# EDGAR Filing Document

**Accession Number:** 0001868640
**File Stem:** 0001641172-25-023483
**Filing Date:** 2025-8
**Character Count:** 31890
**Document Hash:** a8b213fe90b2dca9e8d1b0510523b924
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001641172-25-023483.hdr.sgml**: 20250813

**ACCESSION NUMBER**: 0001641172-25-023483

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 16

**CONFORMED PERIOD OF REPORT**: 20250813

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20250813

**DATE AS OF CHANGE**: 20250813

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Roadzen Inc.
- **CENTRAL INDEX KEY:** 0001868640
- **STANDARD INDUSTRIAL CLASSIFICATION:** INSURANCE AGENTS BROKERS & SERVICES [6411]
- **ORGANIZATION NAME:** 02 Finance
- **EIN:** 981600102
- **STATE OF INCORPORATION:** D8
- **FISCAL YEAR END:** 0331

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-41094
- **FILM NUMBER:** 251211677

**BUSINESS ADDRESS:**
- **STREET 1:** 111 ANZA BLVD., SUITE 109
- **CITY:** BURLINGAME
- **STATE:** CA
- **ZIP:** 94010
- **BUSINESS PHONE:** 650-414-3530

**MAIL ADDRESS:**
- **STREET 1:** 111 ANZA BLVD., SUITE 109
- **CITY:** BURLINGAME
- **STATE:** CA
- **ZIP:** 94010

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Vahanna Tech Edge Acquisition I Corp.
- **DATE OF NAME CHANGE:** 20210621

?xml version='1.0' encoding='ASCII'?

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**WASHINGTON, D.C. 20549**

**FORM 8-K**

**CURRENT REPORT**

**Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934**

**Date of Report (Date of earliest event reported): August 13, 2025**

**ROADZEN INC.**

**(Exact name of Registrant as Specified in Its Charter)**

---

| | | |
|:---|:---|:---|
| **British Virgin Islands** | **001-41094** | **98-1600102** |
| **(State or Other Jurisdiction**<br> **of Incorporation)** | **(Commission**<br> **File Number)** | **(IRS Employer**<br> **Identification No.)** |

---

---

| | |
|:---|:---|
| **111 Anza Blvd**<br> **Suite 109** |  |
| **Burlingame** **, California** | **94010** |
| **(Address of Principal Executive Offices)** | **(Zip Code)** |

---

**Registrant's Telephone Number, Including Area Code:** (**347)** **745-6448**

**(Former Name or Former Address, if Changed Since Last Report)**

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

**Securities registered pursuant to Section 12(b) of the Act:**

---

| | | |
|:---|:---|:---|
| **Title of each class** | **Trading Symbol(s)** | **Name of each exchange on which registered** |
| Ordinary Shares, par value $0.0001 per share | RDZN | The Nasdaq Stock Market LLC |
| Warrants, each warrant exercisable for one ordinary share, each at an exercise price of $11.50 per share | RDZNW | The Nasdaq Stock Market LLC |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company ☒

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

**Item 2.02 Results of Operations and Financial Condition.**

On August 13, 2025, Roadzen Inc. (the "Company") issued a press release announcing its financial results for the three months ended June 30, 2025. A copy of the press release is attached hereto as Exhibit 99.1 and is incorporated herein by reference.

This information is intended to be furnished under Item 2.02 of Form 8-K, "Results of Operations and Financial Condition" and shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.

**Item 9.01 Financial Statements and Exhibits.**

(d) Exhibits.

---

| | |
|:---|:---|
| **Exhibit Number** | **Description of Exhibit** |
| 99.1 | [Press release issued on August 13, 2025.](ex99-1.htm) |
| 104 | Cover page interactive data file (embedded within the Inline XBRL document). |

---

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

---

| | | | |
|:---|:---|:---|:---|
|  |  |  | **ROADZEN INC.** |
| Date: | August 13, 2025 | By: | */s/ Jean-Noël Gallardo* |
|  |  | Name:<br>| Jean-Noël Gallardo |
|  |  | Title: | Chief Financial Officer |

---

## Exhibit 99.1

**Exhibit 99.1**

![](ex99-1_001.jpg)

**Roadzen Reports Best Fiscal Q1 in Company History with 22% Revenue Growth, 92% Lower Net Loss, and 50% Adjusted EBITDA Improvement Over the Same Quarter Last Year**

**1.** **Record Fiscal Q1 Revenue Sets Stage for the Year Ahead**

First quarter fiscal 2026 revenue increased 22% to $10.9 million from $8.9 million last year – the strongest first quarter revenue on record for Roadzen, driven by growth in India and the U.S., along with the resumption of U.K. business opportunities.

