Company: Altimetrik Corp. / Altimetrik India Private Limited
Indian Entity: Altimetrik India Private Limited
CIN: U72200KA2003PTC032290
Founded: 2012
Indian Headquarters: Bengaluru, Karnataka
Global Headquarters: Detroit, USA
Founder: Raj Vattikuti
CEO: Raj Sundaresan
Business: AI, Data & Digital Engineering / Technology Services
Status: Unlisted
Major Investor: TPG Capital
About the Company
Altimetrik is a global AI-first digital engineering and technology services company helping enterprises modernize technology, build digital products, leverage data and deploy artificial intelligence.
Founded in 2012 by entrepreneur Raj Vattikuti, Altimetrik has built a large delivery base in India, with more than 80% of its workforce historically located in the country.
Its customers span:
- Banking & Financial Services
- Insurance
- Automotive
- Manufacturing
- Retail & CPG
- Healthcare & Life Sciences
- Technology
The company focuses on AI, data engineering, cloud, product engineering, platform modernization, digital operations and automation.
Following its acquisition of SLK Software, Altimetrik has significantly expanded its service portfolio and now has 10,000+ practitioners globally.
Key Highlights
| Particular | Details |
|---|---|
| Founded | 2012 |
| Global Business | AI, Data & Digital Engineering |
| India Entity | Altimetrik India Pvt. Ltd. |
| FY26 India Revenue | ₹1,860 Cr |
| FY26 India Revenue Growth | 20% |
| FY26 India Operating Margin | ~12–13% |
| Global Workforce | 10,000+ after SLK integration |
| India Workforce | Majority of global workforce |
| Countries | Global presence |
| Major Investor | TPG Capital |
| 2024 Transaction Valuation | ~$1.5 Bn |
| TPG Stake Acquired | ~60% |
| SLK Acquisition | Completed 2025 |
| Revenue Ambition | $1 Bn+ |
| IPO | No confirmed timeline |
| Status | Unlisted |
Altimetrik India’s FY26 revenue reached ₹1,860 crore, representing approximately 20% growth, according to CRISIL.
Business Model
Altimetrik operates primarily as a B2B technology services and digital engineering company.
1. AI & Data Engineering
The company helps enterprises build:
- AI applications
- Data platforms
- Machine-learning systems
- Generative AI solutions
- Data analytics infrastructure
- AI-enabled business processes
Altimetrik launched ALTI AIOS™ and has deepened partnerships with OpenAI, Google Cloud and Anthropic as part of its AI-first strategy.
2. Product Engineering
Altimetrik helps companies develop and modernize digital products, applications and platforms.
Its model is focused on delivering products faster rather than simply providing traditional IT manpower.
3. Platform Modernization
The company modernizes legacy enterprise technology and migrates businesses toward:
Cloud → APIs → Data → AI → Modern Digital Platforms
4. Digital Operations
Through its newer digital-operations capabilities, Altimetrik uses AI and automation to reduce manual processes and improve enterprise efficiency.
The company cites use cases including finance operations, reconciliation, reporting, compliance and workflow automation.
5. Cloud & DevSecOps
Services include:
- Cloud engineering
- DevOps
- DevSecOps
- Infrastructure modernization
- Cybersecurity
- Platform engineering
Major Industries
Altimetrik has diversified exposure across several industries.
| Industry | Key Opportunity |
|---|---|
| BFSI | Digital banking, payments, data & AI |
| Insurance | Legacy modernization & automation |
| Automotive | Connected vehicles & digital platforms |
| Manufacturing | Industrial AI & automation |
| Healthcare | Data & digital transformation |
| Retail | Customer experience & digital commerce |
| Technology | Product engineering & cloud |
The BFSI segment remains particularly important; CRISIL indicates that approximately 45–55% of Altimetrik India’s revenue comes from BFSI, although increasing contributions from other sectors provide some diversification.
FY26 Financial Performance – India
Altimetrik India Private Limited reported approximately:
₹1,860 Cr revenue in FY26
This represents approximately 20% year-on-year growth.
| Metric | FY25 | FY26 | Growth |
|---|---|---|---|
| Revenue | ~₹1,550 Cr* | ₹1,860 Cr | ~20% |
| Operating Margin | ~12–13% | ~12–13% | Stable |
| Borrowings | Low | Low | — |
| Debt Profile | Conservative | Conservative | — |
*FY25 figure is implied from CRISIL’s FY26 growth rate; Altimetrik does not publicly provide a listed-company-style consolidated financial statement.
CRISIL states that Altimetrik India maintained operating margins around 12–13% over the past three years and expects similar margins over the medium term. It also describes the company’s leverage as low.
Tofler Snapshot
For FY25, Tofler places Altimetrik India’s operating revenue in the ₹1,500–1,750 crore range and reports:
- EBITDA growth: 18.18%
- Net-worth growth: 75.97%
- Borrowings: None reported
- Paid-up capital: ₹27.52 Cr
- Authorised capital: ₹89.50 Cr
Global Scale
Altimetrik’s original business had more than 6,000 practitioners before the SLK acquisition.
