Roadzen, Inc. reported a significant increase in trading on Tuesday following the release of its first fiscal year report since becoming a public company. The company was added to several indexes, including the Russell 2000, Russell 3000, and Russell Microcap, which attracted new institutional shareholders. Despite a slight decline in gross margin from 60.1% to 61.2%, revenue for FY24 rose by an impressive 245% year over year to $46.7 million. This was driven by increased revenue from acquisitions in the U.S., U.K., and continued growth in India.
Jean-Noël Gallardo, Roadzen’s CFO, stated that the company has been focused on simplifying and streamlining its organizational structure and financial reporting protocols in preparation for another successful year in 2025. In the brokerage segment, Roadzen sold 324,293 policies in fiscal year 2024, resulting in $61.8 million of Gross Written Premium, a significant increase from the previous year. The company ended the fiscal year with $11.2 million in cash on hand despite these positive developments; RDZN stock has seen a decline of over 38% in the last six months at the last check Tuesday shares were trading at $2.93, up by an astonishing 80%.
