InfoBay AI Limited: Company Analysis, Financials, Business Model & Growth Outlook

InfoBay AI Limited is an AI data infrastructure company that has transitioned from its earlier education-focused business to supplying synthetic datasets for training large language models. The company was formerly known as EduGorilla Community Private Limited and was founded in 2016 by Rohit Manglik in Lucknow, Uttar Pradesh. It initially operated in the education sector through SaaS-based learning solutions, mock tests, exam preparation content, and publications.

In October 2024, the company shifted towards synthetic AI data infrastructure. Its current business focuses on developing and supplying datasets used by technology companies for training and improving large language models and other AI systems.

InfoBay AI Limited: Key Details

Here are some of the key facts about InfoBay AI Limited:

2016: Company Founded by Rohit Manglik

InfoBay AI's journey began in 2016, when the company was incorporated as EduGorilla Community Private Limited in the EdTech space, focusing on educational content and preparation resources for competitive examinations.

2017: Rights issue of approximately 2,500 shares, raising about ₹0.9 crore

In 2017, the company raised approximately ₹0.9 crore through a rights issue involving around 2,500 shares. This formed part of the company's early fundraising activities.

2019: Raised approximately ₹1 crore from angel investors

In 2019, InfoBay raised approximately ₹1 crore from angel investors. This was an early external investment round supporting the company's development.

2024: Shifted from EdTech SaaS towards synthetic AI data infrastructure

In 2024, the company began its transition from its earlier education-focused business towards synthetic AI data infrastructure. This marked the beginning of its current AI data business, which focuses on datasets used by technology companies for AI and LLM training.

2025: AI data contributed approximately 96% of revenue

The AI data business rapidly became the company's primary revenue contributor. During YTD December 2025, AI data generated approximately ₹92.3 crore, accounting for around 96% of total revenue, while the SaaS and Publications businesses were being discontinued or phased out.

2026: Expanded global operations and continued IPO preparations

In 2026, InfoBay continued expanding its international operations while developing its AI data and synthetic-data capabilities. The company is also reportedly progressing towards a mainboard IPO, with Unistone Capital engaged as its merchant banker.

Founders & Management

Rohit Manglik is the founder and CEO of InfoBay AI. He holds a B.Tech from NIT Surathkal, participated in the Stanford Seed Program, and has over 16 years of experience across AI, data systems, and scalable platforms. His previous experience includes Oracle, Morgan Stanley, and D. E. Shaw. The presentation also states that he holds six patents. 

Shashwat Vikram serves as Co-founder and CTO. He holds a B.Tech from IEM Kolkata, has more than 10 years of experience in full-stack systems and AI infrastructure, and leads product and synthetic data engine development.

Other Key Management Professionals

The other key management professionals associated with the company are as follows:

Shareholding Structure

The company’s shareholding pattern as of December 2025 is :

InfoBay AI Limited’s Business Segments

InfoBay AI currently operates primarily in the synthetic AI data infrastructure segment. Its AI data business provides datasets to technology companies developing AI and LLM systems. The datasets cover educational Q&A pairs, textbook-style notes, healthcare medical imaging, audio, and video content.

Major Business Segments

The status and revenue of InfoBay AI Limited’s major business segments for FY 2026 YTD Dec-25 are as follows:

AI data accounted for approximately 96% of revenue during YTD Dec-25. The SaaS business was discontinued in November 2025, and the Publications business was being phased out.

AI Data Offering

The company's repository includes the following estimates:

• 2.6 billion+ words of educational notes
• 6.5 million Q&A pairs
• 48.8 million healthcare images
• 1.1 million+ hours of audio
• 445,000+ hours of video

Customer Base

InfoBay is known to have seven leading global technology customers, including Amazon, Alibaba, Microsoft, Meta, Google, DefinedCrowd, and LG. Given below are the estimated contract values and major datasets of InfoBay AI with its leading customer group.

Financial Overview

The financial period covered for InfoBay AI Limited for this company analysis includes  FY24, FY25, and nine months ended December 2025. FY24 and FY25 financial statements were audited, while the YTD Dec-25 financial statements were unaudited provisional statements. The figures presented below shall be considered indicative and for informational purposes only.

