Cambridge Innovations (CI), an arm of Cambridge Technology Enterprises (CTE), has sold shares worth $2,50,000 in start-up Roadzen to a Hong Kong-based Chinese investor.
Roadzen claims to help insurers underwrite risk with better data, interact with customers in real time, provide roadside assistance to stranded customers and process auto claims instantly. “Roadzen is transforming the auto insurance industry,” said Aashish Kalra, Chairman of CTE, in a statement on Friday.
“We have invested $1.3 million in three tranches in Roadzen. We generally pick less than 10 per cent in a start-up that we fund,” a CTE official told BusinessLine .
CTE set up CI to explore investment opportunities in early and growth-stage start-ups working in areas like artificial intelligence and machine learning. It has so far invested in 10 such start-ups.