Atlan keeps two sets of books, and they tell almost opposite stories. In investor decks the company says revenue grew more than seven times over two years and that GIC and Meritech Capital valued it at $750 million (₹72,000 crore) in May 2024. In India’s company registry, the entity that employs most of its engineers reported revenue of just ₹121.2 crore (about $12.6 million) for the year ending March 2024 — a rounding error next to a “$750 million company”.
Both numbers are real. The gap between them is not a scandal; it is how a large share of India-founded, US-marketed SaaS companies are structured, and understanding it explains more about Atlan’s business than any growth chart. This piece walks through what Atlan sells, the near-decade of pivoting that preceded it, the funding that built it, and the numbers — audited and self-reported — that describe where it stands in September 2026.
Quick facts
| Company | Atlan (Atlan Technologies Pte Ltd, Singapore/San Francisco; Indian operating unit is Atlan Technologies Private Limited) |
| Founded | Predecessor SocialCops founded 2013; Atlan built internally from 2017 and launched publicly in July 2019 |
| Founder(s) | Prukalpa Sankar and Varun Banka, co-founders and co-CEOs |
| Businesses | Active metadata management / data catalog platform, marketed since 2024 as an AI “context layer” and data control plane |
| Latest FY revenue | India entity: ₹121.2 crore (~$12.6 million), FY24 (year to March 2024), per statutory filings; company has separately said global revenue grew “more than 7x” between 2022 and 2024, with global ARR reported by trade press at $70–80 million as of March 2024 (unaudited) |
| Latest FY profit/loss | India entity: profit after tax of ₹10.1 crore, FY24 (up from ₹7.74 crore in FY23), per statutory filings |
| Listed | Private — no IPO filed as of September 2026 |
| Market value / last valuation | $750 million, Series C, announced 8 May 2024 |
| Key shareholders or CEO | Co-CEOs Prukalpa Sankar and Varun Banka; investors include GIC, Meritech Capital, Salesforce Ventures, Peak XV Partners, Insight Partners and WaterBridge Ventures |
What they do
Atlan sells software that helps large enterprises find, understand, trust and govern the data scattered across their systems — warehouses like Snowflake and Databricks, business-intelligence tools like Tableau and Power BI, and increasingly the AI models being trained on that data. Rather than storing data itself, Atlan connects to where data already lives, builds a searchable map of tables, dashboards, code and models, and layers on governance controls (who can see what, how it should be used, whether it meets quality and compliance rules). The buyer is usually a chief data officer or head of data platform at a company with dozens of data tools and no single view across them; named customers include Cisco, Nasdaq, Unilever, Ralph Lauren, HubSpot, Plaid, Postman, WeWork, Fox and News Corp, according to Atlan’s own funding announcements.
The origin
Prukalpa Sankar and Varun Banka met as students at Nanyang Technological University in Singapore and, in 2013, started SocialCops, a “data for good” company that helped governments and NGOs make sense of scattered public data. SocialCops built India’s Disha data platform, pulling information from 42 central government schemes, and worked with the United Nations and the Gates Foundation on projects spanning public health to urban planning, per BusinessToday’s profile of Sankar and coverage of the company’s government work.
The founding insight for Atlan came from a problem the two of them kept hitting while running SocialCops: their own data team could not reliably find, trust or reuse the data the company already had. They built internal tooling to fix that for themselves first — a catalog and collaboration layer for their own analysts — and only later realised other data teams had the identical problem at a much larger scale inside big, siloed enterprises. That internal tool became Atlan.
The struggle years
Atlan did not appear as a finished product. The founders spent roughly two years, from 2017 to mid-2019, building and rebuilding the idea in relative stealth before Atlan launched publicly on 1 July 2019, as reported by TechCrunch at the time. The early version of the company shipped four separate tools at once — Collect, Grid, Discovery and Workflows — a sign of a team still hunting for which single piece of the product enterprises would actually pay for, rather than a single sharp wedge.
The seed money that got them there was thin relative to what competitors like Collibra and Alation had already raised in the US market: a $2.5 million pre-Series A round in July 2019 led by WaterBridge Ventures, with backing from Ratan Tata and former Google Southeast Asia head Rajan Anandan, according to YourStory’s report on the round. Being an India-founded team selling a category-defining enterprise product against well-funded, US-headquartered incumbents meant Atlan had to win trust deal by deal, with a much smaller war chest, at a time when “data catalog” was still a niche line item on most enterprise software budgets.
The turning point
The clearest inflection came in 2021 into early 2022. Forbes India’s profile of Sankar describes 2021 as the year Atlan achieved “10-fold growth in customers and revenue” and, in the founders’ own words, finally had “product market fit, repeatability and inbound queries” — the difference between a startup that has to chase every deal and one that customers start finding on their own. That momentum is what let Atlan close a $16 million Series A in mid-2021 (with backing from former Snowflake chief executive Bob Muglia) and then, only eight months later, a $50 million Series B in March 2022 at a $450 million valuation led by Salesforce Ventures, Insight Partners and Sequoia Capital India (now Peak XV Partners) — a threefold jump in headline valuation compressed into under a year, per Businesswire’s release on the round.
