Fractal Analytics Set for India’s First Tech IPO
Fractal Analytics has received approval from the Securities and Exchange Board of India (SEBI) to launch what will become India’s first initial public offering as a technology-driven analytics company.
The regulator published the approval on November 24, allowing the Mumbai-based firm to access public markets at a time when demand for advanced analytics technologies is growing rapidly worldwide.
Fractal plans to raise around ₹4,900 crore (roughly $563 million) through a combination of new share issuance and an offer for sale by existing investors.
Its draft prospectus indicates that the new share issue will be up to ₹1,279 crore, while existing shareholders intend to sell shares worth approximately ₹3,621 crore. Investors planning to divest include Quinag Bidco, TPG Fett Holdings, Satya Kumari Remala, Rao Venkateswara Remala, and the GLM Family Trust. Analysts suggest the IPO could value Fractal at over $3.5 billion.
A large portion of the proceeds is expected to reduce debt at Fractal’s U.S. subsidiary, expand office operations within India, and accelerate research and development in next-generation technology solutions.
Company Growth, Investors, and Global Reach
Founded in 2000 by Srikanth Velamakanni and Pranay Agrawal, Fractal has emerged as one of India’s leading analytics companies, offering decision intelligence, analytics services, and product platforms to major global corporations. Its clientele includes Microsoft, Apple, NVIDIA, Alphabet, Amazon, Meta, and Tesla.
The company has been backed by investors such as TPG, Apax, and Gaja Capital, securing more than $800 million in funding so far. Fractal has also been strengthening its product suite and research capabilities to provide comprehensive technology platforms for sectors including consumer goods, retail, telecom, healthcare, and financial services.
Fractal generates more than 65% of its revenue from the U.S. and maintains key offices in New York and Mumbai.
Despite the significant exits by some financial investors, co-founders Velamakanni and Agrawal, along with their families who own roughly 20% of the company, will not sell their shares in this offering.
Morgan Stanley India, Goldman Sachs India, Kotak Mahindra Capital, and Axis Capital will serve as book-running lead managers for the IPO, which is expected to draw close attention as India’s technology and analytics sector continues to grow.
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