Clarification: In a prior version of this story, Roadzen gave the date of its planned IPO launch as September 20. The company now states it has no specific date to confirm.
Roadzen, an insurtech specializing in responding to auto accidents with automatic claim filings, plans to launch an IPO on Nasdaq, using a SPAC arrangement with Vahanna Tech Edge, a technology acquisition company.
Roadzen, founded in 2015, has expanded its business significantly in the past two years, according to its CEO, Rohan Malhotra. The company operates in the U.S., U.K., western Europe, Southeast Asia, the Middle East and India. Founded in India, U.S. and U.K. operations began three years ago, and 70% of Roadzen's business is now in those countries and Europe, Malhotra said.
"What we want to do is essentially build the best technology to compete against some of the best tech companies out there, and build a global profile for Roadzen, which I think will be accomplished when we list on the NASDAQ and get access to a deep capital pool," he said.
Roadzen plans targeted investment in AI technology to enhance its services, and acquisitions of auto insurance brokers with good business models that need updated technology, according to Malhotra.
