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RDZN on Nasdaq

Roadzen Inc.

Roadzen Inc. is an insurance agents company in the British Virgin Islands, listed on Nasdaq (RDZN).1 It is headquartered in Burlingame, California.1

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Last updated Oct 21, 2026.

Overview

$55.0MRevenue, fiscal 20262
-$22.5MNet income, fiscal 20263

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  • TickerRDZN on Nasdaq1
  • IndustryInsurance Agents, Brokers & Service1
  • HeadquartersBurlingame, California1
  • Incorporated inVirgin Islands, British4
  • Business address111 Anza Blvd., Suite 109, Burlingame, Ca 940104
  • Filer category, Emerging growth company4

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Application Programming Interface, or API-led distribution and real-time claims processing.5 From its latest annual report

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2026

-25.4%Operating margin2
-40.9%Net margin3
24.2%Revenue growth, 20262

What sells

Revenue by product, business segment and region, as the company reports it to the SEC.

Products and services

Commision and Distrubution Service brought in 50% of the revenue Roadzen Inc. broke down this way in fiscal 2026.

  1. Commision and Distrubution Service$27.7M250%up 18% from 2025
  2. Insurance Service$27.3M250%up 31% from 2025
Products and services by year
Products and services20252026
Commision and Distrubution Service$23.4M$27.7M
Insurance Service$20.8M$27.3M

Regions

India brought in 58% of the revenue Roadzen Inc. broke down this way in fiscal 2026.

  1. India$32.0M258%up 37% from 2025
  2. United States$11.9M222%up 3% from 2025
  3. United Kingdom$6.3M212%down 32% from 2025
  4. [China [Member]]$4.7M29%
Regions by year
Regions20252026
India$23.4M$32.0M
United States$11.6M$11.9M
United Kingdom$9.3M$6.3M
[China [Member]]$4.7M

Where the money goes

Where each dollar of revenue went, fiscal 2026

  • Cost of revenue39¢$21.3M
  • Research and development1¢$408.4K
  • Other costs61¢$33.3M
  • Income tax0¢$20.2K

Out of $55.0M in revenue.23 The company lost money this year.

Financial statements

Revenue672$55.0M in 2026+18741% since 2022
0$20.0M$40.0M$60.0M2022: $292.0K$292.0K20222023: $13.6M$13.6M2023+4544%2024: $46.7M$46.7M2024+245%2025: $44.3M$44.3M2025−5%2026: $55.0M$55.0M2026+24%
Operating income672-$14.0M in 2026+21% since 2023
-$80.0M-$60.0M-$40.0M-$20.0M02023: -$11.5M-$11.5M20232024: -$77.7M-$77.7M2024+573%2025: -$60.8M-$60.8M2025−22%2026: -$14.0M-$14.0M2026−77%
Net income86723-$22.5M in 2026
-$100.0M-$50.0M0$50.0M2022: $983.4K$983.4K20222023: -$14.0M-$14.0M20232024: -$99.7M-$99.7M2024+611%2025: -$72.9M-$72.9M2025−27%2026: -$22.5M-$22.5M2026−69%

Every line of the income statement as filed: the last 2 fiscal years, latest first.2

Period ending2026-03-312025-03-31
Revenue$55.0M$44.3M
Cost of services$21.3M$18.8M
Research and development$408.4K$3.8M
Sales and marketing$29.1M$28.9M
General and administrative$16.0M$51.6M
Depreciation and amortization$2.2M$2.0M
Total costs and expenses$69.0M$105.1M
Loss from operations-$14.0M-$60.8M
Interest expense (net)-$7.2M-$3.2M
Gain on bargain purchase$174.2K
Fair value gains/(losses) in financial instruments carried at fair value-$4.0M-$14.8M
Impairment of investment-$269.5K-$1.2M
Other income (net)$2.3M$7.1M
Total other income/(expense)-$9.0M-$12.3M
(Loss)/Income before income tax expense-$23.0M-$73.1M
Less: income tax (benefit)/expense$20.2K-$14.0K
Net (loss)/income before non-controlling interest-$23.0M-$73.1M
Net loss attributable to non-controlling interest, net of tax-$500.9K-$192.9K
Net Loss attributable to Ordinary shareholders-$22.5M-$72.9M
Basic-$0.29-$1.04
Diluted-$0.29-$1.04
Weighted-average number of shares used in computing net loss per share - Basic77.5M shares69.9M shares
Weighted-average number of shares used in computing net loss per share - Diluted77.5M shares69.9M shares

