NASDAQ: RDZN

Roadzen
has four major client types:

●Insurance
— including insurance companies, reinsurers, agents, brokers;

●Automotive
— including carmakers, dealerships, online-to-offline car sales platforms;

●Fleets
— including small and medium fleets, taxi fleets, ridesharing platforms, commercial
and corporate fleets; and

●Other
distribution channels such as financial services companies providing auto loans, and telematics
companies.

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

In
the U.K. and Europe, we operate through a specialist Managing General Agent (“MGA”) based in Coventry, England, which provides
auto insurance, extended warranties, and claims management services to insurers, automotive dealers, manufacturers, and fleet operators.
This MGA leverages its regulatory license to underwrite and service policies locally while utilizing third-party licenses to deliver
solutions globally. It acts as a delegated authority on behalf of insurers, managing policy sales and claims adjudication via its brokerage
platform. Revenue is generated through commissions and administrative fees tied to Gross Written Premium (“GWP”), with specialty
contracts typically structured over five-year terms.

In
the U.S., we operate a licensed auto club based in Burlingame, California that specializes in commercial roadside assistance (“RSA”)
and claims management. With a robust network of over 75,000 service providers nationwide, it offers towing, transportation and first
notice of loss (“FNOL”) services to government fleets, enterprises, insurers and auto manufacturers. 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,
2025. These capabilities support our comprehensive suite of mobility and insurance infrastructure services across North America.

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In
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. 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.

In
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.

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

Roadzen’s
AI Manifesto

Our
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 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. Our
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’
by the India FinTech Forum (IFTA 2024), ‘Best Use of AI in Insurance’ at the Global AI Summit & Awards (GAISA 2024),
and ‘Best Product and Business Team’ at the World Auto Forum 2024. Roadzen also won ‘Best Use of Technology’
at the Entrepreneur Awards 2024 and ‘Most Innovative Company’ at the World Finance Innovation Awards 2024.

Our
Opportunity

We
recognize four broad areas of opportunity for the future of auto insurance that our technology is poised to address.

Product
and Pricing

The
way auto insurance is underwritten and priced is expected to undergo a fundamental shift. With increasing connectivity, “pay how
you drive” and usage-based insurance (“UBI”) will emerge as natural complements to traditional auto insurance. Mobile
apps, aftermarket devices, and the actuarial challenges of underwriting insights after selection are likely to become outdated. Instead,
the insurance industry is likely to experience a change due to a proliferation of connected data from the vehicle which, when added to
demographic data and loss-causing information such as braking, acceleration, cornering and driving speed, will create better risk pools.
Such enhanced and connected data will improve the accuracy and convenience of assessing and pricing risk in real-time, giving advantage
to those that have access to this data.

Similarly,
within products such as extended warranty it has now become easier to gather data about a vehicle’s performance and usage, including
information about how the vehicle is being driven, its maintenance history, and potential mechanical issues. This information can be
used to identify potential problems early on, before they become major issues that require costly repairs. As our technology advances,
it is likely that extended warranties will become more customized and data-driven. For example, instead of offering a blanket coverage
plan, extended warranties may be tailored to individual drivers based on their driving habits and usage patterns.

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Claims

Today’s
claims processes are fragmented, complex and manual. Processing claims requires significant input from customers, insurers, repair-shop
networks and rental providers, and it often relies on incomplete data from the parties involved.

In
the new future of mobility, insurers will be able to simplify, streamline and automate the claims process through telematics and video
streaming to provide accurate data on a real time basis. AI will interpret the data gathered, allowing for seamless claims handling and
enabling the insurer to choose how and when to introduce human intervention. Small claims can be automated to be fully touchless and
processed within minutes from first notification of loss to payments.

The
vehicle repair and rental segments could also undergo their own shift (opening opportunities for OEMs) because traditional repair shops
do not have much experience with repairing vehicles with highly sophisticated embedded technology.

