Tracxn Technologies Ltd, a startup intelligence and analytics firm backed by Flipkart founders Accel and Sequoia Capital, has received the Securities and Exchange Board of India’s (Sebi) nod for its initial public offering (IPO), the company said in a statement on Monday.
The Bengaluru-based company filed its draft papers with India’s markets regulator in August. According to the draft papers, the IPO is an offer for sale (OFS) of up to 38.67 million shares by shareholders and promoters. The OFS comprises up to 7.66 million shares each by Neha Singh and Abhishek Goyal, up to 1.26 million shares each by Flipkart founders Binny Bansal and Sachin Bansal, 10.98 million shares by Elevation Capital, up to 4.02 million shares by Accel, and up to 2.18 million shares by Sequoia.
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 also plan to sell shares via OFS. Sachin Bansal and Binny Bansal hold 1.26% stake each, while Elevation Capital has 21.89% stake in the firm.
IIFL Securities is the sole book running lead manager to the issue.
Tracxn operates as a software-as-a-service (SaaS)-based platform that claims to have scanned over 550 million web domains. The company also claims to have profiled over 1.4 million entities across 1,805 feeds categorised across industries, sectors, sub-sectors, geographies, affiliations, and global networks as of March this year.
More than 70% of the company’s revenue comes from outside India, primarily from Europe, Middle East and Africa, the release said. The company, which competes with Crunchbase, CB Insights, PrivCo and Pitchbook, ranks among the top five players in the private market data space globally.
Founded by Abhishek Goyal and Neha Singh, who each hold 25.46% stake in the firm, Tracxn offers one of the largest coverages of private companies in emerging technology sectors including IoT, artificial intelligence (AI), virtual reality, robotics, blockchain and electric vehicles.
The firm offers customers private company data for deal sourcing, identifying M&A targets, deal diligence, analysis and tracking emerging themes across industries and markets, among others.
As of 31 March 2021, the platform had 2,358 users across 855 customer accounts in over 50 countries. Customers include Fortune 500 companies and/or their affiliates such as Unilever Industries Pvt Ltd.
For 2020-21, Tracxn’s total income stood at Rs 55.7 crore against Rs 63 crore a year ago. Net loss for the period stood at Rs 5.3 crore versus Rs 54 crore last year.
Meanwhile, Puranik Builders Ltd also got Sebi’s nod for its initial public offering today. The company had filed draft papers with the market regulator in September for raising Rs 510 crore.
According to the draft papers, the public issue comprises an OFS of up to 945,000 shares by the company's promoters Ravindra Puranik and Gopal Puranik. Both the promoters will sell up to 472,500 shares each. The face value of each share is Rs 10.
Puranik Builders plans to utilise Rs 362 crore of the total proceeds to repay a part of certain outstanding borrowings. The remaining amount will be used towards working-capital requirements, strengthening marketing capabilities, and investment in subsidiaries, among other activities, according to the draft papers. The company has a presence in the Mumbai Metropolitan Region and the Pune Metropolitan Region.
Elara Capital (India) Pvt Ltd and Yes Securities Ltd are the book running lead managers to the issue.