What changed in this filing

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Item 1. Business

2026-06-29 compared with 2025-06-26 · 206 added, 230 removed, 430 unchanged (50% of the section changed)

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At the heart of our mission is our commitment to create transparency, efficiency, and a seamless experience for the millions of end customers

who use our products through our insurer, OEM, and fleet (such as trucking, delivery, and commercial fleets) partners.

We seek to accomplish

this by combining computer vision, telematics and AI with continually updated data sources to provide a more efficient, effective and

informed way of building auto insurance products, assessing damages, processing claims and improving driver safety.

Insurers and other

partners of Roadzen across the world use Roadzen’s technology to launch new auto insurance products, manage risk better and resolve

claims faster.

These products are built with dynamic underwriting capabilities, Application Programming Interface, or API-led distribution

and real-time claims processing.

who use our products through our insurer, original equipment manufacturer (“OEM”), and fleet (such as trucking, delivery,

and commercial fleets) partners.

We seek to accomplish this by combining computer vision, telematics and AI with continually updated

data sources to provide a more efficient, effective and informed way of building auto insurance products, assessing damages, processing

claims and improving driver safety.

Insurers and other partners of Roadzen across the world use Roadzen’s technology to launch

new auto insurance products, manage risk better and resolve claims faster.

These products are built with dynamic underwriting capabilities,

Application Programming Interface, or API-led distribution and real-time claims processing.

has built a pioneering technology platform that uses telematics, computer vision and data science to spearhead innovation across the

insurance value chain, namely underwriting, distribution, claims and road safety.

We call it the Roadzen “Insurance as a Service”

(“IaaS”) platform.

We call it the Roadzen Insurance as a Service (“IaaS”)

Our business generates commission-based revenue as an insurance broker focused on embedded and B2B2C (Business-to-Business-to-Customer)

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operations are global, serving a diverse and expanding client base that includes market-leading insurance companies, fleets, and automotive

original equipment manufacturers (OEMs) such as AXA, SCOR, Arch, Société Générale, Jaguar Land Rover, Audi,

Mercedes, Volvo, and several others.

We deliver specialized insurance and mobility solutions across key geographies, including India,

the U.S., U.K.

and Europe, through a network of regulated entities and licensed platforms.

OEMs, such as AXA, SCOR, Arch, Société Générale, Jaguar Land Rover, Audi, Mercedes, Volvo, and several others.

We deliver specialized insurance and mobility solutions across key geographies, including India, the U.S., U.K., Europe and China, through

a network of regulated entities and licensed platforms.

and Europe, we operate through a specialist Managing General Agent (“MGA”) based in Coventry, England, which provides

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notice of loss (“FNOL”) services to government fleets, enterprises, insurers and auto manufacturers.

These capabilities support

our comprehensive suite of mobility and insurance infrastructure services across North America.

We also operate a California-based

insurance broker and managing general underwriter, after acquiring a majority stake in that company in the quarter ended December 31,

These capabilities support our comprehensive suite of mobility and insurance infrastructure services across North America.

India, we operate as a licensed insurance broker providing distribution and servicing of motor insurance products, while also providing

RSA, vehicle inspection, and claims management services.

Our India operations also serve as the Company’s global technology headquarters,

where our product, engineering, and AI teams develop and scale the core platforms that power our insurance and mobility services worldwide.

Together, these operations form a seamless platform that combines insurance, technology, and mobility services across our global footprint.

We also operate a workshop management platform, digitizing end-to-end auto repair

across a network of more than 1,200 verified garages and car repair workshops.

Our India operations further serve as the Company’s

global technology headquarters, where our product, engineering, and AI teams develop and scale the core platforms that power our insurance

and mobility services worldwide.

the People’s Republic of China, we operate a data analytics and AI-enabled software company serving the insurance and mobility

value chain in the Greater China market.

these operations form a seamless platform that combines insurance, technology, and mobility services across our global footprint.

mission is to build the leading company at the intersection of AI, insurance and mobility.

To further our mission, we have built a pioneering

lab focused on fundamental and applied AI research.

We work on core research areas in computer vision, generative AI, and traditional

machine learning to develop product experiences that improve the safety, convenience, and protection of millions of drivers across the

Roadzen is a founding member of the AI Alliance fostering safe, responsible, and open-source development alongside industry leaders

such as Meta, IBM, Hugging Face, Stability AI, AMD, Service Now, and others.