Distribution

As
the number of connected vehicles grows, so too will in-vehicle services and products, including insurance. OEMs have historically participated
in insurance distribution by acting as a lead-referral partner to a range of insurance providers. However, the growth of both connected
vehicles and digital direct-to-consumer distribution of electric vehicles provides promising prospects for a new channel through which
consumers can directly buy insurance from the OEM in an embedded purchase. The OEMs will require partners who can provide a white-labeled
technology platform through which the OEMs can price policies, process claims and offer other products such as extended warranty coverage.

Auto
Insurance Market

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.

The
automotive insurance market is an industry led by legacy players. 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.

The
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” 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. This changing trend signals
a shift from direct insurance (which is insurance sold ad-hoc to a consumer and separate from the purchase of the vehicle) to embedded
insurance solutions (which is a form of digital bundling that enables companies to offer insurance policies as an add-on) with enhanced
focus on road safety, accident prevention, usage-based insurance, warranties, and distribution platforms with technologies to provide
ongoing support capabilities on policies.

We believe
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.

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Our
Business

Roadzen
has two principal models for generating revenue: 1) platform sales of our IaaS platform, and 2) brokerage commissions and fees. We follow
a capital-light business model, meaning that we do not underwrite any risk ourselves or carry any insurance risk on our balance sheet
for either source of revenue.

1.
IaaS
Platform:

Roadzen
provides an IaaS technology platform addressed towards insurance for mobility. The IaaS platform has a suite of products that work cohesively
to address the auto insurance value chain. Roadzen sells its IaaS platform to insurers, car manufacturers, and fleet companies to deliver
services for their respective insured customers. Our deep understanding of the insurance industry has enabled us to develop a unified
suite of modules and products that is tailored to address the key challenges faced in auto insurance. Our solution suite includes several
products that support the insurance lifecycle, such as:

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

●Global
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;

●Claims:
enables digital, touchless and real-time resolution of claims from FNOL through payment,
using telematics and computer vision;

●StrandD:
enables digital, real-time dispatch and tracking for RSA and FNOL during accident claims;

●Good
Driving: enables insurers and fleets to recognize their best drivers, train poor drivers
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;

●MixtapeAI:
a platform designed to power AI agents and transform customer interactions in the insurance
and mobility sectors; and

●AutoSpace:
a workshop management software platform, digitizing the end-to-end repair journey across
a network of workshops throughout India.

Our
technology revolutionizes the customer experience by helping customers obtain a policy within seconds and process a claim estimate within
minutes in comparison with existing processes that can take weeks. Roadzen’s revenue derived from platform sales is usage-based,
meaning we get paid on a per-vehicle or per-use basis.

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

2.
Brokerage
Solutions:

Roadzen
acts as an insurance broker utilizing its technology to sell insurance through our embedded and B2B2C distribution model. The policies
are sold by insurance intermediaries such as agents and through captive distributors such as dealerships, fleets and used car platforms.
Our B2B2C channel partners choose us for a variety of reasons — for the ease of integrating our technology through APIs into their
ecosystem, for a seamless, fully digital customer experience from obtaining a policy to submitting a claim, and for integrations with
a large number of insurance companies who sell their policies through our platform to give users multiple policy options. Lastly, we
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.

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

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Our
Strengths

We believe that our key strengths include the following:

1.
Data.
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.

2.
Technology
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. 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. 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.

3.
Deep
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.

4.
Proven
R&D engine. 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,
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 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.

5.
Deep,
collaborative ecosystem relationships. 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.

Our
Business Strategy

Key elements of our strategy include:

1.
Acquire
New Customers. We believe there is a substantial opportunity to continue to grow our customer base across the auto insurance
industry. 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.

2.
Cross-sell
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. We believe that successful
integration in one geography can open up opportunities within other geographies.

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3.
Broaden
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. Roadzen’s
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,
the likelier it becomes that one customer will find a partner in another customer.

4.
Broaden
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 expansion. The global nature of several of our clients provides an excellent anchor relationship
to launch us into new markets.

