India's First AI Unicorn Fractal Files For $560-Million IPO

Fractal Analytics, a provider of artificial intelligence and analytics services, filed for an initial public offering in Mumbai that could value the company at more than $3.5 billion.

Proceeds from the IPO could reach about 49 billion rupees (or about $560 million), according to its listing document published Tuesday. The company plans to sell fresh shares worth 12.79 billion rupees while backers including TPG Inc. and Apax Partners and two prominent angel investors intend to sell 36.21 billion rupees of stock.

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