**2. Significantly Narrowed Net Loss and Fourth Straight Quarter of Adjusted EBITDA<sup>1</sup> Improvement** 

Net loss narrowed to $(4.0) million from $(48.4) million in the first quarter last fiscal year, a 92% year-over-year improvement. Adjusted EBITDA loss improved to $(1.4) million from $(2.8) million the prior year — a 50% year-over-year improvement — marking the fourth consecutive quarter of sequential gains as the Company moves toward Adjusted EBITDA breakeven within this fiscal year.

**3. Balance Sheet Strengthened Through Capital Raised at a Premium, Anchored by Roadzen's Major Shareholders in July**

Subsequent to the fiscal Q1 end, in the last week of July 2025, Roadzen closed two securities purchase transactions totaling approximately $4.5 million. The first transaction was priced at $1.25 per share, a 20% premium to market and led by Roadzen's major shareholders; the second transaction was priced at $1.30 per share, both indicating strong investor confidence in the Company's trajectory.

NEW YORK, August 13, 2025 (GLOBE NEWSWIRE) – Roadzen Inc. (Nasdaq: RDZN) ("Roadzen" or the "Company"), a global leader in AI at the convergence of insurance and mobility, today announced its financial results for the three-months ended June 30, 2025, its first quarter of fiscal year 2026.

"Roadzen delivered a record first quarter, with revenue up more than 22% year-over-year and our fourth consecutive quarter of improving Adjusted EBITDA, moving us significantly further along our path to breakeven," said Rohan Malhotra, CEO and founder of Roadzen. "Q1 is typically our slowest quarter of the year due to seasonality, so this level of growth marks an important inflection point for us. The foundation we've built — stronger operations, a cleaner balance sheet, and a robust global client base — positions us to deliver the best year in our history."

Malhotra continued, "We have multiple catalysts ahead, from the greenshoots in our U.K. business to regulatory tailwinds driving adoption of DrivebuddyAI in India, and expanding partnerships with some of the world's largest insurers, automakers, and fleets as they choose Roadzen to bring AI to their operations. We believe the value we're creating — through innovation, disciplined execution, and strategic growth — will be reflected in both our results and our market valuation. We ask investors to track three things this year: our growth on the path to breakeven, the continued strengthening of our balance sheet, and the innovations that reinforce our leadership as the leading AI company in insurance. This is a golden age of AI, and our mission is to power it — building solutions that transform the way mobility is insured worldwide."

1 *Adjusted EBITDA is a non-GAAP financial metric. See "Non-GAAP Financial Measures" at the end of this press release for more information, including a reconciliation to the nearest GAAP financial measure.*

"This quarter's results reflect the financial rigor and structural improvements we've worked hard to implement over the past year," said Jean-Noël Gallardo, Chief Financial Officer of Roadzen. "We've significantly reduced operating expenses and brought more predictability to our financial model—all while supporting growth in strategic areas. Through a combination of disciplined cost management and targeted capital raises, we now have a clear path to reach Adjusted EBITDA breakeven."

Mr. Gallardo added, "As our revenue base expands and costs remain controlled, we expect continued margin expansion and improved cash flow dynamics. We're focused on maintaining this momentum and delivering sustainable, long-term value for our shareholders."

**<u>First Fiscal Quarter 2026 Financial Highlights:</u>**

**Revenue and Key Performance Indicators:**

● Record
 first quarter revenue totaling $10.9 million from $8.9 million, an increase of 22% over the
 prior year period, reflecting incremental revenue from the U.S. market and continuing growth
 in India. Brokerage solutions accounted for 53% of total revenue, increasing $2.6 million,
 or 86% over the prior year, while IaaS revenue accounted for the remaining 47% of revenue,
 decreasing $0.7 million, or 12% over the prior year.

