1. At a Glance

Welcome toTracxn Technologies Ltd, where the company literally tracks startups, but ironically can’t seem to track its own profits. With amarket cap of ₹566 crore,current price ₹52.7, and a proudP/E ratio of “does not exist”, Tracxn is the kind of SaaS company that reminds you — not all subscription models print cash.

The Q2FY26 results? Let’s just say they were as comforting as seeing your bank balance after a Goa trip —quarterly loss widened to ₹5.56 crore, whilesales stood flat at ₹21.25 crore(down 0.65% QoQ). Yet, the company still has the audacity of a unicorn founder — announcing abuyback of ₹8 crore worth of shares at ₹75 each, despite being debt-free and loss-making. Classic.

Over the lastthree months, the stock slid6.6%, and over ayear, it’s down nearly36%— proving once again that market intelligence doesn’t necessarily translate into market returns.

But let’s not be harsh — this is India’s own version of Crunchbase, except here, the crunch seems to be on margins, not data.

2. Introduction

Tracxn Technologies was born in 2012 — a time when “startup ecosystem” was just a fancy way to describe engineers in coffee shops. Founded by ex-Venture CapitalistsAbhishek GoyalandNeha Singh, the company’s mission was noble: organize the world’s private market data. Think of it as the Google of startup intel — if Google charged you a subscription fee to find your next unicorn.

Fast-forward to 2025, and Tracxn has turned into the LinkedIn of data nerds — tracking over4 million entities,7.8 lakh transactions, and72,900+ investors. Basically, it knows more about startups than most VCs know about due diligence. The platform provides info acrossM&A,funding rounds,cap tables, andsector insights, helping investors sound smarter in boardrooms.

But the problem? Investors have been using Tracxn to find opportunities elsewhere. Despite its growing customer base (1,699 clients across 50+ countries), its profitability has been like a cryptic startup pitch — looks good on slides, but where’s the cash?

Still, you have to admire the persistence. The company haszero debt,good current ratio (2.43), and an army of673 employees— 88% of whose cost goes into ensuring that the company stays unprofitable in style. Bravo.

3. Business Model – WTF Do They Even Do?

Imagine a world where every startup’s financial DNA, funding history, and founders’ chai preferences are neatly catalogued. That’sTracxnfor you.

It runs aSaaS (Software-as-a-Service)model. Clients pay anupfront subscription feeto access private market data — covering startups, unicorns, zombies, and everything in between. Their toolkit includes analytics onfunding,valuations,investor databases,leaderboards, and evenM&A workflows. Basically, it’s Bloomberg for startups, minus the profit margin.

The company monetizes intelligence — not ads, not commissions. The Tracxn platform offers multiple verticals:

• Private Company Financials & Cap Tables
• Global Funding & M&A Transactions
• Sectoral Reports & Emerging Trends
• API Integrations & Dashboards

Recently, they launchedTracxn Lite— a free-tasting platter of the main course. Within 3 months,20,000+ userssigned up, and8,000 became monthly actives. Smart marketing or desperate sampling? Time will tell.

In short: Tracxn’s business model is like