Exhibit 99.1
Vahanna Tech Edge Acquisition I Corporation Announces Shareholder
Approval of Business Combination with Roadzen, Inc. on August 25, 2023
New York, August 28, 2023 (GLOBE NEWSWIRE) Vahanna Tech Edge Acquisition I Corp. (Nasdaq: VHNAU, VHNA, VHNW)
(Vahanna), a publicly traded special purpose acquisition company, and Roadzen, Inc. (Roadzen or the Company), a global insurance technology company on a mission to transform global auto insurance powered by
advanced AI, today announced that their previously announced business combination (the Business Combination) was approved at a special meeting of shareholders (the Special Meeting) of Vahanna on August 25, 2023.
Approximately 83% of the votes cast at the Special Meeting were in favor of the Business Combination.
Subject to the satisfaction of customary closing
conditions, the transaction is expected to close in September 2023. The combined company will be renamed Roadzen Inc. (the Combined Company), and its shares and warrants are expected to begin trading on Nasdaq under the symbols
RDZN and RDZNW, respectively, one day following the closing date.
Commenting on todays announcement, Steve Carlson, who
will serve as Chairman of Roadzen following the closing of the Business Combination, said, With the world eagerly anticipating advanced AI applications, Roadzen is carving its path as a vertical AI pioneer, reshaping the $800-billion auto insurance industry. We believe that the company and its vertical AI narrative will remain captivating for years ahead. Roadzens journey highlights rapid growth, solid foundations, and
groundbreaking technologyall under the guidance of a visionary CEO and a stellar global team. As Roadzen cements its leadership in AI, mobility and insurance, were thrilled to be listing this extraordinary company on Nasdaq.
ABOUT VAHANNA
Vahanna Tech Edge Acquisition I Corp. is a
blank check company incorporated on April 22, 2021 as a British Virgin Islands business company formed for the purpose of effecting a merger, share exchange, asset acquisition, stock purchase, reorganization or similar business combination with
one or more businesses.
ABOUT ROADZEN
Roadzen is a
leading insurance technology company on a mission to transform global auto insurance powered by advanced AI. Thousands of clientsfrom some of the worlds leading insurers, fleets and carmakers to small fleets, brokers and insurance
agentsuse Roadzens technology to build new products, sell insurance, process claims and improve road safety. Roadzens pioneering work in telematics and computer vision has earned recognition as a top AI innovator by publications
such as Forbes, Fortune and Financial Express. Roadzen has 400 employees across its global offices in the US, India, UK and France.
For materials and
information, visit https://www.vahannatech.com/ for Vahanna and https://www.roadzen.io/ for Roadzen.