AI analytics firm Fractal raises $172M ahead of IPO: Report
The transaction saw long‑time backer Apax Partners offload a 6% stake to a consortium of 22 institutional investors. Among the buyers were funds advised by Trust Investment Advisors, White Oak Capital Management, Gaja Capital and Neo Asset Management.
AI firm Fractal Analytics has raised $172 million through a secondary share sale as it prepares for a public listing, sources told YourStory.
The Mumbai-based company's valuation, post-deal, is $2.44 billion. The Economic Times was the first to report the development.
The transaction saw long‑time backer Apax Partners offload a 6% stake to a consortium of 22 institutional investors. Among the buyers were funds advised by Trust Investment Advisors, White Oak Capital Management, Gaja Capital and Neo Asset Management.
The development comes as Fractal gears up for an IPO to raise $400–$500 million at a valuation of around $3 billion. According to the ET report, the company has appointed Morgan Stanley, Kotak Securities, and Axis Securities as its IPO bankers and is preparing to file its draft red herring prospectus (DRHP).
Founded by Srikanth Velamakanni and Pranay Agrawal, Fractal offers a suite of AI and analytics solutions, including predictive modeling, machine learning, and data engineering, across various industries like consumer goods, healthcare, financial services, and retail.
In March, the firm injected $20 million into its spin‑out Asper.ai, a specialised AI‑for‑growth platform serving the consumer goods and manufacturing sectors. To date, Fractal has raised roughly $855 million, including a $360 million round in 2022 that led the company to enter the unicorn club.
Currently, it employs over 5,000 people across 16 locations globally, such as the US, India, the UK, and Australia.
Edited by Affirunisa Kankudti