A second, smaller inflection followed the arrival of large language models in enterprise IT from 2023. Atlan’s Series C materials, released in May 2024, credited the generative-AI wave with widening its addressable market: companies that once treated data cataloging as housekeeping suddenly needed clean, governed, well-described data to safely feed AI systems. Atlan reported 400% enterprise sales growth in the first quarter of 2024 alone and an 80% win rate in competitive trials that year, according to its own release and corroborating coverage from TechCrunch and SiliconANGLE.
The money behind it
Atlan’s fundraising has moved in four distinct steps. The company raised $2.5 million in pre-Series A funding in July 2019 from WaterBridge Ventures and angel investors including Ratan Tata. It followed with a $16 million Series A in 2021 from Insight Partners and individual backers such as former Snowflake CEO Bob Muglia. In March 2022 it raised a $50 million Series B at a $450 million valuation, adding Salesforce Ventures and Sequoia Capital India (Peak XV) to its cap table alongside Insight Partners. The largest round to date is a $105 million Series C, announced 8 May 2024, led by Singapore’s sovereign wealth fund GIC together with growth investor Meritech Capital, with existing backers Salesforce Ventures and Peak XV Partners also participating — taking Atlan’s total funding past $206 million and its valuation to $750 million, according to both Atlan’s own announcement and independent reporting from TechCrunch and SiliconANGLE.
Each investor brought something specific: WaterBridge and Ratan Tata gave an unproven India-based team credibility with global enterprise buyers early on; Insight Partners and Bob Muglia brought category expertise from the data-infrastructure world (Muglia had run Snowflake); Salesforce Ventures gave Atlan a channel into the Salesforce ecosystem’s data and AI customers; and GIC’s Series C check, the largest single round, signalled that a sovereign-wealth-scale investor was underwriting the “data plus AI governance” thesis rather than just a SaaS growth story.
How it makes money
Atlan is a business-to-business subscription software company: enterprises pay an annual license, priced primarily by active user count across two tiers (Professional and Enterprise), starting around $2,500 a month according to Forbes India’s reporting and current vendor-pricing trackers, then rising steeply with seat count and add-on modules such as Atlan AI, active-metadata processing and query-log analysis. Costs sit mostly in cloud infrastructure, the software subscriptions Atlan itself pays to connect to customer data stacks, and — the largest line by far — engineering and go-to-market salaries, since selling a platform this technical to chief data officers requires a heavy, consultative sales motion rather than self-serve signups.
The part outsiders consistently get wrong is assuming the $750 million valuation and the “7x revenue growth” headline describe the same revenue that shows up in any single country’s regulatory filings. Atlan’s global commercial entity bills customers worldwide and is where analysts have pegged annual recurring revenue at $70–80 million as of March 2024 (an unaudited, self-reported figure cited by trade outlets, not a filed number). Atlan Technologies Private Limited, the India-registered unit that houses much of the engineering team, instead earns a cost-plus service fee from the group for the software development work it performs — which is why its statutory-filing revenue of ₹121.2 crore (about $12.6 million) in FY24 is a fraction of the group’s reported global revenue. Neither figure is wrong; they simply measure different legal entities inside the same company, a structure common to India-founded, US-headquartered SaaS firms.
The numbers
The clearest audited numbers come from Atlan Technologies Private Limited’s statutory filings, aggregated by Inc42 Datalabs. They cover the India entity only — not Atlan’s global consolidated business — but are the only independently filed, audited figures publicly available for the company.
| Fiscal year (₹ crore) | FY22 | FY23 | FY24 |
| Operating revenue | 32.4 | 93.8 (total income 95.5) | 121.2 |
| Total expenses | 28.2 | 85.5 | 107.6 |
| Profit after tax | 9.5 | 7.7 | 10.1 |
| Revenue growth (YoY) | — | 189.8% | 26.9% |
Two things stand out. First, the India entity has been profitable in every year on record — FY22 profit was flattered by a one-off ₹5.5 crore gain from employee stock option settlements, which is part of why profit after tax fell 18.7% in FY23 even as revenue nearly tripled. Second, growth decelerated sharply between FY23 (up 189.8%) and FY24 (up 26.9%), a normal pattern once a smaller base of comparison passes, but worth naming rather than smoothing over. Separately, and unrelated to these filings, Atlan’s own investor materials describe global revenue growing “more than 7x” between 2022 and 2024 and headcount reaching 275 employees at the time of the Series C, according to Tracxn’s company profile.