Our
Offerings

Our
main offerings are underwriting solutions for cars, drivers and fleets, road safety using app-based and computer vision-based telematics
(including accident prevention, distraction alerts, and driver coaching), and claims management (including accident scene management,
FNOL, touchless video loss adjustment and RSA).

Roadzen
markets these solutions through one of two channels — (i) as an IaaS provider or (ii) as a broker. Roadzen builds and tests its
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.

1.
Insurance
as a Service (IaaS) Platform

Roadzen’s
unified IaaS platform powered by computer vision and telematics helps insurers improve their underwriting capabilities, and process real-time
claims using touchless, remote protocols. Using our technology, our clients can launch products quickly and provide a great end-customer
experience to motorists. Supported by a vertically integrated AI stack with labeling, training, and neural network design capabilities,
Roadzen gives insurers personalized underwriting capabilities, and instant claims processing abilities. Our IaaS platform-enabled products
include underwriting and claims processing, which are managed on a fully-integrated, real-time platform.

Underwriting

Roadzen’s
underwriting platform, powered by AI-trained models, helps customers make better, data-driven decisions, which results in accurate and
precise policy underwriting. We provide a pricing engine that allows the underwriting of insurance policies based on asset value, usage-based
insurance, driver scoring using telematics, and other auto products such as extended warranty. Our rating engine empowers insurers to
underwrite risk using in-house data sources, delivering dynamic risk-assessed pricing for each policy insured. As more data accumulates,
recursive patterns emerge, creating precise assessment of risk. Our offerings are extremely valuable to our customers, as most traditional
insurers typically lack the expertise to build AI-powered underwriting technologies in-house. Additionally, our technology requires a
large amount of data to create and train predictive models with accuracy. Roadzen, through its partnerships with insurers, has continuous
access to large volumes of data. As Roadzen’s technology is built in-house and not influenced by any specific customer, the underwriting
algorithms are unbiased and allow Roadzen to serve as an industry benchmark. Roadzen offers underwriting platforms for asset-based underwriting
and usage-based underwriting and is working towards providing underwriting platforms for behavior-based underwriting.

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Claims
Processing

For
insurers, it is challenging to manage the customer experience during the claims process. Furthermore, Insurtech innovations over the
last two decades have been highly focused on distribution, with less of an emphasis on seamless, efficient claims processing for the
end customer. Roadzen has built an ecosystem that helps insurers provide an improved customer experience.

Roadzen’s
Claims platform is powered by telematics, computer vision algorithms, and real-time video streaming modules to conduct live surveys of
vehicle accidents. Within seconds, AI and computer-vision algorithms can identify the damaged parts, the extent of the damage, repair
or replacement decisions, and the estimated cost of repair. Traditionally, this multi-step process takes anywhere between two and
seven days, depending on the insurer. Additionally, total costs can be inflated by the interplay among multiple service providers
that have traditionally been involved in repairing a damaged vehicle (such as repairers, surveyors and others). As Roadzen’s technology
is unbiased, Roadzen eliminates the threat of cost inflation, providing savings to both the insurance company and its end customer. Roadzen’s
digital claims management platform, Claims, is built for a user-driven approach and has transformed opaque claims processing into proactive
engagement with customers.

Claims
initiates a claim using telematics, conducts remote surveys of accidents using photos and videos, and processes the claim by providing
an estimate of costs needed to repair or replace the damaged part purely using computer vision. Applying photography, video-streaming
and computer vision, Roadzen can inspect a vehicle instantly to assess risk profile, damages, and repair value. We believe that Roadzen
delivers a best-in-class customer experience with improved outcomes for insurers, customers and repair shops alike. Whether parametric,
assisted, or self-service, our engine handles all claims using algorithmic triage protocols, video, and deep learning for faster and
more accurate resolution. Our deep ecosystem for claims processing includes loss adjusters, repairers, roadside assistance, and payments
for a one-stop solution to simplify and transform the claims journey.

