related to Gutenberg, contact roadzen@thegutenberg.com.
In conclusion, Roadzen Inc.’s recent public offering marks a significant milestone for the company as it continues to drive innovation at the forefront of AI in the insurance and mobility sectors. With a focus on leveraging technology to enhance customer experiences and operational efficiency, Roadzen is poised for continued growth and success in the industry.