Fractal Analytics, founded in 2000, by Srikanth Velamakanni and Pranay Agrawal, is exactly the kind of India-to-world AI success story that excites us at GIA!
What is the news?
- Fractal Analytics has raised $170 million through a secondary sale of 6% equity by long-time investor Apax Partners, valuing the AI analytics firm at $2.44 billion.
- The buyers include 22 investors and funds advised by Trust Investment Advisors, as well as funds managed by White Oak Capital Management, Gaja Capital and Neo Asset Management.
Why is it interesting?
- With 70% of revenues from the US, 20% from Europe, and operations across Australia and Middle East, Fractal demonstrates how Indian AI companies can build global market leadership.
- Fractal has developed India’s first text-to-image diffusion model Kalaido AI Image Generator: Create AI Images from Text, for English and Indian languages, alongside GenAI solutions like Flyfish, Fractal GPT and Arya. With $855 million raised to date and Morgan Stanley, Kotak Securities and Axis Securities as IPO bankers, they’re positioning for a $3 billion public market debut while expanding their generative AI services globally.
Read more: IPO-bound AI company Fractal bags $170 million at $2.44 billion valuation – The Economic Times