Our approach to building precision AI models in insurance

and mobility has won several industry accolades.

In October 2021, Forbes Magazine ranked Roadzen among the Top 10 AI companies.

Financial Express named Roadzen AI Startup of the Year.

Additionally, the company won two awards at the prestigious Global Artificial

Intelligence Summit & Awards:

“Best Use of AI in Mobility” and “Best Use of AI in Insurance,” both presented

by the All India Council for Robotics & Automation (AICRA).

Roadzen achieved significant industry recognition for its advancements

in AI and technology during Fiscal Year 2025.

Honors included ‘Best AI in Deep Tech’ at the AI Awards Summit 2025 by Entrepreneur

India and secured a spot on the Fintech40 Index by L’Observatoire de la Fintech.

It was named the ‘World’s Top InsurTech’

by CNBC in 2024, ‘Most Innovative Use of AI’ by Financial Express at the FE Futech Awards 2024 and won the Gold Stevie Award

for its xClaim insurance solution at the International Business Awards 2024.

further our mission, we have built a pioneering lab focused on fundamental and applied AI research.

We work on core research areas in

computer vision, generative AI, and traditional machine learning to develop product experiences that improve the safety, convenience,

and protection of millions of drivers across the world.

Roadzen is a founding member of the AI Alliance fostering safe, responsible,

and open-source development alongside industry leaders such as Meta, IBM, Hugging Face, Stability AI, AMD, Service Now, and others.

approach to build precision AI models in insurance and mobility has won several industry accolades.

Roadzen achieved significant industry

recognition for its advancements in AI and technology during the last several years.

Honors included ‘Breakthrough in Computer

Vision’ (FE AICONIC Summit & Awards 2026), InsurTech Solution of the Year (Fintech Breakthrough Awards 2026), ‘Best Insurtech’

(Bharat Fintech Summit Awards 2026), ‘Best AI in Deep Tech’ at the AI Awards Summit 2025 by Entrepreneur India and secured

a spot on the Fintech40 Index by L’Observatoire de la Fintech.

It was named the ‘World’s Top InsurTech’ by CNBC

in 2024, ‘Most Innovative Use of AI’ by Financial Express at the FE Futech Awards 2024 and won the Gold Stevie Award for

its Claims insurance solution at the International Business Awards 2024.

Additional recognitions included ‘Excellence in InsurTech’

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Small claims can be automated to be fully touchless and

processed within minutes from first notification of loss, or FNOL, to payments.

processed within minutes from first notification of loss to payments.

vehicle repair and rental segments could also undergo their own shift (opening opportunities for OEMs) because traditional repair shops

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Insurance Market

is a $5.5 trillion industry that accounts for approximately 7% of global gross domestic product (“GDP”).

Advances in smartphone

penetration, data ubiquity, and AI have created a significant opportunity to shape the digital insurance economy.

Global insurance premiums reached approximately $7 .8 trillion (€6.9 trillion) in 2025 according to the Allianz Global Insurance

Report 2026, representing approximately 7% of global gross domestic product.

Advances in smartphone penetration,

data ubiquity, and AI have created a significant opportunity to shape the digital insurance economy.

automotive insurance market is an industry led by legacy players.

The global automotive insurance market was approximately $630 billion

in 2021 and is projected to surpass $1 trillion by 2030.

There are approximately 1.4 billion vehicles on the road, including cars, vans

and trucks (excluding motorcycles).

The premiums paid for automobile insurance was close to 15% of the total insurance premiums paid

worldwide in 2022.

Over the span of the next ten years, auto insurance premiums are likely to surpass 20% of total insurance premiums,

representing high traction for the segment.

The global automotive insurance market was approximately $923

billion in 2023 and is projected to reach approximately $2.3 trillion by 2032, growing at a compounded annual rate of 10.8%,

according to Allied Market Research.

There are approximately 1.55 billion vehicles on the road worldwide, including cars, vans and trucks

(excluding motorcycles), according to Organisation Internationale des Constructeurs d’Automobiles (OICA).

According to Swiss

Re Institute’s sigma research, premiums paid for automobile insurance was close to 15% of the total insurance premiums

paid worldwide in 2022.

