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AI-powered SaaS unicorn Fractal Analytics has filed its DRHP with the markets regulator SEBI for INR 4,900 Cr IPO.The company’s public issue will comprise a fresh of shares worth up to INR 1,279.3 Cr and an offer-for-sale (OFS) component of up to INR 3,620.7 Cr.

As part of the OFS, PE firms Apax Partners and TPG, GLM Family Trust, Satya Kumari Remala and Rao Venkateswara Remala will offload shares.

While Apax Partners (via Quinag Bidco Ltd) will sell shares worth INR 1,462.6 Cr, TPG (via TPG Fett Holdings Pte. Ltd.) will offload shares worth INR 1,999.6 Cr. GLM Family Trust will sell shares worth INR 129 Cr, while the Remalas will offload shares to the tune of INR 29.5 Cr together.

At the time of filing the DRHP, TPG Fett Holdings Pte. Ltd. held 25.7% shareholding in Fractal Analytics.

While GLM Family Trust, which has Gulu Mirchandani as trustee, held 15.7%, Quinag Bidco Ltd held 18.8% of the company’s shareholding.

Fractal’s cofounders Srikanth Velamakanni and Pranay Agrawal held 5.2% and 4.9% shares, respectively, at the time of filing DRHP. Notably, of the 8,131,360 equity shares, Agrawal is currently the registered owner of 3,332,940 equity shares (in dematerialised form) which comprises 1.98% of the pre-offer equity share capital of the company on a fully diluted basis, with the beneficial owner being the Agrawal Family Trust.

Agrawal will transfer the registered ownership of these equity shares to the Agrawal Family Trust, upon the said trust having opened a demat account in its name, as per the company’s DRHP.

Fractal’s promoter and chief sustainability officer Chetana Kumar held 3.9% shares. Another promoter Narendra Kumar Agrawal held 3.5% shares in the company.

Financial services provider Trust Group’s Relativity Resilience Fund I held 1.03% stake in the company. Both Gaja Capital and Dovetail India held 0.91% stakes each in the company.

Fractal Analytics plans to utilise INR 264.9 Cr of proceeds from the IPO to repay or pre-pay borrowings of its US-based subsidiary. The company will allocate INR 121.1 Cr to set up new office premises in India and INR 57.1 Cr to buy laptops.

Meanwhile, INR 355.1 Cr has been earmarked to fuel research and development (R&D) and boost sales and marketing initiatives. The remaining amount will be used to fund inorganic growth through acquisitions and for general corporate purposes.

Founded in 2000 by Velamakanni and Agrawal, Fractal offers a range of AI-powered analytics solutions to enterprises globally. Its product suite also includes enterprise agentic AI platform Cogentiq, GenAI-powered recruiting platform Iqigai and text-to-image generator Kalaido.ai, among others.

It counts the likes of Google and Wells Fargo among its clients.

The company generates revenue through analytics and consulting services, as well as licence and subscription fees for its proprietary AI products and platforms.

Fractal Analytics converted into a public entiry in May 2024.

The AI-powered SaaS startup reported a consolidated net profit of INR 220.6 Cr in FY25 as against a loss of INR 54.7 Cr in the previous fiscal year..

Its operating revenue stood at INR 2,765.4 Cr in FY25, up 25.9% from INR 2,196.3 Cr a year ago. This marks a continued upward trajectory from INR 1,985.4 Cr in FY23.

Board Of Directors

Rohan Haldea: Rohan Haldea is the chairman and non-executive director of the company, serving as Apax’s nominee on the board. He has been associated with Apax Partners LLP since 2007 and is currently a partner at the firm. He has over 17 years of experience in the investment sector.He did not receive any remuneration from the company for FY25.

Srikanth Velamakanni: Srikanth Velamakanni is the whole-time director, group chief executive, and executive vice-chairman of the company. He is one of the founders and has been associated with the company since its incorporation. He is also the vice chairperson of NASSCOM and a founder and trustee member of Plaksha University, Punjab. He has over 25 years of experience in the technology sector. He received a gross remuneration of INR 9.4 Cr (including variable compensation accrued in FY25) from the company for FY25.

Pranay Agrawal: Pranay Agrawal is the non-executive director of the company and the chief executive officer of its material subsidiary, Fractal USA. He is one of the founders and has been associated with the company since its incorporation. He has over 25 years of experience in the technology sector. He received a gross remuneration of INR 9.9 Cr (including variable compensation accrued in FY25) from Fractal USA in FY25.

