Ankur Kamboj
About Ankur Kamboj
Roadzen’s Chief Operating Officer since April 2017, age 43. He holds a bachelor’s in business administration from Punjab University and a postgraduate diploma in management from ICFAI University. Prior roles span AXA Assistance India (Head of Network), P&L leadership at Mahindra and Carnation Auto, digital marketing at Citi, and commercial roles at Samsung and Nestlé . Company performance under current leadership: FY2025 revenue was $44.3M (-5.2% YoY) with a return to growth in Q4 FY2025 (+13.3% YoY to $11.3M), net loss improved 99% YoY in Q4 to $(0.1)M, and Adjusted EBITDA loss narrowed (FY2025 $(8.4)M; Q4 $(1.6)M); pipeline >$300M and targeting Adjusted EBITDA breakeven within the next two quarters .
Past Roles
| Organization | Role | Years | Strategic impact |
|---|---|---|---|
| AXA Assistance — India | Head of Network | Not disclosed | Built assistance network capabilities |
| Mahindra; Carnation Auto | P&L leadership roles | Not disclosed | Built and scaled multi-brand automotive businesses |
| Citi | Led digital marketing and new customer onboarding | Not disclosed | Drove customer acquisition and onboarding efficiencies |
| Samsung; Nestlé | Sales and last-mile communication roles | Not disclosed | Commercial execution roles across consumer brands |
External Roles
No external public company directorships disclosed for Kamboj in the proxy; the executive officer list and biographies do not identify external board seats .
Fixed Compensation
| Metric | FY 2023 | FY 2024 |
|---|---|---|
| Base Salary (USD) | $47,502 | $61,941 |
| Bonus (USD) | $16,385 | $0 |
| Local-currency base (INR) | INR 2,400,000 at appointment (2017) | INR 5,125,000 FY2024; increased to INR 6,000,000 effective Sept 1, 2023 (≈$72,000 at 1 INR=0.012) |
Notes:
- Roadzen did not pay discretionary cash bonuses to Kamboj in FY2024 .
Performance Compensation
Time-based RSUs dominate, with significant vesting deferrals that enhance retention and dampen near-term selling supply.
- RSU grant: 45,936 RSUs in Roadzen (DE) on Sept 18, 2023, converted 1:27.212 into 1,250,007 Roadzen (BVI) RSUs (grant-date fair value $13,537,576) .
- Original vest date: Sept 17, 2024; amended on Sept 13, 2024 to Sept 17, 2025; amended again on July 23, 2025 to Sept 17, 2026 (subject to continuous service). Qualifying termination (death, disability, termination without cause) or a Change in Control accelerates vesting of unvested RSUs .
| Incentive type | Grant date | Shares/Units | Fair value (USD) | Metric | Weighting | Target | Actual | Payout | Vesting terms |
|---|---|---|---|---|---|---|---|---|---|
| RSUs (time-based) | Sept 18, 2023 | 1,250,007 | $13,537,576 | None (time-based) | N/A | N/A | N/A | N/A | Originally 100% on 9/17/2024; deferred to 9/17/2025 then to 9/17/2026; acceleration on CIC or death/disability/termination without cause |
Vesting deferral timeline (supply overhang signal):
- 9/17/2024 → 9/17/2025 (amended effective 9/13/2024) [investors.roadzen.io 8‑K, 2024‑11‑08: https://investors.roadzen.io/node/7636/html].
- 9/17/2025 → 9/17/2026 (amended 7/23/2025; disclosed 7/30/2025) and reiterated in Q2 FY2026 10‑Q exhibits ; company also stated leadership team deferred vesting to Sept 2026 .
