Venture capital firm Elevation Capital on Friday (December 8) offloaded more than 15.66 Lakh shares of market intelligence platform Tracxn via block deals for a sum of INR 15.09 Cr.
As per NSE data, the VC fund sold a part of its stake in the company in two block deals at an average price of INR 96.35 per share. In the first tranche, the investor dumped 7.66 Lakh shares at INR 95.93 apiece and followed it up by selling another 8 Lakh shares at INR 96.78 apiece.
Elevation Capital held a 10.74% stake, or 1.09 Cr shares, in Tracxn at the end of September 2023.
Meanwhile, Tracxn also saw multiple other block deals. The likes of Crony Vyapar, Graviton Research Capital, and QE Capital indulged in buying and selling of the startup’s shares, as per the exchange’s data.
The move to sell its stake in the company could be attributed to Elevation’s bid to pocket profits as both market sentiments and financial health of the company appear to be on an upward swing.
Tracxn’s net profit surged 3X quarter-on-quarter (QoQ) to INR 2.16 Cr in Q2 FY24. Total revenue grew 8.2% to INR 22.48 Cr in Q2 FY24 from INR 20.76 Cr in Q1 FY24.
The move is emblematic of the larger trend seen among the Indian new-age tech stocks. SoftBank Growth (Singapore) also sold 1.06% stake in listed foodtech major Zomato for INR 1,127 Cr today. The shares were bought by the likes of Invesco, Morgan Stanley, and Goldman Sachs.
Earlier this week, Fireside Ventures sold around 2% stake in D2C unicorn Mamaearth in a block deal valued at INR 238 Cr. In November, SoftBank also sold 2.51% equity stake in Delhivery in a deal valued at INR 747 Cr at INR 403.51 per share.
Berkshire Hathaway also sold 1.6 Cr shares of Paytm amounting to INR 1,441 Cr via a block deal last month.
Shares of Tracxn ended today’s trading session 1.24% lower at INR 93.54 on the BSE.
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