GreyOrange, an Indian robotics company backed by Tiger Global, is evaluating a US listing to raise $500-600 million, people aware of the plan said.

The company is in early-stage discussions with investment banks JPMorgan, Bank of America and Morgan Stanley for the capital raising initiative, which is expected towards the end of the year or early next year.

The artificial intelligence robotics company may be valued at $1.5-1.7 billion, people with knowledge of the matter told ET. “The banks made presentations in the first week of the month. Talks are still exploratory,” said one official. No formal mandates have yet been given.

Some bankers have proposed the SPAC route for the listing. “The company concluded a fresh round of fundraising last year. The next round of funding is likely to be through a listing in the US. The company has almost become a global firm now, with large US operations,” said another official on condition of anonymity as the talks are not in the public domain.

GreyOrange has raised $270 million across four rounds. At the last round, the company raised $140 million from investors led by Mythril Capital, cofounded by Paypal’s Peter Thiel, at a $500 million valuation.

Founded in 2009 by BITS Pilani alumni Samay Kohli and Akash Gupta, the company has raised multiple rounds of venture capital funding. Besides Tiger Global and Thiel, the company counts Flipkart cofounder Binny Bansal and Blume Ventures as investors.

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