Roadzen closes acquisition of commercial auto MGU EliteCover
Roadzen has completed its acquisition of majority control of EliteCover Insurance , a commercial auto MGU operating across several U.S. states. The deal, first announced in October, is non-dilutive and is expected to add more than $8 million in revenue over the next year with Adjusted EBITDA margins above 25%.
EliteCover is licensed in California, Texas, Illinois, and New Jersey, Lloyd’s of London Coverholder authority, and serves intermodal, freight, logistics, and mixed-use fleets through a national agency network. Since issuing its first policy in February 2025, the company has reached an annualized premium run rate near $20 million, supported by more than 90 fleet clients and a pipeline of 400+ agencies representing over $100 million in potential annual premiums.
Roadzen plans to integrate its DrivebuddyAI, xClaims, and GDN platforms into EliteCover’s programs to support predictive underwriting, driver-risk scoring, automated claims, and connected roadside assistance.
“EliteCover’s strong fleet focus and disciplined underwriting approach align perfectly with Roadzen’s mission to modernize commercial auto insurance using AI. Closing this transaction gives us a fully licensed MGU platform in the most important market in the world, expands our distribution reach, and accelerates our strategy to deliver data-driven underwriting and risk management at scale. We are also incredibly delighted to work with Arturo Agredano and Mike Margarian, exceptional founders with over 20 years of experience each in building hundreds of millions of dollars in annual GWP in this market.” – Rohan Malhotra, Founder and CEO of Roadzen.
“We’re thrilled to join forces with Roadzen. Our shared vision is to build the next generation of commercial auto underwriting — where deep insurance expertise is strengthened by cutting-edge AI and telematics. With Roadzen’s technology and global reach, we are positioned to scale rapidly, support more agents and fleets nationwide, and transform the commercial auto sector.” – Arturo Agredano, CEO of EliteCover.
