Company: Yotta Data Services Private Limited
Parent / Group: Nidar Infrastructure Limited / Hiranandani Group
Founded: 2019
Headquarters: Mumbai, Maharashtra
CIN: U72900MH2022FTC391832
Promoters / Key Leadership: Darshan Hiranandani & Sunil Gupta
MD & CEO: Sunil Gupta
Industry: Data Centres / Cloud Computing / AI Infrastructure
Status: Active & Unlisted
Latest Funding: ~$150 Million
Latest Valuation: ~$3.9 Billion / ~₹37,000 Cr
IPO Target: January–March 2027
Expected DRHP: October 2026
Business Focus: Hyperscale Data Centres, Sovereign Cloud, AI/GPU Infrastructure

Yotta Data Services — Official Investor Relations

About the Company

Yotta Data Services is the digital-infrastructure and AI-compute business backed by the Hiranandani Group.

The company operates hyperscale data centres and provides:

Data-centre colocation
Cloud infrastructure
Sovereign cloud
AI/GPU compute
Managed IT services
Cybersecurity
Global connectivity
Application modernisation
AI platforms and services

The company’s strategic positioning has evolved significantly.

It started primarily as a data-centre and cloud infrastructure company, but has increasingly positioned itself as an AI infrastructure company, with large-scale NVIDIA GPU deployments and sovereign AI-cloud capabilities.

Yotta currently operates Tier III/Tier IV infrastructure in locations including Navi Mumbai and Greater Noida, with additional capacity in GIFT City and other locations.

Key Highlights

Particular	Latest Information
Founded	2019
Parent	Nidar Infrastructure / Hiranandani Group
Status	Unlisted
FY25 Revenue — Indian entity	₹890.72 Cr
FY25 PAT — Indian entity	₹11.05 Cr
Latest Funding	~$150 Mn
Latest Valuation	~$3.9 Bn
Approx. Valuation	~₹37,000 Cr
Current AI GPUs	10,000+ in production
Blackwell Ultra Deployment	20,736 GPUs
Planned FY27 GPU Scale	80,000+
Planned IPO	Q1 CY2027
Potential IPO Size	Up to $1.5 Bn
Expected DRHP	October 2026
Major AI Partner	NVIDIA
Sovereign Cloud	Yntraa Cloud
AI Cloud	Shakti Cloud

The latest $150 million funding round was reportedly raised at approximately $3.9 billion, or around ₹37,000 Cr.

Business Model

Yotta essentially operates across four interconnected businesses:

1. Data Centres

Yotta builds and operates hyperscale data centres for:

Cloud providers
Enterprises
Banks
Government organisations
AI companies
Technology companies
Hyperscalers

Its data-centre business provides the physical foundation for the rest of the ecosystem.

This includes:

Land → Power → Data Centre → Networking → Servers/GPU → Cloud → AI Services

This vertical integration is one of Yotta’s key competitive advantages.

2. Sovereign Cloud

Yotta’s Yntraa Cloud is positioned as an India-based sovereign cloud platform.

The objective is to allow organisations to keep sensitive data and computing workloads within India while meeting local regulatory and data-residency requirements.

This is particularly relevant for:

Government
BFSI
Defence
Healthcare
Large enterprises
Public-sector organisations

Yotta’s investor materials highlight Yntraa as a MeitY-empanelled sovereign cloud.

3. Shakti Cloud — AI Infrastructure

Shakti Cloud is arguably the most exciting part of the Yotta story.

It provides access to high-performance NVIDIA GPU infrastructure for:

AI model training
Generative AI
Large-language models
AI inference
Research
Enterprise AI
Government AI workloads

Yotta says Shakti Cloud currently has 8,000+ H100 GPUs, with newer NVIDIA architectures being deployed. It is also an NVIDIA Cloud Partner and an APAC Exemplar Cloud provider.

4. Managed IT & Digital Transformation

Yotta also provides:

Managed IT
Cybersecurity
Application modernisation
Connectivity
Data management
Disaster recovery
AI application services

This creates opportunities to generate revenue beyond simple data-centre rentals.

