Fractal, a longtime leader in the artificial intelligence and analytics space, announced Wednesday that it is receiving a $360 million investment from TPG. The deal, which is expected to close this quarter, is being done through the alternative asset firm’s Asia-focused private equity platform TPG Capital Asia, and includes a secondary share purchase from funds advised by private equity firm Apax, a major shareholder in the Mumbai and New York-based company.
“Apax has been a great partner to us as we have worked to grow our business, providing valuable insights from their tech experience, operational leadership and access to their unique network. As we continue to build upon this foundation, the investment from TPG will accelerate our ability to scale and meet this rising demand globally,” Fractal’s co-founder and CEO Pranay Agrawal said in a statement. “The demand for AI is surging across the enterprise. Our AI solutions and products, along with our globally recognized team of experts, empower these organizations to realize and maximize their full potential.”
Indeed, AI seems to have permeated just about every industry, promising to simplify, personalize and digitize everything from retail to healthcare to financial services. This has meant big success for the entire analytics space, including Fractal. Over the last two decades the startup has attracted an impressive roster of customers, including Google and Wells Fargo, with its various AI-powered design and engineering solutions.
“The quality of Fractal’s offering has enabled them to build a deep and loyal client base, made up of some of the world’s largest and most respected companies,” Puneet Bhatia, a co-managing partner at TPG Capital Asia, said in a statement. “In the growing market for data and analytics services, Fractal continues to stand out as one of the most well-established, differentiated providers and a clear leader in AI and advanced analytics.”
Looking ahead, Fractal says it will use this latest investment to further scale its operations and offerings. Co-founder and group CEO Srikanth Velamakanni also recently told TechCrunch that the company has plans to make its public debut “sooner than later,” claiming it has the “scale, size, maturity and governance of a public company.” Until then, Fractal appears to be in the midst of a hiring spree, with dozens of open tech positions at its 16 offices around the world.