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Corporate structure

Roadzen Inc. sits at the top of its group. 1 entity, 1 country on record. Switch between the flow chart and the network, and select any entity to see its details.

Major holders of Roadzen Inc.

  • Roadzen Inc. Burlingame, California

Built from major holders from Schedules 13D and 13G. Each entity in the chart links to its source.

What it owns

What Roadzen Inc. reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Property and equipment

ItemLatestA year beforeChange
Property and equipment, before depreciation$1.6M2 Mar 31, 2026$1.3M2 Mar 31, 2025+28.6%
Accumulated depreciation$1.1M2 Mar 31, 2026$660.6K2 Mar 31, 2025+64.7%
Property and equipment, net$537.0K2 Mar 31, 2026$602.9K2 Mar 31, 2025−10.9%
Operating-lease assets (leased space)$1.4M2 Mar 31, 2026$1.1M2 Mar 31, 2025+23.9%

Investments

ItemLatestA year beforeChange
Cash and cash equivalents$6.6M2 Mar 31, 2026$4.8M2 Mar 31, 2025+36.0%
Marketable securities, non-current$269.5K2 Mar 31, 2025$1.5M7 Mar 31, 2024−82.2%

Intangibles and goodwill

ItemLatestA year beforeChange
Goodwill$7.6M2 Mar 31, 2026$2.1M2 Mar 31, 2025+269.5%
Intangible assets, net (excluding goodwill)$9.7M2 Mar 31, 2026$1.2M2 Mar 31, 2025+676.3%
Finite-lived intangibles, gross$22.8M2 Mar 31, 2026$10.3M2 Mar 31, 2025+121.6%
Accumulated amortization$13.1M2 Mar 31, 2026$9.0M2 Mar 31, 2025+45.8%
Finite-lived intangibles, net$9.7M2 Mar 31, 2026$1.2M2 Mar 31, 2025+676.3%

Inventory

ItemLatestA year beforeChange
Inventory, total$116.6K2 Mar 31, 2026$202.5K2 Mar 31, 2025−42.5%

Properties, in its own words

Our principal executive offices in the U.S., which we lease, are located at 111 Anza Blvd., Suite 109 Burlingame, CA 94010. Additionally we lease office space in Coventry in the U.K., in Ahmedabad, Chennai and New Delhi in India as well as Beijing and Shanghai in China. The Company does not own any real estate. We believe that our existing office space is sufficient for our current needs.

Item 2 of the 10-K filed Jun 29, 2026.5

Leadership

Who has led Roadzen Inc., and when. Pick a name to see everywhere that person has worked.

Chief executive

  1. Karan Puri2021–2023
  2. Rohan Malhotra2023

Chair

  1. Saurav Adhikari2021

Chief financial officer

  1. Raahim Don2021–2023
  2. Mohit Pasricha2023
  3. Jean-Noel Gallardo2024

Chief operating officer

  1. Ankur Kamboj2023
2025
Board members and other officers (10)

Former names

  • Vahanna Tech Edge Acquisition I Corp.Jun 24, 2021 to Sep 8, 20234

Timeline

  1. Sep 16, 20268-K Executive or director change27
  2. Aug 13, 20268-K Results of operations28
  3. Jul 9, 20268-K Entered a material agreement; Regulation FD disclosure29
  4. Jul 6, 20268-K Results of operations30
  5. May 22, 20268-K Entered a material agreement31
  6. May 7, 20268-K Regulation FD disclosure32
  7. May 5, 20268-K Entered a material agreement; Other events33
  8. Apr 28, 20268-K Regulation FD disclosure34
  9. Apr 10, 20268-K Regulation FD disclosure35
  10. Apr 1, 20268-K Shareholder vote36
  11. Mar 11, 20268-K Executive or director change37
  12. Feb 26, 20268-K Entered a material agreement38
  13. Sep 20, 2023New chief executive Rohan Malhotra becomes CEO11
  14. Nov 22, 2021New chief executive Karan Puri becomes CEO12

