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InfoBay Unlisted Shares
DRHP Status : Not Filed
315000
Fundamentals About InfoBay
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Key Financials of InfoBay
About Company
Infobay.AI Limited, the legal entity behind the InfoBay.AI brand, is a Lucknow, Uttar Pradesh-based technology company incorporated on 23 December 2016. Formerly known as EduGorilla Community Private Limited, it operated as a competitive exam preparation platform before pivoting to AI data infrastructure.
The company's core offerings span the full post-training stack: pre-training data curation using ISBN-attributed textbooks across 15 languages, SFT dataset design with domain expert-created reasoning traces, RLHF and reward modeling using real industry audio, medical AI training data, code and reasoning datasets, and LLM factuality auditing.
Its proprietary corpus includes 2.1 million+ hours of multilingual audio across 35+ languages, 53 million+ medical images and files, 1.6 million+ patient records across 20 specialties, academic textbooks in 15 languages, and 12,000+ coding problems across 9 programming languages, totalling 20 billion+ data samples.
As of June 2026, Infobay.AI Limited remains an unlisted company with no DRHP or IPO filing on record. The company has raised a total of approximately $6.34 million across six funding rounds from 109 investors, with backers including Auxano Capital, SucSEED Indovation, and Turbostart. Its last funding round was a Seed round in May 2022.
The following table shows a 10-point analysis of Infobay.AI Limited. We will discuss each point in detail after this table.
| Parameter | Key Numbers | Insights |
|---|---|---|
| Business Overview | Incorporated 2016 | A Lucknow-based AI data infrastructure company providing expert-verified training data, annotation, and evaluation systems for enterprise and frontier AI development teams globally. |
| Industry | AI Data Infrastructure, EdTech | Operates across AI training data curation, RLHF pipelines, post-training optimisation, data labeling, LLM factuality evaluation, and NLP solutions. |
| Core Business | AI Training Data & Annotation Infrastructure | Supplies curated datasets for LLM pre-training, SFT, RLHF, medical AI, code generation, and model safety. Formerly operated as EduGorilla, a competitive exam preparation platform. |
| Corporate Structure | Public Limited Company (Unlisted) | Registered in Uttar Pradesh under ROC Uttar Pradesh I; CIN: U74999UP2016PLC088614. |
| Authorized Capital | ₹10 Lakh | As per MCA filings. |
| Paid-up Capital | ₹2.34 Lakh | As per MCA records available as of June 2026. |
| Operations | India and International | Headquartered in Lucknow, with capability centers in Cairo, Jakarta, Manila, Abu Dhabi, Kampala, Nairobi, and Kathmandu. Serves clients across four continents. |
| Shareholding | Founders: 16.47%; Angels (largest shareholder): 28.63%; Funds: 12.95%; Enterprises: 2.61% | Significant angel and institutional investor ownership; founders hold a minority stake as of the latest available cap table. |
| Company Status | Active; Unlisted | Operationally active as of June 2026; no DRHP or IPO filing on record. |
| Outlook | Positive | Positioned to benefit from strong global demand for high-quality, multilingual AI training data. Clients include Microsoft, Meta, Google, Amazon, LG, and Alibaba. |
Challenges in Infobay.AI Limited's Business
Here are the challenges faced by the company:
- Business model transition risk: The company has undergone a significant pivot from EdTech to AI data infrastructure. Executing this transition while retaining revenue momentum, client relationships, and operational focus carries inherent execution risk.
- Founder minority stake: As per the last available cap table data, founders hold approximately 16.47% of the company, with angels being the largest shareholder category at approximately 28.63%. This ownership structure may limit founder control over key strategic decisions.
- Funding gap: The company's last external funding round was in May 2022. Over three years without a fresh institutional round in a capital-intensive AI data business raises questions around growth runway and future fundraising ability.
- Client concentration and enterprise dependency: The AI training data business is highly dependent on enterprise and AI lab clients. Loss of key accounts or budget cuts in AI spending by large technology firms can materially impact revenues.
- Competitive intensity: The global AI training data market includes well-funded competitors such as Labelbox, Collibra, and Scale AI. Competing on quality, pricing, and turnaround time against better-capitalised players is an ongoing challenge.
- Limited public financial disclosure: As an unlisted company with no DRHP filed, audited financial data is not available in the public domain beyond aggregator-level estimates, limiting investor visibility into the company's true financial health.
Financial Review of Infobay.AI Limited
Here are some highlights of the financial performance of Infobay.AI Limited for FY 2025.
- Revenue is reported at approximately ₹49.7 crore for FY25 as per third-party aggregator data, reflecting a 1-year revenue CAGR of approximately 315%
- EBITDA CAGR over the same period is reported at approximately 931%, though absolute EBITDA figures are not available in public sources
Note: Detailed audited financials for Infobay.AI Limited are not available in the public domain as the company has not filed a DRHP and is not listed on any stock exchange. The FY25 revenue figure cited above is sourced from third-party aggregator platforms and has not been independently verified.
Quick Summary
Infobay.AI Limited is a Lucknow-based technology company that has transitioned from its origins as EduGorilla, a competitive exam preparation platform, to become a provider of expert-verified AI training data and post-training intelligence for global AI development teams. The company holds a large proprietary corpus spanning 20 billion+ data samples across audio, medical, textbook, coding, and multimodal categories, with coverage across 35+ languages and clients that include Microsoft, Meta, Google, Amazon, LG, and Alibaba.
Click to visit the official website of Infobay.AI Limited.
Shareholding Pattern of InfoBay
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Frequently Asked Questions
These are equity shares of Infobay.AI Limited that are not listed on NSE or BSE and are traded privately.
Yes, these shares can be purchased through private market platforms, subject to availability.
Yes, a demat account is required to hold these unlisted shares.
Infobay.AI Limited is an operationally active company with a notable pivot toward AI data infrastructure and a track record of external funding. However, unlisted shares carry liquidity and execution risks; investors should conduct independent due diligence before investing.
Yes, these shares can be sold in the secondary market depending on buyer availability.
As and when an IPO occurs, pre-IPO investors are generally subject to a lock-in period as per SEBI regulations.
If held for more than two years, gains are taxed at 20% with indexation; otherwise, gains are taxed as per applicable income tax provisions.
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