Indian stock market veteran Mukul Agarwal has once again proven his knack for spotting ‘”multibagger’ opportunities during market downturns. On 9 February 2026, Monday, he made significant investments in Tracxn Technologies and Laxmi India Finance. This investment comes at a time when both companies were under significant pressure from their IPOs and recent highs.
Tracxn Technologies
Tracxn launched its IPO in October 2022; the IPO was a total OFS of INR 309.8 crore. The issue was subscribed 2x and listed with 17.75% gains. Tracxn’s shares were trading at INR 73.89 in February 2025 and fell 57% to a low of INR 31.27 by February 2026. Mukul Agarwal acquired a 1.88% stake (20 lakh shares) in the company at INR 33.00 per share.
Analysis of Mukul Agrawal’s Investment in Tracxn
- Revenue Challenges: The company’s revenue from operations fell 1.7% year-on-year to INR 21.04 crore.
- Profitability Pressure: EBITDA reported a loss of INR 1.7 crore, compared to a profit in the same quarter last year. Net loss was INR 0.81 crore.
Despite the losses, the company’s active customer accounts have grown by 32% to 2,246. Mukul Agarwal is likely betting on the company’s data leadership and AI-based data production (which will increase coverage 4X by 2025).
SWOT Analysis
- Strengths: A customer base spanning 50+ countries and early support from stalwarts like Ratan Tata and Sachin Bansal.
- Weaknesses: Continued losses and an 8% revenue decline in the international segment.
- Opportunities: Growing investment in global private markets and increasing demand for data transparency in 2026.
- Threat: Although Tracxn uses AI itself, generative AI and open-source platforms are now making private companies’ data available for free or at very low cost. This could pose a major existential threat to Tracxn’s ‘paid-subscription’ model.
Laxmi India Finance
Rajasthan-based NBFC, Laxmi India Finance, had a challenging journey. After its IPO in July 2025 at INR 158, the stock fell to INR 85 per share (a decline of ~58%). Agarwal has acquired a majority stake of 3.83%.
Mukul Agrawal’s Investment in Laxmi India Finance: Fundamentals and Credit Outlook
- Asset Quality: Floods have increased GNPAs in rural areas to 1.59%, from 0.72% previously.
- Capital Adequacy: The company’s CAR has improved to 31.90% since the IPO, providing a strong foundation for future expansion.
- Credit Rating: Acuité Ratings recently maintained its ‘ACUITE A-‘ rating for its NCDs with a ‘Positive’ outlook, indicating that Mukul Agarwal has assessed the company’s balance sheet strength.
Mukul Agarwal’s Strategy: ‘Bottom-Fishing’ & Long-Term Vision
- Mukul Agarwal often selects companies that:
- Are undervalued but have a strong business model.
- Are market leaders in niche sectors (such as Tracxn Data Intelligence).
- Where promoters or institutional investors are increasing their stake.
Promoter holdings in Tracxn increased from 34.39% in Q2 to 34.44% in Q3, and FII holdings also increased from 0.41% to 0.84%. This further strengthens Agarwal’s bet.
Final words
Private markets are entering a new phase in 2026, where demand for data and liquidity will be at its highest. Mukul Agarwal’s investment in Tracxn and Laxmi India Finance is a classic example of “buying on dips.” Tracxn will now face the challenge of turning its losses into profits, while Laxmi India will need to improve its asset quality.