Funding Alert

Tracxn Technologies raises INR 139.22 cr in anchor round ahead Of IPO


Tracxn Technologies has raised INR 139.22 Cr ($16.8 Mn) from Anchor Investors ahead of its INR 309 Cr initial public offer (IPO) on October 10.

The market intelligence firm allocated 17,402,494 shares at INR 80 apiece on Friday (October 7) to 11 anchor investors, Both foreign portfolio investors(India Acorn, BNP Paribas Arbitrage- ODI, Ashoka India Equity Investment PLC, Tara Emerging Asia Liquid Fund and Kotak Offshore) and domestic funds(Nippon Life, ICICI Prudential, Whiteoak Capital Flexi Cap Fund, Kotak Pioneer Fund, Reliance General Insurance and Motilal Oswal). The Bengaluru-based company has allocated 7,526,910 shares out of the total shares to four mutual funds via six schemes for a cumulative INR 60.22 Cr.

Tracxn Technologies

In August last year, the market research startup filed its draft red herring prospectus (DRHP) and received SEBI’s approval for its IPO in November 2021. Tracxn’s IPO would only consist of an offer for sale (OFS) of 3.86 Cr shares, with existing stakeholders diluting their shares in the company. In FY22, the company reported a revenue of INR 63.45 Cr, up 45% as compared to INR 43.78 Cr in FY21. They also managed to cut its losses by 9% to INR 4.85 Cr in FY22 from INR 5.35 Cr in FY21.

Tracxn founded in 2013 by Abhishek Goyal and Neha Singh is a SaaS platform that tracks private companies and startups. The Bengaluru-based startup has been backed by several angel investors such as Ratan Tata, Sachin Bansal, Binny Bansal and Girish Mathrubootham and VC firms such as Sequoia, Accel and Elevation Capital. 

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