Roadzen, Inc. reported its first fiscal year as a public company and saw its shares of RDZN trading higher on Tuesday. The company was added to the Russell 2000, Russell 3000 and Russell Microcap indexes, drawing in new institutional shareholders. FY24 revenue grew by 245% year-over-year to $46.7 million, driven by increased revenue from acquisitions in the US and UK, as well as continued growth in India.
Jean-Noel Gallardo, CFO of Roadzen, stated that the company is focused on simplifying its organizational structure and financial reporting protocols in preparation for another successful year in 2025. Gross margin improved slightly to 61.2% in FY24 compared to 60.1% of the previous year. However, the company reported a loss per share of $2.26 for FY24 compared with a loss of $0.86 the year before.
In the brokerage segment, Roadzen sold 324,293 policies in fiscal year 2024 resulting in $61.8 million in gross premiums paid, a significant year-over-year increase. Despite these positive developments, RDZN shares have seen a decline of over 38% in the last six months at last check on Tuesday RDZN shares were trading at $2.93 up 80%.