On Tuesday, Roadzen, Inc. (RDZN) announced its first fiscal year as a public company, which attracted new institutional shareholders. As a result, shares of RDZN are trading higher following the news. In addition to being included in the Russell 2000, Russell 3000, and Russell Microcap indexes, Roadzen saw significant growth in revenue during fiscal year 2024.
The company’s revenue grew by 245% year-over-year to $46.7 million, driven by incremental revenue from U.S. and U.K. acquisitions as well as ongoing expansion in India. Gross margin also improved slightly from the previous year to 61.2%. 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.
Jean-Noël Gallardo, Roadzen’s CFO, mentioned that the company has made organizational and financial reporting changes to prepare for continued growth and success in 2025. As of March 31st, Roadzen reported $11.2 million in cash on hand after declining over 38% over the past six months at RDZN stock price was $193 per share before closing on Tuesday at $319 per share after trading up by more than 89%.
