Fractal Analytics Files for $560 Million IPO, Valued at Over $3.5 Billion

Fractal Analytics, India's first AI unicorn, has filed for a $560 million IPO, valuing the company at over $3.5 billion. The company offers AI products and services to help enterprises improve operational efficiency and design new products. Fractal reported a 25.9% revenue increase to 27.65 billion rupees in the year ending March 2025 and a profit of 220 million rupees. The IPO is expected to be one of the largest in India this year, with up to $18 billion expected to be raised in the second half of 2025.

Fractal Analytics, India's first AI unicorn, has filed for an initial public offering (IPO) that could raise up to $560 million and value the company at over $3.5 billion. The IPO is expected to be one of the largest in India this year, with up to $18 billion anticipated to be raised in the second half of 2025 [2].

Fractal Analytics, co-founded in 2000 by Srikanth Velamakanni and Pranay Agrawal, has evolved from a SaaS startup to a global AI powerhouse. The company offers AI products and services to help enterprises improve operational efficiency, design new products, and build sustainable supply chains. Fractal's global customer base includes major corporations such as Google, Unilever, and Kraft Heinz [1].

The company reported a 25.9% revenue increase to 27.65 billion rupees in the year ending March 2025 and a profit of 220 million rupees. The IPO is expected to file its draft red herring prospectus (DRHP) as early as late 2024 and go public in Q1 2025 [1].

Fractal's growth has been fueled by strategic acquisitions and a focus on AI development. The company has incubated and scaled up several startups, such as Qure AI in healthcare and Senseforth AI in conversational AI. Fractal's FlyFish platform is designed to tap into the agentic AI opportunity [4].

The IPO is backed by marquee investors including TPG Capital, Apax Partners, and Khazanah Nasional, who have collectively invested over $685 million in the company. The company is also seeking to capitalize on the growing investor demand for AI and the adoption of consumer technologies in India [2].

Fractal's transformation from an analytics startup to an AI-first public-market contender is a testament to the company's vision and strategic execution. The IPO is expected to provide significant liquidity for existing investors and open up new opportunities for growth and expansion.

References:
[1] https://www.linkedin.com/posts/owndesk-in_fractalanalytics-aiunicorn-deeptech-activity-7359084320835162112-9fL7
[2] https://www.bloomberg.com/news/articles/2025-08-12/india-s-first-ai-unicorn-fractal-files-for-560-million-ipo
[3] https://www.postwrestling.com/2025/08/06/tko-group-holdings-reports-10-percent-revenue-increase-in-q2-2025-earnings/
[4] https://inc42.com/startups/inside-ipo-bound-fractals-25-year-journey-from-saas-startup-to-ai-powerhouse/