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fractal: Bengaluru AI firm Fractal second unicorn in ’22


BENGALURU: Private equity firm TPG is investing $360 million in Bengaluru-based AI and analytics company Fractal. The deal values the firm at over $1 billion, making Fractal the second unicorn of 2022. The first was Mamaearth.
Fractal has raised $685 million in funding to date. The latest funding is a combination of primary and secondary share purchase from funds advised by Apax. Both TPG and Apax will be minority shareholders in the company. TPG’s Puneet Bhatia and Vivek Mohan will join Fractal’s board of directors.
“A part of the primary investment would be deployed into R&D for products and in pursuing M&A deals,” Srikanth Velamakanni, co-founder and group CEO of Fractal said. He said the firm deploys 15-20 per cent of the revenue into R&D each year. Fractal is expected to close FY22 with Rs 1,400 crore in revenue, from Rs 800 crore last year.

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