SUMMARY
The Sequoia-backed company is raising Series B funding
It has floated an offer to KB Global Platform Fund
The funds will be augmented towards long term financial resources
Bengaluru-based technology platform Tracxn is raising INR 20.94 Cr in a Series B funding round.
According to the Ministry of Corporate Affairs filings accessed by Inc42, the company filed a resolution dated August 27 to offer 70,872 Series B2 CCPS at a face value of INR 10 with a premium of INR 2945.48.
The company has floated the offer to KB Global Platform Fund and is looking to augment the long term financial resources, the filings showed. Post-issue, KB Global Platform will pick up 3.41% stake in the company.
According to the filings, the post-money valuation of the startup will be around $78.75 Mn. It was reportedly valued at about $70 Mn when it raised last round in April 2018 when it raised an undisclosed amount of funding from Nandan Nilekani, Junglee co-founder Anand Rajaraman, Mohandas Pai, and Neeraj Arora.
Till date, Tracxn has raised $16.5 Mn from multiple investors such as SAIF Partners, Accel Partners, Sequoia Capital etc.
Tracxn was founded in 2013 by Abhishek Goyal and Neha Singh. It helps VCs and private companies by providing a database covering over 20 Mn companies. The platform provides information on startups across 100 sectors, including technology, consumer, mobile, digital marketing, health and education to over 6K clients across India, the US, the Middle East, Southeast Asia and Europe.
The startup also has a fundraising platform called Tracxn Syndicate, which was launched in June 2015 and helps budding entrepreneurs accelerate. The company has been using its large database and research to help entrepreneurs with startup ideas and funding trends.
Tracxn competes with the likes of CB Insights, CrunchBase, Owler, Mattermark, Venture Scanner etc which also gather data on startups, identify trends, and help venture capitalists, private equity investors and corporate development offices to track millions of companies globally.
The startup ecosystem in India has been buzzing with activity. Homeground to over 39K active startups, the Indian startup ecosystem has been increasingly setting up base abroad and has also attracted investors from across the globe.
According to DataLabs by Inc42, in H1 2019, a total of $5.85 Bn was invested across 360 deals. Ecommerce ($1.03 Bn), fintech ($1.01 Bn) and transport tech ($800 Mn) emerged as the top sectors in terms of the total funding amount.
