Insurance tech firm Roadzen Inc has agreed to go public in the United States with a blank-check vehicle in a deal valued at about $965 million, the companies said on Monday.
The deal with special purpose acquisition company Vahanna Tech Edge Acquisition I Corp values Roadzen at a pre-money equity value of $683 million and the combined company will be listed on the Nasdaq exchange, according to their joint statement. After the deal is completed, existing Roadzen shareholders are expected to own 73.2 per cent of the combined entity, assuming none of the blank check firm's shareholders elect to redeem their shares.
Roadzen, which uses advanced AI to provide data that helps insurers build auto insurance products, is expected to generate about $59 million and $118 million in total consolidated revenues for the fiscal years ending March 31, 2023 and 2024, respectively, the statement added.
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