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Tracxn Technologies Ltd : Neutral

Key Highlights

* Company Background: Incorporated on 11th August 2012, 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 number of companies profiled offering data of private market companies across sectors and geographies. They have one of the largest coverage of private companies in emerging technology sectors including IoT, artificial intelligence, virtual reality, robotics, block chain and electric vehicles.

* Scalable and secure technology platform: Tracxn Technologies have an assets light business model and operate Software as a Service-based platform, Tracxn. It is a combination of technology and human analysts, and is able to process vast amounts of data. This platform is developed in house and built primarily using new age technologies for hosting on cloud infrastructure. Further, it is mapped to over 49,000 different business models, searchable in near real-time through a set of search tools built in-house using an open search engine and analytics solution. Besides, they have built a range of business and workflow tools and for gathering private market data, they have built a web-crawling and data engine.

* Diversified Customer Base: The Company has a diverse base of 1,139 Customer Accounts present in over 58 countries, as of June 30, 2022. These customer accounts are for Customers that include ‘Fortune 500’ companies and/or their affiliates. Further, their global customer base helps them limit their dependency on a specific customer, industry or geography thereby reducing financial and concentration risk.

* Significant Cost Advantage: Tracxn is an Indian SaaS company and their platform Tracxn serves customers globally. Their ability to develop and deploy the platform in India provides them with significant cost advantages. Service providers, especially those operating in regions like India have a cost advantage as their pricing is much more competitive than their global competitors. Remuneration is 10 times lower than the USA and around 6 times lower than the UK. Due to the cost advantage the company has can continue to grow in different geographies and offer additional service

* Financials: On the financials front, the company’s revenue has grown at a CAGR of 30.4%. Although the revenues have increased, EBITDA and PAT have been in negative for the past 2 years. So, an investor needs to keep a watch on the financials for FY23.

* Risk: 1) Competition intensity is high across industry 2) The company revenue may decline, if customers do not renew their subscription.

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