olivLaw · US equity research
Roadzen Inc. RDZN
Insurance Agents, Brokers & Service · SIC 6411 · Vertical: Insurance Agents, Brokers & Service (SIC 6411)
Roadzen is an Insurtech company that sells its Insurance as a Service platform, built on computer vision and artificial intelligence, and distributes auto policies as a broker. In the first quarter of fiscal 2027, revenue grew 49% to 16.2 million USD, and the agreement to acquire a European MGA could extend the business into the short-term car rental insurance market.
At the close of 04 Nov 2026, Roadzen Inc. (RDZN) stock was 1.09 USD (+3.81% on the day), with market capitalisation 92.8 m USD, beta 1.83, 52-week range 1.01–2.41 USD. Latest reported quarter (Q1 2027): revenue of 16.2 m USD (+49.0% YoY), net income of -9.8 m USD, diluted EPS -0.12 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 44.5
- weak (30–45)
- Bollinger (20, 2)
- 1.01 – 1.19
- in the lower half of the band · %B 0.46 · band width 16.2%
- SMA 50 / 200
- 1.21 / 1.39
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.03 / -0.03
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | −8.4% | −1.1% | −7.3 pp | — |
| 3 months | −14.2% | −0.5% | −13.7 pp | — |
| 6 months | −40.8% | +4.4% | −45.2 pp | — |
| Year to date | −54.8% | +12.3% | −67.1 pp | — |
| 1 year | −28.8% | +13.5% | −42.3 pp | +0.8% |
| 3 years | −73.1% | +76.4% | −149.5 pp | +4.3% |
| 5 years | unavailable | +63.7% | unavailable | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q1 2027 · 30 Jun 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 | Q3 '26 | Q4 '26 | Q1 '27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 11.9 m | 12.1 m | 11.4 m | 10.9 m | 13.7 m | 14.4 m | 16.1 m | 16.2 m |
| Cost of revenue | 5.2 m | 4.3 m | 3.9 m | 4.5 m | 6.1 m | 5.2 m | 5.5 m | 6.9 m |
| Research & development | 1.5 m | 249.6 k | 244.2 k | 81.5 k | 148.5 k | 294.0 k | -115.7 k | 419.1 k |
| Operating income | -23.5 m | -3.2 m | -3.7 m | -2.5 m | -3.3 m | -2.4 m | -5.8 m | -1.5 m |
| Depreciation & amortisation | 193.4 k | 299.9 k | 1.0 m | 125.0 k | 750.2 k | 311.6 k | 1.1 m | 729.5 k |
| Interest expense | — | — | — | 941.3 k | -531.3 k ≈ | — | — | 2.9 m |
| Pre-tax income | -22.0 m | -2.6 m | -127.6 k | -4.0 m | -2.2 m | -9.5 m | -7.3 m | -9.8 m |
| Income tax | -181.3 k | -9.1 k | 69.7 k | 80.0 k | 10.8 k | -23.6 k | -47.0 k | -6.6 k |
| Net income | -21.8 m | -2.5 m | -135.7 k | -4.0 m | -2.1 m | -9.1 m | -7.3 m | -9.8 m |
| Diluted EPS | -0.32 | -0.04 | -0.00 ≈ | -0.05 | -0.03 | -0.12 | -0.09 ≈ | -0.12 |
| Operating cash flow | -5.6 m ≈ | -3.2 m ≈ | -3.7 m | -2.9 m | -6.1 m ≈ | -7.5 m ≈ | -3.8 m | -5.5 m |
| Capex | — | — | — | 274.1 k | — | — | — | 464.5 k |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|
| Revenue | unavailable | 13.6 m | 46.7 m | 44.3 m | 55.0 m |
| Revenue YoY | unavailable | unavailable | +244.6% | −5.2% | +24.2% |
| Net income | 983.4 k | -14.0 m | -99.7 m | -72.9 m | -22.5 m |
| Net income YoY | unavailable | −1,526.0% | unavailable | unavailable | unavailable |
| Diluted EPS | unavailable | -0.86 | -2.26 | -1.04 | -0.29 |
| Diluted EPS YoY | unavailable | unavailable | unavailable | unavailable | unavailable |
| net % | unavailable | -103.4% | -213.3% | -164.5% | -40.9% |
| Free cash flow | unavailable | -8.4 m | -19.7 m | -18.6 m | -21.3 m |
