The first fiscal year report of Roadzen, Inc. RDZN has been met with an increase in trading on Tuesday following its recent addition to the Russell 2000, Russell 3000, and Russell Microcap indexes. This move attracted new institutional shareholders and led to a rise in revenue for FY24 by 245% year over year to $46.7 million.
The company’s CFO, Jean-Noël Gallardo, stated that the company had been focusing on simplifying and streamlining its organizational structure and financial reporting protocols in preparation for another successful year in 2025. Despite this, the company reported a loss per share of $2.26 for FY24, compared to $0.86 the previous year. However, there was a significant improvement in gross margin from 60.1% to 61.2%.
In the brokerage segment, Roadzen sold 324,293 policies in fiscal year 2024, resulting in $61.8 million of Gross Written Premium, an increase from the previous year. The company ended the fiscal year with $11.2 million in cash on hand despite these positive developments; RDZN stock has seen a decline of over 38% in the last six months at the last check Tuesday RDZN shares were trading at $2.93 up by 80%.