The company subsequently completed the acquisition of SLK Software, creating a substantially larger technology-services platform.
Altimetrik’s new combined organisation has 10,000+ practitioners worldwide and capabilities spanning:
- AI
- Data
- Product engineering
- Intelligent automation
- Platform modernization
- Analytics
- DevSecOps
- Cybersecurity
- Cloud operations
- Managed services
SLK Software Acquisition
This is one of the most important developments in the Altimetrik story.
In 2025, Altimetrik and TPG acquired SLK Software, a Bengaluru-based technology-services company.
The transaction was reported to value SLK at approximately $500–600 million, or roughly ₹4,270–5,100 crore.
Altimetrik subsequently completed the acquisition, with SLK operating as “SLK, an Altimetrik company.”
Why the acquisition matters
Altimetrik historically focused strongly on:
Digital engineering + data + AI
SLK added:
Enterprise technology + automation + infrastructure + managed services + quality engineering
The combined business therefore has a much broader technology-services offering.
It also gives Altimetrik greater scale as it targets its stated $1 billion+ annual revenue ambition.
TPG Capital Investment
In June 2024, TPG Capital acquired approximately 60% of Altimetrik.
The transaction was reportedly completed at an enterprise valuation of approximately:
$1.5 Billion
or roughly ₹12,500 crore at the time.
This is particularly important for unlisted investors because it provides a real institutional valuation benchmark, rather than an OTC dealer’s speculative price.
Ownership
| Shareholder | Approx. Position |
|---|---|
| TPG Capital | ~60% |
| Existing promoter / other shareholders | ~40% |
| Status | Private |
The exact current post-acquisition cap table is not publicly disclosed in a listed-company-style shareholding pattern.
Valuation
The last widely reported institutional transaction valued Altimetrik at approximately:
$1.5 Billion
in 2024.
However, this should not automatically be treated as the current September 2026 valuation.
The company has since:
- Expanded its AI capabilities
- Acquired SLK Software
- Increased its employee base
- Expanded its technology portfolio
- Increased revenue
- Strengthened TPG’s value-creation strategy
Therefore, the current fair value could be different from the 2024 transaction value.
Current Unlisted Share Price
I could not verify a reliable, executable September 2026 OTC share price for Altimetrik from a sufficiently credible source.
This is important because Altimetrik is a relatively institutionally held private company and does not have the same transparent secondary-market liquidity as some other Indian unlisted companies.
Therefore:
Do not publish a speculative “current share price” for Altimetrik unless you have a verified seller quote.
The most defensible publicly reported valuation reference remains the ~$1.5 billion TPG transaction valuation from 2024.
IPO Status
At present, I could not verify a DRHP, SEBI approval, price band or confirmed IPO timeline for Altimetrik.
Therefore, Altimetrik should not be marketed as a confirmed pre-IPO opportunity.
Current IPO Status
| IPO Parameter | Status |
|---|---|
| IPO Intent | No confirmed public timeline |
| DRHP | Not filed |
| SEBI Approval | No |
| Price Band | Not available |
| Listing Date | Not announced |
For UnlistedCart, the appropriate classification is:
AI-First IT Services / PE-Backed Unlisted Technology Company
rather than “confirmed pre-IPO.”
Investment Rationale
1. AI Is at the Core of the Business
Altimetrik is positioning itself around one of the fastest-growing areas of global IT spending:
Enterprise AI adoption.
The company is not simply adding AI to an existing IT-services portfolio; its current branding and strategy position it as an AI-native engineering company.
2. Strong Indian Delivery Advantage
A significant majority of Altimetrik’s workforce has historically been based in India.
This gives the company access to:
- Engineering talent
- Lower delivery costs
- Large technology workforce
- Global delivery capabilities
3. Strong Enterprise Client Base
Historically reported customers have included companies such as:
- Citi
- Morgan Stanley
- Novartis
- Sony
- Samsung
- DBS
- Visa
The client base provides credibility and potential for recurring technology-transformation work.
4. TPG Backing
TPG is a major global private-equity investor.
Its involvement can provide:
- Acquisition capital
- Strategic support
- Global network
- M&A expertise
- IPO/exit expertise
5. SLK Acquisition Creates Scale
The acquisition significantly increases Altimetrik’s addressable market and service breadth.
6. $1 Billion Revenue Ambition
Altimetrik has publicly positioned itself toward $1 billion+ annual revenue.
The SLK transaction is a major part of that strategy.
Major Risks
| Risk | Investor Concern |
|---|---|
| Private-Market Liquidity | No NSE/BSE trading |
| No Confirmed IPO | Exit timeline uncertain |
| BFSI Concentration | 45–55% India revenue exposure |
| IT Spending Cyclicality | Enterprise technology budgets can slow |
| AI Competition | Competition from large IT companies and AI specialists |
| M&A Integration | SLK integration must deliver expected synergies |
| PE Ownership | Future TPG exit could create ownership/dilution dynamics |
| Client Concentration | Large enterprise contracts can affect revenue materially |
| Talent Costs | High-quality AI engineers are expensive |
| Valuation Uncertainty | No transparent current market price |
Credit & Governance Watchpoint
There is an important point investors should understand.