Reported results vs expectations
Loading…
Balance sheet & financial health
Fiscal year 2026 · 31 Mar 2026
- Cash
- 6.6 m USD
- Financial debt
- 23.5 m USD
- Net debt
- 16.9 m USD
- Equity
- -26.5 m USD
- Total assets
- 52.7 m USD
- Debt / equity
- unavailable
- Current ratio
- 0.55x
- ROE
- unavailable
- ROA
- -52.8%
- FCF margin
- -38.7%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2022 | 2023 | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|---|---|
| Revenue | — | 13.6 m | 46.7 m | 44.3 m | 55.0 m | SEC (XBRL)· 29 Jun 2026verified |
| Cost of revenue | — | 5.4 m | 18.1 m | 18.8 m | 21.3 m | SEC (XBRL)· 29 Jun 2026verified |
| Gross profit | — | 8.1 m ≈ | 28.6 m ≈ | 25.5 m ≈ | 33.7 m ≈ | SEC (XBRL)· 29 Jun 2026derived |
| Research & development | — | 2.7 m | 5.0 m | 3.8 m | 408.4 k | SEC (XBRL)· 29 Jun 2026verified |
| Operating income | — | -11.5 m | -77.7 m | -60.8 m | -14.0 m | SEC (XBRL)· 29 Jun 2026verified |
| Depreciation & amortisation | — | 1.6 m | 2.2 m | 2.0 m | 2.2 m | SEC (XBRL)· 29 Jun 2026verified |
| EBITDA | — | -9.9 m ≈ | -75.5 m ≈ | -58.8 m ≈ | -11.8 m ≈ | SEC (XBRL)· 29 Jun 2026derived |
| Pre-tax income | — | -14.2 m | -99.9 m | -73.1 m | -23.0 m | SEC (XBRL)· 29 Jun 2026verified |
| Income tax | — | -42.3 k | -23.6 k | -14.0 k | 20.2 k | SEC (XBRL)· 29 Jun 2026verified |
| Net income | 983.4 k | -14.0 m | -99.7 m | -72.9 m | -22.5 m | SEC (XBRL)· 29 Jun 2026verified |
| Diluted EPS | — | -0.86 | -2.26 | -1.04 | -0.29 | SEC (XBRL)· 29 Jun 2026verified |
| Weighted average diluted shares | — | 16.5 m | 44.0 m | 69.9 m | 77.5 m | SEC (XBRL)· 29 Jun 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Revenue − Cost of revenue; Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2022 | 2023 | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|---|---|
| Cash | 1.3 m | 589.3 k | 11.2 m | 4.8 m | 6.6 m | SEC (XBRL)· 29 Jun 2026verified |
| Receivables | — | 1.5 m | 3.7 m | 2.6 m | 7.5 m | SEC (XBRL)· 29 Jun 2026verified |
| Inventories | — | 59.9 k | 70.7 k | 202.5 k | 116.6 k | SEC (XBRL)· 29 Jun 2026verified |
| Current assets | 199.5 k | 5.4 m | 49.8 m | 27.0 m | 32.3 m | SEC (XBRL)· 29 Jun 2026verified |
| Property, plant & equipment, net | — | 454.6 k | 454.6 k | 602.9 k | 537.0 k | SEC (XBRL)· 29 Jun 2026verified |
| Goodwill | — | 996.4 k | 2.1 m | 2.1 m | 7.6 m | SEC (XBRL)· 29 Jun 2026verified |
| Intangibles (excl. goodwill) | — | 2.5 m | 3.0 m | 1.2 m | 9.7 m | SEC (XBRL)· 29 Jun 2026verified |
| Total assets | 207.3 m | 15.2 m | 58.1 m | 32.6 m | 52.7 m | SEC (XBRL)· 29 Jun 2026verified |
| Accounts payable | — | 2.0 m | 22.8 m | 17.5 m | 14.8 m | SEC (XBRL)· 29 Jun 2026verified |
| Short-term debt | — | 4.9 m | 15.8 m | 19.9 m | 7.8 m | SEC (XBRL)· 29 Jun 2026verified |
| Long-term debt | — | 653.3 k | 1.5 m | 139.8 k | 15.6 m | SEC (XBRL)· 29 Jun 2026verified |
| Current liabilities | 1.4 m | 16.7 m | 65.7 m | 56.9 m | 58.3 m | SEC (XBRL)· 29 Jun 2026verified |
| Total liabilities | 8.0 m | 18.0 m | 68.6 m | 58.3 m | 79.2 m | SEC (XBRL)· 29 Jun 2026verified |
| Equity | -46.4 m † | -51.1 m | -10.5 m | -25.7 m | -26.5 m | SEC (XBRL)· 29 Jun 2026verified |
† equity attributable to the parent's shareholders: in these years the issuer no longer reports the total including non-controlling interests.
