BalrajTracxn Technologies Ltd, a Bengaluru-based data analytics company, has filed its draft red herring prospectus (DRHP) with the Securities Exchange Board of India (SEBI) in order to seek funds through an initial public offering (IPO). The initial public offering consists only of an offer to sell of approximately 38.67 million shares by the company’s current shareholders and promoters.
Background: Artem Podrez via Pexels × Tracxn Technologies
Tracxn cofounders Abhishek Goyal and Neha Singh would each dispose of about 7.66 million equity shares, according to the DRHP. Binny Bansal and Sachin Bansal (not related), the founders of Flipkart, will each offload roughly 1.26 million equity shares. Elevation Capital aims to sell 10.98 million shares while Accel India IV Mauritius and SCI Investments V would sell up to 4.02 million and 2.18 million shares respectively.
Besides these, Sahil Barua, Deepak Singh, Trustees, Kolluri Living Trust, Milliways Fund LLC, Rathnagirish Mathrubootham, Apoletto Asia Ltd, Trustees, NRJN Family Trust, Manoj Kumar Gandhi, WGG International Ltd, and others propose to sell under OFS. Among all existing shareholders, Elevation Capital holds a 21.89 percent stake in the data analytics firm while Sachin Bansal and Binny Bansal hold a 1.26 percent stake each.
Cofounders Neha Singh and Abhishek Goyal each own 25.46 percent of the company. Tracxn Technologies has one of the widest coverages of private firms in new technology domains such as IoT, artificial intelligence, virtual reality, robotics, blockchain, as well as electric vehicles.
The data analytics platform, which is regarded as the Indian equivalent of Crunchbase, raised Rs 20.94 crore in a Series B fundraising round back in 2019 and had recently secured an undisclosed amount of funding from a handful of venture capitalists that included Nandan Nilekani, Mohandas Pai, former WhatsApp vice president Neeraj Arora, and Junglee co-founder Anand Rajaraman, amongst other.
The Bengaluru-based Tracxn Technologies is valued at roughly $70 million and has secured $16.5 million in total funding to date. Tracxn will be the lowest valued IPO so far among all IT startups that are planning their IPO. The platform connects users with information about startups and private enterprises across 30 countries. It has analyzed over 550 million web domains and identified over 1.4 million organizations over 1,805 feeds within industries, sectors, sub-sectors, locations, affiliations, and networks around the world. Tracxn is generally used by venture capitalists, Fortune 500 companies, as well as private equity funds, among many others.
In FY21, the analytics platform generated revenue of Rs 43.7 crore from operations, rising 17 percent from Rs 37.3 crore in FY20. Tracxn’s overall expenditure in FY 21 was Rs 61 crore, up from Rs 60.3 crore in FY 20. In FY21, the data analytics platform posted a loss of Rs 5.3 crore, dropping from Rs 54 crore in FY20.