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Meghna Rathod    

Mumbai, India

An individual with masters degree in IT. Working as an computer teacher in school from last 5 years. I am highly interested in equity market and value investing. Looking forward to learn more in this sector and enhance my knowledge.

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Contributor since: 2023







Tracxn Technologies Limited

A Business Analysis

Industry Updates

As per the IMF World Economic Outlook report released in July 2022, the global GDP is expected to be approximately 3.2% in 2022 (compared to 6.1% in 2021). As per the report, the global GDP is forecasted to contract further in 2023, and the growth rate is expected to be around 2.9% year-over-year.

Trade wars and Brexit were key developments that impacted growth in 2019, and these events have continued to have ramifications even in 2022. The trade war between the United States and China worsened during the pandemic as there was significant disruption in trade relationship between the two countries. At a global level, the economy, recovering from the implications of the pandemic and Russia-Ukraine war, is currently facing an uncertain outlook. The slowdown in China amid the pandemic and lockdowns, and negative implications from Russia’s invasion of Ukraine has significantly contracted the global output. Southeast Asia’s position as a manufacturing destination is growing as companies relocate production from China to Vietnam and India to circumvent punitive tariffs.

The global GDP growth is expected to continue to slow down owing to disruptions due to the pandemic and negative implications of the Russia-Ukraine war. As per IMF projections, global GDP growth continues to be volatile as recession, inflation, trade wars, border issues, geo-political issues, sanctions and other macro-economic factors are expected to negatively impact growth.

Total Internet Users across the Globe
Growth in Internet Usage to pave for anytime-anywhere information access via cloud base information provider platforms According to estimates from Internet World Stats, there were close to 5.47 billion Internet users across the globe as of July 2022.

The number of Internet users has grown by 11.6% in 2022 from 4.90 billion users in 2021, indicating the growth of digitization of people and also the ease of access to information for Internet users. The rate of growth was high in initial years and the growth rate has slowed down, as growth reaches saturation in many of the countries.

Individuals Using Internet, 2015-2022 (Billion Users)

Percentage of Internet users by region as of July 2022

Total Internet Users By Regions

Impact Of COVID-19 on Business Intelligence
Businesses worldwide suffered volatility due to the pandemic and in 2020 most of the businesses recorded negative or below average growth. However, the start of 2021 brought some respite as countries and governments successfully started vaccinating its citizens and tried to build favourable business environment through several economic stimulus packages. Last year witnessed a rise in significance of Business Intelligence (“BI”) as businesses looked to return to growth path. While in general, the demand for BI remains high due to volatility in business environment during normal times, this one instance of pandemic has made BI look as a critical need of the hour for most businesses worldwide. Hence the demand for business intelligence is expected to rise, and the pandemic will continue to be one of the main drivers for growth of BI industry.

2022 Marks a Resurgence of Sorts for Struggling Industries in the Pandemic Era These industries include:
• Aviation
• Travel and Tourism
• HoReCa (Hotel, Restaurant and Catering)
• Luxury Retail
• Capital Goods Manufacturing
• Information Technology

Although the above discussed industries continue to thrive after the setback owing to the pandemic, going forward, almost all the businesses will realize and start attaching higher importance to market / business intelligence as this would help them move cautiously in the current highly volatile business environment. Businesses are realizing how critical analytics and BI are during the time of crisis. BI provides certainty amidst chaos and it is even more important among small enterprises which do not have deeper pockets and invest cautiously. Going forward, investment companies, large corporates and start-ups are expected to embrace business intelligence extensively in order to improve their decision making process.

look to tread waters of pandemic more cautiously and in an intelligent manner
While the global economic slowdown in 2020 challenged the way businesses function, more recent challenges include geo-political tension, inflation concerns and subdued economic growth outlook. In volatile times, having means that can help organization to make informed decisions on where to invest, how to invest and how much to invest, can prove handy. The demand for this type of business intelligence is growing and is expected to further intensify in these testing times. BI is capable of supporting advanced business decision making by assessing the past, present and future trends with respect to a particular company, industry or geography. BI is not restricted to just a product, technology or methodology and is a combinations of multiple pieces of business data that enables informed decision making, be it with respect to investing in new businesses or to enter a new market or to fund a particular start-up. Companies are using BI services to make different levels of business decision-making; thus the market for these information service provisioning organizations are growing rapidly worldwide. Over the years, the BI process has evolved from simple data sets to more comprehensive and complex insights that can support businesses in informed decision making. 

B2B Information Services Market Overview
Market is witnessing gradual evolution and platform based service providers are expected to make the most of growing demand B2B Information services market has seen strong growth over the recent past. The growth has been mostly triggered by increasing demand for accurate decision making along with increase in professional knowledge workers globally. With business prospects looking much better in 2022, companies are not holding back their budgets when it comes to investments. Demand for these services have picked up as more and more businesses and investment firms are likely to use these services even more extensively.

Information Services – Need of the Hour for Refined Business Decision Making

The growth prospects of the B2B information services companies are likely to continue to grow as businesses are looking to consolidate and will be keener to explore new start-ups, private companies and geographies to invest in which suits their business strategies.

