7 months ago
Yotta Shifts IPO Strategy to India First
Yotta Data Services, a company that builds data centers and AI infrastructure, has changed its plans for going public.
Instead of listing on the Nasdaq in the US first, it will now prioritize an IPO in India.
The company's CEO, Sunil Gupta, said that Indian investors are very interested in digital and AI-related investments.
Yotta has the option to list in the US later.
The company's revenue has more than doubled, but it is still making a loss as it expands.
Gupta also called for more government funding for AI in India.
The data center and AI market in India is expected to grow significantly in the coming years.
Yotta Data Services is prioritizing a domestic IPO in India over a US listing on the Nasdaq.
The company's CEO, Sunil Gupta, cited strong domestic investor interest in digital infrastructure and AI as the reason for the shift.
Yotta retains the option to raise capital overseas in the future.
The company's revenue more than doubled to $49.2 million in FY24, but it still reported a net loss of $52.8 million.
Gupta called for a significant increase in government funding for the IndiaAI Mission, suggesting a budget of ₹50,000 crore.
- Who
- Yotta Data Services, a data center and AI infrastructure company
- What
- Shifting IPO strategy to prioritize a domestic listing in India
- Where
- India, with potential future US listing
- When
- Next financial year for potential India IPO
- Why
- Strong domestic investor appetite for digital infrastructure and AI-linked assets
Key facts
- Company
- Yotta Data Services
- Current Plan
- India IPO first, US option open
- CEO
- Sunil Gupta
- Revenue FY24
- $49.2 million
- Net Loss FY24
- $52.8 million
- Projected Revenue FY25
- $156 million
- Projected Net Loss FY25
- $113.4 million
- IndiaAI Mission Budget Request
- ₹50,000 crore
Quotes
Narendra Solanki
Head of fundamental research-investment services at Anand Rathi Share and Stock Brokers
“As one of the world’s most populous nations with a high density of mobile users, India has seen a structural shift toward data-heavy platforms.”
livemint.com
“The business model for data centres is notoriously capital-intensive. IPOs will increasingly serve as effective methods for these businesses to quickly raise the necessary capital to expand domestic footprints.”
livemint.com
Manisha Girotra
Chief executive at global i-bank Moelis & Company's India branch
“Large Indian players are currently leading the data centres race because the initial phase is largely a 'land game,' the future will be defined by partnerships and joint ventures.”
livemint.com
“You should expect to see a lot of activity through these joint ventures, particularly among large-cap companies.”
livemint.com
Sunil Gupta
Chief executive officer of Yotta Infrastructure
“Yotta Infrastructure plans to pursue a domestic stock market listing before tapping US capital markets, reversing its earlier plans even as it keeps the option of a NASDAQ listing open under its existing structure, the company could approach Indian markets as early as the next financial year, subject to execution.”
livemint.com
Rohan Rao
Partner at KPMG India
“With rising hyper scaler demand, supportive government policies, and growing investor appetite for yield-generating assets, they offer predictable growth and scalability that public markets are well positioned to reward.”
livemint.com