Cash flow · USD
| Line | 2022 | 2023 | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|---|---|
| Operating cash flow | -1.2 m | -7.5 m | -19.2 m | -18.1 m | -20.3 m | SEC (XBRL)· 29 Jun 2026verified |
| Capex | — | 842.0 k | 455.9 k | 424.9 k | 1.0 m | SEC (XBRL)· 29 Jun 2026verified |
| Free cash flow | — | -8.4 m ≈ | -19.7 m ≈ | -18.6 m ≈ | -21.3 m ≈ | SEC (XBRL)· 29 Jun 2026derived |
| Investing cash flow | — | -841.4 k | -6.7 m | -115.6 k | -896.8 k | SEC (XBRL)· 29 Jun 2026verified |
| Financing cash flow | 304.7 k | 8.4 m | 25.4 m | 11.7 m | 21.4 m | SEC (XBRL)· 29 Jun 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- indicators available: 4 of at least 6
- score weight coverage: 27.1% of at least 60%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 92.8 m USD
Key indicators
Coverage and freshness
Score by group
27% · Insufficient data
Estimated value range
unavailable — no valuation method could be computed
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
- DCF (discounted cash flow)unavailable · input data missing
- Peers: EV/EBITDAunavailable · the base of the ratio is not positive
- Peers: P/Eunavailable · the base of the ratio is not positive
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
no valuation method could be computed
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 4 of at least 6; score weight coverage: 27.1% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | -46.9% | 14 (vs peers) | 23% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | 59.5% | 100 (on a fixed band) | 31% |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | 0.4x | 0 (on a fixed band) | 15% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | -25.9% | 0 (on a fixed band) | 31% |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial0/100 · 1/3 factors with a value
- Growth· partial100/100 · 1/2 factors with a value
- Quality· partial14/100 · 1/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partial0/100 · 1/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
ROADZEN INC. (RDZN). Latest full fiscal year: 2026; data up to 2026-06-30.
Figures computed from the financial statements: revenue 55.0 m USD in 2026; YoY growth 24.2%; net margin -46.9%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 4 of at least 6; score weight coverage: 27.1% of at least 60%; valuation methods computed: 0 of at least 1).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Revenue CAGR 3Y: 59.5%
What contradicts it
- Net margin: -46.9%
- Current ratio: 0.4x
- FCF yield: -25.9%
Not assessed (insufficient data or a ratio without meaning): ROIC, FCF conversion, EPS CAGR 3Y, Net debt / EBITDA, Interest coverage, P/E (TTM), EV/EBITDA, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Insurance Agents, Brokers & Service (SIC 6411) · same industry (4-digit SIC) · compared with 29 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| MRSHMarsh & Mclennan Companies, Inc. | 100.0 bn | 25.2 | 26.7% | 14.2% | +10.3% | +15% / +5% |
| XHGXChange TEC.INC | 85.9 bn | — | — | -204.9% | +24.9% | +253% / −100% |
| AJGArthur J. Gallagher & Co. | 73.9 bn | 47.1 | 6.7% | 10.0% | +20.7% | +16% / +16% |
| AONAon plc | 73.1 bn | 18.9 | 43.6% | 22.2% | +9.4% | −3% / +5% |
| WTWWillis Towers Watson PLC | 31.1 bn | 20.5 | 20.2% | 15.2% | −2.2% | +5% / +37% |
| BROBrown & Brown, Inc. | 24.5 bn | 22.1 | 9.7% | 17.6% | +22.8% | −8% / −1% |
| EQHEquitable Holdings, Inc. | 15.3 bn | — | -508.8% | -8.7% | −6.1% | +20% / +83% |
| AIFUAIFU Inc. | 10.5 bn | — | -155.9% | -408.8% | −67.9% | −84% / −100% |
| ACTEnact Holdings, Inc. | 6.6 bn | 10.7 | 12.7% | 53.8% | +2.8% | +25% / +74% |
| HGTYHagerty, Inc. | 6.5 bn | 108.0 | 25.6% | 4.4% | +17.3% | +40% / +121% |
| RYANRyan Specialty Holdings, Inc. | 5.2 bn | 49.9 | 19.4% | 3.2% | +21.3% | −18% / +4% |
| CRVLCorvel Corporation | 4.4 bn | 38.9 | 30.7% | 11.7% | +7.0% | +19% / +26% |
| WDHWaterdrop Inc. | 3.6 bn | 50.5 | 11.6% | 14.2% | +49.8% | −44% / −16% |
| ARXAccelerant Holdings | 3.3 bn | — | -241.6% | -112.1% | +51.5% | +36% / unavailable |
| NPNeptune Insurance Holdings Inc. | 2.7 bn | 91.6 | — | 22.7% | +33.7% | +22% / unavailable |
| GSHDGoosehead Insurance, Inc. | 1.2 bn | 33.8 | — | 8.8% | +16.2% | −21% / −23% |
| HUIZHuize Holding Limited | 1.1 bn | — | 1.0% | 0.3% | +32.2% | −31% / −48% |
