Fair valuation of warrants issued to lenders as a part of a senior secured note agreement entered into between Roadzen (DE) and Mizuho Securities USA LLC ("Mizuho") as administrative agent amounting to $3,178,756. Each warrant grants the holder the right to purchase one Ordinary Share of the Company at an exercise price of $0.001 with a cashless settlement option where the difference between the exercise price and the market price would be paid to the warrant holder in the form of Ordinary Shares. Since the Company has Warrants traded under the symbol RDZNW, market price method was used to compute the fair market value on the reporting date. The warrants issued are recognized as derivative liabilities and were initially measured using the Black-Scholes model and are subsequently re-measured at each reporting period with changes recorded in consolidated statements of operation. As per the agreement entered into, if the principal and interest payments are not made as per the repayment schedule, the Company is obliged to issue warrants in the sequence below. On May 14, 2024, as required by the terms of this senior secured notes agreement, the Company issued to Mizuho a warrant to purchase 1,432,517 Ordinary Shares at an exercise price of $0.0001 per share.


Milestone (days after issuance)	Warrant Shares based on fully diluted Ordinary Shares of the Company as of June 30, 2023
180 days		1.00	%
210 days		1.17	%
240 days		1.33	%
270 days		1.50	%
300 days		1.67	%
330 days		1.83	%
360 days		2.50	%

The assumptions used in calculating estimated fair value of the warrant due as of June 30, 2024 is as follows:


Closing price	$	2.22
Risk Free rate		4.33	%
Dividend Yield		0	%
Volatility		150.25	%
Expected Life of the option	4.5 years