Yotta looking to raise equity-based funding amid Nvidia spotlight
Mint, Sunil Gupta, cofounder and chief executive of Yotta, confirmed that the company will make an announcement on the matter “in the coming days", and that it will “dilute equity holdings" for the funding sequence. Gupta, however, neither confirmed nor denied if it plans for an initial public offering (IPO) in the coming days.
Talks of the company’s funding efforts have reached the final stages, he affirmed, without clarifying if Yotta is taking a private equity or venture capital route—although at least two industry officials said that the possibility of an IPO filing could not be ruled out. In December last year, Yotta announced a partnership with Nvidia to source over 16,000 H100 GPUs by the chipmaker.
Through this deal, Gupta told Mint earlier this year that the company is in process of setting-up its ‘Shakti Cloud’ platform—which will offer managed cloud services, as well as the ability for enterprises to use Yotta’s cloud to train their AI models. Gupta said that the deal is worth “nearly $1 billion"—and will be executed in staggered phases across “at least two fiscals." “We have announced the overall outlay over multiple years, wherein payments will be executed over tranches as we receive supplies from Nvidia.
We already have customers coming in for the first batch of GPUs that we received—the first 4,000-odd GPUs will be installed by the end of this month, and our services will go live in May," Gupta said. Yotta expects a second batch of another 4,000 GPUs later this year, which will be installed in the company’s Navi Mumbai data centre park.
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