Calendar

Coming up

  1. Nov 13, 2026Reports results for the quarter ending Sep/2026 A year earlier it reported ($0.03) a share, on Nov 14, 2025.39

When it reported results

  1. Aug 13, 2026Reported quarterly or annual results28
  2. Jul 6, 2026Reported quarterly or annual results30
  3. Feb 13, 2026Reported quarterly or annual results40
  4. Nov 14, 2025Reported quarterly or annual results41
  5. Aug 13, 2025Reported quarterly or annual results42
  6. Jun 26, 2025Reported quarterly or annual results43
  7. Feb 12, 2025Reported quarterly or annual results44
  8. Nov 13, 2024Reported quarterly or annual results45

Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar

Filings

253 filings to the SEC since October 2021: 7 annual reports, 14 quarterly reports, 70 major events, 64 insider forms, 25 large holders, 73 other. The latest 20:

  1. Sep 16, 20268-K EDGAR
  2. Aug 13, 202610-Q EDGAR
  3. Aug 13, 20268-K EDGAR
  4. Jul 9, 20268-K EDGAR
  5. Jul 6, 20268-K EDGAR
  6. Jun 29, 202610-K EDGAR
  7. May 22, 20268-K EDGAR
  8. May 7, 20268-K EDGAR
  9. May 5, 20268-K EDGAR
  10. May 5, 2026424B5 EDGAR
  11. Apr 28, 20268-K EDGAR
  12. Apr 10, 20268-K EDGAR
  13. Apr 1, 20268-K EDGAR
  14. Mar 11, 20268-K EDGAR
  15. Mar 10, 2026DEF 14A EDGAR
  16. Mar 3, 20264 EDGAR
  17. Feb 26, 20268-K EDGAR
  18. Feb 19, 20264 EDGAR
  19. Feb 13, 20268-K EDGAR
  20. Feb 12, 202610-Q EDGAR

The 253 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

33 open-market trades by officers, directors and large owners since October 2021: 33 buys and 0 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
Mar 2, 2026Malhotra RohanSee RemarksBuy19,085$1.37$26.1KForm 4
Dec 4, 2025Malhotra RohanSee RemarksBuy10,000$1.71$17.1KForm 4
Nov 21, 2025Malhotra RohanSee RemarksBuy12,000$1.43$17.2KForm 4
Mar 12, 2025Malhotra RohanSee RemarksBuy2,300$1.09$2.5KForm 4
Mar 7, 2025Malhotra RohanSee RemarksBuy2,000$1.08$2.2KForm 4
Mar 6, 2025Malhotra RohanSee RemarksBuy16,750$1.06$17.8KForm 4
Feb 27, 2025VedBrat SupurnaDirectorBuy6,000$1.03$6.2KForm 4
Feb 19, 2025Malhotra RohanSee RemarksBuy5,945$1.22$7.3KForm 4
Nov 29, 2024Malhotra RohanSee RemarksBuy135$1.01$136Form 4
Nov 27, 2024Malhotra RohanSee RemarksBuy797$1.03$821Form 4
Nov 22, 2024Malhotra RohanSee RemarksBuy3,750$0.85$3.2KForm 4
Nov 21, 2024Malhotra RohanSee RemarksBuy3,000$0.82$2.5KForm 4
Nov 20, 2024Malhotra RohanSee RemarksBuy250$0.81$202Form 4
Nov 19, 2024Malhotra RohanSee RemarksBuy200$0.83$166Form 4
Sep 12, 2024Malhotra RohanSee RemarksBuy1,600$1.47$2.4KForm 4
Sep 11, 2024Malhotra RohanSee RemarksBuy310$1.60$496Form 4
Sep 7, 2024Malhotra RohanSee RemarksBuy50$1.81$90Form 4
Sep 6, 2024Malhotra RohanSee RemarksBuy1,550$1.96$3.0KForm 4
Sep 5, 2024Malhotra RohanSee RemarksBuy1,000$1.87$1.9KForm 4
Sep 3, 2024Malhotra RohanSee RemarksBuy10$2.13$21Form 4

