Insurance tech firm Roadzen’s shares are rising – here’s why.

July 10, 2024
1 min read

TLDR:

  • Roadzen reported a 245% revenue increase to $46.7 million in FY24, driven by U.S., U.K. acquisitions and Indian growth.
  • Despite a $2.26 EPS loss, Roadzen saw stock surge, bolstered by Russell index inclusion and strong fiscal performance.

Roadzen, Inc. (NASDAQ: RDZN) shares are trading higher as the company reported a 245% revenue increase to $46.7 million in FY24, fueled by acquisitions in the U.S. and U.K., as well as continued growth in India. The company’s stock surge was further supported by its inclusion in the Russell 2000, Russell 3000, and Russell Microcap indexes, attracting new institutional shareholders.

Despite an EPS loss of $2.26, Roadzen’s gross margin showed improvement, reaching 61.2%. The company also saw growth in the brokerage segment, with a significant increase in policies sold and Gross Written Premium compared to the prior year. Roadzen’s CFO highlighted the company’s focus on streamlining operations for scalability and projected another breakout year in 2025.

As of March, Roadzen had $11.2 million in cash on hand. While RDZN stock had experienced a 38% decline in the past six months, shares were trading 80% higher at $2.93 at the time of writing.

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