| BWINThe Baldwin Insurance Group, Inc. | 1.1 bn | — | -10.7% | -4.7% | +8.3% | +13% / +84% |
| RDZNRoadzen Inc. | 92.8 m | — | — | -46.9% | +24.2% | −29% / −73% |
| SLQTSelectQuote, Inc. | 88.1 m | 7.3 | 23.4% | 4.6% | +6.0% | −66% / −61% |
| EHTHeHealth, Inc | 20.3 m | — | 5.0% | 5.4% | +4.1% | −84% / −91% |
| EZRAReliance Global Group, Inc. | 2.4 m | — | -123.4% | -54.3% | −11.6% | −91% / −100% |
| LIFEEthos Technologies Inc. | 0 | — | -50.8% | -16.2% | +52.0% | unavailable / unavailable |
| CRD-ACrawford & Co | — | — | 14.0% | 2.0% | −2.2% | +7% / +7% |
| YBYuanbao Inc. | — | — | 152.7% | 29.9% | +33.1% | −43% / unavailable |
1- and 3-year price returns: for RDZN from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 3 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 5 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Roadzen is an Insurtech company that sells its Insurance as a Service platform, built on computer vision and artificial intelligence, and distributes auto policies as a broker. In the first quarter of fiscal 2027, revenue grew 49% to 16.2 million USD 3, and the agreement to acquire a European MGA could extend the business into the short-term car rental insurance market.
SWOT
Strengths
- The company has a capital-light model without underwriting risk, and an extensive technology platform with a growing patent portfolio 12.
- Relationships with insurers, carmakers and large fleets give a solid client base and cross-selling opportunities 1.
- Continued improvement in adjusted EBITDA over recent quarters suggests the cost structure could scale with revenue 3.
Weaknesses
- The company has reported repeated net losses and a growing accumulated deficit, which could limit financial flexibility 1.
- A small number of clients generate most of the revenue, and losing one of them could seriously affect results 1.
- Debt and financial instrument values are sensitive to non-cash valuations, which can strongly influence reported net income 3.
Opportunities
- The acquisition of a European MGA could extend the company into short-term car rental insurance and bring proprietary pricing data 3.
- Growth in embedded insurance and commercial fleets could create new demand for the company's platform 1.
- New contracts signed in the first quarter of fiscal 2027 could support sustained revenue growth if they convert into recognized revenue 3.
Threats
- U.K. regulation and changes in trade policy could reduce demand or delay contract renewals 1.
- Large insurers and carmakers could develop their own solutions or negotiate tougher terms, which could reduce commissions 1.
- Dilution of shareholders through share issuances and debt conversions could affect value for current shareholders 3.
Risks
- Recurring net losseshigh
The company has not yet reached net profitability and expects rising expenses, which could prolong the loss period if revenue does not grow enough 1.
- Client concentrationhigh
A small number of clients generate most of the revenue, and reduction or cancellation of contracts by one of them could have a material impact 1.
- U.K. regulatory riskmedium
The FCA can suspend the sale of products, as happened with the GAP product, which could affect revenue and reputation 1.
- Trade policy and tariffsmedium
Trade tensions and tariffs could slow customer demand and affect macroeconomic conditions relevant to the business 1.
- Non-cash effects on the resultlow
The fair-value loss on financial instruments dominated the quarter's result and may make it harder to read operating performance in future reports 3.
Investment thesis
What would need to be true (bull case)
- If revenue growth holds and the European acquisition is integrated well, the company could reach the annualized revenue run rate it has announced for the end of fiscal 2027 3.
- Steady improvement in adjusted EBITDA could indicate a cost structure that scales efficiently with revenue 3.
- If the shift toward embedded insurance and telematics data consolidates, the company's platform could become an important provider for carmakers and insurers 1.
What would break the thesis
- Repeated net losses and rising debt could limit the company's ability to invest without issuing new shares or raising other financing 13.
- Dependence on a few large clients could make revenue vulnerable to the loss of a contract or to renegotiated terms 1.