● As
 of June 30, 2025, Roadzen had 34 insurance customer agreements (including carriers, self-insureds
 and other entities processing insurance claims), compared to 34 as of June 30, 2024. There
 were 78 automotive customer agreements at the end of the quarter, compared to 71 last June.
 We had approximately 3,800 agents and fleet customer agreements compared to 3,400 as of June
 30, 2024.

● In
 the brokerage business, 104,675 policies were sold during the first quarter, generating $13.9
 million in Gross Written Premium ("GWP"), compared to 99,695 policies sold in
 the same quarter last year, and $11.5 million of GWP.

● In
 our IaaS business, 462,277 claims and vehicle inspections were processed using our AI solutions
 during the first quarter compared to 547,233 the prior year first quarter.

● Gross
 margin for the quarter ended June 30, 2025 was 58.9%, up significantly from 39.2% reported
 in the prior fiscal year first quarter.

**Operating Expenses:**

● Operating
 expenses for the three months ended June 30, 2025, excluding Cost of Service and Depreciation
 and Amortization, totaled $8.8 million, a decrease of approximately $25.0 million or 74%
 from the prior fiscal first quarter. Included in last year's operating expenses was
 $26.2 million of non-cash equity compensation expense related to RSUs granted to employees
 on September 18, 2023. These RSUs were fully recognized in the Company's last fiscal
 year.

● Loss
 from operations totaled $2.5 million, a 92% improvement from the prior year period of $30.4
 million.

Other expenses totaled approximately $1.5 million in the first quarter, compared to $18.0 million in the prior first quarter which included $17.2 million of non-cash expense related to fair market valuation adjustments of financial instruments.

**Net Results:**

● Net
 loss for the first fiscal quarter ended June 30, 2025 totaled $(4.0) million or $(0.05) per
 share compares to a net loss of $(48.4) million or $(0.71) per share in the prior first quarter,
 which included approximately $17.2 million of fair value loss calculation on financial instruments.

● Adjusted
 EBITDA loss for the first quarter totaled $1.4 million compared to a loss of $2.8 million
 in the prior fiscal year period. This first quarter marks Roadzen's fourth sequential
 improvement in quarterly Adjusted EBITDA.

**<u>Subsequent Financial Events</u>:**

● On
 July 24, 2025, the Company announced it raised $2.25 million through a private placement
 of its ordinary shares to four of Roadzen's largest shareholders. A total of 1.8 million
 shares were issued at $1.25 per share, which was priced at approximately 20% premium to the
 market at the time of the close. The shares are subject to a six-month holding period under
 Rule 144 of the Securities Act.

● Simultaneously,
 as a show of alignment with shareholders, Roadzen's CEO and entire leadership team
 deferred the vesting of their RSUs until September 2026.

● On
 July 29, 2025, Roadzen raised an additional $2.25 million through a registered direct offering
 with an institutional investor for 1.7 million ordinary shares priced at $1.30 per share.

**<u>First Quarter 2026 Operational Highlights</u>**

**Product Advances and Patent Awards:**

● DrivebuddyAI , Roadzen's ADAMATICS platform announced
 in April that it was positioned to benefit from India's new road safety regulations
 issued by India's Ministry of Road Transport and Highways (MoRTH). The regulations,
 expected to be adopted imminently, mandate the installation of Driver Drowsiness and Attention
 Warning Systems (DDAWS) under AIS 184, along with other critical road safety features beginning
 April 2026. Roadzen's DrivebuddyAI is the first and continues to be the only system
 validated by the Automotive Research Association of India ("ARAI") testing authority
 to meet the new standard.

June 3, 2025, DrivebuddyAI was awarded patent in India for its real-time driver drowsiness detection algorithm. Leveraging AI and computer vision to monitor over 92 real-time eye and facial cues, enables early detection of driver fatigue and triggers instant alerts – preventing accidents before they occur.

June 3, 2025, DrivebuddyAI surpassed 1.8 billion kilometers of real-world driving data—an 80% increase in just six months—while helping commercial fleets reduce on-road accidents by over 72%.

**Contract Announcement:**

● June
 17, 2025 *,* Roadzen announced that SHV Energy
 Pvt Ltd ("SUPERGAS"), a leading LPG company in India wholly owned by global energy
 giant SHV Energy, will equip its truck fleet with DrivebuddyAI. Installation is on track
 for completion by September 30, 2025.