Over the span of the next ten years, we expect auto insurance premiums to surpass 20% of total

insurance premiums, representing high traction for the segment.

continued development of autonomous vehicles, electric vehicles, connected vehicles (vehicles that can communicate bidirectionally with

other systems outside of the car) and Mobility as a Service (“MaaS”) platforms can shift the emphasis from providing individual

other systems outside of the car) and “Mobility as a Service” platforms can shift the emphasis from providing individual

insurance to providing insurance to fleet owners, and embedded insurance at the point-of-sale to car companies.

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ongoing support capabilities on policies.

is uniquely positioned with the technology, global scale, and strategic relationships to emerge as a key player at the forefront of this

massive change.

that Roadzen is uniquely positioned with the technology,

global scale, and strategic relationships to emerge as a key player at the forefront of this massive change.

has two principal models for generating revenue:

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suite of modules and products that is tailored to address the key challenges faced in auto insurance.

Our proprietary solution suite

includes several products that support the insurance lifecycle, such as:

Our solution suite includes several

products that support the insurance lifecycle, such as:

enables fleets, carmakers and insurers to inspect a vehicle using computer vision;

Distribution Network (“GDN”):

enables the configuration, customer quote, payment (in any

currency), and administration of any insurance policy with any insurance carrier as the underwriter:

enables the configuration, customer quote,

payment (in any currency), and administration of any insurance policy with any insurance

carrier as the underwriter;

enables digital, touchless and real-time resolution of claims from FNOL through payment,

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enables insurers and fleets to recognize their best drivers, train poor drivers

and build usage-based insurance, or UBI programs;

and build UBI programs;

● DrivebuddyAI :

enables any vehicle to get advanced driver-assistance capabilities utilizing cameras

and neural networks to deliver better safety on the road.

enables any vehicle to get advanced driver-assistance capabilities utilizing cameras and

neural networks to deliver better safety on the road;

● MixtapeAI :

a platform designed to power AI agents and transform customer interactions in the insurance

and mobility sectors;

● AutoSpace :

a workshop management software platform, digitizing the end-to-end repair journey across

a network of workshops throughout India.

technology revolutionizes the customer experience by helping customers obtain a policy within seconds and process a claim estimate within

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meaning we get paid on a per-vehicle or per-use basis.

Roadzen’s IaaS income accounted for approximately 47% of revenues for the year ended March 31, 2025.

Brokerage Solutions:

IaaS income accounted for approximately 49.6% of revenues for the year ended March 31, 2026.

acts as an insurance broker utilizing its technology to sell insurance through our embedded and B2B2C distribution model.

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a large number of insurance companies who sell their policies through our platform to give users multiple policy options.

can provide a superior customer experience by bundling telematics for road safety, roadside assistance (“RSA”) and claims

management to the customer — a customer experience that we believe is unrivaled by other traditional brokers.

Roadzen’s revenues

from brokerage services are based on commissions and other fees that are paid by our insurance carriers as a percentage of the Gross

Written Premium for each policy.

can provide a superior customer experience by bundling telematics for road safety, roadside assistance and claims management to the customer

— a customer experience that we believe is unrivaled by other traditional brokers.

Roadzen’s revenues from brokerage services

are based on commissions and other fees that are paid by our insurance carriers as a percentage of the GWP for each policy.

brokerage solutions accounted for approximately 50.4% of revenue for the year ended March 31, 2026.

We believe that our key strengths include the following:

We have collected extensive data and consumer insights over the years.

These data insights

help our insurer customers with more accurate risk assessment and pricing of their policies.

By providing insurers with tailored data insights and analytics to make profitable risk selections,

we enable them to generate advanced pricing simulation and underwriting models.

These data insights help our insurer customers with more accurate

risk assessment and pricing of their policies.

By providing insurers with tailored data insights and analytics to make profitable

risk selections, we enable them to generate advanced pricing simulation and underwriting models.

Architecture .

Our open API architecture is conducive to technology integrations with

insurers on one side and distribution channels on the other for our brokerage business.

platform enables real-time data sharing and pricing simulations.

Our open API architecture is conducive to technology integrations with insurers on one side and distribution channels

on the other for our brokerage business.

Our platform enables real-time data sharing and pricing simulations.

We continuously automate

the processes across policy purchase and issuance, servicing and renewals, thereby streamlining

processes for insurers who utilize our platform to offer insurance to their customers.

also work with insurers to create dedicated and customized technology-based solutions for

various process flows, such as offering computer vision-based inspections, digital KYC and

easy payment processing.

the processes across policy purchase and issuance, servicing and renewals, thereby streamlining processes for insurers who utilize

our platform to offer insurance to their customers.

