Roadzen (NASDAQ: RDZN) stock surged during intraday trading Tuesday after reporting record revenue growth in its first fiscal year as a public company.
Roadzen, an insurance technology company, recently reported its first fiscal year results as a public company, showcasing significant revenue growth and improvements in key financial metrics. Additionally, the company announced its inclusion in the Russell 2000, Russell 3000, and Russell Microcap indexes, enhancing its visibility and attracting new institutional shareholders.
For the fiscal year 2024 (FY24), Roadzen posted a remarkable 245% year-over-year growth in revenue, reaching $46.7 million. The company attributed this growth to incremental revenue from acquisitions in the U.S. and U.K. and ongoing expansion in the Indian market.
Jean-Noël Gallardo, Roadzen’s CFO, emphasized the company’s strategic initiatives in preparing for future growth, stating,
“In preparation for the 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.”
The company’s gross margin also showed a slight improvement, rising to 61.2% from 60.1% in the prior year.
Despite strong revenue growth, Roadzen reported a loss per share of $2.26 for FY24, compared to a $0.86 loss in the previous year.
The brokerage segment saw substantial growth in FY24 with 324,293 policies sold, generating $61.8 million in Gross Written Premium (GWP). This represents a 25.5% increase in policy sales and a 62.6% increase in GWP compared to the previous year, where 258,546 policies were sold, totaling $38.0 million in GWP.
Roadzen reported having $11.2 million cash on hand as of March-end, providing a solid financial foundation for future investments and growth initiatives. However, according to Benzinga Pro, RDZN stock has experienced a decline of over 38% in the past six months, reflecting market challenges and investor concerns.
Roadzen (NASDAQ: RDZN) Stock Movement
RDZN stock soared 82.10% on Tuesday, closing at $2.95, marking a 46.77% increase for the week. The trading volume was 108,003,904 shares, significantly higher than the average daily volume of 1.93 million.
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