“We are in the process of doing diligence for a listing in India. We are open for a pre-IPO (initial public offering) round right now. We’re in touch with HNIs (high-net-worth individuals), family offices and funds,” Gupta said. He pointed out that while the timeline is not fixed, they are exploring FY27.
He did not comment on the quantum of funds the firm plans to raise.
A person involved in discussions told ET on condition of anonymity that the company is looking to raise more than Rs 4,000 crore as part of its pre-IPO round and is in talks with several key investors.
Responding to the decision to list in India instead of the US, Gupta said the company had planned to list in both countries, “because our technology partner is in the US, which is also a big market for us”. However, the decision to list here was driven by the current opportunity India presents, which includes the IndiaAI Mission and the volume of work happening across artificial intelligence (AI) in the country.
“It was a last-minute pivot. If we are getting a response far better, sovereign AI taking shape and there is a lot of confidence that India can do it. We can go to the US anytime since we have gone through the whole process of SEC (Securities and Exchange Commission) approvals. But then we realised that if we are getting phenomenal response in India, why not raise it in India itself?” he said.
The company is currently in the process of combining all its Indian entities into one, and is getting approvals in this regard before the India listing.
Gupta said that immense capital is required to provide the AI infrastructure, running into billions of dollars. “What we have done is maybe a $1 billion data centre and chips put together. But I’ll be needing several billion dollars. To do that, I need to raise funds across the board, in India or the US, wherever I can raise and wherever people are willing. Right now, I’m doing it in India. But we are keeping the IPO size open,” he said.
Yotta Data Services currently runs cloud and offers graphics processing units (GPUs) to businesses in the country. Its Shakti cloud GPU cloud computing platform has more than 16,000 H100 GPUs. It announced last year that it would invest $1.5 billion to get more Nvidia GPUs, including 8,000 Blackwell B200 GPUs. This requires significant investment and going public in India presents a huge opportunity for the firm.