Feb 13 (Reuters) - Insurance tech firm Roadzen Inc has
agreed to go public in the United States with a blank-check
vehicle in a deal valued at about $965 million, the companies
said on Monday.
The deal with special purpose acquisition company Vahanna
Tech Edge Acquisition I Corp values Roadzen at a
pre-money equity value of $683 million and the combined company
will be listed on the Nasdaq exchange, according to their joint
statement.
After the deal is completed, existing Roadzen shareholders
are expected to own 73.2% of the combined entity, assuming none
of the blank check firm's shareholders elect to redeem their
shares.
Roadzen, which uses advanced AI to provide data that helps
insurers build auto insurance products, is expected to generate
about $59 million and $118 million in total consolidated
revenues for the fiscal years ending March 31, 2023 and 2024,
respectively, the statement added.
(Reporting by Shivani Tanna in Bengaluru; Editing by Rashmi
Aich)
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