Fractal Analytics has received approval from the Securities and Exchange Board of India (SEBI) to launch its initial public offering — a landmark moment that positions the Mumbai-based company to become the first AI-focused firm in the country to list publicly. The offering aims to raise approximately ₹4,900 crore through a mix of newly issued shares and an offer for sale. As reported by Bloomberg, this debut could push Fractal’s valuation past $3.5 billion, signaling strong global confidence in India’s homegrown AI innovations.
Established by co-founders Srikanth Velamakanni and Pranay Agrawal, Fractal has evolved into a leading force in decision intelligence and AI-driven enterprise products. The company’s solutions support critical business transformation for some of the world’s most influential technology giants, including Microsoft, Apple, NVIDIA, Alphabet, Amazon, Meta, and Tesla. Its work spans advanced analytics, AI platform development, consumer behavior insights, and specialized generative AI research.
A significant portion of the capital raised from the IPO will be deployed to strengthen the balance sheet — including reducing debt within its US subsidiary — and to support R&D scale-up, particularly in emerging AI capabilities. Additionally, Fractal plans to deepen its India presence with expanded delivery, product innovation, and hiring.
Over the years, the company has attracted a strong set of global investors, including TPG, Apax Partners, and Gaja Capital, and has cumulatively raised more than $800 million in funding. Fractal earns over 65% of its revenue from the United States, reflecting a solid footprint in the world’s largest enterprise tech market.
Despite ongoing exits from financial investors, the firm’s founders and their families have chosen not to divest any shares in the IPO — a move interpreted as a sign of long-term commitment and confidence in Fractal’s future growth trajectory.
Investment banks Morgan Stanley India, Goldman Sachs India, Kotak Mahindra Capital, and Axis Capital are leading the offering. With India sharpening its strategic focus on AI-led economic transformation, Fractal’s IPO is expected to draw considerable interest from institutional and retail investors alike — potentially setting the stage for more AI players in the country to enter public markets.
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