● May
 6, 2025, Roadzen's U.K. subsidiary, Global Insurance Management Limited ("GIM")
 partnered with Vodafone Automotive, one of the world's largest telematics providers
 to deliver an integrated, technology-led vehicle protection solution that combines real-time
 telematics-enabled asset tracking with Guaranteed Asset Protection ("GAP") insurance.
 T his launch is expected to resume GIM's business
 growth in the U.K.

**<u>Subsequent Fiscal 2026 Operational Developments</u>**

**Contract and Partnership Announcements:**

● August
 7, 2025, Roadzen onboards U.K.'s leading automotive finance broker, Motion Finance,
 to deliver Return to Invoice (RTI) GAP Insurance to customers financing vehicles through
 Motion Finance. Leveraging Roadzen's Global Distribution Network (GDN) platform, the
 solution embeds GAP Insurance seamlessly into the vehicle financing journey for Motion —  ***enabling real-time policy pricing, issuance, payments, and claims through integrated APIs within Motion's digital finance tools and point-of-sale systems.*** This
 announcement marks the third high-profile partnership in three months within the UK which
 is poised to deliver accelerated growth and capture new market opportunities.

● July
 17, 2025 *,* Roadzen announced its partnership
 with a top global two-wheeler (motorcycles and scooter) OEM to launch real-time connected
 roadside assistance for a new line of electric and connected vehicles across India. The OEM
 partner serves over 100 million vehicles globally, including more than 60 million two-wheelers
 in India and over 5 million new vehicles sold annually in the country where two-wheelers
 dominate the mobility landscape.

● July
 15, 2025, Roadzen's U.K. subsidiary, Global Insurance Management Limited ("GIM")
 partnered with one of the U.K.'s largest independent retailers of nearly new cars and
 vans to offer GAP Insurance to its 60,000+ annual vehicle buyers. Roadzen

 Global Distribution Network (GDN) platform that enables real-time pricing, policy issuance,
 payment collection, and claims processing — all through a single seamless digital interface
 that embeds insurance directly into point-of-sale systems across independent dealer networks
 globally.

**General Interest:**

● July 16, 2025, Roadzen was named as a leading company in the Insurtech category of CNBC and Statista's 2025 list of the World's Top Fintech Companies — a recognition that underscores Roadzen's pioneering role in transforming insurance through artificial intelligence and advanced data science.

For more information about Roadzen Inc., please visit <u>https://roadzen.ai/</u>

**<u>About Roadzen Inc.</u>**

Roadzen Inc. (Nasdaq: RDZN) is a global technology company transforming auto insurance using advanced artificial intelligence (AI). Thousands of clients, from the world's leading insurers, carmakers, and fleets to dealerships and auto insurance agents, use Roadzen's technology to build new products, sell insurance, process claims, and improve road safety. Roadzen's pioneering work in telematics, generative AI, and computer vision has earned recognition as a top AI innovator by publications such as Forbes, Fortune, and Financial Express. Roadzen's mission is to continue advancing AI research at the intersection of mobility and insurance, ushering in a world where accidents are prevented, premiums are fair, and claims are processed within minutes, not weeks. Headquartered in Burlingame, California, the Company has 323 employees across its global offices in the U.S., U.K. and India. To learn more, please visit <u>www.roadzen.ai</u>.

**Cautionary Statement Regarding Forward Looking Statements**

This press release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). We have based these forward-looking statements on our current expectations and projections about future events. These forward-looking statements are subject to known and unknown risks, uncertainties and assumptions about us that may cause our actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by such forward-looking statements. In some cases, you can identify forward-looking statements by terminology such as "may," "should," "could," "would," "expect," "plan," "anticipate," "believe," "estimate," and "continue," or the negative of such terms or other similar expressions. Such statements include, but are not limited to, statements regarding the anticipated benefits of our products and solutions, anticipated benefits and revenues from the partnership described in this press release, business growth in the U.S., U.K. and India, anticipated Adjusted EBITDA breakeven timing, strategy, demand for our products, expansion plans, future operations, future operating results, estimated revenues, losses, projected costs, prospects, plans and objectives of management, as well as all other statements other than statements of historical fact included in this press release. Factors that might cause or contribute to such a discrepancy include, but are not limited to, those described in "Risk Factors" in our Securities and Exchange Commission ("SEC") filings, including the annual report on Form 10-K we filed with the SEC on June 26, 2025. We urge you to consider these factors, risks and uncertainties carefully in evaluating the forward-looking statements contained in this press release. All subsequent written or oral forward-looking statements attributable to our company or persons acting on our behalf are expressly qualified in their entirety by these cautionary statements. The forward-looking statements included in this press release are made only as of the date of this release. Except as expressly required by applicable securities law, we disclaim any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

