Roadzen, Inc. announced that it expects to receive $50 million in funding
December 14, 2023
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Roadzen Inc. announced that it has entered into Securities Purchase Agreement with new individual investor Supurna VedBrat to issue convertible debentures for the gross proceeds of $50,000,000 on December 15, 2023. The Debentures issued pursuant to the SPA bear interest, in arrears, at a rate of 13% per annum, payable semi-annually commencing on June 15, 2024, and matures on December 15, 2025. Interest is payable in kind, subject to the right of the Company to make any interest payments in cash. The Debentures are convertible into the Company?s Ordinary Shares, at the election of the holder at any time at an initial conversion price of $10 per Ordinary Share. The Conversion Price is subject to customary adjustments for stock dividends, stock splits, reclassifications and the like. In addition, if the average volume weighted average price of the Common Stock for the 30 trading days immediately preceding December 15, 2024 is less than the Conversion Price then in effect, the Conversion Price will be adjusted to an amount equal to such Average VWAP, subject to a floor of 85% of the Conversion Price then in effect. The Company has the right to require the Debentures to be converted into Ordinary Shares if the closing price of the Common Stock exceeds 130% of the then-applicable Conversion Price for any 20 trading days within a consecutive 30 trading day-period. Holders of the Debentures have the right to require the Company to repurchase the Debentures for a price equal to 101% of the outstanding principal amount of the Debentures, plus any accrued but unpaid interest, in the event of a Fundamental Change.
On the same date, the company announced that it has received $400,000 in the first tranche.
Roadzen Inc. is an insurance technology company. The Companyâs technology is used by various clients to build new products, sell insurance, process claims and improve road safety. These clients include insurers, fleets, carmakers, small fleets, brokers and insurance agents. Its products include Mantis Telematics Platform, xClaim, VIA, SurePrice and StrandD. Mantis Telematics Platform offers 360 contextual driver risk assessment for UBI/BBI along with accident prevention and fleet management solutions to suit requirements of all varieties of private and commercial vehicles and drivers. xClaim is an end-to-end claims management platform that enables insurers to fast-track motor claim processing. VIA assesses the value of a vehicle through inspection in record time. SurePrice end to end portfolio management platform. StrandD is a RSA management platform that helps log, track and manage assistance services while providing timely service updates to customers.