We also work with insurers to create dedicated and customized technology-based

solutions for various process flows, such as offering computer vision-based inspections, digital KYC and easy payment processing.

domain expertise .

We have assembled a global team with decades of experience and knowledge

in insurance, automotive and technology.

This cross-functional expertise is necessary to

address the complexity in the automotive insurance sector.

We invest heavily in R&D efforts and are committed to delivering

market-leading technology for the auto insurance economy.

We believe AI will have a transformative

impact on the insurance economy and have focused our efforts on deep learning technology,

We have assembled a global team with decades of experience and knowledge in insurance, automotive and technology.

This cross-functional expertise is necessary to address the complexity in the automotive insurance sector.

We invest heavily in R&D efforts and are committed to delivering market-leading technology for the auto insurance

We believe AI will have a transformative impact on the insurance economy and have focused our efforts on deep learning technology,

and we have released several new solutions incorporating real world AI at enterprise scale.

We are building a high-tech computer vision lab where our goal is to make machines “see.”

This has a significant impact at the intersection of insurance and mobility.

We have developed

over 150 AI models in computer vision as well as natural language processing such as car

inspection, driver scoring, vehicle, part and damage detection, driver distraction, insurance

GPT (policy summary of any insurance policy), claims invoice automation, road object detection

and driver facial landmark detection.

We are building a high-tech computer

vision lab where our goal is to make machines “see.” This has a significant impact at the intersection of insurance and

We have developed over 300 AI models in computer vision as well as natural language processing such as car inspection,

driver scoring, vehicle, part and damage detection, driver distraction, insurance GPT (policy summary of any insurance policy), claims

invoice automation, road object detection and driver facial landmark detection.

Roadzen AI is built on our proprietary Canvas platform

that allows ground truth generation, automated model selection, and continuous training and

deployment of AI models.

We believe our focus on machine learning operations allows us to

build and deploy models faster, iterate quicker and produce impactful real-world AI is a

significant competitive advantage over our traditional and Insurtech peers.

that allows ground truth generation, automated model selection, and continuous training and deployment of AI models.

We believe our

focus on machine learning operations allows us to build and deploy models faster, iterate quicker and produce impactful real-world

AI is a significant competitive advantage over our traditional and Insurtech peers.

collaborative ecosystem relationships .

Since founding, we have developed strong and strategic

relationships with leading insurers, reinsurers, on-ground repair networks, dealership groups,

fleets and automotive manufacturers, among others.

We are a trusted partner to our clients,

which allows us to collaborate and adapt our business based on customer feedback and changing

expectations to stay ahead of our competition.

Since our founding, we have developed strong and strategic relationships with leading

insurers, reinsurers, on-ground repair networks, dealership groups, fleets and automotive manufacturers, among others.

We are a trusted

partner to our clients, which allows us to collaborate and adapt our business based on customer feedback and changing expectations

to stay ahead of our competition.

Business Strategy

Key elements of our strategy include:

New Customers.

We believe there is a substantial opportunity to continue to grow our customer

base across the auto insurance industry.

We have 112 major customers in the insurance and

automotive industry and approximately 3,800 customers made up of smaller agents and fleets,

which represents a very small portion of carriers, automakers and fleets globally.

We are investing in our sales and marketing, specifically targeting key accounts, expanding

small business sales, and leveraging current customers as references.

We believe there is a substantial opportunity to continue to grow our customer base across the auto insurance

As of March 31, 2026, we had 152 major customers in the insurance and automotive industry and approximately 4,200 customers made up of smaller

agents and fleets, which represents a very small portion of carriers, automakers and fleets globally.

We are investing in our sales

and marketing, specifically targeting key accounts, expanding small business sales, and leveraging current customers as references.

and Upsell to Existing Customers .

A central part of our strategy is expanding solution

adoption across our existing customer base.

We have developed long-term relationships with

our customers and have a proven track record of successfully cross-selling product offerings.

Our customers are increasingly looking to Roadzen as a trusted partner to address complexity

and solve their challenges.

We have the opportunity to realize incremental value by selling

additional functionality to customers that do not currently utilize our full solution suite

from our platform.

As we innovate and bring new technology and solutions to the market, we also

have the opportunity to realize incremental value by selling new products to our existing

customer base.