Investment firms or large corporates that seek to increase their investments in different industries, geographies or companies are compelled to move cautiously and overcome any challenges they encounter in assessing the opportunities. Deal making has become more challenging than ever as there has been a mismatch between the ground reality and business sentiment assumptions that exist in the market. To overcome these challenges and to better understand the opportunities and to target the right segment, it becomes important for investment companies to avail information services that serve as a concrete foundation for any investment activities that is planned and
also enables businesses to make right move at the right time.

The market consists of new form of information service providers who have been known to be elevating the concepts of artificial intelligence (“AI”) and machine learning (“ML”) to extract valuable information from large data sets in order to provide insights in the market. To thrive in this market, the B2B information service providers need to build upon their core assets. It may be the unique content or solutions, a strong interactive platform or similar others.

B2B Information Services Market Landscape
The global B2B information services market which was close to around USD 140 billion in 2020 is estimated to be a USD 190 billion market in 2025 growing at compound annual growth rate of around 6.16% according to Frost and Sullivan estimates.

While in the past decade (2010-2019), the B2B information services market witnessed a CAGR of 5.6%, the growth is expected to be even more robust and the market could grow at a CAGR of 6.16% (2020-2025) In the recent past, the market has been experiencing some downturn due to the ongoing economic turmoil, pessimistic investment sentiments and the geo-political volatility. The current pandemic is further expected to slow down the market. However, the ongoing health crisis has also given rise to shift in global market sentiments where large corporates, businesses and private market investors are looking to explore new markets. This is expected to be a silver lining to the market and has potential to draw more and more businesses and investment firms towards availing information services for supporting their business decisions.

In recent years, the trend of growth of information service providers offering services through a platform and having a subscription based pricing model is gaining popularity. Many of these platform based B2B information services providers are known to be concentrating largely on tracking of growing start-ups, funding, technology and other similar associated parameters.

The unique aspect of the B2B Information services market is the intellectual property (IP) that players operating in this market generate. With the available data/information, these information service providers effectively slice and dice the data to generate valuable insights which is unique to that particular service provider. The service providers, with the help of several technology concepts like analytics and artificial intelligence, utilize the available information or data to the fullest extent and generate insights that provide critical or intrinsic information.

Global B2B Information Services Market, 2020-2025, (in USD Billions)

About Tracxn Technologies Limited

Founded in 2013, Tracxn Technologies provides market intelligence data for private companies. The company's extensive global database and customized solutions and features allow its customers to source and track companies across sectors and geographies to address their requirements.

The company is ranked among the top five players globally in terms of the number of companies profiled offering data on private market companies across sectors and geographies. The company has an asset light business model and operate a Software as a Service ("SaaS")-based platform, Tracxn, that scanned over 662 million web domains, and profiled over 1.84 million entities across 2,003 Feeds categorized across industries, sectors, sub-sectors, geographies, affiliations and networks globally, as of May 31, 2021.

The company has 3,271 users across 1,139 Customer Accounts in over 58 countries, as of June 30, 2022, and its customers include several Fortune 500 companies and/or their affiliates.

The company offers private company data to its customers for deal sourcing, identifying M&A targets, deal diligence, analysis, and tracking emerging themes across industries and markets, among other uses, through its Tracxn platform.

Business Overview

The company 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 (Source: Company Commissioned F&S Report). Company have one of the largest coverage of private companies in emerging technology sectors including IoT, artificial intelligence, virtual reality, robotics, blockchain and electric vehicles. Company have an asset light business model and operate a Software as a Service (“SaaS”)-based platform, Tracxn, that scanned over 662 million web domains, and profiled over 1.84 million entities across 2,003 Feeds categorized across industries, sectors, subsectors, geographies, affiliations and networks globally, as of June 30, 2022. Company's platform has 3,271 Users across 1,139 Customer Accounts in over 58 countries, as of June 30, 2022. Company's Customers include a number of Fortune 500 companies and/or their affiliates.

Company offer 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 our subscription-based platform, Tracxn. Company launched their platform in Fiscal 2015 with a particular focus on the global emerging technology sector, providing users with detailed profiles of companies including detailed information of funding rounds and acquisition related information, taxonomy and market maps, global competitor benchmarking, financial information, valuation and capitalization tables, employee count, investor profiles, competitor mapping, information about founders, key team and board member, company and sector specific reports and news events.

Company have since then expanded their coverage to include 18 data modules and over 1.84 million entities, as of June 30, 2022. Company's extensive global database of entities coupled with customized solutions and features allows customers to source and track companies across sectors and geographies to address their requirements. The company are among the few private market data service providers in the world to have a proprietary taxonomy for technology sector companies and prepare market maps.

Company's platform uses an in-house developed algorithm based on a combination of technology and human analysts, to process vast amounts of data, create profiles and provide market intelligence on private market companies. The company human-in-the-loop plays a strategic role, focusing on quality assurance and addressing data and intelligence gaps that technology alone cannot solve. Company believe that this combination of technology coupled with human-in-theloop has helped us maintain a high degree of accuracy and effectiveness while exponentially expanding their global coverage.