The Biggest Opportunity — AI Infrastructure

Yotta’s investment story has changed dramatically because of AI.

The company announced plans to deploy:

20,736 NVIDIA Blackwell Ultra GPUs

at its Greater Noida facility.

The deployment represents an investment of more than $2 billion.

The Greater Noida D2 data centre is currently designed around a 60 MW capacity and can scale significantly further, while Yotta’s Navi Mumbai campus also has substantial expansion potential.

The company also announced a four-year NVIDIA engagement worth more than $1 billion associated with one of the largest DGX Cloud clusters in APAC.

This is an important distinction:

Yotta is trying to move from being merely a data-centre operator to becoming an AI-compute infrastructure platform.

GPU Roadmap

Yotta has stated that it had more than 10,000 NVIDIA GPUs in production, with additional GPUs coming online and a roadmap toward 80,000+ GPUs by FY27.

The company’s longer-term ambition is significantly larger, with infrastructure designed to support potentially more than one million GPUs over a multi-year period.

This makes Yotta one of the more aggressive AI-infrastructure expansion stories in India.

NVIDIA Relationship

The NVIDIA relationship is a major strategic advantage.

Yotta has worked with NVIDIA across:

H100
H200
Blackwell
Blackwell Ultra
DGX Cloud
NVIDIA AI Enterprise
NIM
AI infrastructure

NVIDIA has also used Yotta’s infrastructure for its DGX Cloud ecosystem.

This relationship potentially gives Yotta access to newer GPU architectures and AI software infrastructure earlier than many smaller competitors.

Other Strategic Partnerships

Yotta has developed relationships with several major technology companies.

These include:

NVIDIA
Microsoft
IBM
AWS
Dell
HPE
Red Hat
Google-related ecosystem partners
Various AI startups

The company has also been involved in government AI infrastructure initiatives.

For example, Yotta deployed sovereign AI infrastructure for BHASHINI, supporting India’s government-led language-AI initiatives.

IndiaAI Mission

Yotta was empanelled under the IndiaAI Mission and has been involved in providing GPU capacity for the government-backed AI ecosystem.

This creates an important demand channel because India is attempting to build domestic AI compute capacity rather than relying entirely on foreign cloud infrastructure.

This is particularly important for workloads where:

Data sovereignty + security + local compute + government compliance

are critical.

Financial Performance

The financial picture needs to be interpreted carefully because Yotta has multiple entities and its consolidated/group financial disclosures are not as straightforward as those of a listed company.

The latest publicly available FY25 financials for Yotta Data Services Private Limited show:

₹ Crore	FY23	FY24	FY25
Revenue from Operations	102.76	459.43	890.72
Total Income	103.74	463.31	900.84
PBT	2.73	21.97	13.23
PAT	2.67	14.51	11.05
Net Worth	40.30	61.48	72.52

FY25 revenue from operations increased approximately 94% YoY, although PAT declined from ₹14.51 Cr to ₹11.05 Cr.

Important Caveat

These are Indian-entity standalone financials.

They should not be directly compared with management’s broader group revenue/EBITDA projections without understanding the group structure.

That distinction is particularly important when valuing Yotta before its IPO.

Management’s Growth Projections

Management has publicly discussed substantially higher group-level revenue and EBITDA expectations.

According to Fortune India, Yotta’s revenue increased from approximately $22 million in FY23 to $95 million in FY25, with management projecting approximately:

$166 million FY26 revenue

and

~$465 million FY27 revenue

Management also projected EBITDA increasing from around $31 million in FY25 to approximately $119.9 million in FY26 and $365.2 million in FY27.

These are management projections, not audited results, and should therefore be treated as an execution scenario rather than established financial performance.

Why Profitability Could Scale Quickly

Data-centre businesses have high fixed costs.

Once a facility has:

Land
Power
Cooling
Networking
Building infrastructure

in place, additional utilisation can potentially produce strong incremental margins.

AI infrastructure can further increase revenue density because GPU compute can generate substantially higher revenue per unit of data-centre capacity than conventional colocation.

