Yotta Data Services Private Limited is reportedly seeking to raise fresh capital at a valuation of around $4 billion as it prepares to file its draft prospectus for an initial public offering (IPO).
The Mumbai-based company is aiming to secure roughly $500 million to $600 million in capital before filing its formal listing documents within weeks. It plans to raise a similar amount in the public offering itself.
Yotta has positioned itself as a domestic alternative to western technology giants. Amazon.com Inc. and Alphabet Inc. have each said they will invest more than $100 billion in capital expenditure this year, including artificial intelligence infrastructure in India.
Yotta is in discussions with several banks to manage the IPO, with contenders including the local arms of Nomura Holdings Inc. and Goldman Sachs Group Inc., along with ICICI Securities Limited and Kotak Securities Limited. The company has already received in-principle approval for the listing and is awaiting final clearance from the Securities and Exchange Board of India (SEBI).
Among the potential investors in the pre-IPO round are sovereign wealth funds, including Mubadala Investment Co., and several prominent Indian billionaires’ family offices have already committed. Additionally, Yotta had targeted $1.2 billion in pre-IPO fundraising.
