Global insurance technology company Roadzen and Vahanna Tech Edge Acquisition I announced a definitive merger agreement at a pro forma equity value post-closing of approximately $965 million.
If approved, upon closing Roadzen expects to list on the Nasdaq.
The transaction reflects a pre-money equity value for Roadzen of approximately $683 million. The merger is expected to close during the second quarter. Roadzen’s CEO Rohan Malhotra will continue to lead the combined company.
Estimated proceeds from the transaction are expected to consist of Vahanna’s $204 million of cash held in trust (assuming no redemptions) and prior to the payment of expenses.
All of Roadzen’s existing shareholders are rolling 100% of their equity into the combined company. At closing and assuming no Vahanna redemptions, existing Roadzen shareholders are expected to own 73.2% of the combined company.
The deal is also contingent on a $50 million minimum cash condition.
India-based Roadzen utilizes what it calls “advanced AI” to create transparency, efficiency, and a seamless experience for end customers who use its products through its insurer, original equipment manufacturer and fleet partners. Read more.