Where the money comes from
Within the audited India entity, the split is stark: overseas billings made up roughly 98% of FY23 operating revenue (₹92.0 crore of ₹93.8 crore), with domestic Indian revenue contributing just ₹1.8 crore, according to the same filings. That mirrors Atlan’s actual customer base, which the company and press coverage describe as concentrated in the United States and Europe — Cisco, Nasdaq, HubSpot, Fox, News Corp, Unilever and Ralph Lauren are the names Atlan itself has publicised — even though most of its engineering and product headcount sits in India. The surprise for a company frequently described in Indian media as a “made in India” SaaS success is how little of its revenue, audited or reported, is actually billed to Indian customers; Atlan is, by revenue, almost entirely a foreign-earnings business run out of an Indian cost center.
The risks
Three risks are worth naming plainly. First, platform risk from the very infrastructure Atlan depends on: Snowflake and Databricks, the two data warehouses Atlan most commonly connects to, have both built their own native cataloging and governance features (Snowflake Horizon, Databricks Unity Catalog) in recent years. If enterprises decide “good enough” governance bundled free with their warehouse beats a separate paid tool, Atlan’s addressable market for its core product shrinks from the inside. Second, sales-cycle and concentration risk: Atlan sells a complex, high-touch product to chief data officers at large enterprises, a buyer group that is small in number and slow to decide, so any slowdown in enterprise IT budgets — which recurred industry-wide in 2022–2023 — disproportionately hits pipeline. Third, valuation risk: independent analysis has pointed out that Atlan’s $750 million Series C price implied a revenue multiple far above the roughly 6x multiple typical of listed SaaS peers at the time, per commentary from A Junior VC’s case study on the company — a gap that must close through sustained hypergrowth, a future down round, or a strategic sale, since it cannot persist indefinitely in a private company with no public market to test it against.
The takeaway
The lesson in Atlan’s story is not “pivot until you find product-market fit,” though that happened too. It is that the tool you build to fix your own company’s internal mess can be worth more than the company you built it for — SocialCops, the original venture, still exists as a smaller data-for-good outfit, while the internal tooling it spun off became the far larger business. Founders sitting on an annoying internal workaround are often looking straight at their next company and not recognising it, because the workaround does not look like a product until someone else, outside the building, asks to buy it.
Frequently asked questions
Who founded Atlan and when?
Prukalpa Sankar and Varun Banka founded Atlan; it grew out of internal tooling the pair built from around 2017 while running their earlier company, SocialCops (founded 2013), and launched publicly on 1 July 2019.
What is Atlan’s current valuation?
Atlan was valued at $750 million after its $105 million Series C round, announced 8 May 2024 and led by GIC and Meritech Capital, according to Atlan’s own release and reporting by TechCrunch and SiliconANGLE.
Is Atlan profitable?
Its India operating entity, Atlan Technologies Private Limited, has reported a profit after tax in every fiscal year on record through FY24 (₹9.5 crore in FY22, ₹7.7 crore in FY23, ₹10.1 crore in FY24), per statutory filings aggregated by Inc42 Datalabs. This entity does not represent the company’s full global financials, which are not separately disclosed.
How does Atlan make money?
Atlan charges enterprises an annual subscription, priced mainly by the number of active users, starting around $2,500 a month and rising with add-on modules for AI-assisted metadata, active-metadata processing and query-log analysis, aimed at chief data officers managing data spread across tools like Snowflake, Databricks and BI platforms.
Who are Atlan’s main competitors?
Its closest direct competitors in enterprise data cataloging and governance are Collibra and Alation, alongside a newer threat from cloud-native governance features built directly into Snowflake and Databricks.
Sources
Figures are as of September 2026. Currency converted at $1 ≈ ₹96.0 as of 18 September 2026 (Trading Economics).
- Atlan, “Atlan’s Raises $105M Funding to Power Data & AI Governance”, atlan.com, May 2024
- TechCrunch, “Atlan scores $105M for its data control plane, just as LLMs increase importance of data”, May 2024
- SiliconANGLE, “Atlan raises $105M at $750M valuation for data and AI governance platform”, May 2024
- The Arc, “SaaS startup Atlan’s valuation hits $750 mn after $105-mn round”, May 2024
- Businesswire, “Atlan Raises $50M Series B at $450M valuation to Build a Collaboration Hub for Data Teams”, March 2022
- Forbes India, “Women in SaaS: How Prukalpa Sankar’s Atlan brings context to data”, 2022
- YourStory, “[Funding alert] Ratan Tata-backed Atlan raises Rs 18 Cr led by WaterBridge Ventures and others”, July 2019
- TechCrunch, “Atlan officially launches” (Atlan/SocialCops coverage), July 2019
- BusinessToday, “Harvesting Numbers” (profile covering SocialCops), archived profile of Prukalpa Sankar
- Inc42, “SaaS Startup Atlan’s Profit Slips 19% To INR 7.74 Cr In FY23”, statutory-filings analysis, 2023
- Inc42, Atlan company financials page (FY24 statutory filings via Inc42 Datalabs), 2024
- Tracxn, Atlan company profile (funding, investors, headcount), accessed September 2026
- A Junior VC, “Can 6,000 Cr Atlan be India’s Gold Standard Data Export?” — case study compiling funding and revenue history
- Vendr, “Atlan Software Pricing & Plans 2026”, accessed September 2026
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