By Christopher Kuo

Shares for Roadzen climbed after the company's U.S. operations secured a letter of intent from what it says is a leading U.S. carrier for a dedicated commercial auto insurance program.

Shares of the artificial intelligence-driven insurance technology company rose 28.5%, to $2.21, during Thursday's session. Despite the intraday gains, the stock was down 8% year to date.

The company on Thursday said the letter of intent from the unnamed carrier contemplates $30 million in annual underwriting capacity in the first year and scales to $50 million over three years. At full year one utilization, the program is expected to contribute about $6 million in revenue, with revenue scaling up to $50 million over three years, the company said.

A binding authority agreement with the carrier is expected by June, the company said. The deal supports Roadzen's expansion in the U.S. commercial auto insurance market.

Under the agreement, Roadzen's managing general agent would operate under delegated authority from the carrier to quote, underwrite and bind commercial auto policies on the carrier's behalf. Roadzen's drivebuddyAI platform would be incorporated across the insured fleets, allowing insured vehicles to be equipped with drivebuddyAI's computer vision.

Write to Christopher Kuo at chris.kuo@wsj.com

(END) Dow Jones Newswires

April 30, 2026 15:31 ET (19:31 GMT)

Copyright (c) 2026 Dow Jones & Company, Inc.