The Disruptor Series: Fractal – Redefining Enterprise Decisions with AI

Founded in 2000 in Mumbai by Srikanth Velamakanni and Pranay Agrawal, Fractal has evolved from a modest analytics firm to a global AI behemoth. With dual headquarters in Mumbai and New York, a team of over 4,600, and a presence across 18 countries, Fractal empowers enterprises to scale AI and drive strategic decision-making.

From Startup to Strength

Built on a foundation of rigorous AI, engineering, and human-centric design, Fractal specializes in transforming data into actionable insights—offering services across consumer goods, retail, healthcare, financial services, and technology sectors. Their integrated “AI + engineering + design” philosophy tackles the challenge of scaling AI beyond pilot programs, enabling enterprises to derive real value from AI investments.

Bold Moves in Products & Investing

• Fathom-R1-14B: A fully open-source reasoning model developed by Fractal—marking a major milestone in AI innovation .
• Asper.AI: A Fractal product spun out as an AI-driven growth solution, recently receiving a $20 million investment to expand globally.
• Cuddle.ai, Qure.ai, and Kalaido.ai: Specialized tools addressing healthcare diagnostics, conversational analytics, and decision intelligence.

Strategic Funding & IPO Readiness

In 2022, Fractal became a unicorn following a $360 million investment led by TPG Capital.
Most recently, in July 2025, Apax Partners sold a 6% stake (through a secondary sale) to a consortium including Trust Investment Advisors, White Oak Capital, Gaja Capital, and Neo Asset Management—raising $170 million and valuing Fractal at $2.44 billion.
The company is now preparing for an IPO, targeting a public listing by FY26, with plans to raise as much as $500 million.

Culture & Leadership Evolution

Srikanth and Pranay continue to steer Fractal’s vision, supported by a seasoned leadership team that includes Chief AI Officer Ajoy Singh and global heads across multiple functions. Celebrating its 25th anniversary, Fractal reflects a culture rooted in resilience and humility—Srikanth himself once called rejecting early funding “the worst mistake” due to board friction.

A Vision for the Future

Fractal’s disciplined expansion into both deep-tech products and enterprise-grade services signals its intent to own the AI analytics landscape. With open-source reasoning models, strategic SaaS launches, and a global IPO on the horizon, the company is well-positioned to define how enterprises scale AI in the next decade.