**For more information, please contact:**

Investor Contacts: IR@roadzen.ai

Media Contacts: Sanya Soni sanya@roadzen.ai or <u>media@roadzen.ai</u>

**Roadzen Inc.**

**Unaudited Condensed Consolidated Balance Sheets**

**(in US $, except share count)**

---

| | | |
|:---|:---|:---|
| <br>**Particulars** | **As of June 30,**<br>**2025** | **As of March 31,**<br>**2025** |
| **Assets** |  |  |
| **Current assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Cash and cash equivalents | 3124856 | 4836576 |
| &nbsp;&nbsp;&nbsp;Accounts receivable, net | 2574592 | 2625385 |
| &nbsp;&nbsp;&nbsp;Inventories | 99187 | 202535 |
| &nbsp;&nbsp;&nbsp;Prepayments and other current assets | 21167240 | 19092595 |
| &nbsp;&nbsp;&nbsp;Investments | 124689 | 197805 |
| **Total current assets** | **27090564** | **26954896** |
| **Non current assets** |  |  |
| &nbsp;&nbsp;&nbsp;Restricted cash | 218714 | 217064 |
| &nbsp;&nbsp;&nbsp;Non marketable securities | 269470 | 269470 |
| &nbsp;&nbsp;&nbsp;Property and equipment, net | 633015 | 602923 |
| &nbsp;&nbsp;&nbsp;Goodwill | 2061553 | 2061553 |
| &nbsp;&nbsp;&nbsp;Operating lease right-of-use assets | 1048594 | 1109219 |
| &nbsp;&nbsp;&nbsp;Intangible assets, net | 1504567 | 1243253 |
| &nbsp;&nbsp;&nbsp;Other long-term assets | 130822 | 120972 |
| **Total Non current assets** | **5866735** | **5624454** |
| **Total assets** | **32957299** | **32579350** |
| **Liabilities and shareholders' Equity/(Deficit)** |  |  |
| **Current liabilities** |  |  |
| &nbsp;&nbsp;&nbsp;Current portion of long-term borrowings | 2912746 | 2904444 |
| &nbsp;&nbsp;&nbsp;Short-term borrowings | 20591106 | 19865645 |
| &nbsp;&nbsp;&nbsp;Accounts payable and accrued expenses | 32822637 | 30254010 |
| &nbsp;&nbsp;&nbsp;Derivative warrant liabilities | 1535869 | 1489818 |
| &nbsp;&nbsp;&nbsp;Short-term operating lease liabilities | 442914 | 318921 |
| &nbsp;&nbsp;&nbsp;Other current liabilities | 2304421 | 2102466 |
| **Total current liabilities** | **60609693** | **56935304** |
| **Non current liabilities** |  |  |
| &nbsp;&nbsp;&nbsp;Long-term borrowings | 150334 | 139775 |
| &nbsp;&nbsp;&nbsp;Long-term operating lease liabilities | 443500 | 628400 |
| &nbsp;&nbsp;&nbsp;Other long-term liabilities | 547523 | 566651 |
| **Total Non current liabilities** | **1141357** | **1334826** |
| **Total liabilities** | **61751050** | **58270130** |
| **Commitments and contingencies (refer note 21)** |  |  |
| **Shareholders' Equity/(Deficit)** |  |  |
| &nbsp;&nbsp;&nbsp;Ordinary Shares and additional paid in capital, $0.0001 par value per share, 220,000,000 shares authorized as of June 30, 2025 and March 31, 2025; 74,290,986 shares outstanding as of June 30, 2025 and March 31, 2025 | 96888250 | 95501291 |
| &nbsp;&nbsp;&nbsp;Accumulated deficit | (227832212) | (223826442) |
| &nbsp;&nbsp;&nbsp;Accumulated other comprehensive income/(loss) | (929924) | (468859) |
| &nbsp;&nbsp;&nbsp;Other components of equity | 103791466 | 103720113 |
| **Total shareholders' deficit** | **(28082420)** | **(25073897)** |
| Non-controlling interest | (711331) | (616883) |
| **Total deficit** | **(28793751)** | **(25690780)** |
| **Total liabilities and Total Deficit** | **32957299** | **32579350** |

