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Palantir for the insurance industry

Stripe for insurance technology

Salesforce for insurance AI

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• AI-powered Claims Automation: Provides insurers with artificial intelligence and computer vision technology to automate and expedite motor insurance claims processing, improving efficiency and reducing fraud.
• Digital Insurance Platform: Offers a full-stack software platform designed to help insurance carriers manage policies, engage customers, and optimize operations digitally throughout the insurance lifecycle.
• Telematics & Usage-Based Insurance (UBI) Solutions: Delivers technology and analytics that enable insurers to collect and analyze real-time driving data for personalized risk assessment and dynamic premium adjustment.

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Roadzen (RDZN) Major Customers

Roadzen (RDZN) primarily operates on a Business-to-Business (B2B) model, providing AI-powered insurtech and mobility solutions to other companies. Roadzen's major customers and partners, as disclosed in their annual report (Form 20-F filed April 2024), include:

• Allianz SE (Symbols: ALV on Xetra Frankfurt Stock Exchange, AZSEY on OTC Markets for ADRs)
• Aon plc (Symbol: AON on NYSE)
• Tata Motors Limited (Symbol: TTM on NYSE for American Depositary Receipts)
• Volvo (This typically refers to either Volvo Cars AB, Symbol: VLVO.ST on Nasdaq Stockholm, or Volvo Group, Symbol: VOLV-B.ST on Nasdaq Stockholm)

These companies leverage Roadzen's platform for various applications, including connected insurance, digital claims processing, and fleet management, integrating Roadzen's technology into their existing operations or new offerings.

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Amazon Web Services (a subsidiary of Amazon.com, Inc.)

Symbol: AMZN

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Rohan Malhotra, CEO and Founder

Rohan Malhotra is the CEO and founder of Roadzen, a global insurtech company focused on advancing AI at the intersection of mobility and insurance. He founded Roadzen in 2015 after a personal experience highlighted the need for innovation in the auto insurance industry. Prior to Roadzen, Mr. Malhotra served as the Chief Executive Officer of Avacara, an enterprise software and data analytics company that provided product development services to Fortune 500 companies. He studied AI and robotics at Carnegie Mellon University.

Jean-Noël Gallardo, Chief Financial Officer

Jean-Noël Gallardo was appointed as Roadzen's Chief Financial Officer in January 2024, bringing almost two decades of experience in financial planning, analysis, treasury management, compliance, fundraising, and M&A. His expertise spans InsurTech, brokerage, and claims administration across the US and EU. Previously, Mr. Gallardo held key positions such as Vice President of Finance at Aclaimant, Inc., and CFO roles at LJR Holdings, Inc. and Gallagher Bassett Services, Inc. He began his career in investment banking, specializing in M&A for middle-market companies across North America.

Ankur Kamboj, Chief Operating Officer

Ankur Kamboj has served as Roadzen's Chief Operating Officer since April 2017. Before joining Roadzen, he was the Head of Network at AXA Assistance — India, where he was responsible for building the network. Mr. Kamboj also held prior roles with Mahindra First Choice Services Ltd. and Carnation Auto, leading multi-brand auto repair centers. His experience also includes marketing roles with Samsung, Citi, and Nestle, where he led digital marketing for customer acquisition, channel sales, and network.

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The rapid and ongoing advancements in artificial intelligence, particularly in areas such as large language models (LLMs) and more sophisticated generative and predictive AI models, represent a clear emerging threat. Competitors, including other specialized insurtech companies and broader technology firms, who are able to more quickly and effectively leverage these next-generation AI technologies to develop superior or more cost-effective solutions for core insurance functions (e.g., claims processing, underwriting, fraud detection, customer service), could significantly erode Roadzen's market position. This risk stems from the potential for rival platforms to offer demonstrably better accuracy, efficiency, or broader capabilities, akin to how new technological paradigms have disrupted incumbent players in the past.