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Beneficial ownership (common) | 0 shares; <1% of outstanding as of March 17, 2025 |
| Unvested RSUs | 1,250,007 RSUs outstanding as of March 31, 2024 (market value $8,125,046 at $6.50/share) |
| Options | None; no options outstanding (exercisable or unexercisable) |
| Pledging | To company’s knowledge, no Ordinary Shares beneficially owned by any executive or director have been pledged |
| Hedging policy | Company states it does not have any practices or policies regarding hedging (red flag for alignment) |
| Insider trading/pledge controls | Insider Trading Policy prohibits holding in margin accounts or pledging company securities without prior approval and strict conditions |
| Ownership guidelines | Not disclosed in proxy; 2023 Omnibus Plan allows awards to include non‑compete/non‑solicit conditions at committee discretion |
Employment Terms
| Term | Detail |
|---|---|
| Role start date | Appointed COO March 31, 2017; serving since April 2017 |
| Contract term | Indefinite; initial annualized salary INR 2,400,000; raised to INR 6,000,000 effective Sept 1, 2023 |
| Severance | FY2024 proxy disclosed no severance/change‑in‑control cash benefits for Kamboj; only as required by local regulations |
| Equity acceleration | RSU Amendment provides immediate vesting upon death, disability, termination without cause (Qualifying Termination) and upon Change in Control |
| Clawback | Compensation recovery policy effective Nov 30, 2023 (Nasdaq/Dodd‑Frank compliant) |
| Trading windows | Blackout periods from 15th day of quarter‑end month until 2nd full trading day after earnings; pre‑clearance required for Section 16 officers |
| 10b5‑1 plans | Permitted with pre‑clearance, cooling‑off periods, and other compliance requirements |
Multi‑Year Compensation (Summary)
| Component | FY 2023 | FY 2024 |
|---|---|---|
| Salary (USD) | $47,502 | $61,941 |
| Bonus (USD) | $16,385 | $0 |
| Share Awards (USD, grant‑date fair value) | $0 | $13,537,576 |
| Total (USD) | $65,721 | $13,599,517 |
Outstanding and Beneficial Holdings (Point‑in‑Time)
| As of | Common shares | % Outstanding | Unvested RSUs | Options |
|---|---|---|---|---|
| Mar 31, 2024 (awards) | — | — | 1,250,007 | 0 |
| Mar 17, 2025 (beneficial ownership table) | 0 | <1% | — | — |
Compensation Structure Analysis
- Equity-heavy, time-based RSUs: FY2024 pay mix for Kamboj is overwhelmingly equity via a one-year cliff RSU (later deferred twice), with no FY2024 cash bonus. This structure increases retention reliance on future vest dates rather than performance metrics (no PSU metrics disclosed), which can weaken pay-for-performance linkage but strengthens retention via deferrals .
- Deferral to 2026 lowers near-term selling pressure: The board pushed full vesting to Sept 2026; likewise, the company stated the CEO and leadership team deferred vesting to Sept 2026—reducing potential Form 4 selling pressure until then, barring acceleration triggers .
- New acceleration protections added post‑FY2024: The July 2025 RSU Amendment introduces acceleration on Qualifying Termination and Change in Control, improving executive downside protection versus the FY2024 baseline of no CIC/termination cash benefits—a governance consideration if potential CIC is contemplated .
- Hedging policy absent; pledging constrained: The proxy’s explicit statement of no hedging policy is a governance red flag for alignment; however, the Insider Trading Policy restricts pledging/margin with approvals, reducing forced-sale risks .
Performance & Track Record
- Financial execution trending better exiting FY2025: Roadzen returned to YoY revenue growth in Q4 FY2025 (+13.3%), improved Adjusted EBITDA losses, and nearly achieved net income breakeven in Q4; FY2025 liabilities down 15% and operating costs down 19% YoY .
- Pipeline and catalysts: The company cites a >$300M pipeline and aims for Adjusted EBITDA breakeven within the next two quarters, contingent on mix/geography . These operating milestones form the backdrop for Kamboj’s operational remit and equity vesting horizon.
Risk Indicators & Red Flags (relevant to incentives/retention)
- No hedging policy (explicit) .
- Acceleration provisions added for RSUs (CIC and Qualifying Terminations) .
- No disclosed stock ownership guidelines for executives; Kamboj beneficially owned zero common shares as of March 17, 2025 (unvested RSUs excluded) .
- Clawback policy in place (Nov 30, 2023) .
Investment Implications
- Retention and supply dynamics: The two-step RSU deferral to Sept 2026 aligns retention and reduces near‑term selling overhang from executive equity; monitor for any early acceleration triggers (CIC or Qualifying Terminations) that could bring shares forward .
- Pay-for-performance lens: With no disclosed performance metrics tied to Kamboj’s FY2024 equity and no FY2024 bonus plan, equity is time-based versus results-based. As Roadzen targets Adjusted EBITDA breakeven, investors should watch whether future awards introduce performance-conditioned equity (PSUs) to strengthen alignment .
- Governance posture: Absence of a hedging policy is a negative, partially mitigated by strict pledging/margin restrictions and a formal clawback policy. Beneficial ownership shows no pledged shares and zero vested holdings for Kamboj as of Mar 2025, but a sizable unvested RSU grant anchors retention through 2026 .
- Trading signals to watch: As Sept 2026 approaches, monitor Form 4s and any amendments to vesting/acceleration, plus progress toward the company’s breakeven target and pipeline conversion, which may influence executive disposition behavior around vesting .
References:
- Executive bio and governance: .
- Compensation and employment details: .
- Beneficial ownership and pledging: .
- RSU vesting deferrals and terms: and 8‑K (Nov 8, 2024): https://investors.roadzen.io/node/7636/html.
- Insider trading policy (blackouts, pledging, 10b5‑1): .
- Financial/operational performance: .