On Tuesday, shares of Roadzen, Inc. (RDZN) are trading higher following the company’s report of its first fiscal year as a public company. The company also announced that it was included in the Russell 2000, Russell 3000, and Russell Microcap indexes, attracting new institutional shareholders.
In the fiscal year 2024, Roadzen saw a significant increase in revenue, with a 245% year-over-year jump 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 has 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. Over the past six months, RDZN stock has declined by over 38%. At the last check on Tuesday, RDZN shares were trading higher by 80% at $2.93.