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Roadzen, Inc. (NASDAQ:RDZN) shares are trading higher on Tuesday.
Yesterday, the company reported its first fiscal year as a public company. In addition, Roadzen said it was included in the Russell 2000, Russell 3000, and Russell Microcap indexes, bringing new institutional shareholders.
For FY24, revenue jumped 245% year over year to $46.7 million due to incremental revenue from U.S. and U.K. acquisitions and continuing growth in India.
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Jean-Noël Gallardo, Roadzen’s CFO, commented, “In preparation for 2024 year-end, we focused on simplifying and streamlining the organizational structure and internal financial reporting protocols to ready the company for scale and another breakout year in 2025.”
Gross margin continued to show improvement, with a slight increase over the prior year to 61.2%, up from 60.1%.
Roadzen reported an FY24 loss per share of $2.26 versus a $0.86 loss year over year.
In the brokerage segment, Roadzen said 324,293 policies were sold during fiscal 2024, adding up to $61.8 million of Gross Written Premium, compared to 258,546 policies sold in the prior year for $38.0 million of GWP, a 25.5% and 62.6% increase respectively.
The company’s cash on hand as of March-end was $11.2 million. According to Benzinga Pro, RDZN stock has lost over 38% in the past six months.
Price Action: RDZN shares are trading higher by 80% to $2.93 at the last check Tuesday.
Photo by PopTika on Shutterstock
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