Sasha Gulu Mirchandani: Sasha Gulu Mirchandani is the non-executive director of the company, serving as OLMO Capital’s nominee on the board. He has been associated with Kae Capital Management Private Limited since 2008 as its founder and is currently its managing partner. He has around 17 years of experience in the investment sector. He did not receive any remuneration from the company for FY25.

Gavin Echlin Patterson: Gavin Echlin Patterson is the non-executive director of the company, serving as a nominee of Apax and TPG on the board. He serves as the non-executive chairman of Elixirr International PLC, the chair of Alzheimer’s Research UK, and co-chair of the Writer EMEA Advisory Board. He was previously associated with Salesforce UK Ltd as president and chief revenue officer, and with BT Group plc as a board member. He did not receive any remuneration from the company for FY25.

Vivek Mohan: Vivek Mohan is the non-executive director of the company, serving as TPG’s nominee on the board. He has been associated with TPG Capital-India Private Limited Asia since 2019 and is currently a business unit partner. He has over 12 years of experience in the investment sector. He did not receive any remuneration from the company for FY25.

Karen Ann Terrell: Karen Ann Terrell is an independent director of the company. She was previously associated with Walmart Stores, Inc. as chief information officer, GSK plc. as chief digital and technology officer, and Baxter International, Inc. as chief information officer. She received a remuneration of INR 80 Lakh from the company for FY25.

Neelam Dhawan: Neelam Dhawan is an independent director of the company. She was previously associated with Hewlett Packard Enterprise India Private Limited as vice-president – solutions sales and managing director, Hewlett-Packard Asia Pacific Pte. Ltd. as sales vice-president IV, and Microsoft Corporation (India) Pvt. Ltd. as managing director. She has also served on the supervisory board of Royal Philips, Netherlands. She received a remuneration of INR 80 Lakh from the company for FY25.

Janaki Akella: Janaki Akella is an independent director of the company. She was previously associated with McKinsey & Company Inc. as partner and with Google LLC. She has over 23 years of experience in the technology sector. She received a remuneration of INR 80 Lakh from the company for FY25.

Key Managerial Personnel

Ashwath Bhat: Ashwath Bhat is the chief financial officer of Fractal and group chief financial officer of Fractal USA. He has been associated with Fractal USA since January 2021 and took over as CFO of the company in August 2025. Before joining Fractal, he held multiple leadership roles at Nielsen Company, including vice president – financial planning and analysis, finance director for the Middle East, North Africa and Pakistan, CFO for Africa and Middle East, and CFO at Gracenote – a Nielsen Company. He was also associated with IBM India Private Limited and WGE Healthcare Private Limited. He received a remuneration of INR 5.9 Cr in FY25 from Fractal USA.

Somya Agarwal: Somya Agarwal is the company secretary and compliance officer of Fractal. She has been associated with the company since April 2018.Before joining Fractal, she served as company secretary at Win-Medicare Private Limited and SAIC India Private Limited, AVP – legal and company secretary at NourishCo Beverages Limited, and head – legal and company secretary at TLG India Private Limited and Roots Corporation Limited. She received a remuneration of INR 1.1 Cr in FY25.

Ajoy Singh: Ajoy Singh is the chief AI officer of Fractal. He has been associated with the company since May 2012. Earlier in his career, he held leadership positions at GE Countrywide Consumer Financial Services Limited, Standard Chartered Investments & Loans (India) Limited, Barclays Bank PLC, CitiFinancial Consumer Finance India Ltd., and Citicorp Overseas Software Limited. He received a remuneration of INR 2.4 Cr in FY25.

Manish Tiwari: Manish Tiwari is the chief information officer of Fractal. He has been associated with the company since December 2021. Before joining Fractal, he was associated with Aujas Networks Private Limited, Microsoft Corporation (India) Pvt. Ltd., and Bharti Airtel Ltd. He also served in the Indian Navy as a commander. He received a remuneration of INR 2.4 Cr in FY25.

Raja Rajeswari Aradhyula: Raja Rajeswari Aradhyula is the chief design officer of Fractal. She has been associated with the company since February 2008. Earlier, she had worked with Integrated Decisions and Systems (India) Pvt. Ltd. as a technical leader. She received a remuneration of INR 1.6 Cr in FY25.

