Exhibit 99.1
Vahanna Tech Edge Acquisition I Corp. Announces Extension of Deadline to Complete Business Combination
NEW YORK, August 22, 2023 Vahanna Tech Edge Acquisition I Corp. (NASDAQ: VHNAU, VHNA, VHNAW) (Vahanna or the Company), a
special purpose acquisition company, announced today that, on August 22, 2023, its sponsor, Vahanna LLC (the Sponsor), requested that Vahanna extend the date by which Vahanna has to consummate a business combination from
August 26, 2023 to September 26, 2023 (the Extension). The Extension is the first of nine one-month extensions permitted under Vahannas governing documents. In connection with such
Extension, the Sponsor has notified Vahanna that it intends to cause an aggregate of $225,000 to be deposited into Vahannas trust account on or before August 26, 2023. The Extension provides Vahanna with additional time to complete its
proposed business combination (the Business Combination) with Roadzen, Inc. (Roadzen), a leading insurance technology company powered by advanced artificial intelligence. In connection with the consummation of the Business
Combination, Vahanna will be renamed Roadzen Inc. (New Roadzen).
About Vahanna Tech Edge Acquisition I Corp.
Vahanna Tech Edge Acquisition I Corp. is a blank check company incorporated on April 22, 2021 as a British Virgin Islands business company and formed for
the purpose of effecting a merger, share exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses.
About Roadzen
Roadzen is a leading insurance technology
company on a mission to transform global auto insurance powered by advanced AI. At the heart of Roadzens mission is its commitment to create transparency, efficiency, and a seamless experience for the millions of end customers who use its
products through insurer, OEM, and fleet (such as trucking, delivery, and commercial fleets) partners. Roadzen seeks to accomplish this by combining computer vision, telematics and AI with continually updated data sources to provide a more
efficient, effective and informed way of building auto insurance products, processing claims and improving driver safety. Roadzen has been recognized as a top innovator in the insurtech space by Forbes and Financial Express (India).
For materials and information, visit https://www.vahannatech.com/ for Vahanna and https://www.roadzen.io/ for Roadzen.
Additional Information and Where to Find It
In
connection with the Business Combination, on February 14, 2023, Vahanna filed a Registration Statement on Form S-4 (File No. 333-269747) (as amended, the
Registration Statement) with the Securities and Exchange Commission (the SEC) which includes a proxy statement/prospectus. The Registration Statement has been declared effective and the proxy statement/prospectus has been
distributed to Vahannas shareholders in connection with its solicitation of proxies for the vote by Vahannas shareholders with respect to the Business Combination and other matters as may be described in the Registration Statement, as
well as the prospectus relating to the offer and sale of the securities to be issued in the Business Combination to certain of Roadzens shareholders. This press release does not contain all the information that should be considered concerning
the Business Combination and is not intended to form the basis of any investment decision or any other decision in respect of the Business Combination. Vahannas shareholders and other interested persons are advised to read the proxy
statement/prospectus included in the Registration Statement, as these materials contain important information about Roadzen, Vahanna and the Business Combination.
The definitive proxy statement/prospectus and other relevant materials for the Business Combination have been mailed to the shareholders of Vahanna as of the
record date to be established for voting on the Business Combination. Shareholders can obtain copies of the definitive proxy statement and other documents filed with the SEC, without charge, at the SECs website at www.sec.gov, or by directing
a request to Vahannas chief financial officer at 1230 Avenue of the Americas, 16th Floor, New York, NY 10020.