Fractal Analytics files DRHP targeting Rs 4,900 crore IPO
Fractal Analytics has filed its draft red herring prospectus with the Securities and Exchanges Board of India (Sebi) on August 12 with the IPO target of Rs 4,900 crore. Of this, Rs 1279.3 crore will be fresh issue of shares and offer for sale will be Rs 3620.7 crore.
The company aims to list in the NSE and BSE by December, according to sources aware of the development.
After consumer and fintech startups that are eyeing an IPO in 2025, India will see the listing of the first AI company with Fractal Analytics amid the technological shift the country is witnessing.
InMobi, which now has a huge AI focus, is planning its IPO as well and is in the process of redomiciling to India. Capillary Technologies had filed its IPO papers in June 2025.
As of July 31, 4,960 Fractal employees were ESOP holders. With the company going for IPO, it is likely to mint over 100 millionaires as well.
The company has registered Rs 2765.4 crore in revenue for FY25, up 25.9% from FY24 when the company registered Rs 2196.3 crore revenue. The company generated profit of Rs 220.6 crore in FY25, as opposed to loss of Rs 54.7 crore in FY24.
Offloading shares
Its existing shareholders, Apax (Quinag Bidco) and TPG will be selling shares worth Rs 1462 crore and Rs 1999 crore respectively. Two of its angel investors, Gulu Mirchandani’s GLM Family Trust and Rao Remala will be selling a small portion of their shares, accounting for about Rs 129 crore and Rs 29 crore respectively, according to the DRHP.
Founders Srikanth Velamakanni and Pranay Agarwal and their family, collectively hold 20% in the firm, and employees, 17% through the ESOP programme.
The company is currently valued at $2.4 billion, after its recent $172 million fund raise through secondary sales last month. It became a unicorn in 2022, when it raised $360 million from TPG Capital Asia. The company has raised a total of $855 million.
The company works with Fortune 500 firms to make better decisions using analytics. It recently partnered with OpenAI to help customers adopt AI by offering custom model solutions, and AI agents.
The US is the largest customer base, accounting for about 65% of its revenue, and Europe at 16%.
The company aims to list in the NSE and BSE by December, according to sources aware of the development.
After consumer and fintech startups that are eyeing an IPO in 2025, India will see the listing of the first AI company with Fractal Analytics amid the technological shift the country is witnessing.
InMobi, which now has a huge AI focus, is planning its IPO as well and is in the process of redomiciling to India. Capillary Technologies had filed its IPO papers in June 2025.
As of July 31, 4,960 Fractal employees were ESOP holders. With the company going for IPO, it is likely to mint over 100 millionaires as well.
The company has registered Rs 2765.4 crore in revenue for FY25, up 25.9% from FY24 when the company registered Rs 2196.3 crore revenue. The company generated profit of Rs 220.6 crore in FY25, as opposed to loss of Rs 54.7 crore in FY24.
Offloading shares
Its existing shareholders, Apax (Quinag Bidco) and TPG will be selling shares worth Rs 1462 crore and Rs 1999 crore respectively. Two of its angel investors, Gulu Mirchandani’s GLM Family Trust and Rao Remala will be selling a small portion of their shares, accounting for about Rs 129 crore and Rs 29 crore respectively, according to the DRHP.
Founders Srikanth Velamakanni and Pranay Agarwal and their family, collectively hold 20% in the firm, and employees, 17% through the ESOP programme.
The company is currently valued at $2.4 billion, after its recent $172 million fund raise through secondary sales last month. It became a unicorn in 2022, when it raised $360 million from TPG Capital Asia. The company has raised a total of $855 million.
The company works with Fortune 500 firms to make better decisions using analytics. It recently partnered with OpenAI to help customers adopt AI by offering custom model solutions, and AI agents.
The US is the largest customer base, accounting for about 65% of its revenue, and Europe at 16%.
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