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Vahanna Tech Edge Acquisition I Corp. Announces Additional Contribution to Trust Account to Extend Deadline to Consummate Business Combination

Vahanna Tech Edge Acquisition I Corp., a special purpose acquisition company, announced that, on May 24, 2023, its sponsor, Vahanna LLC, timely deposited an aggregate of $660,330 (the “Extension Payment”), representing $0.033 per public share, into Vahanna’s trust account in order to extend the date by which Vahanna has to consummate a business combination from May 26, 2023 to June 23, 2023 (the “Extension”). The Extension provides Vahanna with additional time to complete its proposed business combination with Roadzen, Inc. (the “Business Combination”), a leading insurance technology company powered by advanced artificial intelligence (“Roadzen”). In connection with the consummation of the Business Combination, Vahanna will be renamed “Roadzen Inc.” (“New Roadzen”).

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The Sponsor loaned the Extension Payment to Vahanna in order to support the Extension and caused the Extension Payment to be deposited in Vahanna’s trust account for its public shareholders. In connection with the Extension Payment, Vahanna issued to Sponsor an unsecured promissory note (the “Note”) with an original issue discount of ten percent (10.0%) and a principal amount of $726,363. The Note bears interest at a rate of twenty percent (20.0%) per annum and will be due and payable (subject to the waiver against trust provisions) on the earlier of (i) the effectiveness date of the Business Combination and (ii) the date of the liquidation of the Company. The business combination is expected to be consummated in the second quarter of 2023, subject to, among other things, the approval of the transaction by Vahanna’s shareholders, satisfaction of the conditions stated in the definitive business combination agreement and other customary closing conditions, including that the U.S. Securities and Exchange Commission completes its review of the proxy statement/prospectus relating to the transaction, the receipt of certain regulatory approvals, and the approval by The Nasdaq Stock Market to list the securities of the combined company.

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Vahanna Tech Edge Acquisition I Corp. is a blank check company incorporated on April 22, 2021 as a British Virgin Islands business company and formed for the purpose of effecting a merger, share exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses.

Roadzen is a leading insurance technology company on a mission to transform global auto insurance powered by advanced AI. At the heart of Roadzen’s mission is its commitment to create transparency, efficiency, and a seamless experience for the millions of end customers who use its products through insurer, OEM, and fleet (such as trucking, delivery, and commercial fleets) partners. Roadzen seeks to accomplish this by combining computer vision, telematics and AI with continually updated data sources to provide a more efficient, effective and informed way of building auto insurance products, processing claims and improving driver safety. Roadzen has been recognized as a top innovator in the insurtech space by Forbes and Financial Express (India).

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