Tracxn Technolo.

Tracxn Technologies reported FY26 revenue from operations at ₹84 crores. The company's EBITDA for FY26 was negative ₹6.6 crores, and PAT was marginally negative at ₹0.6 crores. However, after adjusting for non-cash expenses, primarily ESOP charges, the adjusted EBITDA was negative ₹3.5 crores, and adjusted PAT turned positive at ₹2.5 crores. Total expenses for FY26 increased by 8% year-on-year to ₹90.7 crores, with team costs accounting for 88% of this.

The company demonstrated strong volume growth, with customer accounts increasing by 19% year-on-year to 2,289. The total number of users also saw a significant rise, growing by 23% year-on-year to 6,227. This indicates a healthy pace of customer acquisition. The customer base is diversified, with 49% from the investment industry and 46% from corporates, including M&A and innovation teams.

In FY26, 55% of Tracxn's revenue originated from outside India, serving customers in over 50 countries. India's revenue compounded at a 16% CAGR over the last two years, with customer accounts growing at a 48% CAGR. In Q4 FY26, India's revenue grew by 15% year-on-year, and the Q1Q revenue growth rate accelerated to 5.1%, annualizing to approximately 22%. Conversely, international revenue declined by ₹5 crores to ₹45.8 crores in FY26.

Tracxn has significantly expanded its data coverage, increasing private company financials by over 10x and cap table coverage by nearly 11x in two years. The legal entity database now covers 66 million entities across multiple countries. The company also launched an AI-native access strategy, including a Tracxn connector for Claude and an upcoming AI chat-based assistant, aiming to embed deeper into customer workflows and generate new revenue streams from FY27 onwards.

The sales and marketing team now constitutes nearly 30% of the total headcount, up from 23% in FY25, aligning with B2B information services benchmarks. Tracxn plans to nearly double its closing sales teams from 34 (as of Dec 25) to 60 by the end of calendar year 2026. The international closing sales team is also targeted to grow from less than 10 to about 25 people, aiming to replicate India's successful vertical team playbook in global markets.

The broader market environment saw M&A deal values improving, but deal volumes remained at a 10-year low, impacting the VC/investment segment. This market shift led to a change in customer mix, with growth in segments like investment banking and corporate sales. Consequently, the blended Average Selling Price (ASP) reduced from ₹5 lakh per account per year last year to ₹4 lakh per account per year, as these growing segments typically have lower ASPs compared to the investor segment.