Roadside
Assistance (“RSA”)

We
believe RSA is key to offering a better claims experience for customers, including our fleet and OEM customers, and a powerful tool to
limit fraud and leakage for insurers. End customers who sustain an accident need proactive service by insurers to start the claim and
FNOL processes. Roadzen’s assistance platform can capture the “moment of truth” for insurers by obtaining near real-time
information about the accident with video and photographic evidence. In a matter of minutes, Roadzen’s solution provides the insurer
with clarity on all relevant questions after an incident occurs, including details on the parties involved, extent of the damage, and
the time, location, and stated cause of the incident. Roadzen’s white-labelled RSA product, StrandD, provides accident management,
emergency call, vehicle-breakdown call, network management, and digital dispatch capabilities to get customers back on the road quickly.
As a digitally enabled and integrated network, StrandD provides for 24/7 customer service. Roadzen is working with industry-leading
automotive companies, insurers, aggregators, and fleets to power their assistance needs.

Telematics

We
have built a telematics data exchange that enables the ingestion of mobility data from a multitude of sources, including connected cars,
on-board diagnostics devices, software development kits (mobile apps), and dashcam video. It is a next-generation telematics platform
that adds real-time driving context to significantly improve risk measurement, and more importantly, guide drivers to avoid predictable
risks and make driving safer. Roadzen’s telematics improves upon first-generation telematics solutions by fusing real-time traffic,
video context, and weather information with driver behavior data. Additionally, we add driver distractions and fatigue to the evaluation
matrix, and we measure accident hot spots to create the most comprehensive and rich driving evaluation possible. Roadzen’s telematics
offerings are bundled into its underwriting, claims and brokerage products.

Our
platform generates a driver score for each driver and a fleet safety index to help insurers make more informed underwriting decisions
and offer better products to their customers. Fleet owners can better track driving behavior and provide this feedback to their drivers,
all leading to improved and safer fleet operations. The potential benefits of this approach include safer drivers, fewer accidents, fewer
delays and shorter repair times, leading to greater efficiency, lower costs, and greater profits. Roadzen has three telematics layers
operating on the same core technology.

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Roadzen
telematics for insurance consists of a comprehensive telematics stack for driver behavior including:

●
Software-based:
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.

●
Connected
vehicles: 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.

●
Video
telematics: 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.

2.
Brokerage
Solutions

We
have built a distribution platform that allows Roadzen to sell insurance policies from any insurer and offer these products through multiple
distribution channels using simple APIs. The result is a comprehensive, integrated user experience from quote to policy to claim. Our
underwriting and claims are done using our AI platform, and the financial risk is assumed by leading insurers and reinsurers. We do not
hold any balance sheet risk.

Currently,
the digital brokerage competitive environment is focused on selling the available insurance products without innovating the insurance
product itself. Roadzen’s IaaS platform, with its unique capabilities, gives its distribution business a competitive edge. The
platform’s capabilities include:

●
Product
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.

●
Re-insurer
backing: 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.

●
API
Exchange: 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.

Our
Revenue Model

Roadzen’s
business is centered around the B2B2C model, using the Roadzen technology and ecosystem to provide better underwriting capabilities,
a more efficient claims management process, RSA, and a digitized policy pricing engine to fleet, insurance, and car company customers.
Our vision is to be the lowest cost of distribution brokerage business in the market. Retail customer acquisition costs are very high
for insurers, but Roadzen does not spend on acquiring retail customers directly. Roadzen incurs costs on the B2B front, including sales
and marketing costs, to onboard the channel partners, which consist of dealers, fleet companies, agents, car companies, and strategic
tie-ups. This enables Roadzen to bundle its ecosystem offerings to its customers. This approach has resulted in consistent revenue streams.

