Yotta plans India IPO first in quest for scale, valuations

Yotta Data Services is pursuing a domestic stock market listing, reversing a plan to tap the US capital markets and go public on the Nasdaq, the top executive of the data centre and AI infrastructure company said.

- Mansi Verma [e-mail]

The Mumbai-based company, which has campuses in Navi Mumbai, Noida and GIFT City, had secured approvals to list ts US parent entity following a merger with a special purpose acquisition company (SPAC).

The Hiranandani Group company will now prioritize an India initial public offering (IPO) amid rising domestic investor appetite for digital infrastructure and AI-linked assets, said chief executive officer Sunil Gupta said. He said Yotta retains the option to raise capital overseas later.

Investor eye AI-linked assets, digital infrastructure. BLOOMBERG

“Our current plan is to raise capital in India first. The structure allows us to keep the US option open, it’s a question of sequencing,” Gupta said in an interview. “If everything goes well, next financial year is when we could be coming to the market in India.”

Gupta said the company had received all regulatory approvals for a Nasdaq listing by late 2025 but chose to prioritize the Indian markets given its sovereign positioning, India-centric operations and strong response from domestic investors during pre-IPO fundraising discussions.