Hyperscale data centre operator Yotta Data Services is preparing to tap Indian public markets in FY27, shifting away from an earlier plan to list in the US via a SPAC merger, according to company statements. The company, part of the Hiranandani Group, is positioning the float to fund accelerated investments in GPUs, cloud and new data centre capacity as AI workloads surge in India.
Yotta Data Services IPO: Turns To Domestic Listing
Yotta has formally withdrawn its planned merger with Cartica Acquisition Corp and will prioritise an India IPO in FY27. The move comes despite regulatory clearances obtained in late 2025 for the US transaction, earlier reported by business media. “Our current plan is to raise capital in India first. If everything goes well, next financial year is when we could be coming to the market,” chief executive Sunil Gupta said.
The leadership is betting that domestic investors—already familiar with India risk—will back a pure-play digital infrastructure story anchored in sovereign data and AI demand. The company framed the timeline as FY27 (April 2026–March 2027), aligning the offer window with ongoing capacity build-outs.
Financial Trajectory and Capacity Build-Out
Yotta’s revenue more than doubled to an estimated USD 49.2 million in FY24 from USD 22 million in FY23, even as the firm remained loss-making; it projects FY25 revenue of USD 156 million as capex deepens to capture AI and cloud demand. The company operates large campuses in Navi Mumbai and Greater Noida and is scaling its Panvel land bank to about 70 acres, enabling up to 22 buildings and power feasibility of up to 2 GW, the CEO has said. Proceeds from the IPO are expected to fund GPUs, cloud services and expansion of hyperscale halls.
Yotta has also tied up with global tech partners to bolster its AI proposition. In May 2025, the firm announced a collaboration to bring advanced Azure AI services to its sovereign Shakti Cloud platform, strengthening its enterprise and public sector credentials.
Yotta Data Services IPO: Sector Backdrop
The India data centre market is in a multi-year upcycle. CBRE estimates cumulative investment commitments could top USD 100 billion by 2027, with national capacity projected to cross around 2,070 MW by end-2025. “By 2027, the sector is expected to attract over USD 100 billion, positioning India as a leader in next‑generation technologies like AI, 5G and cloud,” said Ram Chandnani, MD, Advisory & Transaction Services, CBRE India. Mumbai remains the dominant market, accounting for over half of operational capacity as of late 2025, a recent CBRE update showed.
Yotta Data Services IPO Highlights
- Yotta Data Services IPO plan: India listing targeted in FY27, US option kept open for later.
- Strategy shift: SPAC merger with Cartica withdrawn after regulatory clearances in late 2025.
- Build-out: Panvel campus scaled to ~70 acres, up to 22 DC buildings, power feasibility up to 2 GW.
- Partnerships: Azure AI services to integrate with Yotta’s Shakti Cloud.
Conclusion
Yotta’s decision to debut at home in FY27 recasts its capital strategy around India’s AI and data localisation cycle, while preserving flexibility for a later overseas raise. With a pipeline of GPU‑ready capacity and rising enterprise demand, the company is positioning to test domestic investor appetite for a pure‑play data centre operator—provided execution, power economics and market conditions remain aligned.
For more details related to IPO GMP, SEBI IPO Approval, REIT, InvIT and Live Subscription stay tuned to IPO Central.