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Roadzen
deploys its solutions to insurers as a technology provider. It serves as a SaaS provider to auto insurers that embed our offerings with
their end customers. Insurers benefit from more efficient underwriting processes and reduced claims processing costs; in turn, their
customers secure a simplified online experience in claims reporting, risk evaluations, payments, and RSA. Insurers pay Roadzen a percentage
of premiums charged where Roadzen’s solutions are used for underwriting. Fixed fees per usage of Roadzen solutions is utilized
in damage assessments, claims management, and RSA. 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.

Our
Competition

We
believe that the primary factors determining our competitive position with other organizations in our industry are the policy add-on
features we offer through bundling, the quality of our services, our technology, the diversity of products we offer, and the overall
costs to our customers.

Roadzen
believes that it is uniquely placed because of its technology that spans the entire insurance value chain. However, there is a threat
of competition to each individual product or service that we may provide.

Insurers
that choose to build similar offerings and technological expertise in-house present competition to the Company. Competition also exists
from other Insurtech companies that may be specifically focused on one part of the value chain. There are several telematics players
that are capable of building similar products to Roadzen, but very few have the breadth of comprehensive software, hardware and video
telematics capabilities that Roadzen possesses.

The
insurance brokerage business is highly competitive, and numerous firms actively compete with us for customers and insurance markets.
Competition in the insurance business is largely based upon innovation, knowledge, terms and condition of coverage, quality of service
and price. Our brokerage operations compete with both global firms and local firms that are focused on a particular region.

A
number of insurance carriers who choose to directly sell insurance, primarily to individuals, do not have to pay commissions to third-party
agents and brokers and can instead allocate those funds to their advertising and customer acquisition efforts. Roadzen believes that
by using its B2B2C strategy, rather than going directly to customer, it can have a lower cost of customer acquisition and insurance distribution.

Research
and Development

As
of March 31, 2026, Roadzen had 86 engineers, computer vision researchers and data scientists focused on building software to address
the challenges and complexity in auto insurance. Our product and engineering team focuses on enhancing our solutions to meet the complex
requirements of our customers with a focus on capabilities, operational efficiency, security, and privacy of our platform. We also invest
significantly in developing our products and customizing them for the specific market in which the customer operates, including the relevant
regulations, language, currency and payment methods.

We
believe AI will have a transformative impact on the insurance economy and have focused our efforts on deep learning technology. We have
released several new solutions incorporating real world AI at enterprise scale. Our team has developed over 300 AI models in computer
vision as well as natural language processing such as video inspection, driver scoring, vehicle, part and damage detection, driver distraction,
insurance GPT (policy summary and FAQ of any insurance policy), claims invoice automation, as well as road object detection and driver
facial landmark detection. We invest significantly into developing our internal tooling for AI through our proprietary Canvas platform
that allows ground truth generation, automated model selection, and continuous training and deployment of AI models.

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Intellectual
Property

Roadzen
maintains intellectual property and proprietary protection for products and technology related to our business. We also rely on trade
secrets and/or contractual provisions to develop and maintain our proprietary position and protect aspects of our business that are not
amenable to, or that we do not consider appropriate for, patent protection. We protect our proprietary technologies, in part, by confidentiality
agreements with our employees, consultants, scientific advisors, and contractors. For more information regarding the risks related to
our intellectual property, please see “Risk Factors — Risks Relating to Roadzen’s Business and Industry —
Risks Relating to Intellectual Property.”

As
of March 31, 2026, we had no U.S. trademarks or pending applications, and we had seven registered non-U.S. trademarks and one pending
non-U.S. trademark applications. As of March 31, 2026, we had no 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.

Sales
and Marketing

Our
sales and marketing efforts are a key component of our growth strategy. Our investments in this area have enabled us to build and sustain
our customer base while creating long-term customer relationships.