Our customers include leading insurers and car companies that have a global

presence and are keen on digitizing their auto insurance offerings.

A central part of our strategy is expanding solution adoption across our existing customer

We have developed long-term relationships with our customers and have a proven track record of successfully cross-selling product

Our customers are increasingly looking to Roadzen as a trusted partner to address complexity and solve their challenges.

We have the opportunity to realize incremental value by selling additional functionality to customers that do not currently utilize

our full solution suite from our platform.

As we innovate and bring new technology and solutions to the market, we also have the

opportunity to realize incremental value by selling new products to our existing customer base.

Our customers include leading insurers

and car companies that have a global presence and are keen on digitizing their auto insurance offerings.

We believe that successful

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our partner ecosystem.

We view our customers as partners, as our product offerings act

as an extension of their business.

We intend to extend our network of partners to enhance

our value proposition and create new market opportunities.

We have a large network of insurance

providers and reinsurance providers that use our platform and that are either interdependent

on each other or, at the very least, would benefit from fostering mutually beneficial relationships

with one another.

As an example, if a reinsurer is looking to expand into a new market, they

will need an insurer that can support them on the front end of the insurance process.

network of insurers is a great resource and Roadzen can help facilitate a marriage of reinsurer

with insurer, providing a potential business expansion solution for its customers and, in

turn, creating more business conducted through Roadzen.

We view our customers as partners, as our product offerings act as an extension of their business.

intend to extend our network of partners to enhance our value proposition and create new market opportunities.

We have a large network

of insurance providers and reinsurance providers that use our platform and that are either interdependent on each other or, at the

very least, would benefit from fostering mutually beneficial relationships with one another.

As an example, if a reinsurer is looking

to expand into a new market, they will need an insurer that can support them on the front end of the insurance process.

network of insurers is a great resource and we can help facilitate a marriage of reinsurer with insurer, providing a potential business

expansion solution for its customers and, in turn, creating more business conducted through Roadzen.

The more customers Roadzen acquires,

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our geographical presence.

We believe there is significant need for our solutions on

a global basis and, accordingly, an opportunity to grow our business through international

We believe there is significant need for our solutions on a global basis and, accordingly, an opportunity

to grow our business through international expansion.

The global nature of several of our clients provides an excellent anchor relationship

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Roadzen builds and tests its

solutions in high-frequency and low margin Indian auto-insurance markets before deploying the services to higher-margin markets in the

U.K, E.U., and U.S.

solutions in high-frequency and lower-margin Chinese and Indian auto-insurance markets before deploying the services to higher-margin

markets in the U.K, E.U., and U.S.

as a Service (IaaS) Platform

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is unbiased, Roadzen eliminates the threat of cost inflation, providing savings to both the insurance company and its end customer.

digital claims management platform, xClaim, is built for a user-driven approach and has transformed opaque claims processing into proactive

digital claims management platform, Claims, is built for a user-driven approach and has transformed opaque claims processing into proactive

engagement with customers.

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Software-based :

The insured end customer’s mobile phone generates driving behavior data through a software

development kit (“SDK”) which is integrated into a mobile application.

This software

is primarily utilized by insurers to embed in the end customer applications, generating the

insured’s driver score for future policy underwriting.

As vehicles become increasingly connected over time, more and more will have

a telematics control unit built into the vehicle, and Roadzen’s APIs can integrate

with the vehicle software to fetch data for our exchange.

Roadzen’s subsidiary DrivebuddyAI is a V2X (“vehicle-to-everything”)

dashcam that brings ADAMATICS (ADAS + Telematics) capabilities to any vehicle using purely

computer vision.

The system continuously monitors the road ahead and utilizes artificial

intelligence to analyze potential hazards.

The driver-facing camera performs landmark detection

on the driver’s face to recognize distractions, pose, and yaw.

The system alerts the

driver in real-time to avoid collisions — a major benefit for fleets, insurers and

automotive OEMs.

Reduced distractions and collision avoidance leads to better underwriting

outcomes and loss control for insurers and commercial fleets.

The DrivebuddyAI system is

not just safer for fleets, but is also used for more accurate driver logging, fleet utilization,

and visual mapping.

We believe that our ADAMATICS solution has an opportunity to become a

fundamental part of the commercial auto insurance market.

The insured end customer’s mobile phone generates driving behavior data through a software development kit which is integrated

into a mobile application.

This software is primarily utilized by insurers to embed in the end customer applications, generating

the insured’s driver score for future policy underwriting.

