AI Unicorn Fractal Files for $560 Million IPO in Mumbai

Fractal Analytics, India's first AI unicorn, has filed for an initial public offering in Mumbai that could value the company at over $3.5 billion. The IPO aims to raise approximately ₹4,900 crore ($560 million), with fresh shares worth ₹1,279 crore and existing backers including TPG Inc. and Apax Partners offering ₹3,621 crore of stock.

The MOVE capitalizes on surging investor interest in AI and India's rapidly growing consumer tech sector. Founded in 2000 by IIM Ahmedabad graduates, Fractal achieved unicorn status in 2022. Current CEOs Srikanth Velamakanni and Pranay Agrawal, each holding 10% stakes, are not divesting in the offering.

Fractal's client roster includes Citigroup, Royal Philips, and Nestlé, with services focused on operational efficiency and product innovation through AI solutions. The listing comes as India's IPO market prepares for a strong second half in 2025, with Jefferies forecasting up to $18 billion in total offerings.