IPO Synopsis
Details on IPO
Tracxn, Bengaluru-based startup intelligence and analytics firm backed by Flipkart founders Accel and Sequoia Capital, filed draft preliminary papers with SEBI to raise funds via IPO.
The initial offering comprises of an OFS aggregating up to 38.67 million shares by shareholders and promoters. This proposal comprises up to 7.66 million shares each by Neha Singh and Abhishek Goyal (hold highest stake of 25.46% each), up to 1.26 million shares each by Flipkart founders Binny Bansal and Sachin Bansal (hold 1.26% stake each), 10.98 million shares by Elevation Capital (hold stake of 21.89%), up to 4.02 million shares by Accel (hold stake of 4.01%), and up to 2.18 million shares by Sequoia (hold stake of 2.17%).
The lead manager to the issue is IIFL Securities Limited, and the Registrar to this issue is Link Intime India Private Limited
Objective of the Issue
The proceeds from the issue will be utilised to achieve the benefits of listing the equity shares on the Stock Exchanges and the sale of up to 38,672,208 Equity Shares by the selling shareholders.
About Tracxn Technologies Ltd
Tracxn is among the leading global market intelligence providers for private company data and ranks among the top five players globally in terms of a number of companies profiled offering data of private market companies across sectors and geographies. They have one of the largest coverages of private companies in emerging technology sectors including IoT, artificial intelligence, virtual reality, robotics, blockchain, and electric vehicles.
They have an asset-light business model and operate a Software as a Service (“SaaS”)-based platform, Tracxn, over 1.4 million private companies and works with 855 subscription customers across 50 countries and its customers include private market investors-- venture capital, private equity funds, and large corporates.
More than 70% of the company’s revenue comes from outside India, primarily from Europe, Middle East and Africa. The company, which competes with Crunchbase, CB Insights, PrivCo and Pitchbook, ranks among the top five players in the private market data space globally.
Tracxn Technologies Ltd Financial Status
Financials
|
Particulars (in Rs. Crores) |
FY21 |
FY20 |
FY19 |
|
Revenue |
43.78 |
37.33 |
33.19 |
|
EBITDA |
-17.06 |
-22.45 |
-20.59 |
|
PAT |
-5.35 |
-54.03 |
12.40 |
|
EPS (basic in Rs.) |
-0.55 |
-5.54 |
1.27 |
|
ROE |
-24.06% |
39.95% |
-14.96% |
|
Particulars (in Rs. Crores) |
FY21 |
FY20 |
FY19 |
|
Total Assets |
48.46 |
52.38 |
44.11 |
|
Share Capital |
0.90 |
0.20 |
0.20 |
|
Total Borrowings |
0.00 |
0.00 |
0.00 |
|
Particulars (in Rs. Crores) |
FY21 |
FY20 |
FY19 |
|
Net cash generated from / (used in) operating activities |
-6.06 |
-15.39 |
-15.75 |
|
Net cash from / (used in) investing activities |
5.46 |
-5.81 |
16.47 |
|
Net cash flow from / (used in) financing activities |
0.19 |
20.95 |
0.0 |
|
Net increase (decrease) in cash and cash equivalents |
-0.42 |
-0.26 |
0.72 |
The Key Points are-
Key Points
-
Strengths
1. Leading global provider of differentiated private market data and intelligence
2. Diverse, longstanding and growing global customer base
3. Scalable and secure technology platform conceptualized and developed in-house
4. Significant cost advantages from India-based operations
-
Risks
1. Failure in attracting new clients, maintaining existing clients or expanding users within existing customer accounts
2. Revenue from operations is gained from subscription of the platform by customers, hence, if the customers do not renew the subscriptions it will hurt the revenues
3. Interruptions or performance problems associated with the platform and business
4. Unable to obtain and maintain accurate, comprehensive, or reliable data, could experience reduced demand for the platform and services
5. Use of open source software could subject the company to face claims challenging the ownership of open source software and compliance with open source license terms
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