v3.26.1
Business combinations
 12 Months Ended
Mar. 31, 2026
Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]  
Business combinations

19 Business combinations

 

a) Daokang (Beijing) Data Science Company Ltd.

 

Roadzen (DE) entered into a joint venture with WI Harper VIII LLP and Shangrao Langtai Daokang Information Technology Co. Ltd. in July 2017, whereby Roadzen (DE) invested $2,500,030 in exchange for a 34.5% equity stake in Daokang. As the Company could not previously obtain reliable, adequate financial information, Daokang was fully impaired as of March 31, 2025 and now reinstated as per the fair valuation along with the incremental investment of $1 million.

 

During the quarter ended September 30, 2025, and effective April 1, 2025, Roadzen (BVI) and the other shareholders and directors of Daokang agreed to reaffirms Roadzen’s board, governance and management control, including one additional tiebreaking vote in the event of a deadlock, and sole authority to designate Daokang’s Chief Executive Officer who reports directly to the chairman of the board representing Roadzen, Inc. As a result, the Company received the required financial information from Daokang, thereby enabling it to consolidate Daokang’s financial results in the Company’s consolidated financial statements retroactive to April 1, 2025. Daokang represents, and is expected to continue to represent, less than 10% of the Company’s consolidated revenue.

 

The acquisition has been accounted for as a business combination under ASC 805 using the acquisition method of accounting.

 

The fair value of purchase consideration as determined in the independent valuation report is as follows:

 

     
Fair value of previously held equity interest (34.5%) remeasured at acquisition date   1,225,893 
Incremental investment to obtain control of Daokang   1,000,000 
Fair value of total consideration   2,225,893 

 

The major classes of assets and liabilities to which we have allocated the purchase price were as follows:

 

     
Property, plant and equipment   19,351 
Working capital   711,730 
Identifiable intangible asset   3,173,217 
Other liabilities   (327,622)
Total identifiable net assets   3,576,676 
Capital contribution subsequent to acquisition date   1,000,000 
Net assets considered for purchase price allocation   4,576,676 
Gain on bargain purchase (i)   (165,496)
Fair value of non controlling interest holders   2,185,287 
Total Purchase consideration   2,225,893 

 

(i)The gain on bargain purchase presented above is based on the acquisition-date exchange rate (April 1, 2025).

 

Following are details of the purchase price allocated to the intangible asset acquired:

 

   Amount  

Weighted

average life

 
Patent - Mobile vehicle insurance survey system   237,855    5 years 
Patent - Mobile vehicle insurance smart dispatch system   237,855    5 years 
Software - Video Inspection System   1,749,640    5 years 
Software - Insurance Dispatching System   753,533    5 years 
Intangible assets under development   194,334    5 years 

 

b) EliteCover Insurance Solutions, Inc.

 

During the quarter ended December 31, 2025, Roadzen (DE) acquired 55% of the equity interest in EliteCover Insurance Solutions, Inc. (“ECI”) for a total contractual consideration of USD 2,500,000 pursuant to a Stock Purchase Agreement dated October 24, 2025. ECI is a California licensed insurance broker and managing general underwriter holding a Coverholder appointment from Lloyd’s of London. Management has determined that Roadzen obtained control over ECI effective November 30, 2025, being the date from which Roadzen obtained majority voting rights and the ability to direct the relevant activities of ECI. Accordingly, the financial results of ECI have been included in the Company’s consolidated financial statements from November 30, 2025. The acquisition has been accounted for as a business combination under ASC 805 using the acquisition method of accounting.

 

 

Roadzen Inc.

Notes to the consolidated financial statements

(in US $, except share count)

 

The fair value of purchase consideration as determined in the independent valuation report is as follows:

 

     
Initial consideration   1,000,000 
Fair value of contingent consideration (milestone based)   1,390,617 
Fair value of total consideration   2,390,617 

 

The major classes of assets and liabilities to which we have allocated the purchase price were as follows:

 

     
Property, plant and equipment   16,580 
Working capital   (470,060)
Identifiable intangible asset – Customer relationship   1,470,472 
Other liabilities   (169,840)
Total identifiable net assets   847,152 
Goodwill (Refer Note 20)   2,001,112 
Fair value of non controlling interest holders   (457,647)
Total Purchase consideration   2,390,617 

 

The excess of purchase consideration over the fair value of net tangible and identifiable intangible assets acquired has been recorded as goodwill and is primarily attributable to the expected synergies from integration of ECI’s licensed insurance distribution infrastructure

 

Following are details of the purchase price allocated to the intangible asset acquired:

 

   Amount  

Weighted

average life

 
Acquired customer contracts   1,470,472    5 years 

 

c) Houseneed Doorstep Services Private Limited (“VehicleCare”)

 

During the quarter ended December 31, 2025, Roadzen Technologies Private Limited (“RTPL”), a wholly owned subsidiary of the Company, acquired 100% of the equity interest in Houseneed Doorstep Services Private Limited, a company that operates its business under the brand “VehicleCare,” for a total consideration of $5,282,380 ($4,408,940 payable in shares of RTPL and $873,440 in cash).

 

VehicleCare operates a technology-led vehicle care platform that enables insurers to digitally manage the entire claims and repair journey from claim assessment and approval to repair execution and settlement leveraging artificial intelligence, standardized repair protocols, and a repair-over-replacement philosophy. Management has determined that the Company obtained control over VehicleCare effective January 1, 2026, being the date from which the Company obtained 100% equity ownership and the ability to direct the relevant activities of the company. Accordingly, the financial results of VehicleCare have been included in the Company’s consolidated financial statements from January 1, 2026. The acquisition has been accounted for as a business combination under ASC 805 using the acquisition method of accounting.

 

The fair value of purchase consideration as determined in the independent valuation report is as follows:

 

     
Cash consideration   895,665 
Consideration via issuance of equity shares   4,520,579 
Fair value of total consideration   5,416,244 

 

The major classes of assets and liabilities to which we have allocated the purchase price were as follows:

 

     
Property, plant and equipment   5,169 
Working capital   (918,562)
Identifiable intangible asset   3,256,733 
Other liabilities   (553,163)
Total identifiable net assets   1,790,177 
Goodwill (Refer Note 20)   3,626,067 
Total Purchase consideration   5,416,244 

 

 

Roadzen Inc.

Notes to the consolidated financial statements

(in US $, except share count)

 

The excess of purchase consideration over the fair value of net tangible and identifiable intangible assets acquired has been recorded as goodwill and is primarily attributable to the expected synergies from integration of VehicleCare’s technology platform and infrastructure into the Company’s broader insurtech ecosystem.

 

Following are details of the purchase price allocated to the intangible asset acquired:

 

   Amount  

Weighted

average life

 
Software – VehicleCare AI claims and repair management platform   3,256,733    5 years