All 33 trades can be filtered by person here when JavaScript is on.

From Forms 4 filed with the SEC.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

Executive pay

What the company paid its top executives, from the summary compensation table in its proxy statement. Total pay includes salary, bonus, stock and option awards and other pay, as the company valued them.

YearExecutiveAgeSalaryTotal pay
2025Chief Financial Officer$250.0K$680.1K57
2025Chief Executive Officer$105.2K57
2025Chief Operating Officer$52.6K57
2024Chief Executive Officer$107.9K$60.9M57
2024Chief Operating Officer$61.9K$13.6M57
2024Chief Financial Officer$47.5K57

SEC filer profile

How Roadzen Inc. is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARRoadzen Inc.1
  • CIK0001868640
  • Employer ID (EIN)98-16001025
  • Filer statusNon-accelerated filer an emerging growth company; a smaller reporting company; a shell company5
  • Incorporated inBritish Virgin Islands5
  • Fiscal year endsMarch 311
  • Industry code (SIC)6411 Insurance Agents, Brokers & Service1
  • SEC reviewing officeOffice of Finance, Division of Corporation Finance1
  • Business address111 Anza Blvd., Suite 109, Burlingame, CA 940101
  • Phone650-414-35301
  • Shares outstanding85,165,063 as of Aug 12, 20263
  • Public float$42.8M as of Sep 30, 20255
  • AuditorASA & Associates LLP, Delhi, India PCAOB ID 3083; no auditor attestation of internal control over financial reporting5
  • On EDGAR sinceJun 24, 20211
  • Filings256 in all: 8-K (69), 4 (43), 3 (21), 10-Q (14), CORRESP (13), SC 13G (13), SC 13G/A (11), 425 (9)1
    All 36 form types

    UPLOAD (9), 424B5 (8), EFFECT (6), 10-K (5), S-3 (4), S-4/A (4), DEF 14A (3), 10-K/A (2), NT 10-Q (2), S-1 (2), 25-NSE (1), 424B3 (1), 424B4 (1), 8-A12B (1), 8-K/A (1), CERT (1), DRS (1), DRS/A (1), NT 10-K (1), PRE 14A (1), PRER14A (1), RW (1), S-1/A (1), S-1MEF (1), S-3/A (1), S-4 (1), S-8 (1), SC 13D (1)

  • Latest filingsAnnual report (10-K) Jun 29, 2026
    Quarterly report (10-Q) Aug 13, 2026
    Proxy statement (DEF 14A) Mar 10, 2026
    Latest 8-K (8-K) Sep 16, 2026

Securities registered for trading

ClassSymbolExchange
Ordinary Shares, par value $0.0001 per shareRDZNThe Nasdaq Stock Market LLC
Warrants, each warrant exercisable for one ordinary share, each at an exercise price of $11.50 per shareRDZNWThe Nasdaq Stock Market LLC

From the cover page of the 10-K filed Jun 29, 2026 (Section 12(b) of the Exchange Act).5

Risk factors and legal proceedings

The risks Roadzen Inc. names in Item 1A of its 10-K filed Jun 29, 2026: 76 risks under these headings, as written.5

