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Sep 30, 2023
Roadzen Q2 2024 Earnings Report
Roadzen's Q2 2024 earnings marked a record revenue with substantial year-over-year growth.
Key Takeaways
Roadzen reported a record revenue of $15.4 million for Q2 2024, a 493% increase year-over-year. This growth was driven by strategic acquisitions and organic revenue expansion. The company's net loss was $31.1 million, including $27.5 million of non-cash, non-recurring and other extraordinary items, resulting in an Adjusted EBITDA loss of $3.6 million.
Revenue for the quarter ended September 30, 2023, increased by $12.8 million compared to the same quarter of the previous fiscal year.
Growth indicates strong demand for Roadzen's AI solutions in the auto insurance industry.
Brokerage solutions contributed 54% to the revenue.
Enterprise technology sales of the Insurance as a Service (IaaS) platform accounted for 46% of the revenue.
Roadzen
Roadzen
Forward Guidance
Roadzen is strategically positioned to become a global leader at the intersection of mobility and insurance. The company is focused on bringing onboard new clients, enhancing their embedded distribution model, and employing AI to optimize operations.
Positive Outlook
- Strategic acquisitions in the US and UK markets during June 2023 extended the global reach.
- The acquisition of Global Insurance Management Ltd. (GIM) solidifies position in the UK.
- The acquisition of the National Automobile Club (NAC) has bolstered service offerings in the US.
- Partnerships with 90 enterprise clients that include leading insurers, automakers and large fleets.
- Partnerships with 3,000 small and medium businesses including agents, brokers, dealerships, and fleets under 100 vehicles.