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Total Issue Size
Fresh Issue + Offer For Sale
Fresh Issue (FI)
Proceeds go to the company
Offer For Sale (OFS)
Proceeds go to the existing investors
Investment in subsidiary Fractal USA to repay borrowings
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Purchase of laptops
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Setting up new office premises in India
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Investment in research, development, sales and marketing for Fractal Alpha
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Inorganic growth, strategic initiatives and general corporate purposes
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(₹ in Crore)
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Fractal Analytics Limited is a global enterprise artificial intelligence and analytics company that helps large organisations make better decisions. Founded in March 2000, it combines deep technical expertise with domain and functional knowledge, and has spent more than two decades building AI solutions for major companies across a range of industries. Its offering is organised into two segments: Fractal.ai, which delivers AI services and products through its agentic AI platform Cogentiq, and Fractal Alpha, which houses a set of standalone AI businesses aimed at growth markets. The company serves large global enterprises and integrates deeply into their decision-making systems, which supports high client retention. Its work spans data, analytics, AI platforms and productised solutions, delivered through a global model that relies on skilled talent and scalable technology. A large part of its revenue comes from the United States, and its client base is concentrated among a limited number of major accounts. As of early 2025 Fractal employed around 4,500 people across roughly 17 offices worldwide. Its financial record has been uneven: it reported a profit in FY23, a loss in FY24, and returned to profit in FY25, reflecting the investment-heavy nature of building AI products alongside its services business.
Fractal Analytics raised about Rs 1,248.25 crore from 52 anchor investors ahead of the issue, allotting 1,38,69,499 shares at Rs 900 each. The anchor book drew a broad mix of domestic mutual funds (including SBI Small Cap Fund, the largest at about Rs 105 crore, plus ICICI Prudential, Motilal Oswal and UTI funds), insurers (such as LIC at about Rs 100 crore, HDFC Life, SBI Life and Bharti AXA) and global institutions including Morgan Stanley, Amundi, Goldman Sachs and the Kuwait Investment Authority.
Source: RHP • Analysis provided for informational purposes
Last Updated: 9 July 2026, 4:40 AM
Long AI operating history
The company has more than two decades of enterprise AI and analytics experience, giving it depth across data, platforms and products.
Marquee global client base
It works with large global enterprises across core industries and integrates into their decision systems, which supports strong client retention.
End to end AI capability
Its offering spans data, analytics, the Cogentiq platform and independent AI businesses under Fractal Alpha.
Scalable global delivery
A global delivery model backed by skilled talent and reusable platforms lets it serve clients at scale.
First mover to list
It is among the first India based AI led companies to come to the public market.
Client concentration
A large share of revenue comes from a limited number of major clients, so losing any of them would weigh on results.
Heavy US dependence
The majority of revenue is earned in the United States, exposing the business to that market and currency.
Uneven profitability
Profits have swung year to year, including a loss in FY24 despite rising revenue, and future margins could stay under pressure.
Fractal Analytics Limited
Level 7, Commerz II, International Business Park, Oberoi Garden City, Goregaon (East), Mumbai, 400063
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