Business & Investment

Tracxn in standby mode at the timing of the public offering proposed in the volatile market

Tracxn Technologies, a Bangalore-based market intelligence and analytics platform, is in monitoring mode for the proposed public offering timing within the volatility of the stock market and will call for listing once the situation stabilizes.

With approval for sale by co-founders (Neha Singh and Abhishek Goyal) and some existing investors at the end of last year, the company is tentatively not considering using an alternative funding route.

New funding from other modes is “not immediately on the card,” Goyal said.

He said this was because there was no “timing pressure” on the monetization of holdings from investors and the company was generating sufficient returns for growth, without rethinking the public offering plan. The company said it was sticking to the public offering.

“Currently, the market is weak, so we haven’t set a timeline for public offerings,” Shin said.

According to the Draft Red Herring Prospectus (DRHP), an IPO will only involve an initial public offering (OFS) of 3.86 Chlore shares. Being an OFS, there is no initial public offering (IPO) revenue.

Investors such as Sachin Bansal and Binny Bansal, Elevation Capital, Accel India, SCI Investments, and the two co-founders will sell their holdings in a proposed public offering in accordance with DRHP.

Founded in 2013 by first-generation entrepreneur Singhand Goyal, Traxn is a global platform for tracking 1.4 million entities through 1,800 feeds categorized by industry, sector, subsector, region, partnership, and network. Has established its position as.

Backed by investors such as Accel Partners and Sequoia, Tracxn currently has more than 850 customer accounts in more than 50 countries.

Its clients include VC, PE funds, Fortune 500 corporate and investment banking M & A and innovation teams. These teams use Tracxn data to raise daily deals, identify acquisition targets, trade diligence, and track new themes across the industry and the market.

The platform is also used to track businesses and sectors in various governments, accelerators, incubators and universities.

“By that time, we had approval (at DRHP) and the market was weak, so we kept the plan. The approval is valid for a year,” Shin said.

Running a Software-as-a-Service (SaaS) subscription model and enjoying cost arbitrage, the company has raised $ 11.3 billion so far.

“The business is profitable, so we don’t need money right now,” Goyal said. Also, Tracxn still has some of the money raised by the bank.

“As for the timing of the public offering, the advisor will do it and the banker will show the investor’s sentiment … the FII outflow is high and the volatility index is currently high … because these are complex equations. We rely on our advisors to decide when to start an IPO, “he said, confirming that the company is in standby mode, given market volatility.

According to the founders, the demand for Tracxn’s products and services remains strong.

“The private market is growing at a strong pace, ranking in the top five in the world by the number of profiled companies, and providing data on private market companies across sectors and regions,” Shin said. I am saying.

In the future, Tracxn aims to expand its customer base, double in areas where customers are located, expand market development and sales and marketing, and sell deeper to existing customers, she added. I did.

Tracxn in standby mode at the timing of the public offering proposed in the volatile market Tracxn in standby mode at the timing of the public offering proposed in the volatile market

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