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Rohan Malhotra, the CEO and Director of Roadzen Inc. (NASDAQ:RDZN), recently purchased 5,945 ordinary shares of the company. The shares were acquired at a weighted average price of approximately $1.22 per share, totaling $7,252. This transaction increased Malhotra’s direct ownership to 786,787 shares. The purchase comes as RDZN shares have declined nearly 19% in the past week, trading at $1.09.According to InvestingPro analysis, the stock appears undervalued despite recent market volatility.
In addition to his direct holdings, Malhotra also has indirect ownership through entities such as Avacara Pte Ltd. and RM Securities LLC. Avacara Pte Ltd., where Malhotra is the majority shareholder and managing director, holds 17,473,213 shares. Meanwhile, RM Securities LLC, of which Malhotra is the sole member, holds 45,854 shares. Furthermore, Malhotra has 5,616,485 shares underlying restricted stock units under Roadzen’s 2023 Omnibus Incentive Plan.
These transactions reflect Malhotra’s significant investment and involvement in Roadzen Inc., which operates in the insurance agents, brokers, and services industry.
In other recent news, Roadzen Inc. has made significant financial strides by reducing its short-term liabilities by $12.6 million, including a $5.5 million cut through a cash settlement. The company also converted $2.5 million in payables and $0.9 million in short-term debt into shares. Additionally, Roadzen has issued 1,227,867 shares to settle approximately $3.5 million in liabilities with Marco Polo Securities, Inc. and Avacara PTE Ltd. In a strategic move, Roadzen reached a preliminary agreement with Mizuho (NYSE:MFG) Securities USA Inc. to extend the maturity of its $11.5 million senior secured debt facility to December 31, 2025.
Further enhancing its market position, Roadzen expanded its AI-powered claims platform, XClaim, with National Insurance Company Ltd. in India, adding four regional offices to its service. This expansion aims to improve claims processing speed and customer experience. These developments underscore Roadzen’s focus on financial stability and technological advancement in the auto insurance sector.
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