Vahanna Tech Edge Acquisition I Corp.

Accounts payable and accrued expenses alone, at $29.1 million, exceed total current assets of $26.5 million, and $19.3 million of borrowings is current — against $6.0 million of cash. Current borrowings rose $2.7 million in the quarter as long-term debt moved into the current column.

Total liabilities of $78.3 million exceed total assets of $47.7 million by $30.6 million, and the $5.9 million Forward Purchase Agreement write-down is what removed the asset — the balance sheet shrank because a receivable was written off, not because debt was repaid. The acquisition's revenue and EBITDA contributions are the company's expectations for a deal signed in July, not results.

The purchase price and the deferred consideration conditions are redacted, so the size of the acquisition cannot be established from the filed exhibit — an important gap for a former VHNA holder, since deferred consideration structures typically hinge on the acquired business hitting targets and can be settled in shares. The presence of completion accounts means the final price will be adjusted after closing. English law drafting and an Indian buying entity indicate a UK target being folded into the group's international operations.

An adjusted EBITDA loss of $0.4 million on $16.1 million of quarterly revenue puts this de-SPAC within one quarter of break-even on that measure, which is rare in a cohort where losses usually widen with revenue. The GAAP gap remains large — a $14.0 million full-year operating loss against a $3.5 million adjusted EBITDA loss — so non-cash charges still dominate. For former VHNA holders the trend, seven straight quarters of improvement, matters more than any single figure.

Nothing a Vahanna shareholder votes on changed here. The proxy statement/prospectus is not in this document, so the terms of the Roadzen combination must be read from the version that carries it. What the exhibit index does show is the shape of the file: a British Virgin Islands opinion from Maples & Calder, a tax opinion, a form of Support Agreement, a Sponsor Support Agreement, a form of Lock-Up Agreement and the Roadzen Inc. 2023 Omnibus Incentive Plan, alongside Roadzen's own purchase agreements for National Automobile Club and an AXA Partners business.

The redomestication is itself conditional on redemptions: Vahanna moves out of the British Virgin Islands into Delaware only if redemptions of Class A Ordinary Shares are less than approximately 48% of its capital stock, being 20,010,000 Class A and 5,002,500 Class B ordinary shares — so how the vehicle ends up incorporated depends on how many holders leave. With no redemptions the split is 70.0% to former Roadzen stockholders, 24.0% to public Class A holders and 6.0% to Class B holders; with full redemption it is 92.1%, 0.0% and 7.9%.

What changed: The 10-Q filed under Commission file number 001-41094 is that of Roadzen Inc. (Nasdaq: RDZN, warrants at $11.50) for the quarter ended June 30, 2026, its first fiscal quarter, comparing to a March 31, 2026 balance sheet date, with 85,165,063 ordinary shares outstanding as of August 12, 2026. Cash and equivalents were $6,004,085 against $6,578,594 at March 31, 2026, accounts receivable $6,938,995, and prepayments and other current assets fell to $13,133,834 from $17,833,119, taking total current assets to $26,497,051 from $32,258,701 and total assets to $47,720,671 from $52,658,561. Why it matters: Accounts payable and accrued expenses alone, at $29.1 million, exceed total current assets of $26.5 million, and $19.3 million of borrowings is current — against $6.0 million of cash. Current borrowings rose $2.7 million in the quarter as long-term debt moved into the current column.

What changed: Roadzen Inc. (Nasdaq: RDZN) furnished a press release dated August 13, 2026 reporting its first fiscal quarter 2027, ended June 30, 2026. Why it matters: Total liabilities of $78.3 million exceed total assets of $47.7 million by $30.6 million, and the $5.9 million Forward Purchase Agreement write-down is what removed the asset — the balance sheet shrank because a receivable was written off, not because debt was repaid. The acquisition's revenue and EBITDA contributions are the company's expectations for a deal signed in July, not results.

What changed: Roadzen, the Vahanna Tech Edge Acquisition I Corp. successor, filed as Exhibit 2.1 a Share Purchase Agreement dated 3 July 2026 under which Roadzen Technologies Limited, its Indian subsidiary, agrees to buy Riverside International Holdings Ltd from the sellers listed in Schedule 1. It covers conditions, price and apportionment, pre- and post-completion obligations, deferred consideration conditions, a tax covenant, warranties with limitations on claims, and completion accounts. Certain information is redacted as immaterial and confidential. Why it matters: The purchase price and the deferred consideration conditions are redacted, so the size of the acquisition cannot be established from the filed exhibit — an important gap for a former VHNA holder, since deferred consideration structures typically hinge on the acquired business hitting targets and can be settled in shares. The presence of completion accounts means the final price will be adjusted after closing. English law drafting and an Indian buying entity indicate a UK target being folded into the group's international operations.

What changed: Roadzen, the Vahanna Tech Edge Acquisition I Corp. successor, reported record fourth quarter FY2026 revenue of $16.1 million, up 42% year over year and 12% sequentially, and full-year revenue of $55.0 million against $44.3 million in FY2025. Net loss attributable to ordinary shareholders fell about 69% to $22.5 million, or $0.29 per share, from $72.9 million or $1.04 per share, and operating loss improved 77% to $14.0 million from $60.8 million. Fourth quarter adjusted EBITDA loss was $0.4 million against $1.6 million a year earlier, the seventh consecutive quarterly improvement. Why it matters: An adjusted EBITDA loss of $0.4 million on $16.1 million of quarterly revenue puts this de-SPAC within one quarter of break-even on that measure, which is rare in a cohort where losses usually widen with revenue. The GAAP gap remains large — a $14.0 million full-year operating loss against a $3.5 million adjusted EBITDA loss — so non-cash charges still dominate. For former VHNA holders the trend, seven straight quarters of improvement, matters more than any single figure.