  • Risks Relating to Our Business and Industry
  • We have a history of losses and we anticipate increased expenses in the future.
  • A substantial portion of our revenue is derived from a relatively small number of clients ranging from insurers, OEMs and automotive fleets, and the loss of any of these clients, or a significant revenue reduction from any of these clients, could materially impact our business, results of operations and financial condition.
  • FCA regulations and guidelines may have an adverse impact on our business and operations.
  • International trade policies, including tariffs, sanctions and trade barriers may adversely affect our business, financial condition, results of operations and prospects.
  • Our larger clients have negotiating leverage, which may require us to agree to terms and conditions that result in increased cost of sales, decreased revenue, lower average commissions earned and gross margins, and increased contractual liability risks, all of which could harm our results of operations.
  • If we are unable to attract new customers, our future revenue and results of operations will be harmed.
  • Our rapid growth makes it difficult to evaluate our future prospects and increases the risk that we will not continue to grow at or near historical rates.
  • We may not be able to ensure the accuracy and completeness of product information and the effectiveness of our recommendation of insurance products on our platform.
  • Our business depends on our brand, and if we fail to develop, maintain, and enhance our brand and reputation cost-effectively, our business and financial condition may be adversely affected.
  • Our revenue growth rate in part depends on existing customers renewing and upgrading their contracts. A decline in our customer renewals and expansions could adversely impact our future results of operations.
  • We face risks associated with the growth of our business in new use cases.
The other 65 risks
  • We rely heavily on direct sales to sell automobile insurance brokerage services.
  • Our growth strategy depends on continued investment in and around the delivery of innovative AI solutions. If we are unsuccessful in delivering the above mentioned AI solutions, it could adversely impact our results of operations and financial condition.
  • Changes in the automotive insurance industry, including the adoption of new technologies, such as autonomous vehicles, may significantly impact our results of operations.
  • Our customers may defer or forgo purchases of automobiles in the event of weakened global economic conditions or political transitions, which in turn will affect purchases of our products or services.
  • Macroeconomic factors impacting the principal industries we serve could adversely affect our product adoption, usage, or average selling prices.
  • We face competition in our market, which could negatively impact our business, results of operations, and financial condition and cause our market share to decline.
  • If we are unable to develop, introduce and market new and enhanced versions of our services and products, we may be put at a competitive disadvantage and our operating results could be adversely affected.
  • Our sales and implementation cycles can be lengthy and variable, depend upon factors outside our control, and could cause us to expend significant time and resources prior to generating revenue.
  • Developing significant revenue streams derived from our current research and development efforts may take several months or years, or may not be achieved at all.
  • There are limited key underwriting carrier partners in our insurance markets, and we may not be able to find suitable replacements for our existing carriers in the event such replacements become necessary.
  • Sales to customers or operations outside the U.S., India and the U.K./E.U. may expose us to risks inherent in international sales.
  • We may experience fluctuations in foreign currency exchange rates that could adversely impact our results of operations.
  • If we do not continuously develop AI that is compatible with third-party hardware, software, and infrastructure, including the many evolving insurance industry standards, our ability to introduce and sell new services could be adversely affected.
  • The competitive position of our AI depends in part on its ability to operate with a wide variety of data sources and infrastructure, and if we are not successful in maintaining and expanding the compatibility of our solutions with such data sources and infrastructure, our business, financial condition, and results of operations could be adversely impacted.
  • We rely on data, technology, and intellectual property of third parties and our solutions rely on information generated by third parties. Any interruption of our access to such information, technology, and intellectual property could materially harm our operating results.
  • Our solutions or products or our third-party cloud providers have experienced in the past, and could experience in the future, data security breaches, which could adversely impact our reputation, business, and ongoing operations.
  • We may not be able to prevent or address the misappropriation of Roadzen-owned data.
  • Real or perceived failures in our solutions, an inability to meet contractual service levels, or unsatisfactory performance of our services, could adversely affect our business, results of operations and financial condition.
  • Any disruption of our Internet connections, including to any third-party cloud providers that host any of our websites or web-based services, could affect the success of our IaaS solutions.
  • We may acquire or invest in companies, or pursue business partnerships, which may divert our management’s attention or result in dilution to our shareholders, and we may be unable to integrate acquired businesses and technologies successfully or achieve the expected benefits of such acquisitions, investments, or partnerships.
  • If we are unable to achieve and sustain a level of liquidity sufficient to support our operations and fulfill our obligations, our business, financial condition, and results of operations could be adversely affected.
  • We are subject to key person risk because we rely on the expertise of our CEO, senior management team, and other key employees. If we are unable to attract, retain, or motivate key personnel or hire qualified personnel, our business may be severely impacted.
  • If we cannot maintain our company culture as we grow, our success and our business and competitive position may be harmed.
  • We typically provide service-level commitments under our subscription agreements. Failure to meet these contractual commitments could lower our revenue and harm our business, financial condition, and results of operations.
  • Roadzen is exposed to interest rate risk through the course of our normal operations. Rising interest rates could have a negative impact on our cash flows as interest expense would likely increase on any debt undertaken.
  • We may need to raise additional funding to achieve our goals, and a failure to obtain this necessary capital when needed on acceptable terms, or at all, may force us to delay, limit, reduce or terminate our product development efforts or other operations.