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Roadzen (symbol: RDZN) operates in several significant addressable markets for its main products and services:

• UK Motor Insurance Market: Roadzen's partnership through its UK subsidiary, Global Insurance Management Limited (GIM), targets the UK motor insurance market, which is valued at over £17 billion. This initiative focuses on an integrated vehicle protection solution that combines real-time telematics-enabled asset tracking with Guaranteed Asset Protection (GAP) insurance. The partnership initially focuses on the UK with plans for expansion into Europe.
• Indian Commercial Vehicle Market (DrivebuddyAI): Roadzen's DrivebuddyAI product addresses the Indian commercial vehicle market, which is driven by new road and safety regulations. This market is estimated at $200 million in annual revenues for compliant solutions. These regulations are expected to apply to all six million commercial vehicles in India by 2026.
• Global Embedded Insurance Market: Roadzen operates an embedded distribution and B2B2C business model, aligning with the growing embedded insurance market. This global market is projected to expand significantly from $156.06 billion in 2024 to $703.44 billion by 2029, demonstrating a compound annual growth rate (CAGR) of 35.14%.
• U.S. Commercial Auto Insurance Market: Roadzen is expanding its presence in the U.S. commercial auto insurance market, which is valued at over $75 billion. Through a strategic acquisition and the integration of its DrivebuddyAI and National Auto Club operations, Roadzen projects to achieve $150 million in gross written premiums within three years in this market.

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Roadzen (NASDAQ: RDZN) anticipates several key drivers for its future revenue growth over the next two to three years, primarily fueled by strategic market expansion, technological innovation, and a rebound in key regions.

1. Expansion in India and U.S. Markets: Roadzen has demonstrated strong performance and expects continued growth in its India and U.S. markets. This expansion is highlighted by a recent $7 million equity financing for its India subsidiary, with a projected 50%+ revenue Compound Annual Growth Rate (CAGR) for the next three years in India.
2. Strategic Acquisitions: The company is pursuing growth through strategic acquisitions, such as the definitive agreement to acquire majority control of a U.S. commercial auto insurance broker and Managing General Underwriter (MGU). This non-dilutive acquisition is expected to generate approximately $30 million in annual premiums and $8 million in revenue within the next year, significantly expanding Roadzen's footprint in the $75 billion U.S. commercial auto market.
3. Launch and Adoption of AI-powered Products: Roadzen's AI-driven innovation, particularly with its DrivebuddyAI and MixtapeAI platforms, is a crucial growth driver. DrivebuddyAI has achieved dual compliance under EU GSR 2144 and India's AIS-184 standards, securing a $20 million annual insurance mandate from a top-five automaker and multiple fleet contracts in India. Additionally, the launch of MixtapeAI, aimed at transforming customer support, underwriting, and claims in insurance and mobility using Large Language Models (LLMs), is expected to contribute to future revenue.
4. Growth of Insurance as a Service (IaaS) and Brokerage Solutions: Roadzen's balanced revenue streams from its IaaS technology platform and brokerage solutions are expected to continue growing. The company reported that in Q3 FY2024, 52% of its revenue came from brokerage solutions and 48% from technology sales, indicating the effectiveness of its strategic plan and ability to expand product offerings within its existing customer base. Roadzen uses its AI solutions to process hundreds of thousands of claims and vehicle inspections.
5. Resumption of U.K. Business Operations: The temporary suspension of GAP insurance sales in the U.K. significantly impacted Roadzen's annualized revenues in FY2025. The company anticipates the resumption of its U.K. business in the coming quarters, which is expected to contribute to a strong resumption of revenue growth.

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Share Issuance

• In January 2025, Roadzen priced a public offering of 2,222,300 ordinary shares at $2.25 each, raising approximately $5 million.
• In July 2025, Roadzen completed two offerings totaling approximately $4.5 million: a $2.25 million private placement at $1.25 per share and a $2.25 million registered direct offering at $1.30 per share.
• As of March 31, 2025, Roadzen utilized approximately 1.2 million shares (valued at $2.80 per share) to eliminate $12.6 million in short-term liabilities as part of a balance sheet clean-up initiative.

Inbound Investments

• In October 2025, Roadzen completed a $7 million equity financing round for its India subsidiary, which was increased from an initial $4.5 million due to strong investor demand. This financing valued the standalone India business at $91 million.

Outbound Investments

• In October 2025, Roadzen signed a definitive agreement to acquire majority control of a U.S. commercial auto insurance broker and managing general underwriter.
• This acquisition is non-dilutive for shareholders and is expected to generate over $30 million in annual premiums and $8 million in annual revenues within the next twelve months post-closing.
• The acquired business is projected to scale to approximately $150 million in Gross Written Premiums (GWP) within three years.

Capital Expenditures

• Roadzen's capital expenditures were approximately $0.42 million for the fiscal year ending March 31, 2025.
• For the fiscal year ending March 31, 2024, capital expenditures were approximately $0.46 million.
• Capital expenditures were $0.84 million for the fiscal year ending March 31, 2023.