Rasesh Dhirendra Shah: Rasesh Dhirendra Shah is the chief practice officer – Edtech & FAA of Fractal. He has been associated with the company since January 2008.Before joining Fractal, he was associated with Mastek Limited and Tata Infotech Limited. He received a remuneration of INR 1.5 Cr in FY25.

Rohini Aditya Singh: Rohini Aditya Singh is the chief people officer of Fractal. She has been associated with the company since May 2019. She was previously associated with Amrop International Pvt. Ltd., Essar Services India Private Limited, and Jet Airways (India) Limited. She received a remuneration of INR 2.3 Cr in FY25.

Biju Joseph Dominic: Biju Joseph Dominic is the chief evangelist officer of Fractal. He has been associated with the company since November 2023. Prior to joining Fractal, he was associated with Lowe Lintas and Partners and DDB Mudra Private Limited. He received a remuneration of INR 1.8 Cr in FY25.

Shubhendra Rameshchandra Kanade: Shubhendra Rameshchandra Kanade is the head – marketing of Fractal. He has been associated with the company since November 2023.
Earlier, he had served with Greater Mumbai Municipal Corporation, Axis Bank Limited, and Sutherland Global Services. He received a remuneration of INR 1.5 Cr in FY25.

Natwar Mall: Natwar Mall is the chief transformation officer and chief practice officer – BFSI of Fractal. He has been associated with the company since February 2006. Previously, he worked with Kotak Securities, Infosys Technologies Limited, and Hindustan Lever Limited. He received a remuneration of INR 2.2 Cr in FY25.

Sandeep Dutta: Sandeep Dutta is the chief practice officer – APAC & Middle East of Fractal. He has been associated with the company since June 2016. Before this, he held leadership roles at Nipuna Services Limited, Satyam Computer Services, Wipro Technologies, Tata Consultancy Services Limited, and Mphasis Limited. He received a remuneration of INR 2.2 Cr in FY25.

Chetana Kumar: Chetana Kumar is the chief sustainability officer of Fractal. She has been associated with the company since October 2020 and earlier served as a CSR consultant from 2017. Previously, she worked with e-Serve International Limited. She received a remuneration of INR 70 Lakh in FY25.

Shailendra Pratap Singh: Shailendra Pratap Singh is the chief growth officer of Fractal USA. He has been associated with Fractal USA since June 2021.
Earlier, he was the CEO and director of Samya.ai, and has also worked with Uptron Colour Picture Tubes Limited and Mu Sigma Inc. He received a remuneration of INR 10.5 Cr in FY25 from Fractal USA.

Dylan Neal Dias: Dylan Neal Dias is the chief alliances officer of Fractal USA. He has been associated with Fractal USA since April 2023.He was earlier associated with Microsoft Corporation and e-Emphasys Technologies Inc. He received a remuneration of INR 7.9 Cr in FY25 from Fractal USA.

Satish Avadhanam Raman: Satish Avadhanam Raman is the chief strategy officer of Fractal USA. He has been associated with Fractal USA since July 2017.Previously, he held leadership positions at Sutherland Global Services, Spark Capital Advisors Private Limited, and Bharat S Raut & Co., and served on the board of iQor Holdings Inc. He received a remuneration of INR 7.9 Cr in FY25 from Fractal USA.

Matthew Jason Gennone: Matthew Jason Gennone is the chief practice officer – HLS of Fractal USA. He has been associated with Fractal USA since December 2018.
Earlier, he worked with Accenture and Antuit Inc. He received a remuneration of INR 5.1 Cr in FY25 from Fractal USA.

Mrunali Nikunj Majmudar: Mrunali Nikunj Majmudar is the chief practice officer – CPGR of Fractal USA. She has been associated with Fractal since April 2015 and with Fractal USA since September 2020. Before this, she worked with Procter & Gamble Hygiene and Health Care Ltd., Marico Limited, and ran her own entrepreneurial venture, Chrome Cube. She received a remuneration of INR 5.6 Cr in FY25 from Fractal USA.

Sankaranarayanan Balasubramanian: Sankaranarayanan Balasubramanian is the chief practice officer – TME of Fractal USA. He has been associated with Fractal since May 2006 and with Fractal USA since August 2023. He was earlier associated with SCT Software. He received a remuneration of INR 2.2 Cr in FY25 from Fractal USA.

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