Andreessen Horowitz-backed Samsara reveals jump in revenue ahead of IPO

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Nov 19 (Businesshala) – Andreessen Horowitz-backed software company Sansar Inc on Friday disclosed a rise in revenue and a small loss, as it disclosed its finances for the first time ahead of an initial public offering in the United States.

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The San Francisco-based company sells subscriptions to its Connected Operations Cloud, which allows organizations access to data insights related to their business.

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Sansar, which considers venture capital giant General Catalyst as one of its supporters, confidentially filed for a share sale in September.

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According to a person familiar with the matter, the company has yet to set terms for its share sale, but may seek a valuation higher than the $5 billion mark.

For the nine months ended October 30, Samsara’s revenue increased nearly 81% to $216.8 million, while net loss narrowed to $102.3 million from $174 million a year earlier. filing Has shown.

Enterprise software firms such as FreshWorks Inc. (FRSH.O), Breeze Inc. (BRZE.O) and UiPath Inc. (PATH.N) have gone public in the United States this year because of widespread adoption from demand for such firms. Was up Hybrid work environment after the COVID-19 pandemic.

As of October 30, the world had more than 13,000 major customers, including small businesses, state and local governments, and global enterprises.

The company was founded by Sanjit Biswas and John Bickett, who met as graduate students at the Massachusetts Institute of Technology.

The co-founders previously started a company called Meraki, a startup to deploy and manage large WiFi networks, which was acquired by Cisco Systems Inc. (CSCO.O) in 2012 for $1.2 billion.

Morgan Stanley, Goldman Sachs & Company, JP Morgan and Allen & Company are the principal underwriters for Sansar’s offering. The shares will be listed on the NYSE under the symbol “IOT”.

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Reporting by Niket Nishant in Bengaluru; Editing by Shailesh Kuber and Amy Karen Daniels

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