Our
sales efforts are materially dependent on our three different channels: (1) strategic and contractual sales to insurers and car companies;
(2) sales to small-and-medium fleet owners; and (3) brokerage sales driven by agents, captive distribution channels and reinsurance partnerships.
We plan to continue investing in each of these channels of growth including hiring sales personnel, producing marketing content and event
marketing. We are investing heavily in content production and marketing focused on delivering rich, industry specific content on all
platforms that our clients use. This helps position Roadzen as a thought leader in the insurance and mobility space and adds to the lead
funnel for our business. We directly engage with decision-makers and industry leaders across the industry. Our top of the funnel digital
marketing efforts provide us with a platform to execute highly targeted outreach to important decision makers in our client matrix.

Our
sales teams are structured to address the different needs of our markets. For our small business sales efforts, we employ a geographically
dispersed account team structure to facilitate in-person demos and direct sales, along with an in-house sales team. For larger insurance
and automotive clients, we have an enterprise sales team. Roadzen has a large direct sales force spread across India, Europe, Southeast
Asia, the U.K. and the U.S. that focus on sales, on-boarding and customer management activities.

Fleets:
Fleet vehicles are groups of motor vehicles owned or leased by a business, government agency, or other organization rather than by an
individual or family. This set of customers is targeted directly by Roadzen’s sales team. Fleets are adversely affected when accidents
are followed by a slow and manual claims process, incurring a loss of revenue from the delay caused by the accident and the time needed
to repair the vehicle. This is a problem that Roadzen solves with its distinctive ecosystem. Roadzen has regional sales teams across
India, the U.S., the U.K., Europe and Southeast Asia. As fleets are usually on a local scale, our local sales teams are frequently within
reach of our potential fleet customers and faster to close a sale.

Insurance
& Car Companies: Sales to insurance companies and car companies are generally conducted either via a request for proposal (“RFP”)
or bid-driven process that requires demos, technical qualification criteria and financial pricing evaluation. These processes are highly
customized and require both in-house sales and solution architecture teams to close.

We
employ two primary sales activities for our brokerage business:

1.
Motor
Insurance: 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.

2.
Specialty
Insurance: 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.

10

Our
People and Culture

We
have assembled a proven, global team with excellence and experience spanning technology, AI, insurance and mobility. As of March 31,
2026, we had 458 full-time employees and 1 part-time employee. None of our employees are represented by a labor union. We believe we
have good relationships with our employees and have not experienced any interruptions of operations due to labor disagreements.

Division
Employee

Technology
86

Management
20

Sales
& Business Development
212

Operations
91

Finance,
HR, Compliance and Admin
50

Total
459

Our
operating principles below inform our culture as well as how we operate on a day-to-day basis. We actively foster an environment where
problem solvers, collaborators and builders can thrive. Our people have a global mindset, a passion for innovation and play well with
others.

Our
Operating Principles

Take
Ownership

We
thrive on excellence, responsibility, and adaptability to change. In our largely non-hierarchical structure, we stress the need for our
personnel to hold themselves and each other accountable and to high standards. It also means striving for constant improvement to raise
our bar as a company. Ownership is about taking initiative and making decisions to deliver the highest quality outcome.

Be
meritocratic

As
no playbook exists for many of the problems we are solving, we look at the best ideas that we can bring to the table through rigorous
thought, debate and action. This is fostered by a culture of respect and kindness where everyone has a voice. We believe that backing
the best ideas with committed action is the key to building world class products.

Play
with purpose

We
have fun, indulge our curiosities, build for the long term, and do things differently. This is not just a job, it is a place to be authentic,
express yourself fully and bring purpose to what we at Roadzen are building.

Challenge
the status quo

To
us, innovation is the default mindset, a hardwired desire to improve things. The better we collaborate the more effective we are. Strong
teams are built when we embrace both.

11

Move
fast

Quick
and iterative feedback loops are critical to innovation in both software and AI products. This means we must move with urgency yet keep
a deliberate focus on the details to make sure our clients can rely on us to make fundamental business decisions.

