Fractal, a provider of artificial intelligence and analytics solutions, has raised $360 million in a new round led by TPG Capital Asia, which includes a combination of primary investment and secondary share purchase from Apax Partners-advised funds.
The transaction, according to the company, is expected to close by the first quarter of 2022, and the investment will accelerate its ability to scale and meet rising demand globally.
While Fractal has not disclosed its valuation after the current round, sources familiar with the project estimate it to be well over $1 billion. So far, the company has raised $685 million in funding.
Fractal is a well-known player in the Artificial Intelligence space. Qure.ai, Crux Intelligence, Theremin.ai, Eugenie.ai, and Samya.ai are the company’s flagship products.
The company has offices in Mumbai and New York, and it employs over 3,500 people in 16 countries around the world, including the United States, United Kingdom, Ukraine, India, Singapore, and Australia.
According to Bloomberg, Fractal expects to close the current fiscal year, FY22, with $160 million in revenue, and the company is also preparing for its IPO.
Fractal, founded by Srikanth Velamakanni and Pranay Agrawal, has clients such as Google, Reckitt Benckiser Group Plc, and Wells Fargo & Co.
Fractal is the second Indian-origin startup to become a unicorn in the analytics space, following MuSigma. Fractal has also been named the second unicorn of the year 2021. Mamaearth, a baby and mother care brand, joined the prestigious club last week after raising $52 million.
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