Fractal, India’s first AI unicorn, is reportedly planning to raise $500 million through an initial public offering (IPO) at a valuation of at least $3.5 billion, according to sources. The startup, known for its AI and advanced analytics solutions, is expected to pursue a public listing in the first quarter of 2025.
The IPO will likely involve a combination of fresh equity and an offer for sale and Fractal is considering filing its DRHP with Sebi in November.
This news follows earlier reports suggesting Fractal was preparing to file draft IPO papers in August, aiming to raise approximately $600 million at a $3 billion valuation.
Founded in 2000 by Srikanth Velamakanni, Pranay Agrawal, and Ashwath Bhat, Fractal provides AI solutions to numerous Fortune 100 companies. Among its products is Qure.ai, a tool for medical imaging diagnostics. Most recently, the company launched its medical chatbot Vaidya.ai.
Fractal became a unicorn in 2022 after securing $360 million from TPG Capital. To date, the startup has raised $685 million from investors, including TPG Capital, Khazanah Nasional, and Apax Partners.
Fractal employs over 4,500 people across 17 locations, including the UK, Singapore, the Middle East, Australia, India, and the US.
Fractal’s IPO plans align with a broader trend of tech startups in India seeking public listings, taking advantage of the ongoing bull run in the Indian equities market.
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