---

**Roadzen Inc.**

**Unaudited Condensed Consolidated Statements of Operations**

**(in US $, except share count)**

---

| | | |
|:---|:---|:---|
| | **For the three months ended**<br> **June 30,** | **For the three months ended**<br> **June 30,** |
| <br>**Particulars** | **2025** | **2024** |
| **Revenue** | 10865545 | 8931517 |
| **Costs and expenses:** |  |  |
| Cost of services | 4469453 | 5427440 |
| Research and development | 81534 | 1789542 |
| Sales and marketing | 6132010 | 5802298 |
| General and administrative | 2577897 | 25826188 |
| Depreciation and amortization | 125000 | 480349 |
| **Total costs and expenses** | **13385894** | **39325817** |
| **Loss from operations** | **(2520349)** | **(30394300)** |
| Interest expense (net) | (941319) | (821686) |
| Fair value gains/(losses) in financial instruments carried at fair value | (511538) | (17152060) |
| Other income (net) | (47922) | 22352 |
| **Total other income/(expense)** | **(1500779)** | **(17951394)** |
| **(Loss)/Income before income tax expense** | **(4021128)** | **(48345694)** |
| Less: income tax (benefit)/expense | 79979 | 106650 |
| **Net (loss)/income before non-controlling interest** | **(4101107)** | **(48452344)** |
| Net loss attributable to non-controlling interest, net of tax | (95337) | (45319) |
| **Net Loss attributable to Ordinary shareholders** | **(4005770)** | **(48407025)** |
| **Net loss per share attributable to Ordinary shareholders** |  |  |
| Basic and Diluted | (0.05) | (0.71) |
| Weighted-average number of shares used in computing net loss per share (Basic and Diluted) | 74290986 | 68440829 |

---

**Roadzen Inc.**

**Unaudited Condensed Consolidated Statements of Cash Flow**

**(in US $, except share count)**

---

| | | |
|:---|:---|:---|
| | **For the Period ended <br> June 30,** | **For the Period ended <br> June 30,** |
| <br>**Particulars** | **2025** | **2024** |
| **Cash flows from operating activities** |  |  |
| **Net loss per share attributable to Ordinary shareholders** | **(4005770)** | **(48407025)** |
| Adjustments to reconcile net loss to net cash used in operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;Depreciation and amortization | 125000 | 480349 |
| &nbsp;&nbsp;&nbsp;Stock based compensation | 71358 | 26230989 |
| &nbsp;&nbsp;&nbsp;Deferred income taxes | (1289) | (37185) |
| &nbsp;&nbsp;&nbsp;Unrealized foreign exchange loss/(profit) | (9456) | (3398) |
| &nbsp;&nbsp;&nbsp;Fair value losses in financial instruments carried at fair value | 511538 | 17152060 |
| &nbsp;&nbsp;&nbsp;Expected credit loss (net of reversal) | 198749 | (50682) |
| &nbsp;&nbsp;&nbsp;Net loss attributable to non-controlling interest, net of tax | (95337) | (45319) |
| **Changes in assets and liabilities, net of assets acquired and liabilities assumed from acquisitions:** |  |  |
| &nbsp;&nbsp;&nbsp;Inventories | 103415 | (6803) |
| &nbsp;&nbsp;&nbsp;Accounts receivables, net | (147930) | 1037883 |
| &nbsp;&nbsp;&nbsp;Prepayments and other assets | (2071468) | 1046454 |
| &nbsp;&nbsp;&nbsp;Accounts payable and accrued expenses | 2323205 | (2767021) |
| &nbsp;&nbsp;&nbsp;Other liabilities | 76478 | (296982) |
| **Net cash used in operating activities** | **(2921507)** | **(5666680)** |
| **Cash flows from investing activities** |  |  |
| &nbsp;&nbsp;&nbsp;Purchase of property and equipment, intangible assets and goodwill | (274056) | 32745 |
| &nbsp;&nbsp;&nbsp;Proceeds from sale of mutual fund | 73116 | 193606 |
| &nbsp;&nbsp;&nbsp;Proceeds from forward purchase agreement | - | 1000000 |
| **Net cash used in investing activities** | **(200940)** | **1226351** |
| **Cash flows from financing activities** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from issue of ordinary shares | 1386959 |  |
| &nbsp;&nbsp;&nbsp;Net proceeds/(payments) from borrowings | 49990 |  |
| &nbsp;&nbsp;&nbsp;Repayments of long-term borrowings |  | (121365) |
| &nbsp;&nbsp;&nbsp;Net proceeds/(payments) from short-term borrowings | - | 1154519 |
| **Net cash generated from financing activities** | **1436949** | **1033154** |
| Effect of exchange rate changes on cash and cash equivalents | (24586) | (3519) |
| **Net (decrease)/increase in cash and cash equivalents (including restricted cash)** | **(1710084)** | **(3410694)** |
| Cash and cash equivalents at the beginning of the period (including restricted cash) | 5053654 | 11565088 |
| **Cash and cash equivalents at the end of the period (including restricted cash)** | **3343570** | **8154394** |
| **Reconciliation of cash and cash equivalents** |  |  |
| Cash and cash equivalents | 3124856 | 7777413 |
| Restricted cash | 218714 | 376981 |
| **Total cash and cash equivalents** | **3343570** | **8154394** |
| **Supplemental disclosure of cash flow information** |  |  |
| Cash paid for interest, net of amounts capitalized | 1001397 | 391829 |
| **Non-cash investing and financing activities** |  |  |
| Consideration payable in connection with acquisitions | 8376253 | 488000 |
| Interest accrued on borrowings | 2089465 | 790395 |

