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Unaudited Condensed Consolidated Statements of Cash Flow(in US $) For the period endedParticulars September 30, 2024 September 30, 2023 Cash flows from operating activities Net loss including non controlling interest (70,283,749) (35,188,253)Adjustments to reconcile net loss to net cash used in operating activities: Depreciation and amortization 673,721 780,853 Stock based compensation 46,977,256 3,526,209 Deferred income taxes (223,516) 79,094 Unrealised foreign exchange loss/(profit) 101,374 (28,884)Fair value losses in financial instruments carried at fair value 18,249,009 23,590,000 Expected credit loss (net of reversal) (112,451) 171,946 Balances written off/(back) (3,200,441) (1,609)Changes in assets and liabilities, net of assets acquired and liabilities assumed from acquisitions: Inventories (20,836) (73,732)Income taxes, net - 19,297 Accounts receivables, net 380,405 4,352,472 Prepayments and other assets 2,018,036 (30,343,651)Accounts payable and accrued expenses and other current liabilities (1,554,615) 19,106,908 Other liabilities (4,255,358) (1,118,459)Net cash used in operating activities (11,251,165) (15,127,809) Cash flows from investing activities Purchase of property and equipment, intangible assets and goodwill 39,443 (136,220)Acquisition of businesses - (5,748,000)Proceeds from sale of mutual fund 193,606 - Proceeds from forward purchase agreement 1,000,000 - Net cash used in investing activities 1,233,049 (5,884,220) Cash flows from financing activities Proceeds from business combination - 32,770 Proceeds from issue of preferred stock - 6,079,409 Proceeds from long-term borrowings - 2,805,418 Repayments of long-term borrowings - (569,207)Net proceeds/(payments) from short-term borrowings 4,460,327 9,218,689 Repayments from short-term borrowings - - Net cash generated from financing activities 4,460,327 17,567,079 Effect of exchange rate changes on cash and cash equivalents 2,368 56,372 Net (decrease)/increase in cash and cash equivalents (including restricted cash) (5,555,421) (3,388,578)Cash acquired in business combination - 11,252,547 Cash and cash equivalents at the beginning of the period (including restricted cash) 11,565,088 1,131,830 Cash and cash equivalents at the end of the period (including restricted cash) 6,009,667 8,995,799 Reconciliation of cash and cash equivalents Cash and cash equivalents 5,992,238 8,109,694 Restricted cash 17,429 886,105 Total cash and cash equivalents 6,009,667 8,995,799 Supplemental disclosure of cash flow information Cash paid for interest, net of amounts capitalized 885,011 378,064 Cash paid for income taxes, net of refunds - 83,680 Non-cash investing and financing activities Consideration payable in connection with acquisitions 488,000 1,854,732 Interest accrued on borrowings 317,597 157,649 Non-GAAP Financial MeasuresThis press release includes Adjusted Earnings Before Interest, Tax, Depreciation and Amortization (Adjusted EBITDA), is a non-GAAP financial measure which excludes the impact of finance costs, taxes, depreciation and amortization and certain other items from reported net profit or loss.
Unaudited Condensed Consolidated Balance Sheets(in US $, except per share data and share count) Particulars As of September 30, As of March 31, 2024 2024Assets Current assets: Cash and cash equivalents 5,992,238 11,186,095 Accounts receivable, net 3,224,037 3,652,380 Inventories 91,503 70,667 Prepayments and other current assets 13,434,854 34,426,335 Investments 270,743 507,094 Total current assets 23,013,375 49,842,571 Non current assets Restricted cash 17,429 378,993 Non marketable securities 1,514,796 1,514,796 Property and equipment, net 348,746 454,589 Goodwill 2,095,697 2,061,553 Operating lease right-of-use assets 946,798 822,327 Intangible assets, net 1,102,846 2,989,604 Other long-term assets 97,880 71,913 Total assets 29,137,567 58,136,346 Liabilities and stockholders' deficit Current liabilities Current portion of long-term borrowings 2,221,055 2,228,471 Short-term borrowings 20,183,417 15,754,829 Accounts payable and accrued expenses 34,134,516 38,492,487 Derivative warrant liabilities 1,704,695 5,585,955 Short-term operating lease liabilities 397,957 358,802 Other current liabilities 2,368,722 3,231,962 Total current liabilities 61,010,362 65,652,506 Long-term borrowings 1,331,088 1,472,933 Long-term operating lease liabilities 379,697 268,856 Other long-term liabilities 699,949 1,241,917 Total liabilities 63,421,096 68,636,212 Commitments and contingencies (refer note 23) Shareholders' deficit Ordinary Shares and additional paid in capital, $0.0001 par value per share, 220,000,000 shares authorized as of September 30 2024 and March 31, 2024; 68,440,829 shares outstanding as of September 30, 2024 and March 31, 2024 84,974,378 84,974,378 Accumulated deficit (221,225,483) (151,008,419)Accumulated other comprehensive income/(loss) (1,075,917) (600,501)Other components of equity 103,537,962 56,560,706 Total shareholders’ deficit (33,789,060) (10,073,836)Non-controlling interest (494,468) (426,030)Total deficit (34,283,528) (10,499,866)Total liabilities and Shareholders’ deficit, Non-controlling interest 29,137,567 58,136,346 Roadzen Inc.
Unaudited Condensed Consolidated Statements of Operations(in US $, except per share data and share count) For the three months endedSeptember 30, For the six months endedSeptember 30,Particulars 2024 2023 2024 2023Revenue 11,874,098 15,470,581 20,805,615 21,081,491 Costs and expenses: Cost of services 5,217,621 6,358,677 10,645,061 8,848,771 Research and development 1,496,600 602,105 3,286,142 1,175,405 Sales and marketing 8,076,959 10,059,347 13,879,257 13,526,403 General and administrative 20,430,960 5,577,477 46,257,148 8,179,460 Depreciation and amortization 193,372 413,315 673,721 780,853 Total costs and expenses 35,415,512 23,010,921 74,741,329 32,510,892 Loss from operations (23,541,414) (7,540,340) (53,935,714) (11,429,401)Interest income/(expense) (626,834) (617,470) (1,448,520) (835,424)Fair value gains/(losses) in financial instruments carried at fair value (1,096,949) (23,590,000) (18,249,009) (23,590,000)Other income/(expense) net 3,252,528 637,492 3,274,880 699,922 Total other income/(expense) 1,528,745 (23,569,978) (16,422,649) (23,725,502)(Loss)/Income before income tax expense (22,012,669) (31,110,318) (70,358,363) (35,154,903)Less: income tax (benefit)/expense (181,264) 10,939 (74,614) 33,350 Net (loss)/income before non-controlling interest (21,831,405) (31,121,257) (70,283,749) (35,188,253)Net loss attributable to non-controlling interest, net of tax (21,366) (39,457) (66,685) (67,209)Net (loss)/income attributable to Roadzen Inc. (21,810,039) (31,081,800) (70,217,064) (35,121,044)Net (loss)/income attributable to Roadzen Inc.ordinary shareholders (21,810,039) (31,081,800) (70,217,064) (35,121,044)Basic and diluted (0.32) (1.40) (1.03) (1.81)Weighted-average number of shares outstanding used to compute net loss per share attributable to Roadzen Inc.ordinary shareholders 68,440,829 22,272,967 68,440,829 19,387,476 Roadzen Inc.
