Indian artificial intelligence startup Fractal becomes a unicorn after receiving funding of $360 million from TPG. It is the second Indian startup to achieve unicorn status after Mamaearth in 2022.
The company has raised a total of $685 million to date, and the fresh funding has raised Fractal’s market valuation to over $1 billion, making it a unicorn. TPG Capital Asia, the investment company’s Asia-focused equity platform, will take the responsibility of providing the newly raised funds to Fractal.
According to the company, the transaction of the funds will close by the first quarter of 2022. Fractal plans to use the funds to invest heavily in the research and development of its products.
Co-founder and Group CEO of Fractal, Srikanth Velamakanni, said, “Our AI solutions and products, along with our globally recognized team of experts, empower these organizations to realize and maximize their full potential. As we continue to build upon this foundation, the investment from TPG will accelerate our ability to scale and meet this rising demand globally.”
He also mentioned that TPG’s capabilities completely complement Fractal’s goals, which would help them work together like the way they have been enjoying their partnership with the company’s major shareholder, Apax. Last year Fractal also planned an initial public offering (IPO) to accelerate its growth. The new funding will allow the company to seek more mergers and acquisitions soon.
Mumbai-based artificial intelligence startup Fractal was founded by Pranay Agrawal and Srikanth Velamakanni in 2000. The firm specializes in developing several AI-powered products like Qure.ai and Crux Intelligence that help companies make better strategic decisions. Currently, Fractal has a workforce of over 35,000 employees and has offices in 16 locations across the world, including the United States, Singapore, and Australia.
“Our AI solutions and products, along with our globally recognized team of experts, empower these organizations to realize and maximize their full potential,” said Co-founder and CEO of Fractal, Pranay Agarwal.