NEW YORK - Roadzen Inc. (NASDAQ: RDZN), a company specializing in artificial intelligence-powered auto insurance, disclosed its financial results for the third fiscal quarter ending December 31, 2023. The firm announced a significant year-over-year revenue increase of 372%, with figures rising from $3.32 million to $15.64 million.
Despite the revenue growth, Roadzen reported a substantial net loss of $30.57 million for the quarter, attributed to $26.5 million in non-cash, non-recurring, and extraordinary items. After adjusting for these factors, the Adjusted EBITDA loss was $3.1 million, marking a 14% improvement over the previous quarter.
The company's revenue composition reflected the effectiveness of its strategic plan, with 52% of revenue generated from brokerage solutions and 48% from technology sales, specifically its Insurance as a Service (IaaS) technology platform.
Rohan Malhotra, Co-Founder and CEO of Roadzen, commented on the results, "This quarter's performance is a testament to Roadzen's strength as a leading provider of AI-driven insurance and mobility solutions." He noted the company's balanced revenue sources and its ability to expand its product offerings within its customer base.
Roadzen's customer base at the end of the quarter included 92 enterprise customers and approximately 3,200 small and medium-sized business customers. The company also highlighted its role as a founding member of the AI Alliance and its continued expansion in key global markets such as the US, UK, EU, and India.
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