Retail startup Trax looks to raise US$1.1b

The moves come as Trax is planning for an IPO in the next 18 to 24 months.

Singapore-based retail startup Trax is in talks to raise US$100m at a pre-money valuation of about US$1.1b, which could make it the second most valuable startup in the country after Grab, a report by Bloomberg revealed.

The company is talking with a few private equity firms, and the new funding round is expected to close by the end of June with the goal of financing three acquisitions including a deal to buy LenzTech Co., a Beijing computer vision technology service provider and direct competitor, for an undisclosed amount, CEO Joel Bar-El said.

The moves come as Trax is planning for an initial public offering (IPO) in the next 18 to 24 months, he said. Although Trax has long planned for the listing on Nasdaq or the New York Stock Exchange, the company is also in talks with the Singapore Exchange (SGX) for a potential dual listing after the local exchange approached the company, he said.

Read the full report here.