Fractal Analytics Prepares for $500 Million IPO
India’s first AI unicorn, Fractal Analytics, is set to submit its draft red herring prospectus (DRHP) by mid-August 2025 for a much-awaited $500 million initial public offering (IPO). The firm plans to reach a valuation of more than $3 billion, which can go up to $3.5 billion. The IPO is expected to include both fresh equity issue and secondary sales by current investors like TPG and Apax Partners.
Established in 2000 and with its headquarters in both Mumbai and New York, Fractal is a worldwide leader in artificial intelligence and deep analytics. With more than 4,500 people employed across 17 offices globally, Fractal is servicing leading clients such as Google, Unilever, and Kraft Heinz. The organization achieved $265 million in revenue in FY24 and always spends more than 10% of revenue on R&D, especially on generative AI and cutting-edge industry-specific solutions such as Asper.ai and Qure.ai.
In a breakthrough move, Fractal recently invested ₹118 crore (~$13.7 million) in developing India’s first massive-scale reasoning AI model. The future IPO will continue to accelerate its growth, technology building, and international presence.
This IPO is taking place when India’s equity markets are experiencing a revival in tech listings, with over $9 billion raised in 2024 so far. A successful listing would not only represent a good exit for private equity holders but also establish Fractal as a bellwether for India’s AI and deep-tech sector at a global level.
