Indian AI Firm Fractal Analytics Gets SEBI Approval For ₹4,900 Cr IPO
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AI Solutions Pre-IPO
November 27, 2025
Mumbai AI Innovator to Lead India’s First Dedicated AI Public Listing
Fractal Analytics, a globally recognized provider of enterprise AI solutions, has secured approval from India’s securities regulator (SEBI) for an initial public offering (IPO) worth around ₹4,900 crore ($563 million). The offering includes a fresh equity issuance of up to ₹1,279.3 crore and an additional sale of shares totaling ₹3,620.7 crore by existing investors such as Quinag Bidco Ltd (Apax Partners), TPG Fett Holdings, and family trusts.
Financing Growth After Strong Financial Recovery
Proceeds from the IPO will be allocated toward repaying debts held by subsidiary Fractal USA, opening new Indian offices, acquiring technology assets like laptops, advancing research—particularly in generative AI—enhancing sales and marketing for Fractal Alpha, exploring acquisitions, and general corporate needs. Financial institutions Kotak Mahindra Capital, Morgan Stanley India, Axis Capital, and Goldman Sachs India will lead the offering.
Established in 2000 by Srikanth Velamakanni and Pranay Agrawal, Fractal serves Fortune 100 giants such as Microsoft, Apple, Nvidia, Amazon, and Tesla across industries like FMCG, finance, healthcare, and technology, with 65% of its revenue originating in the U.S. Its proprietary tools include Flyfish (generative AI for sales), Eugine (sustainability analytics), Asper (consumer insights), and Senseforth (conversational AI), alongside its healthcare diagnostics venture Qure.ai.
Profitability Paves Way for Landmark Listing
The company reported fiscal year 2025 revenue of ₹2,765.4 crore, marking a 25.9% year-on-year increase, and net profits of ₹220.6 crore—a significant rebound from the prior year’s ₹54.7 crore loss. Its EBITDA margin stood at 17.4%. Backed by investors including TPG, Apax, and Gaja Capital (total investments exceeding $800 million), the founders retain approximately 20% ownership and are not participating in the share sale.
This IPO marks India’s first exclusively AI-focused public listing amid a surge in SaaS companies going public, coinciding with approvals for firms like Amagi Media Labs. Fractal is poised to achieve a valuation exceeding $3.5 billion post-listing, reflecting the soaring global demand for enterprise AI solutions.
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