Analytics firm Tracxn files IPO papers; Flipkart founders, Sequoia Capital and Accel India to exit

Analytics firm Tracxn Technologies has filed Draft Red Herring Prospectus with the capital markets regulator Sebi to raise funds through a public issue. The move will ultimately pave the way for investors including Accel India, SCI Investments, and Sachin and Binny Bansal to exit the company.

The initial public offering of 38,672,208 equity shares is entirely an offer for sale by promoters and investors.

Promoters Abhishek Goyal and Neha Singh are offloading 76,62,655 equity shares each through the offer for sale. Flipkart founders Binny Bansal and Sachin Bansal will exit Tracxn by selling 12,63,096 equity shares each in the offer.

Private equity fund Accel India IV (Mauritius) and venture capital fund Sequoia Capital India Advisors-owned SCI Investments V will also exit the analytics company by selling the entire 40,17,506 equity shares and 21,81,692 equity shares respectively through offer for sale.

Venture capital firm Elevation Capital (formerly SAIF Partners) will offload 1,09,80,885 equity shares or around 50 percent of its holding in the company. Manoj Kumar Gandhi, Apoletto Asia Ltd, and Milliways Fund LLC will sell up to 1,47,976 equity shares each via OFS.

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Among other investors, Sahil Barua will sell 2,07,548 equity shares, Deepak Singh will offload 3,15,774 equity shares, Kolluri Living Trust will sell 2,67,915 equity shares, and Rathnagirish Mathrubootham will offload 2,95,952 equity shares. NRJN Family Trust, WGG International, and Prashant Chandra will also sell 5,91,904 equity shares, 8,81,602 equity shares, and 6,36,000 equity shares respectively.

First-generation entrepreneurs and promoters Abhishek Goyal and Neha Singh held 24 percent stake each in Tracxn, while among investors Elevation Capital has 20.64 percent shareholding and Seabright II Ltd owns 4 percent.

Neha Singh is the Chairperson and Managing Director, and Abhishek Goyal is the Vice Chairman and Executive Director of Tracxn Technologies that 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, through subscription-based platform Tracxn.

The company's operations are supported by investments from angel investors such as Ratan Tata, the NRJN Family Trust, Neeraj Arora, Sachin Bansal, Binny Bansal, Amit Ranjan, Girish Mathrubootham, Anand Rajaraman, Amit Singhal and Ashish Gupta. It has also received investments from Elevation Capital, Accel Partners, Sequoia Capital, Prime Venture Partners and KB Investments.

Tracxn Technologies is among the leading global market intelligence providers for private company data and rank among the top five players globally in terms of the number of companies profiled offering data of private market companies across sectors and geographies.

It has one of the largest coverage of private companies in emerging technology sectors including IoT, artificial intelligence, virtual reality, robotics, blockchain and electric vehicles. It has an asset-light business model and operates a Software as a Service (SaaS)-based platform, Tracxn, that scanned over 550 million web domains, and profiled over 1.4 million entities across 1,805 Feeds categorised across industries, sectors, sub-sectors, geographies, affiliations and networks globally, as of May 2021.

Its platform has 2,358 users across 855 customer accounts in over 50 countries, as of March 2021. The customers include a number of Fortune 500 companies and their affiliates such as Unilever Industries.

IIFL Securities is appointed as the book running lead manager to the issue.