- If regulators or trade policy change market conditions, demand for the company's products could decline 1.
What to watch
- Completion of the European MGA acquisition and its effect on revenue and EBITDAQ3 FY2027
- Development of revenue and the annualized run rate against the target of more than 100 million USDQ2 FY2027
- Net loss trend excluding non-cash fair-value effects on financial instrumentsnext 10-Q
- Changes in client concentration and in the number of contracts with insurers and carmakersnext 10-K
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
Roadzen presents itself as an Insurtech company aiming to transform global auto insurance using telematics, computer vision and artificial intelligence 1. Its model generates revenue from two sources: sales of its Insurance as a Service platform, paid per vehicle or per use, and broker commissions on policies sold through embedded and B2B2C channels 1. The company does not underwrite risk or carry it on its balance sheet, which makes it a capital-light model 1.
Operations are global and include a U.K. MGA, a California auto club for commercial roadside assistance, an Indian brokerage and a Greater China analytics company 1. The global technology headquarters is in India, where product, engineering and AI teams build the platforms used in all markets 1. For the first quarter of fiscal 2027, the company reported a net loss attributable to ordinary shareholders of 9.8 million USD, a large part of which came from a non-cash fair-value loss of 7.2 million USD 3.
In the first quarter of fiscal 2027, Roadzen signed a definitive agreement to acquire a European MGA specialized in short-term car rental insurance, which could add revenue and EBITDA to the business 3. The company said it aims for an annualized revenue run rate above 100 million USD by the end of fiscal 2027, if the current pace of contracts holds 3.
Segments
IaaS platform
The Insurance as a Service platform includes the Via, Global Distribution Network, Claims, StrandD, Good Driving, DrivebuddyAI, MixtapeAI and AutoSpace modules 1. It accounted for about 49.6% of revenue in fiscal 2026 1 and in the first quarter of fiscal 2027 it made up 55% of revenue, up 72.3% from the prior-year quarter 3.
Market context
Trends
- Vehicle connectivity and telematics datatailwind
More connected vehicles and telematics could improve data for pricing risk and for fast claims processing 1. This could favor platforms that hold such data.
- Embedded insurance at the point of vehicle saletailwind
Direct distribution of insurance through carmakers could grow, creating demand for white-label platforms such as the one the company offers 1.
- Regulation and trade uncertaintyheadwind
FCA regulatory suspensions and trade tensions and tariffs between the U.S. and other countries could slow customer demand or lengthen sales cycles 1.
- Concentration in large clientsmixed
A few large clients make up a significant part of revenue and hold strong negotiating power, which could pressure margins if relationships change 1.
Competitive position
The analyzed sources do not name specific direct competitors, but they describe competition as coming from traditional insurers, brokers and other technology providers for the auto insurance industry 1. The company says it differentiates itself through its AI technology, API integrations and relationships with carmakers 1.
The risk is that large insurers and carmakers develop internal systems or buy from other vendors, which could reduce the company's market share 1. If major clients shift volume, the effect on revenue could be significant 1.
- Traditional insurers and auto brokers
Established players in the auto insurance industry, described in the source as the main force in the market, without being named individually 1.
- Carmakers with in-house insurance systems
Carmakers that could develop distribution and pricing solutions internally as an alternative to external vendors, according to the sources 1.
- Insurance technology vendors
Companies offering software and data analytics to insurers, a category the source treats as direct competition 1.
- Roadside assistance and claims service providers
Service networks and roadside assistance providers that overlap with the activity of the auto club and the claims platform 1.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
Loading the links…
News & filings
In the press
No news in our archive over the last 180 days.
SEC filings
- Current report16 Sept 2026Departure or appointment of officers · Financial statements and exhibits
- Quarterly report13 Aug 2026
- Current report13 Aug 2026Results of operations · Financial statements and exhibits
- Current report09 Jul 2026Material agreement · Regulation FD disclosure · Financial statements and exhibits
- Current report06 Jul 2026Results of operations · Financial statements and exhibits
- Annual report29 Jun 2026
- Current report22 May 2026Material agreement · Financial statements and exhibits
- Current report07 May 2026Regulation FD disclosure · Financial statements and exhibits
- Current report05 May 2026Material agreement · Other events · Financial statements and exhibits
- Current report28 Apr 2026Regulation FD disclosure · Financial statements and exhibits
Sources
- [1] Form 10-K, fiscal year ended 2026-03-31 · SEC / Roadzen Inc. · 29 Jun 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Roadzen Inc. · 13 Aug 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / Roadzen Inc. · 13 Aug 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.