  • Our management has limited experience in operating a public company.
  • We will incur increased costs as a result of operating as a public company, and our management will devote substantial time to new compliance initiatives.
  • The current conflicts between Ukraine and Russia, between Israel and Hamas and between the U.S. and Iran have exacerbated market instability and disrupted the global economy.
  • Risks Relating to Regulatory and Legal Matters
  • We are subject to changing law and regulations regarding regulatory matters, corporate governance and public disclosure that have increased both our costs and the risk of non-compliance.
  • As a managing general agency/underwriter in the U.S. and U.K./E.U. markets, and an insurance broker in India, we operate in a highly regulated environment for our insurance product distribution and face risks associated with compliance requirements, some of which cause us to make judgment calls that could have an adverse effect on us.
  • The U.S. federal government or independent standards organizations may implement significant regulations or standards that could adversely affect our ability to produce or market our products.
  • We are currently and may in the future become a party to litigation, which could result in damage to our reputation and harm our future results of operations.
  • Our failure to comply with the requirements of applicable environmental legislation and regulation could have a material adverse effect on our revenue and profitability.
  • We are subject to stringent and changing laws, regulations, standards, and contractual obligations related to privacy, data protection, and data security. Any actual or perceived failure to comply with such obligations could harm our business.
  • Failure to comply with anti-corruption and anti-money laundering laws, including the FCPA and similar laws associated with our activities outside of the United States, could subject us to penalties and other adverse consequences.
  • We are subject to stringent and changing privacy and data security laws, regulations, and standards related to data privacy and security. Our actual or perceived failure to comply with such obligations could harm our reputation, subject us to significant fines and liability, or adversely affect our business.
  • We rely on some mobile applications to execute our business strategy. Government regulation of the Internet and the use of mobile applications in particular is evolving, and unfavorable changes could seriously harm our business.
  • Changes in, or violations by us or our customers of, applicable government regulations could reduce demand for or limit our ability to provide our software and services in those jurisdictions.
  • We may have exposure to greater than anticipated tax liabilities and may be affected by changes in tax laws or interpretations, any of which could adversely impact our results of operations.
  • We may in the future be obligated to pay income tax in India.
  • We do not hold a controlling equity interest in our Chinese subsidiary and rely on contractual and governance arrangements for consolidation, which may be less effective than direct ownership and may be challenged under PRC law.
  • Changes in PRC laws, regulations, or government policies, or actions by PRC regulatory authorities, could materially affect Daokang’s operations and our ability to consolidate Daokang’s financial results.
  • The Holding Foreign Companies Accountable Act and related developments could result in our securities being prohibited from trading in the United States if the Public Company Accounting Oversight Board is unable to inspect our auditors.
  • Restrictions on the movement of cash into and out of the PRC may limit our ability to use Daokang’s cash flows to fund our operations or meet our obligations.
  • The accounting for our consolidation of Daokang involves significant judgment and estimates, and adjustments during the measurement period or in future periods could materially affect our reported results.
  • Risks Relating to Intellectual Property
  • Failure to protect our intellectual property could adversely impact our business and results of operations.
  • There can be no assurance that our patents or patent applications will be enforceable or otherwise upheld as valid.
  • We may enter into joint ventures, collaborations or sponsored developments for intellectual property and, as a result, some of our intellectual property may, in the future, be jointly owned by third parties.
  • Assertions by third parties of infringement or other violation by us of their intellectual property rights could result in significant costs and substantially harm our business and results of operations.
  • Confidentiality agreements with employees and others may not adequately prevent disclosure of trade secrets and other proprietary information.
  • Our exposure to risks associated with the use of intellectual property may be increased as a result of acquisitions.
  • Our use of open source software could negatively affect our ability to sell subscriptions and subject us to possible litigation.
  • Some of our services and technologies use “open source” software, which may restrict how we use or distribute our services or require that we release the source code of certain products subject to those licenses.
  • Indemnity provisions in various agreements potentially expose us to substantial liability for intellectual property infringement, misappropriation, violation, and other losses.
  • We may become subject to intellectual property disputes, which are costly and may subject us to significant liability and increased costs of doing business.
  • Risks Relating to Operations in India
  • We are subject to various labor laws, regulations and standards in India. Non-compliance with and changes in such laws may adversely affect our business, results of operations and financial condition.
  • A portion of our business and operations are located in India and we are subject to regulatory, economic, social and political uncertainties in India.
  • Cross-border transactions in India are subject to exchange control regulations of India.
  • The Business Combination we closed may be scrutinized by the tax authorities in India.
  • The tax authorities in India may determine that we have a Place of Effective Management in India for a specific financial year or a permanent establishment in India or business connection under the Indian tax regime, a finding of which would subject us to corporate taxation in India.
  • Additional Risks Relating to Ownership of Our Ordinary Shares
  • Nasdaq may delist the Company’s securities from trading on its exchange, which could limit investors’ ability to make transactions in its securities and subject the Company to additional trading restrictions.
  • Our share price may change significantly and you could lose all or part of your investment as a result.
  • Because there are no current plans to pay cash dividends on our Ordinary Shares for the foreseeable future, you may not receive any return on investment unless you sell your Ordinary Shares for a price greater than that which you paid for it.