Our
Customers

We
have strong customer relationships in the auto insurance market. These relationships are a key component of our success given the long-term
nature of our contracts and the interconnectedness of our network. As of March 31, 2026, we had customer agreements with 61 insurers
(including carriers, self-insurers and other entities processing insurance claims), 91 automotive clients, and approximately 4,200 agent
and fleet customers. As of March 31, 2026, our insurer clients made up less than 1.4% of the total number of clients, but approximately
40.1% of the enterprise client base (i.e., 61 of the 152 total insurers and automotive clients).

Key
customer ecosystems are as follows:

●Insurance
– including insurance companies, reinsurers, agents, brokers.

●Automotive
– including carmakers (OEMs), dealerships, online-to-offline car sales platforms.

●Fleets
– including small and medium fleets, taxicab companies, ridesharing platforms and commercial
and corporate fleets.

●Other
distribution channels such as financial services companies providing auto loans, and telematics
companies.

And
key customer benefits from working with us can include:

●For
Insurers – faster, efficient and cheaper claims processing, lower combined operating
ratios, lower distribution costs and better underwriting models.

●For
Automotive – embedded or white-labeled products with better visibility on the insurance
distribution process for both new and renewal policies, extended warrant programs, faster
and more transparent claims settlements.

●For
Fleets – advanced road safety using telematics, lower premiums and faster claims processing.

Our
revenue is dependent on clients in the automotive insurance industry, OEMs and automotive fleets, and historically a relatively small
number of clients have accounted for a significant portion of our revenue. 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 56.0% of our total revenue.

Regulatory
Landscape

Our
insurance brokerage business is subject to various laws and regulations and our inability to comply with them may adversely affect our
business, results of operations and reputation.

12

Our
subsidiary in India received a certificate of registration to act as a direct insurance broker (life and general) under the Insurance
Regulatory and Development Authority of India (Insurance Brokers) Regulations, 2018 (“Insurance Brokers Regulations”). Accordingly,
we are subject to certain laws, regulations and licensing requirements. Insurance brokers are required to comply with various regulatory
requirements such as the following: (i) the principal officer and broker qualified persons of an insurance broker should have undergone
training and passed the relevant examination specified by the IRDAI, (ii) the principal officer, directors, promoters, partners, key
management personnel and persons having effective control of the insurance broker should fulfill the ‘fit and proper’ criteria
specified under the Insurance Brokers Regulations, (iii) insurance brokers may not undertake multi-level marketing for solicitation and
procuring of insurance products, (iv) insurance brokers may not offer any rebate or any other inducement to a client, (v) insurance brokers
must conduct their business in compliance with the code of conduct specified under the Insurance Brokers Regulations, and (vi) ensure
that not more than 50% of their remuneration emanates from one client in a financial year. The IRDAI may undertake inspection of the
premises of the insurance broker to ascertain how activities are carried on and inspect their books of accounts, records and documents.
The Insurance Brokers Regulations specify certain approval and reporting requirements to be adhered to by the insurance brokers from
time to time, as applicable. We would be subject to fines and penalties if we fail to comply with the Insurance Brokers Regulations.
We derive revenues primarily from commissions and other fees paid to us by the insurance carriers who sell their policies through our
platform.

The
commissions that we can charge to insurers are based on charges set forth under the IRDAI Commissions Regulations. The Minimum Information
Regulations, effective from May 23, 2021, are applicable to all insurers and insurance intermediaries in relation to purposes of investigation
and inspection by the IRDAI.

Inter-related
companies within the group are subject to a stringent regulatory framework that affects the flexibility of our operations and increases
compliance costs, and any regulatory action against us and our employees may result in penalties and/or sanctions that could have an
adverse effect on our business, prospects, financial condition and results of operations.

Other
Information

We
were incorporated in the British Virgin Islands on April 22, 2021. Roadzen (DE) was incorporated in the State of Delaware on May 7, 2015.
Our principal executive offices are located at 111 Anza Blvd., Suite 109 Burlingame, CA 94010. We also maintain a website at www.roadzen.ai.
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
Roadzen. 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.