In January 2026, Acuité had downgraded an ₹18 crore bank facility to ACUITE BB+ and marked the issuer “Not Cooperating” because of information availability.
However, this was subsequently followed by a much stronger CRISIL A-/Stable rating in June 2026 after management provided the required information. CRISIL explicitly noted that the earlier issue was related to inadequate information and that management subsequently began sharing the information required for a comprehensive review.
Therefore, the January rating should be treated as a historical information-risk event, not as the current credit rating.
Positives vs Concerns
| Positives | Concerns |
|---|---|
| AI-first technology positioning | No confirmed IPO |
| 20% FY26 India revenue growth | Unlisted liquidity |
| TPG Capital backing | BFSI concentration |
| 10,000+ combined practitioners | Integration risk after SLK acquisition |
| SLK acquisition | Strong competition |
| $1B+ revenue ambition | Valuation transparency limited |
| Low leverage in India entity | Enterprise IT spending cycles |
| Global enterprise customers | Future PE exit dynamics |
| Strong India delivery base | AI talent costs |
Investment View
Altimetrik is an interesting AI-focused alternative to traditional IT-services companies.
Its investment story has strengthened materially since TPG’s investment because the company is now combining:
AI + Data + Digital Engineering + Cloud + Enterprise Services + Automation
with the additional scale of SLK Software.
The strongest part of the thesis is that the company is positioned at the intersection of two structural trends:
AI Adoption + Enterprise Digital Transformation
FY26 India revenue growth of approximately 20% is encouraging, while margins have remained around the 12–13% range.
The major catalyst is whether the combined Altimetrik-SLK platform can reach its $1 billion+ revenue ambition while maintaining attractive margins.
Investment Scorecard
| Factor | View |
|---|---|
| AI Opportunity | ⭐⭐⭐⭐⭐ |
| Business Model | ⭐⭐⭐⭐½ |
| Revenue Growth | ⭐⭐⭐⭐ |
| Global Opportunity | ⭐⭐⭐⭐½ |
| TPG Backing | ⭐⭐⭐⭐⭐ |
| SLK Synergy Potential | ⭐⭐⭐⭐½ |
| Profitability | ⭐⭐⭐⭐ |
| Valuation Transparency | ⭐⭐½ |
| IPO Visibility | ⭐⭐ |
| Liquidity | ⭐⭐ |
| Overall Opportunity | High-Growth Technology / Long-Term |
Final Takeaway
Altimetrik is evolving from a digital-engineering specialist into a scaled AI-first enterprise technology platform.
The key numbers are:
₹1,860 Cr FY26 India Revenue
~20% FY26 Growth
10,000+ Combined Practitioners
~$1.5 Bn Institutional Valuation Benchmark
~60% TPG Ownership
$1 Bn+ Revenue Ambition
The acquisition of SLK Software is particularly important because it expands Altimetrik’s capabilities beyond pure digital engineering into enterprise technology, automation, infrastructure and managed services.
For an unlisted investor, however, the biggest challenge is price discovery. There is currently no sufficiently reliable public OTC price that I would recommend publishing as a definitive market price.
Overall View:
Strong Business + AI Tailwind + TPG Backing + M&A-Led Scale
but
Unlisted Liquidity + No Confirmed IPO + Valuation Uncertainty
Category: AI-First IT Services / Digital Engineering / PE-Backed Unlisted Opportunity
Share Details
| Particular | Details |
|---|---|
| Global Company | Altimetrik Corp. |
| Indian Entity | Altimetrik India Private Limited |
| CIN | U72200KA2003PTC032290 |
| Founded | 2012 |
| Founder | Raj Vattikuti |
| CEO | Raj Sundaresan |
| Major Investor | TPG Capital |
| TPG Stake | ~60% |
| FY26 India Revenue | ₹1,860 Cr |
| FY26 Growth | ~20% |
| Global Workforce | 10,000+ after SLK acquisition |
| Institutional Valuation Benchmark | ~$1.5 Bn |
| Current IPO | No confirmed timeline |
| DRHP | Not filed |
| Status | Unlisted |
How to Invest
Altimetrik is not traded on NSE/BSE.
Any private transaction should be verified carefully because there is no transparent public order book or exchange price.
Before investing, verify:
- Exact legal entity
- ISIN/security details, if applicable
- Seller ownership
- Number and class of shares
- Demat/transfer status
- Latest cap table
- Actual executable price
- TPG/promoter ownership
- Any ESOP or dilution provisions
- Tax implications
- Future IPO/exit restrictions
Disclaimer
This report is for informational and educational purposes only and should not be considered investment advice, a recommendation, or an offer to buy or sell securities. Altimetrik is an unlisted private company and the 2024 institutional valuation should not be interpreted as its current market value. Private-market transactions can differ materially from reported valuation benchmarks. Unlisted investments carry liquidity, valuation, regulatory, business and capital-loss risks. Investors should conduct independent due diligence and consult a SEBI-registered investment professional before investing.
For more such unlisited stocks visit https://unlistedcart.com/unlisted-shares/