Therefore, the potential model is:

High capex → Low initial utilisation → Capacity ramp-up → Higher utilisation → Operating leverage → EBITDA expansion

This is one of the central reasons investors are assigning a high valuation to Yotta.

Latest Funding — $150 Million

In 2026, Yotta raised approximately:

$150 Million

in primary growth capital.

The transaction valued the company at approximately:

$3.9 Billion

or roughly:

₹37,000 Cr

This is currently the strongest recent institutional valuation reference available for Yotta.

The capital is intended to support:

AI infrastructure
GPU expansion
Data-centre capacity
Sovereign cloud
Technology expansion

Valuation Perspective

The latest funding valuation is approximately:

$3.9 Billion

However, some recent reports have discussed a potential $6 billion pre-IPO valuation.

These should not be treated as equivalent.

Valuation	Status
~$3.9 Bn	Recent completed funding transaction
~$6 Bn	Reported potential pre-IPO target
$6B+	Speculative until transaction/IPO pricing confirms it

The $3.9B valuation is the stronger benchmark because it is associated with an actual recent capital raise.

IPO Status

This is one of the most important developments for UnlistedCart.

Yotta previously pursued a US SPAC merger with Cartica Acquisition Corp.

That transaction was terminated on 7 January 2026.

Yotta has now pivoted toward an India IPO.

Current IPO Plan

Parameter	Current Status
IPO Intent	Confirmed by management
Market	India
Expected DRHP	October 2026
Target Listing	Jan–Mar 2027
Potential IPO Size	Up to $1.5 Bn
Use of Funds	Debt repayment, GPUs, cloud/data centres
Price Band	Not announced
Listing Date	Not announced
DRHP	Not yet filed

Reuters reported that Yotta plans to file draft IPO papers in October 2026 and is targeting a January–March 2027 IPO, potentially raising up to $1.5 billion.

How to Present It on UnlistedCart

Use:

IPO-Bound / IPO Preparation Stage

Do not write:

“IPO confirmed”

because the DRHP and final regulatory process are still pending.

Current Unlisted Share Price

Yotta Data Services remains an unlisted private company. Corporate databases continue to classify it as unlisted.

I could not verify a reliable, executable current OTC share quote that reconciles with the latest $3.9B institutional valuation.

Therefore, I would not publish a speculative per-share price on UnlistedCart.

This is particularly important because Yotta/Nidar has a complex group structure and the security being offered by an intermediary may not necessarily represent the same economic interest used for the latest $3.9B valuation.

Recommended website display

Current Unlisted Price: Available on Request

Latest Institutional Valuation: ~$3.9 Billion

Latest Funding: ~$150 Million

IPO Target: Q1 CY2027

This is much safer than publishing an unreliable OTC quote.

Shareholding & Ownership

Yotta sits within the Nidar Infrastructure structure backed by the Hiranandani Group.

Because the company has undergone multiple financing transactions and was previously structured for the proposed SPAC transaction, a simple current promoter/investor percentage table is not sufficiently reliable from publicly available sources.

Key strategic ownership/backing includes:

Hiranandani Group / Nidar Infrastructure
Institutional and private investors
Recent growth-capital investors
Strategic technology relationships with NVIDIA and Microsoft

The exact pre-IPO cap table should be confirmed from the final DRHP when filed.

Competitive Landscape

Yotta operates in a rapidly developing Indian market.

Key competitive areas include:

Data Centres

CtrlS
Nxtra by Airtel
Sify
NTT
STT GDC
Yotta
Equinix

Cloud

AWS
Microsoft Azure
Google Cloud
Oracle Cloud
Yotta

AI Compute

Yotta Shakti Cloud
Tata Communications
E2E Networks
AWS
Azure
Google Cloud
NVIDIA ecosystem partners

Yotta’s differentiation is its combination of:

Data Centre + Sovereign Cloud + Large-Scale GPU Infrastructure

rather than competing purely as a conventional colocation operator.

Competitive Advantage

1. Power & Land Infrastructure

AI data centres require enormous amounts of electricity.

Yotta’s ability to secure large land parcels and power infrastructure is an important advantage.

