The company has begun meeting potential investors, the people said, asking not to be identified as the information is private. Fractal is seeking a valuation of around $3 billion, they said.
Deliberations are ongoing, and details such as valuation and timing could change, the people said. A spokesperson for the analytics firm, India’s first artificial-intelligence unicorn, didn’t immediately respond to requests for comment.
Fractal joins the growing wave of firms seeking to go public in India on the heels of two IPOs this month that raised more than $1 billion each. Total proceeds from new listings have reached nearly $16 billion in 2025, with optimism growing that the year could exceed 2024’s record $21 billion.
The proposed offering will involve the company selling new shares valued at 12.8 billion rupees, and existing investors — including TPG Inc. and Apax Partners LLP — selling about 36.2 billion rupees of stock, according to the company’s draft prospectus.
Founded in 2000 by five graduates of the Indian Institute of Management Ahmedabad, Fractal achieved unicorn status in 2022. Of the original founders, only Group Chief Executive Officer Srikanth Velamakanni and CEO Pranay Agrawal remain with the company. Both executives hold stakes of roughly 10% and aren’t selling shares in the IPO.Axis Bank Ltd., Goldman Sachs Group Inc., Kotak Mahindra Capital Co. and Morgan Stanley are advising on the share sale.