Fractal Latest Startup News
Fractal, an Artificial Intelligence firm, became part of the unicorn club after raising $360 million from TPG in January this year. This resulted in the company being valued at $1 billion. In the previous fiscal year (FY21), Fractal's revenue had approached Rs 1,300 crore, and this number increased to Rs 1,295 crore in FY22, a 48.3% growth. 96% of the total revenue was from analytics and consulting services, which grew 44.1% to Rs 1,244 crore in FY22. Collection from subscription and licensing fees ballooned 4 times to Rs 51 cr in FY2022. Additionally, the company made Rs 19 crore from financial instruments.
Employee benefits accounted for 74 percent of overall expenses and surged 72.7 percent to Rs 1,088 cr in FY2022 from Rs 630 cr in FY2021. Legal and professional fees also shot up 73.5% to Rs 85 crore in FY22. Software maintenance charges and insurance each added Rs 28 cr, pushing the overall cost by 73.7 percent to Rs 1,461 cr during the last year. This resulted in the company slipping into losses (Rs 148 crore) in FY22, compared to a profit of Rs 36 crore in FY21. Its EBITDA and ROCE margin also turned negative with -4.91% and -9.26% respectively.
Fractal's flagship products include Crux Intelligence, Qure.ai, Eugenie.ai, Theremin.ai and Samya.ai. It competes with MuSigma, Tredence, and Quantiphi Analytics, and is eyeing an initial public offering at a $2.5 billion valuation. However, no specific timeline for the IPO has been disclosed yet.
Fractal Chief believes that India will be a major contributor to the upcoming AI revolution. To ensure that the country is able to provide enough talent for this revolution, Fractal has taken the initiative to create the talent present here. With their Imagineer program, they plan to hire talented individuals, teaching them the basics of AI. Furthermore, they have also partnered with Plaksha University, in order to train young individuals in data science and AI. Through these measures, Fractal is confident that it can bridge the talent gap in the Indian AI landscape.
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About Fractal
Founded in 2000 in Mumbai, Fractal has grown to become a global company with 3,500 employees across 16 locations, including the US, UK, Ukraine, India, Singapore, and Australia. Led by Group CEO Srikanth Velamakanni and Pranay Agrawal, CEO, Fractal has developed a range of products, such as Qure.ai, which helps radiologists make more accurate diagnoses.
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