2. Hiranandani Group Backing

The Hiranandani Group provides experience in:

Real estate
Infrastructure
Land development
Large projects
Capital-intensive construction

This is valuable in a data-centre industry where physical infrastructure is difficult to replicate.

3. NVIDIA Partnership

The NVIDIA relationship provides technological credibility and potentially faster access to new GPU architectures.

4. Sovereign Cloud

India’s focus on data sovereignty creates a potentially large opportunity for domestic infrastructure providers.

5. AI Compute

The biggest potential growth driver is the transition from traditional cloud infrastructure to high-density AI compute.

Investment Rationale

1. India’s AI Infrastructure Boom

AI models require enormous amounts of computing power.

India is still at an early stage of AI infrastructure development.

Yotta is attempting to position itself as a foundational infrastructure provider.

2. Massive GPU Deployment

The planned 20,736 Blackwell Ultra GPU cluster is one of the largest announced AI infrastructure deployments in Asia.

3. NVIDIA Validation

A four-year engagement valued at more than $1 billion associated with DGX Cloud provides significant strategic validation and potential demand visibility.

4. Sovereign AI

Government and regulated-sector workloads increasingly require local infrastructure.

Yotta’s sovereign-cloud capabilities can benefit from this trend.

5. Strong Revenue Growth

The Indian Yotta entity’s FY25 operating revenue almost doubled to ₹890.72 Cr.

6. IPO Catalyst

The proposed 2027 IPO could provide:

Liquidity + institutional validation + access to capital + potential valuation discovery

7. Potential Operating Leverage

If GPU and data-centre utilisation rises faster than fixed infrastructure costs, EBITDA margins could expand substantially.

Key Risks

Risk	Assessment
Capital Intensity	🔴 Very High
Debt	🔴 High
Valuation	🟠 High
Execution	🔴 High
GPU Obsolescence	🟠 High
Customer Concentration	🟠 Medium–High
IPO Risk	🟠 Medium
Technology Risk	🟠 Medium–High
Power Availability	🔴 High
Competition	🟠 High
Interest Rates	🟠 Medium–High

1. Extremely Capital Intensive

AI infrastructure requires billions of dollars of capital.

The company has announced a $2B+ Blackwell deployment and potentially much larger future investments.

This creates substantial financing requirements.

2. Debt Risk

Yotta’s earlier investor materials explicitly highlighted substantial debt and dependence on external capital.

The proposed IPO is partly intended to help repay debt.

3. GPU Obsolescence

AI hardware is evolving extremely quickly.

Today’s high-end GPU can become economically less attractive as newer architectures arrive.

This creates:

Technology depreciation + replacement capex + utilisation risk

4. Customer Concentration

Large data-centre and GPU contracts can create dependence on a relatively small number of major customers.

The company therefore needs to maintain a healthy mix of:

Hyperscalers
Government
BFSI
Enterprises
AI startups
Global customers

5. Power Constraints

AI data centres require enormous electricity capacity.

Securing reliable, affordable and increasingly renewable power is becoming one of the industry’s biggest constraints.

6. Valuation Risk

A $3.9B valuation already prices in substantial future growth.

If the IPO is eventually priced around $6B, investors buying today need to consider whether the incremental valuation is justified by actual earnings growth.

What Investors Should Monitor

For Yotta, conventional revenue alone is not enough.

I would track these metrics:

1. Revenue Growth

Is the company actually achieving its ambitious FY26/FY27 projections?

2. EBITDA

The key question is whether projected EBITDA translates into actual audited profitability.

3. GPU Utilisation

Installed GPUs are less important than:

Revenue generated per GPU + utilisation rate

4. Data-Centre Capacity

Monitor:

MW capacity commissioned vs contracted vs utilised

5. Debt

Track:

Debt / EBITDA

and

Interest coverage

6. Customer Contracts

Long-term contracted AI-compute revenue is significantly more valuable than speculative capacity.

7. IPO Valuation

The final DRHP and IPO price band will be crucial.

