Fractal Analytics trims IPO size; Meet the Istri Project

Hello,

One of India’s largest VC firms is bleeding executive talent.

Managing Directors at Peak XV—Ashish Agrawal, Ishaan Mittal, and Tejeshwi Sharma—have left the company to set up their own venture capital firm. PeakXV added that this move was taken amid its focus on artificial intelligence and to make space for AI-native investors.

Meanwhile, Indian markets are rallying in relief after US President Trump announced a trade deal to cut tariffs to 18% from 50% in exchange for India halting Russian oil purchases and lowering trade barriers.

India has agreed to buy petroleum, defence products, and aircraft from the US, while partly opening up its agriculture sector, according to a Reuters report. Additionally, the country has lowered tariffs on imported cars to address Washington's immediate demands.

Along with lifting stock markets, the deal also provided much-needed support for the rupee, which has been in the doldrums as Asia’s worst-performing currency in January.

Lastly, despite some siloed progress, the gender gap in Indian workplaces is far from being bridged. YourStory’s flagship women-focused event, SheSparks—scheduled for March 14 at IIT Delhi—aims to bring together women from all industries and walks of life to confront these realities while charting practical paths forward.

Don’t miss your chance to be a part of the conversation!

In today’s newsletter, we will talk about 

• Fractal Analytics trims IPO size
• Meet the Istri Project
• Inside community-led cancer care models

Here’s your trivia for today: Who is typically referred to as "The Father of History"?

Artificial Intelligence

Fractal Analytics trims IPO size

Fractal Analytics, an AI and advanced analytics firm, pared back its public offering to nearly Rs 2,834 crore from about Rs 4,900 crore IPO size sketched out in its draft red herring prospectus (DRHP).

The revised figure, mentioned in its red herring prospectus (RHP), reflects a narrower capital raise aimed at balancing the company’s growth plans with a significant partial exit by private equity (PE) investors.

Key takeaways:

• The fresh issue will raise Rs 1,023.5 crore through new shares issued by the company, while the offer for sale (OFS) will see existing shareholders sell shares worth about Rs 1,810.4 crore. More than half of the proceeds will go to selling shareholders rather than the company.
• Selling shareholders include Quinag Bidco Ltd and TPG Fett Holdings Pte. Ltd., alongside other shareholder vehicles such as GLM Family Trust. 
• The prospectus stated that the net proceeds will support working capital and strategic flexibility rather than immediate debt repayment or one-off uses.

Social Impact

Meet the Istri Project

For years, roadside ironing vendors have worked through smoke and soot from coal-fired irons, impacting their health and earnings. The Istri Project by Udhyam Vyapaar, under the Udhyam Learning Foundation, helps them switch to LPG—cutting costs, cleaning the air they breathe, and boosting income.

Udhyam Learning Foundation launched its Vyapaar programme in 2018 to help India’s nano-entrepreneurs, those earning less than Rs 30,000 a month, to increase their income. 

Novel initiative:

• With LPG-based iron boxes, ironing vendors in Delhi, Jaipur, Bengaluru, Chennai, and Hyderabad have reduced fuel costs by nearly half, increased productivity by up to two hours a day, and earned more income than before.
• Over the last six years, Udhyam Vyapaar has enabled over 8,300 ironing vendors to make the switch to LPG iron boxes, who have seen an average income uplift of 25%, alongside the elimination of over 6,000 tonnes of CO₂ emissions yearly.
• The LPG iron box costs Rs 6,000-8,000, a massive sum for someone earning barely enough to feed their family. Udhyam worked to create subsidy mechanisms, loan structures, and flexible payment plans. The LPG box paid for itself through increased income within months. 

Healthcare

Inside community-led cancer care models

Conversations around cancer often focus on awareness, early detection, and advances in treatment. Yet, for millions of patients and families in India, the realities of cancer extend far beyond diagnosis, into experiences shaped by cost, access, emotional distress and long-term care needs.

In this landscape, community-led organisations have emerged as critical pillars of support. This World Cancer Day, which falls on February 4, we look at five community-led organisations addressing the realities of cancer, including long-term care, emotional support, survivorship, and access for those left out of formal systems.

News & updates

• Promotion: Walt Disney Co. said Josh D’Amaro will succeed Bob Iger as CEO of the entertainment giant, ending a three-year search to replace its long-serving leader. D’Amaro, a 28-year-veteran of Disney, will succeed Iger effective March 18. Iger will serve as a senior advisor and Disney board member until he retires from the company on December 31.
• New hire: PayPal is hiring HP’s Enrique Lores as its CEO and President, replacing current CEO Alex Chriss. Lores, who has been the chair of PayPal’s board since July 2024. PayPal said the appointment was made because company’s pace of change and execution was “not in line with the Board’s expectations” given broader market trends.
• Ban: Spain will introduce an Australia-style social media ban for under-16s as part of a broader crackdown on tech giants over systemic failures to protect users from harm. Spanish Prime Minister Pedro Sanchez said teens under 16 will be unable to access social media platforms starting next week as part of a series of five government measures targeting the platforms.

Who is typically referred to as "The Father of History"?

Answer: Herodotus. 

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