Bengaluru based Tracxn Technologies Ltd – the parent company of data intelligence platform Tracxn – has filed its draft red herring prospectus (DRHP) with the market regulator SEBI. The platform’s offer solely comprises an offer of sale of up to 3.86 Cr equity shares.
As per the DRHP, Tracxn cofounders Abhishek Goyal and Neha Singh will both offload around 76.6 Lakh of equity shares. Flipkart founders Binny and Sachin Bansal will both offload upto 12.6 Lakh of equity shares respectively. Elevation Capital will be offloading upto 1 Cr equity shares. While Accel India is expected to offload upto 40 lakh equity shares, SCI Investment will sell upto 21 Lakh equity shares.
The analytics platform for the FY21 posted a revenue of INR 43.7 Cr from operations, a rise by 17% as compared to INR 37.3 Cr in FY20. Tracxn recorded a total expenditure of INR 61 Cr in FY 21, a slight rise from INR 60.3 Cr in FY 20. The data intelligence platform narrowed its loss to INR 5.3 Cr in FY21 as opposed to INR 54 Cr in FY 20.
Founded in 2013 by former venture capitalists Singh and Goyal, Tracxn enjoys the support of Elevation Capital, Accel India, 3One4 Capital, Sequoia India, Prime Venture Partners, and KB Investment. The eight year old platform is also backed by serial investors such as Tata Sons chairman emeritus Ratan Tata, Freshworks’ Girish Mathrubootham, former CFO of Infosys Mohandas Pai, Delhivery’s Sahil Barua, and Flipkart’s Sachin Bansal, among others.
The platform which is considered as the Indian version of Crunchbase raised INR 20.94 Cr in a Series B round in 2019 and had raised an undisclosed amount of funding from a group of angel investors including Nandan Nilekani, Mohandas Pai, former WhatsApp vice president Neeraj Arora and Junglee co-founder Anand Rajaraman, among others.
Valued at around $70 Mn the startup has raised $16.5 Mn till date. Amidst all the tech companies going for IPO, Tracxn will be the lowest valued IPO till date. The platform facilitates users with information related to startups and private companies present in 30 countries. The platform is widely used by VCs, Fortune 500 Companies, PE Funds, among others.
Tracxn has now followed the suit of Paytm, CarTrade, MobiKwik, ixigo, Nykaa, Policybazaar, and Fino Payments who will be hitting the public market soon.