As vehicles become increasingly connected over time, more and more will have a telematics control unit built into the

vehicle, and Roadzen’s APIs can integrate with the vehicle software to fetch data for our exchange.

Roadzen’s subsidiary DrivebuddyAI is a V2X (“vehicle-to-everything”) dashcam that brings ADAMATICS

(ADAS + Telematics) capabilities to any vehicle using purely computer vision.

The system continuously monitors the road ahead and

utilizes artificial intelligence to analyze potential hazards.

The driver-facing camera performs landmark detection on the driver’s

face to recognize distractions, pose, and yaw.

The system alerts the driver in real-time to avoid collisions — a major benefit

for fleets, insurers and automotive OEMs.

Reduced distractions and collision avoidance leads to better underwriting outcomes and

loss control for insurers and commercial fleets.

The DrivebuddyAI system is not just safer for fleets, but is also used for more

accurate driver logging, fleet utilization, and visual mapping.

We believe that our ADAMATICS solution has an opportunity to become

a fundamental part of the commercial auto insurance market.

have built a distribution platform that allows Roadzen to sell insurance policies from any insurer and offer these products through multiple

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creation and underwriting:

Our technology can be used by insurers to make underwriting decisions

for their customers, the platform has ingested years of data to train and improve its algorithms’

policy pricing capabilities.

We have built and launched traditional auto, UBI and driver

score-based insurance policies with our partners.

Roadzen has cultivated partnerships with global reinsurers, which provides Roadzen

with the ability to co-create products using our technology and in turn provide them to our

Roadzen’s insurance marketplace is agnostic as to the insurer, geography

and product, enabling Roadzen to launch new products, enter new markets, and serve any vehicle

Our API benefits end-customers with access to a single window of real-time quote

information from all participating insurers and a seamless claims management experience.

Our technology can be used by insurers to make underwriting decisions for their customers, the platform

has ingested years of data to train and improve its algorithms’ policy pricing capabilities.

We have built and launched traditional

auto, UBI and driver score-based insurance policies with our partners.

Roadzen has cultivated partnerships with global reinsurers, which provides Roadzen with the ability to co-create products

using our technology and in turn provide them to our customers.

Roadzen’s insurance marketplace is agnostic as to the insurer, geography and product, enabling Roadzen to launch

new products, enter new markets, and serve any vehicle category.

Our API benefits end-customers with access to a single window of

real-time quote information from all participating insurers and a seamless claims management experience.

Revenue Model

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in damage assessments, claims management, and RSA.

Through Roadzen’s proprietary specialty brokerage platforms in India and Europe,

where it targets OEMs, auto dealerships and commercial fleets, Roadzen operates on a B2B2C model.

Roadzen secures a percentage of brokerage

commissions paid by insurers to brokers for distribution of their offerings.

By embedding its solutions suite in brokerage offerings,

Roadzen secures two revenue streams:

Through Roadzen’s proprietary specialty brokerage platforms in the U.S., India

and Europe, where it targets OEMs, auto dealerships and commercial fleets, Roadzen operates on a B2B2C model.

Roadzen secures a percentage

of brokerage commissions paid by insurers to brokers for distribution of their offerings.

By embedding its solutions suite in brokerage

offerings, Roadzen secures two revenue streams:

(i) brokerage commissions;

and (ii) insurer payments for claims management and RSA.

Both of Roadzen’s

sales channels, SaaS for insurers (indirect) and brokerage distribution (direct), target a unified customer base of car companies, fleets,

dealerships, and agents.

Roadzen’s direct sales channels do not compete with insurers that use the SaaS solutions.

Rather, Roadzen’s

MGA/brokerage service becomes a platform for the marketing and distribution of policies in which Roadzen’s solutions are embedded.

of Roadzen’s sales channels, SaaS for insurers (indirect) and brokerage distribution (direct), target a unified customer base of

car companies, fleets, dealerships, and agents.

Roadzen’s direct sales channels do not compete with insurers that use the SaaS

Rather, Roadzen’s MGA/brokerage service becomes a platform for the marketing and distribution of policies in which Roadzen’s

solutions are embedded.

believe that the primary factors determining our competitive position with other organizations in our industry are the policy add-on

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As of March 31, 2026, we had no U.S.

patents and pending applications, and three registered non-U.S.

one registered non-U.S.

design and two pending non-U.S.

patents and pending applications, and nine registered non-U.S.

patents, one registered non-U.S.

design patent and five pending non-U.S.

patent applications.

