Mumbai and San Francisco-based Fractal has raised $360 million in funding from private equity investors TPG. The investment would be made through TPG’s Asia-focused private equity platform TPG Capital Asia.
The 21-year-old company has been valued at over $1 billion after this round, the company’s cofounder and group chief executive (CEO) Srikanth Velamakanni, said. The company has raised $685 million in fundraise to date.
The transaction is expected to close by the first quarter of 2022, and includes both primary as well as secondary share purchases. TPG’s Puneet Bhatia and Vivek Mohan will join Fractal Analytics’s board of directors.
The company’s board currently includes Salesforce’s Gavin Patterson, Apax Partners Rohan Haldea, Apax Partners Shashank Singh and Kae Capital Gulu Mirchandani. It was founded by Indian Institute of Management-Ahmedabad graduates Velamakanni, Pranay Agrawal, Nirmal Palaparthi, Pradeep Suryanarayan and Ramakrishna Reddy.
Fractal offers artificial intelligence (AI) and analytics solutions — such as marketing analytics, forecasting, pricing and promotion optimisation services and consumer insights — to several Fortune 500 firms in the world, which typically have a revenue of $10 billion.
The company claims to earn $100 million in annual revenue.
The company’s offering includes smart radiology solution Qure.ai, investment aid Theremin.ai and data analytics platform Eugenie.ai, revenue growth management company Samya.ai and customer management company Senseforth.ai.
“We continue to see great momentum in how clients are leveraging AI to accelerate digital transformation. Fractal is building a great workplace and an innovative culture that’s driving significant client outcomes through our ‘user focused, decision-backwards’ approach to solving problems,” said Srikanth Velamakanni, cofounder, group chief executive officer, Fractal Analytics.
It employs over 3,500 individuals across India, Ukraine, UK, US, Australia and Singapore..
Source: businessinsider.in