Investment View

Yotta Data Services — High-Growth AI Infrastructure / Pre-IPO Opportunity

Yotta is one of the more interesting unlisted infrastructure opportunities in India because it sits at the intersection of several structural trends:

Data Centres
Cloud Computing
AI
GPU Infrastructure
Digital Sovereignty
IndiaAI Mission

The company’s transformation from a conventional data-centre operator into an AI infrastructure platform materially changes the investment thesis.

The most important positives are:

NVIDIA partnership
20,736 Blackwell GPU deployment
8,000+ H100 GPUs on Shakti Cloud
Sovereign cloud
Government AI relationships
Rapid revenue growth
$3.9B recent valuation
Potential 2027 IPO

But this is also an extremely capital-intensive business.

The company will need to continuously invest in:

GPUs + power + data centres + networking + cooling + land + debt servicing

Therefore, the key investment question is not whether AI demand will grow.

It almost certainly will.

The question is:

Can Yotta convert India’s AI infrastructure boom into high-utilisation, high-margin, recurring cash flows without taking excessive balance-sheet risk?

Valuation Perspective

At the latest institutional valuation of approximately:

$3.9 Billion / ₹37,000 Cr

Yotta is already valued at a substantial premium to its FY25 Indian-entity revenue.

However, investors should not simply compare ₹37,000 Cr with ₹890 Cr revenue because:

Yotta has multiple entities.
The group includes data-centre infrastructure and AI/GPU businesses.
FY26/FY27 revenue is expected to be substantially higher.
AI infrastructure has different economics from conventional IT services.

The appropriate valuation framework should eventually combine:

EV/EBITDA + Data-Centre MW valuation + GPU capacity + contracted AI revenue + net debt

rather than using only P/S.

Overall Assessment

Factor	Rating
AI Opportunity	⭐⭐⭐⭐⭐
Market Size	⭐⭐⭐⭐⭐
Data-Centre Infrastructure	⭐⭐⭐⭐½
NVIDIA Relationship	⭐⭐⭐⭐⭐
Sovereign Cloud Opportunity	⭐⭐⭐⭐⭐
Revenue Growth	⭐⭐⭐⭐½
Profitability Visibility	⭐⭐⭐½
Balance Sheet Comfort	⭐⭐½
Valuation Comfort	⭐⭐⭐
IPO Potential	⭐⭐⭐⭐⭐
Long-Term Potential	⭐⭐⭐⭐⭐
Risk	🔴 High

Final Verdict

Yotta is one of India’s most interesting AI-infrastructure pre-IPO opportunities — but it is not a low-risk investment.

The company has several characteristics that make it attractive:

Large-scale data centres + sovereign cloud + NVIDIA GPU infrastructure + government AI demand + Hiranandani Group backing + potential 2027 IPO.

The latest $150M funding at ~$3.9B valuation provides a meaningful institutional benchmark.

The proposed $1.5B IPO could become a major liquidity and capital event if executed successfully.

However, investors should pay close attention to:

Debt + capex + GPU depreciation + utilisation + customer concentration + IPO valuation.

Investment Category

AI Infrastructure / Data Centre / Cloud / Pre-IPO

Current Status

Unlisted

Latest Institutional Valuation

~$3.9 Billion

Latest Funding

~$150 Million

FY25 Indian-Entity Revenue

₹890.72 Cr

FY25 Indian-Entity PAT

₹11.05 Cr

IPO Target

January–March 2027

Expected DRHP

October 2026

Current OTC Price

Not reliably verified — Available on Request

Risk Level

High

Overall View

Strong long-term AI infrastructure story, but valuation and capital intensity require careful analysis.

Disclaimer

This report is for informational and educational purposes only and does not constitute investment advice, an offer, solicitation or recommendation to buy or sell securities. Yotta remains an unlisted private company and unlisted shares can carry substantial liquidity, valuation, transfer, regulatory and execution risks. The $3.9B valuation reflects a recent private funding transaction and should not be treated as a guaranteed IPO valuation. Management revenue and EBITDA projections are forward-looking estimates and are not audited financial results. Investors should independently verify the exact legal entity, ISIN/share class, cap table, latest audited financials, debt position, transaction documents and applicable taxation before investing.

For more such unlisited stocks visit https://unlistedcart.com/unlisted-shares/