Roadzen Inc. Files 2024 10-K, Highlights Debentures

TL;DR

Roadzen's 2024 10-K is in, check out those 19.5% debentures due July!

AI Summary

Roadzen Inc. filed its 10-K for the fiscal year ending March 31, 2024. The company, formerly Vahanna Tech Edge Acquisition I Corp., is involved in insurance agents, brokers & services. Key financial elements mentioned include Series A1 Preferred Stock and N2 Series Debentures with a 19.50% interest rate due July 2024. The filing also references Mizuho Securities USA LLC.

Why It Matters

This filing provides investors with a comprehensive overview of Roadzen Inc.'s financial health and operational performance for the past fiscal year, including details on its debt obligations.

Risk Assessment

Risk Level: medium — The mention of a high-interest debenture due soon suggests potential financial pressure or significant financing costs.

Key Numbers

• 19.50% — Interest Rate (Interest rate on N2 Series Debentures due July 2024)

Key Players & Entities

• Roadzen Inc. (company) — Filer of the 10-K
• Vahanna Tech Edge Acquisition I Corp. (company) — Former name of Roadzen Inc.
• 2024-03-31 (date) — Fiscal year end
• N2 Series Debentures (dollar_amount) — Debt instrument with 19.50% interest rate
• July 2024 (date) — Maturity date for N2 Series Debentures
• Mizuho Securities USA LLC (company) — Mentioned entity in the filing

FAQ

Key Financial Figures

• $0.0001 — registered Ordinary Shares, par value $0.0001 per share RDZN The Nasdaq Stock Mar
• $11.50 — ary share, each at an exercise price of $11.50 per share RDZNW The Nasdaq Stock Ma
• $4.17 — gistrant, based on the closing price of $4.17 per share of the Registrant's ordinary
• $10.00 — summated the IPO of 20,010,000 units at $10.00 per unit and the sale of 8,638,500 warr
• $1.00 — ale of 8,638,500 warrants at a price of $1.00 per private warrant in a private placem

Filing Documents

• rdzn-20240331.htm (10-K) — 3996KB
• rdzn-ex31_1.htm (EX-31.1) — 16KB
• rdzn-ex31_2.htm (EX-31.2) — 16KB
• rdzn-ex32_1.htm (EX-32.1) — 14KB
• rdzn-ex97_1.htm (EX-97.1) — 88KB
• 0000950170-24-079647.txt ( ) — 17677KB
• rdzn-20240331.xsd (EX-101.SCH) — 2213KB
• rdzn-20240331_htm.xml (XML) — 3648KB

Business

Business 1 Item 1A.

Risk Factors

Risk Factors 12 Item 1B. Unresolved Staff Comments 47 Item 1C. Cybersecurity 47 Item 2.

Properties

Properties 48 Item 3.

Legal Proceedings

Legal Proceedings 48 Item 4. Mine Safety Disclosures 48 PART II Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 49 Item 6. [Reserved ] 49 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 50 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 67 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 67 Item 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosure 67 Item 9A.

Controls and Procedures

Controls and Procedures 67 Item 9B. Other Information 68 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 68 PART III Item 10. Directors, Executive Officers and Corporate Governance 69 Item 11.

Executive Compensation

Executive Compensation 75 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 79 Item 13. Certain Relationships and Related Transactions, and Director Independence 82 Item 14. Principal Accounting Fees and Services 84 PART IV Item 15. Exhibits, Financial Statement Schedules 86 Item 16. Form 10-K Summary 89

Signatures

Signatures F- 40 i BASIS OF PRESENTATION Roadzen Inc. ("Roadzen") (formerly known as Vahanna Tech Edge Acquisition I Corp. or "Vahanna") was a blank check company originally incorporated on April 22, 2021 as a British Virgin Islands business company for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses. On November 12, 2021, the registration statement relating to an initial public offering ("IPO") was declared effective by the Securities and Exchange Commission (the "SEC"). On November 26, 2021, Vahanna consummated the IPO of 20,010,000 units at $10.00 per unit and the sale of 8,638,500 warrants at a price of $1.00 per private warrant in a private placement to Vahanna LLC (the "Sponsor") that closed simultaneously with the closing of the IPO. The units were listed on the Nasdaq Global Market ("Nasdaq"). On February 10, 2023, Vahanna entered into that certain Agreement and Plan of Merger (the "Initial Merger Agreement") with Vahanna Merger Sub Corp., a Delaware corporation and wholly owned subsidiary of Vahanna ("Merger Sub"), and Roadzen, Inc., a Delaware corporation ("Roadzen (DE)"). On September 20, 2023 (the "Closing Date"), Roadzen (DE), Vahanna, and Merger Sub consummated the business combination pursuant to the Initial Merger Agreement, as amended by the First Amendment to the Agreement and Plan of Merger, dated June 29, 2023 (the "Merger Agreement Amendment", and the Initial Merger Agreement as amended by the Merger Agreement Amendment, the "Merger Agreement"). Pursuant to the terms of the Merger Agreement, Merger Sub merged with and into Roadzen (DE), with Roadzen (DE) surviving the merger as a wholly owned subsidiary of Vahanna (the "Merger," and together with the other transactions contemplated by the Merger Agreement and the other agreements contemplated thereby, the "Business Combination"). In connection with the consummation o

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View this 10-K filing on SEC EDGAR