Yotta Data Services Hires Advisors for $900 Million India IPO, Targets $6 Billion Valuation
Yotta Data Services Moves Forward with Mumbai IPO Plan
Yotta Data Services has engaged investment banks ICICI Securities and SBI Capital Markets for an initial public offering in Mumbai that could raise up to $900 million. The company, which operates India's largest cluster of Nvidia artificial intelligence processors, is likely to add more banks before filing its draft prospectus in the next two to three months.
The company is targeting a valuation nearing $6 billion, up from its current $3.8 billion valuation. CEO Sunil Gupta told Dow Jones the company is targeting a valuation of as much as $6 billion.
Funding Strategy and Timeline
The planned IPO is expected to take place in Q4 2026, with talks of a pre-IPO round also underway to raise up to $300 million.
Yotta previously considered listing in the United States as part of a merger with a SPAC company, but switched to the domestic market amid growing investor interest in AI assets and digital infrastructure.
AI Infrastructure Expansion
The company is deploying over 20,000 Nvidia Blackwell Ultra GPUs in a new AI supercluster, an initiative backed by over $2 billion in planned investment and a $1 billion partnership with Nvidia for an advanced DGX Cloud cluster. The company's CEO has indicated that this aggressive expansion and contract pipeline justify the ambitious valuation.
Market Context
The move comes as AI continues to drive investor interest in data centers. The decision responds to the growing demand for AI-powered data centers and the increasing investor interest in India's digital infrastructure. According to CBRE Group Inc, investment in India's data center market is tipped to exceed $100 billion by 2027.
Yotta's Track Record
Yotta Data Services Private Limited is a privately held data center and digital infrastructure provider headquartered in Mumbai, Maharashtra, India, founded in 2019. Darshan Hiranandani is the Chairman and Co-founder of Yotta Data Services and also serves as CEO of the Hiranandani Group.
Yotta NM1 in Mumbai is Asia's largest Tier IV Gold Uptime Certified data center with hyperscale, green, carrier-neutral infrastructure. Yotta has two operational data centers, Yotta NM1 at Navi Mumbai and Yotta D1 at Greater Noida, Delhi-NCR.
Competitive Landscape
While Yotta claims to hold 60-70% of India's current GPU capacity and plans aggressive expansion, it operates alongside formidable players. ST Telemedia Global Data Centres India is investing $3.2 billion in capacity expansion, while Tata Consultancy Services plans a $6-7 billion investment for 1 GW of data center capacity.