Legal proceedings

From time to time, we may be subject to legal proceedings and claims in the ordinary course of business.

On April 17, 2025, Roadzen filed a lawsuit in Palm Beach County, Florida against Meteora Capital Partners, LP and affiliated entities (“Meteora”), alleging willful breach of contract and conduct that has damaged Roadzen and its public market value. The lawsuit stems from a Forward Purchase Agreement (the “FPA”) signed in August 2023, under which Meteora agreed to acquire 5 million shares in Roadzen at effectively a zero-cost basis and to remit proceeds from the sale of those shares to Roadzen under certain contractual mechanisms. Roadzen alleged that, despite negotiated safeguards, Meteora sold Roadzen shares without honoring its payment obligations or providing the required notices under the FPA. Roadzen also asserted a claim against Meteora for breach of Meteora’s duty of good faith and fair dealing by reason of the foregoing refusal to submit payment upon the sale of the shares of Roadzen stock that in effect Meteora received and was holding at a defacto zero cost basis.

On April 18, 2025, Meteora filed a separate lawsuit against the Company in the Court of Chancery of the State of Delaware, also arising out of the FPA and the subscription agreement, dated August 25, 2023, between the Company and Meteora (the “Subscription Agreement”). In its complaint, among other things, Meteora alleged breach of contract by the Company based on the Company’s registration obligations under the Subscription Agreement and seeks specific performance and damages, as well as declaratory judgment that (i) Meteora complied with its obligations under the FPA and Subscription Agreement, (ii) the Company breached certain of its registration obligations under the Subscription Agreement and (iii) Meteora’s obligations to the Company under the FPA are limited to $914,726.53.

The opening of Item 3, Legal Proceedings.5

Sources

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