Fractal Analytics, one of India’s best-known artificial intelligence firms, has announced the dates for its initial public offering, setting the stage for what is expected to be India’s first pure-play AI IPO. The Rs 2,834 crore public issue will open for subscription on February 9 and close on February 11. The IPO comprises a fresh issue of shares worth Rs 1,023 crore and an offer-for-sale of Rs 1,810 crore by existing shareholders.
Founded in 2000 by Srikanth Velamakanni and Pranay Agrawal, Fractal Analytics has built itself into a global AI and decision intelligence company over the past two decades. The company provides end-to-end analytics, artificial intelligence and data-driven decision-making solutions to large enterprises across sectors.
Fractal’s client base includes some of the world’s largest technology and consumer companies such as Microsoft, Apple, Nvidia, Alphabet, Amazon, Meta and Tesla. More than 65% of its revenue comes from customers in the United States, with operations spread across New York and Mumbai.
The company plans to use the proceeds from the fresh issue to strengthen its global operations. This includes funding its US subsidiary, Fractal USA, for repayment or prepayment of borrowings, investing in laptops and infrastructure for employees, and expanding office space in India. A portion of the funds will also be used to scale up its AI and GenAI product pipeline and to pursue acquisitions as part of its inorganic growth strategy.
Fractal is backed by marquee global investors including TPG, Apax Partners and Gaja Capital, and has raised over $800 million in funding to date. Over the years, the company has steadily expanded its AI software stack and research and development capabilities, positioning itself as a full-stack AI provider to industries such as consumer goods, retail, telecom, healthcare and financial services.
Financially, the company has shown a sharp improvement in performance. For the year ended March 2025, Fractal reported revenue of Rs 2,765 crore, a growth of nearly 26% over the previous year. Profit after tax turned positive at Rs 22 crore, compared with a loss of Rs 5.47 crore in FY24, supported by better margins and operating leverage. EBITDA margin improved to 17.4% from 10.6% a year earlier.
The IPO comes at a time when global investment in AI and digital infrastructure is accelerating. India is emerging as a key market, with large global technology firms committing billions of dollars to AI data centres and cloud infrastructure.Kotak Mahindra Capital, Morgan Stanley India, Axis Capital and Goldman Sachs (India) Securities are acting as book-running lead managers for the issue. With dates announced, Fractal’s listing is expected to test public market appetite for AI-focused companies in India.