Roadzen Inc. Surpasses Expectations in FY24 with 245% Revenue Increase and Included in Russell Indexes

On Tuesday, Roadzen, Inc. (RDZN) announced its first fiscal year as a public company and saw a significant increase in revenue. The company also mentioned that it was included in the Russell 2000, Russell 3000, and Russell Microcap indexes, which attracted new institutional shareholders.

Roadzen’s revenue in fiscal year 2024 jumped by 245% from the previous year to $46.7 million. This growth was attributed to incremental revenue from U.S. and U.K. acquisitions as well as ongoing expansion in India. Gross margin also showed improvement, rising slightly to 61.2% from the previous year’s 60.1%.

Jean-Noël Gallardo, Roadzen’s CFO, mentioned that the company had made organizational and financial reporting changes to prepare for continued growth and success in 2025. Despite a loss per share of $2.26 in FY24 compared to a $0.86 loss in the previous year, the company saw a substantial increase in policies sold in the brokerage segment, leading to a 25.5% increase in Gross Written Premium.

As of the end of March, Roadzen reported $11.2 million in cash on hand