Roadzen (RDZN) said late Tuesday it closed an offering of 2.3 million ordinary shares, including 300,000 shares sold upon the full exercise of the underwriter's option to purchase additional shares

The shares were priced at $1.25 each, generating gross proceeds of about $2.88 million.

The company said it sold all of the shares in the offering.

The company intends to use the net proceeds primarily for sales and marketing for research and development, working capital, and general corporate purposes.

Shares of Roadzen were down nearly 1% in after-hours trading.