Tracxn, a startup analytics firm, has been converted into a public company, and it is all set to launch for an IPO in the upcoming months. Tracxn was valued at $78 million when it raised funds from top-tier investors such as KG Global Platform Fund in 2019.
Tracxn’s investors include Elevation Capital, Accel India, Sequoia Capital, and 3One4Capital, as well as Ratan Tata and angel investors such as Flipkart founders Sachin Bansal and Binny Bansal, and Freshworks founder and CEO Girish Mathrubootham, among others.
Whereas Elevation Capital, the largest investor in Tracxn, is likely to seek an exit via IPO or strategic sale by April 2022, seven years after participating in the Series A round.
The Elevation Capital owns close to 20% of the company, while the founders control the remaining 45 percent, according to CNBC sources.
Meanwhile, Elevation Capital stated that the offer price for a qualified IPO will be determined at a minimum pre-money valuation of $100 million. Furthermore, the investor claims that if Tracxn does not complete a qualified IPO or strategic sale by the investment exit date, the company will be forced to list SAIF Securities on any stock exchange via a liquidity IPO.
Tracxn was founded as an intelligence and market research platform by Neha Singh and Abhishek Goyal. It has emerged as a global platform for private market investors and corporates to track innovative companies across more than 300 tech sectors and over 1,100 trending themes in approximately 30 countries over the last nine years.
The company runs a platform that provides startup information in the areas of venture capital, private equity, and corporate development.
In India, Europe, South East Asia, and China, the Traxn serve the enterprise infrastructure and applications, technology, consumer, retail, gaming, fintech, health tech, life sciences, edtech, mobile, adtech, energy, auto, telecom, media and entertainment, food, agriculture, and investment industries.
Tracxn competes with Venture Intelligence and Tofler in providing market intelligence on companies, particularly startups. According to filings, the company earned Rs 37 crore in revenue from operations in FY20, up from Rs 33 crore the previous year, while losing Rs 19 crore.
If Tracxn files for an IPO, it will join a long list of startups that have raised funds through public offerings since the beginning of this fiscal year. Following Zomato’s successful debut on Dalal Street, Nykaa, PolicyBazaar, and Paytm are next in line.