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**Non-GAAP Financial Measures**

This press release includes Adjusted Earnings Before Interest, Tax, Depreciation and Amortization ("Adjusted EBITDA"), a non-GAAP financial measure which excludes the impact of finance costs, taxes, depreciation and amortization and certain other items from reported net profit or loss. We believe that Adjusted EBITDA aids investors by providing an operating profit/loss without the impact of non-cash depreciation and amortization and certain non-recurring and other items to help clarify sustainability and trends affecting the business. For comparability of reporting, management considers non-GAAP measures in conjunction with U.S. GAAP financial results in evaluating business performance. Adjusted EBITDA should not be considered a substitute for, or superior to, the measures of financial performance prepared in accordance with U.S. GAAP. In addition, Adjusted EBITDA does not purport to represent cash flows provided by, or used for, operating activities in accordance with GAAP and should not be used as a measure of liquidity.

Non-GAAP financial measures have limitations as analytical tools and should not be considered in isolation or as substitutes for financial information presented under GAAP. There are a number of limitations related to the use of non-GAAP financial measures versus comparable financial measures determined under GAAP. For example, other companies in our industry may calculate these non-GAAP financial measures differently or may use other measures to evaluate their performance. These limitations could reduce the usefulness of these non-GAAP financial measures as analytical tools. Investors are encouraged to review the related GAAP financial measures and the reconciliations of these non-GAAP financial measures to their most directly comparable GAAP financial measures and to not rely on any single financial measure to evaluate our business.

The following table reconciles our net loss reported in accordance with U.S. GAAP to Adjusted EBITDA:

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| | | |
|:---|:---|:---|
| | **For the three months ended <br> June 30,** | **For the three months ended <br> June 30,** |
| <br>**Particulars** | **2025** | **2024** |
| **Net loss (Including Non Controlling Interest)** | **(4005770)** | **(48407025)** |
| Adjusted for: |  |  |
| Other (income)/expense net | 47922 | (22352) |
| Interest (income)/expense | 941319 | 821686 |
| Fair value changes in financial instruments carried at fair value | 511538 | 17152060 |
| Tax (benefit)/expense | 79979 | 106650 |
| Depreciation and amortization | 125000 | 480349 |
| Stock based compensation expense | 71358 | 26230989 |
| Non-cash expenses | 306714 | 285060 |
| Non-recurring expenses | 516102 | 524758 |
| **Adjusted EBITDA** | **(1405838)** | **(2827825)** |

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