India’s leading pure-play enterprise data, analytics and AI company Fractal Analytics has filed its DRHP with the Securities and Exchange Board of India (SEBI). The IPO is expected to open later this year and will give investors a chance to buy into one of India’s most well-known AI companies and see the financial turnaround, AI ambitions and disciplined growth playbook that has defined Fractal over the last two and a half years.
Fractal Analytics IPO Details
- Promoters: Srikanth Velamakanni, Pranay Agrawal, Chetana Kumar, Narendra Kumar Agrawal, Rupa Krishnan Agrawal.
- Major Selling Shareholders in OFS:
- Quinag Bidco — INR 1,462.6 crore
- TPG Fett Holdings — INR 1,999.6 crore
- Others, including Satya Kumari Remala, GLM Family Trust.
- Book Running Lead Managers (BRLMs): Kotak Mahindra Capital, Morgan Stanley India, Axis Capital, Goldman Sachs (India).
- Registrar: MUFG Intime India
Shareholding – Strong Backing from Global Investors
The company’s cap table reflects confidence from marquee investors and founding leadership:
- TPG Fett Holdings holds 27.27% of the equity (25.67% on a fully diluted basis).
- GLM Family Trust and Quinag Bidco own 19.33% and 10.93%, respectively (with Quinag’s stake doubling on a fully diluted basis).
- Co-founders Pranay Agrawal and Srikanth Velamakanni collectively hold over 10% of the company.
This blend of institutional capital and founder-led vision has been key to Fractal’s steady scaling, global client acquisition, and product innovation.
Financial Performance – From Loss to Robust Profitability
| Metric | FY23 | FY24 | FY25 |
|---|---|---|---|
| Revenue from Operations | 1,985.4 | 2,196.3 | 2,765.4 |
| Total Expenses | 2,225.2 | 2,250.6 | 2,575.5 |
| Net Profit / (Loss) | 194.4 | (54.7) | 220.6 |
| Basic EPS (INR) | 13.39 | (3.12) | 14.49 |
Use of IPO Proceeds
According to the DRHP, the net proceeds from the Fractal Analytics IPO will be deployed toward:
- Prepayment of borrowings at Fractal USA – INR 264.9 crore.
- Purchase of laptops – INR 57.1 crore, reflecting ongoing workforce expansion.
- Setting up new office premises in India – INR 121.1 crore.
- R&D and sales/marketing for Fractal Alpha – INR 355.1 crore, fueling the development of next-gen AI products.
- Strategic acquisitions and corporate purposes – amount to be finalised.
The targeted investments signal a focus on both operational scale and intellectual property (IP)-driven growth.
Strategic Direction – Betting Big on Cogentiq and Multi-Agent AI
Fractal Analytics’s DRHP outlines a clear technological north star:
- Cogentiq – its flagship agentic AI platform, launched in early 2025, enables rapid AI product development with built-in security, governance, and interoperability.
- Plans include porting existing AI products to Cogentiq, advancing multi-agentic systems like Pioneer, and spinning off successful enterprise and consumer-facing AI products through Fractal Alpha.
- Investments in autonomous data science, AI-powered software development lifecycle tools, and domain-specific solutions are core to the roadmap.
Culture and Talent – A Competitive Moat
Fractal’s leadership believes its culture is a competitive advantage.
- Ranked a “Great Place to Work” in multiple countries, the company values trust, transparency and continuous learning.
- In-house platforms like Iqigai.ai (AI-powered hiring assessment) and Dexter (virtual AI HR assistant) show how the company uses AI to improve operational efficiency.
- Focused leadership programs and a strong peer-learning culture to retain top talent in a competitive AI job market.
Partnerships and M&A – Expanding the AI Ecosystem
Fractal has deep partnerships with technology giants like Google Cloud, OpenAI, C3 AI and Nielsen IQ to co-create go-to-market plans and leverage partner funding programs to accelerate client acquisition.
The company has also made strategic acquisitions to strengthen domain capabilities:
- Samya.ai (now Asper.ai) for demand forecasting and decision analytics.
- Senseforth.ai (Cogentiq CX) to bolster NLP and Gen AI capabilities.
- Analytics Vidhya to enrich its AI talent pipeline.
- Neal Analytics to expand data engineering and cloud-first offerings.
Market Opportunity and Risks
Fractal Analytics is in a high-growth space at the intersection of enterprise AI, analytics and cloud engineering. With global spend on AI expected to be over USD 500 billion by 2030, being a “full-stack AI partner” across design, engineering, and algorithmic decision-making puts Fractal in a strong position.
However, as with most tech IPOs, execution risk, competition from global consulting and AI product firms, and evolving AI regulations are key variables for investors to watch.
Bottom Line
Fractal’s IPO is more than a fundraise – it’s a statement of intent. The company is saying it wants to move from being an AI services leader to a global AI product company, anchored in agentic AI platforms, multi-agent systems and strategic M&A.
For investors, the pitch is attractive: a profitable, high-growth tech company with global clients, founder-led vision and a roadmap to the next wave of AI innovation.
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