A key factor that drives demand for the B2B information service market is the availability of information readily for businesses and investment firms to gain insights. These organizations can simply plug in the data or information or insights that are already there to build cases which will support their decision making. As part of their product development strategy, company intend to continue to add new information, data sets and features to their platform so as to provide their customers, both current and future, a comprehensive information database that would assist them in their investment decisions. 

Key operational and financial performance indicators in relation to our business are set out in the table below:

Business Strategy

  • Continue to grow account base.
  • Expand share of revenues among existing customers.
  • Continue to grow platform to offer additional services.
  • Capitalize on industry opportunities to expand coverage of our customers.
  • Expand into adjacent customer segments.
  • Expand our operations through inorganic growth channels.

Company's Business Operation

Private Company Data
Company provide an extensive global database of private companies across sectors, geographies and stages. Customers use this database for sourcing, diligence and tracking private companies across various sets of criteria to address their requirements. As of June 30, 2022, their profiled over 1.84 million entities across 2,003 Feeds categorized across industries, sectors, sub-sectors, geographies, affiliations and networks globally. Company's offer analyst-curated profiles of private companies across various types of companies including private funded, private unfunded, public, acquired and deadpooled (i.e., entities that have shut down their operations).

Information areas that we typically cover subject to availability for private companies include:

  • Company description including either a short description or detailed description, or both;
  • Factual details including such as location of the company and the year of establishment;
  • Detailed industry taxonomy based on the sector, technology and business model of the company;
  • Competitor mapping and details;
  • Global equivalents and similar models in other geographies;
  • Funding details such as investment rounds as well as investors by round;
  • Transactions including acquisitions or investments undertaken;
  • Company key team information such as information in relation to the founders, board members and investors (in select countries);
  • Detailed historic news of companies;
  • Legal entities (in select countries);
  • Financial information and capitalization tables (in select countries);
  • Current valuation as well as historic valuation trends (in select countries); and
  • Team size and growth (in select countries).

Emerging Technology Sector Data
Company provide one of the largest coverage of private companies in emerging technology sectors globally (Source: Company Commissioned F&S Report). As of June 30, 2022, company covered 2,003 Feeds and 44 practice areas globally.

Company's emerging technology sector coverage includes for all the sectors tracked, comprehensive coverage of companies, detailed sector taxonomy, market map, sector trends, news and reports. Company's detailed taxonomy tree captures key sectors, technologies and business models within each industry. Each industry is divided into multiple sectors and further within each sector, multiple business models are mapped. Each entity’s information uploaded on the platform is mapped to one or more of these business models and tagged to that respective node. As of June 30, 2022, company offered 49,922 taxonomy nodes and mapped over 1.84 million entities across these nodes. 

Transactions and Other Data
We have a comprehensive database of global private company transactions. Our database covers private companies globally and provides information with respect to the following:

  • Funding transactions
  • M&A transactions
  • Private company financials
  • Capitalization tables
  • Fund and investor database (including institutional investors, limited partners and angel investors)
  • Investment bank and facilitator database
  • Company key team information including that of founders, board members and investors

The table below sets forth information of our database for the dates indicated:

Industry Taxonomy
Company provide proprietary and detailed industry taxonomy for the private market sectors and companies, with key focus on new-age emerging technology sectors. Taxonomy helps map the industry, sector, sub-sector, technology and business model for the companies; and also provides a top-down map of all the sectors. Each of the 44 industries are mapped into 2,003 sectors, and these sectors are further split into 49,922 taxonomy nodes. Each company covered on the platform is mapped in one of more of these taxonomy nodes. These industry taxonomy nodes are defined by a team of sector-based analysts. Every day over 1,200 companies are added onto the platform that are then mapped to their corresponding nodes through a mix of technology and human analysts.

Company's Strength

  • Leading global provider of differentiated private market data and intelligence.
  • Diverse, longstanding and growing global customer base.

The table below sets out certain information in relation to our customers such as the number of Customer Accounts across categories, as of the dates indicated:

Their Customer Accounts are also diversified across geographies and no single country contributed to more than 31.60% of their total revenue from operations in the last three Fiscals and the three months ended June 30, 2021and 2022. The table below sets out the break-up of our Customer Accounts across geographies, as of the dates indicated:

  • Scalable and secure technology platform conceptualized and developed in-house.
  • Significant cost advantages from India-based operations.
  • Experienced Promoters, Board of Directors and senior management team backed by marquee investors.



Shareholding Pattern

Financial Performance

Profit and Loss

Balance Sheet

Cash Flow

Marings and Profitability




I/we have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.

Business relationship disclosure:

I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Stocx Research Club). I have no business relationship with any company whose stock is mentioned in this article.

Additional disclosure:

Source - Company website, earning presentation, RHP, annual report and StocX. Disclosure - Given stock is not an recommendation, knowledge purpose only.

Disclosure legality:

I am not a SEBI Registered individual/entity and the above research article is only for educational purpose and is never intended as trading/investment advice.


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