PE-VC Fund Investments
IPO-bound Fractal Analytics raises $170-M; Apax makes secondary sale
Mumbai- and New York-based artificial intelligence (AI) analytics firm Fractal Analytics has raised USD 170 million (about INR 1,461 crore), valuing the company at USD 2.44 Billion (INR 20,978 crore). Investors included Trust Investment Advisors, White Oak Capital Management, Gaja Capital and Neo Asset Management.The public markets-bound firm saw a secondary sale of 6% equity by existing investor Apax Partners.When Fractal raised its last round in 2023 by TPG Capital, it was valued at USD 1.55 billion.The primary funds will be invested in expanding the company’s generative AI services portfolio, research and development, global expansion and pre-payment of loans.Founded by Srikanth Velamakanni and Pranay Agrawal in 2000, Fractal Analytics operates in the areas such as computer vision technologies, machine learning, quantum computing, cognitive automation and conversational AI. It has business operations in the US (which accounts for 70% of its revenues), followed by Europe (20%) and Australia, Middle East and India (10%). The company has hired Morgan Stanley, Kotak Securities and Axis Securities to manage its public issue.
In Jan-19, Apax Partners had invested about USD 200 M in Fractal in return for a 45% stake.
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