All patents granted are seeking broader international protection.

and Marketing

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employ two primary sales activities for our brokerage business:

As motor insurance contracts are generally of annual duration, the customers

give a “Broker on Record” mandate to Roadzen that authorizes Roadzen to advise

the customers to select the best insurance policy.

As Roadzen operates a B2B brokerage business,

sometimes other value-added services offered by Roadzen are more valuable to customers than

the lowest premium offered by the competitors, such as faster claims processing, software

telematics and fleet management software.

Hence Roadzen’s platform and ecosystem offers

Roadzen a competitive advantage.

These are long duration policies, generally starting with a 5-year duration,

where the risk underwriting is done at a portfolio level.

Roadzen has partnered with re-insurers

to back the long-term risks associated with these long-tenure contracts.

These contracts

are RFP-driven and may require additional negotiations with reinsurers.

The RFP process for

our brokerage business is the same as our IaaS RFP process.

As motor insurance contracts are generally of annual duration, the customers give a “Broker on Record”

mandate to Roadzen that authorizes Roadzen to advise the customers to select the best insurance policy.

As Roadzen operates a B2B

brokerage business, sometimes other value-added services offered by Roadzen are more valuable to customers than the lowest premium

offered by the competitors, such as faster claims processing, software telematics and fleet management software.

Hence Roadzen’s

platform and ecosystem offers Roadzen a competitive advantage.

These are long duration policies, generally starting with a 5-year duration, where the risk underwriting is done at

a portfolio level.

Roadzen has partnered with re-insurers to back the long-term risks associated with these long-tenure contracts.

These contracts are RFP-driven and may require additional negotiations with reinsurers.

The RFP process for our brokerage business

is the same as our IaaS RFP process.

People and Culture

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As of March 31,

2025, we had 294 full-time employees and 14 part-time employees.

2026, we had 458 full-time employees and 1 part-time employee.

None of our employees are represented by a labor union.

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have good relationships with our employees and have not experienced any interruptions of operations due to labor disagreements.

Sales & Business Development

Finance, HR, Compliance and Admin

& Business Development

HR, Compliance and Admin

operating principles below inform our culture as well as how we operate on a day-to-day basis.

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Automotive – embedded or white-labeled products with better visibility on the insurance

distribution process for both new and renewal policies, extended warranty programs, faster

distribution process for both new and renewal policies, extended warrant programs, faster

and more transparent claims settlements.

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number of clients have accounted for a significant portion of our revenue.

For the year ended March 31, 2025, we had three customers that

For the year ended March 31, 2026, we had 3 customers that

individually represented approximately 13.0%, 10.0% and 8.0% of our total revenue.

During this same period, revenues from 10 customers collectively

accounted for approximately 67% of our total revenue.

During this same period, revenues from 10 customers

collectively accounted for approximately 56.0% of our total revenue.

insurance brokerage business is subject to various laws and regulations and our inability to comply with them may adversely affect our

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adverse effect on our business, prospects, financial condition and results of operations.

the United Kingdom, the FCA conducted a comprehensive review of the Guaranteed Asset Protection (“GAP”) product,

a key contributor to our operations in the U.K., resulting in a directive for all insurers, including our insurance partner, to temporarily

cease selling the GAP product in February 2024.

The regulator has mandated that insurers make a resubmission, or new GAP proposal, outlining

the product features, coverages and pricing for approval by the FCA before sales of the GAP product can be resumed.

The temporary suspension of GAP sales had a significant impact on our revenue, financial performance, and overall

profitability.

were incorporated in the British Virgin Islands on April 22, 2021.

3 unchanged sentences

The information contained in, or that can be accessed through, our website is not part of this Annual Report.

We file annual, quarterly and

special reports, proxy statements and other information with the SEC.

The SEC maintains an Internet website at http://www.sec.gov that

contains reports, proxy and information statements, and other information regarding issuers that file electronically with the SEC, including

We make available, free of charge through our Internet website, our Annual Reports on Form 10-K, Quarterly Reports on Form

10-Q, Current Reports on Form 8-K and amendments to those reports filed or furnished pursuant to Section 13(a) or 15(d) of the Exchange

Act, as soon as reasonably practicable after we electronically file or furnish this information to the SEC.

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 1. Business