Financial Performance

Key Financial Insights:

• Revenue increased 4.2x from FY24 to FY25.
• EBITDA increased from ₹2.3 crore to ₹25.3 crore between FY24 and FY25.
• EBITDA margin increased from 20% to 52%, reaching 65% in YTD Dec-25.
• FY25 PAT was ₹16.3 crore.
• YTD Dec-25 PBT and PAT were ₹64.5 crore, although the period's accounts were provisional. 

Balance Sheet Snapshot

Key Balance Sheet Insights: 

• The company reported ₹41.3 crore of cash and fixed deposits for YTD 2025
• ₹101.8 crore net worth and zero debt as of December 2025.
• Net worth increased from approximately ₹3.9 crore in March 2024 to ₹37 crore in March 2025 and ₹101.8 crore in December 2025.

Cash Flow Statement

Key Cash Flow Insights:

• Lower YTD Dec-25 cash conversion was primarily due to an increase in trade receivables following December 2025 billing.
• ₹28.5 crore of additional trade receivables billed in December 2025 were subsequently collected by February 2026.

Previous Funding Rounds

InfoBay's funding history includes several rounds involving angel investors, venture funds, and HNIs.

Recent Funding Round: Series B Compulsorily Convertible Preference Shares (CCPS)

The Series B CCPS private placement was approved by the board on 20 August 2026. Given below are the key details and estimated numbers of the recent funding round.

Key Business USPs

• Proprietary Dataset Repository: InfoBay has built a large repository covering educational, healthcare, audio, and video datasets comprising billions of words, millions of Q&A pairs, along with extensive multimedia and healthcare data.
• Synthetic Data Engine: The company's materials describe its Tibet engine as an in-house synthetic data generation system designed around identifying reasoning failures and generating variations to address them.
• Multimodal Data: Its data capabilities cover multiple formats, including text, Q&A, healthcare images, audio, and video, supporting a range of AI use cases.
• Global Technology Customers: The company has contracts with seven global technology companies, including Amazon, Alibaba, Microsoft, Meta, and Google.
• Synthetic-First Delivery Model: The company states that its synthetic-first model enables lower marginal costs and supports gross margins above 80% at scale.

Peer Comparison

InfoBay is generally compared with some of the leading peers like Surge AI and Scale AI. The table below provides a brief comparison between InfoBay AI Limited and its key peers.

Growth Plans & Outlook

The company focuses on the following future growth plans: 

• Expansion into New Countries: InfoBay plans to expand from operations in five countries towards 15 countries by March 2027. The expansion plan includes GCCs and sales offices across locations including Uganda, Kenya, Turkey, Egypt, Vietnam, Colombia, Laos, Thailand, Sri Lanka, San Francisco, Shanghai, Dubai and Seoul.
• Physical AI: The company plans to expand its Tibet synthetic data engine into Physical AI, covering areas such as sensor fusion, spatial reasoning, and environment perception.
• Defence AI: The company is also reportedly planning to introduce Defence AI as an upcoming area, where domain-specific synthetic datasets could be used for applications such as threat identification and ISR.
• Scaling Global Customer Relationships: The company's go-to-market model focuses on direct contracts with large global technology companies, with repeat orders forming part of its customer strategy.

Recent Market Updates

InfoBay AI is currently progressing towards some major developments, including rapid growth in AI data revenue, expansion of global technology customer relationships, and continued international expansion and product development. InfoBay AI Limited’s unlisted shares can be tracked alongside these business developments, particularly as the company continues to expand its synthetic AI data capabilities across areas such as educational content, healthcare, audio and video datasets, while also exploring newer applications including Physical AI and Defence AI.

Disclaimer: This company analysis is based on the information provided by publicly available sources and is for general educational and informational purposes only. The complete and validated information for the company is limited, and any future performance depends on factors such as regulatory changes, market conditions, and execution risks. Investors should conduct their own independent research and consult professional advice before making any investment decisions.