Tracxn Technologies Ltd, a startup intelligence and analytics firm, has filed draft papers with the securities regulator for an initial public offering (IPO) in which Flipkart founders, Accel, and Sequoia Capital will sell shares.
The IPO is an offer for sale (OFS) of up to 38.67 million shares by shareholders and promoters. The OFS consists 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 manager to the issue.
Founded by Abhishek Goyal and Neha Singh who hold 25.46% stake each in the firm, Tracxn offers one of the largest coverages of private companies in emerging technology sectors including IoT, artificial intelligence, 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 other uses.
As of 31 March 2021, its 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.