One of the Indian robotics company GreyOrange backed by Tiger Global. It is determining to raise around $500 to 600 million, stated by known sources.
Already, the early-stage discussions, and formalities with investment banks namely JPMorgan, Bank Of America, and Morgan Stanley for the seamless capital raising series.
This IPO or US listing is expected to be performed by the end of the year or early in 2021.
The artificial intelligence robotics company may be valued at $1.5- 1.7 billion. The sources stated that the banks made presentations in the first week of the month, and further discussions are still exploratory.
Until now, no formal mandates have yet been given.
Some bankers have proposed the SPAC route for the IPO, and the company determined a fresh round of fundraising in 2020. The next round of series is likely to be through a listing in the US. moreover, it has almost become a global firm now, with big US operations.
Another official on condition of anonymity as the talks are not in the public domain.
GreyOrange has raised $270 million across 4 method rounds. At the last round, the firm has raised around $140 million from investors led by Mythril Capital, founded by Paypal’s Peter Thiel, at a $500 million valuation.
The company was founded in 2009 by BITS Pilani alumni Samay Kohli and Akash Gupta, the company has raised multiple rounds of venture capital funding series. Besides, Tiger Global and Thiel, and now the company figures Flipkart co-founder Binny Bansal and Blume Ventures as investors.