Fractal had become the country's first AI unicorn after is raised $360 million from TPG. The next step for the Mumbai and New York-based Artificial Intelligence (AI) startup, which counts Google and Wells Fargo among its customers, is preparing for an IPO.

The 21-year-old startup now values over $ 1 billion, according to Srikanth Velamakanni, co-founder and group chief executive at Fractal. The private equity firm TGP, through its TGP Capital Asia invested $ 360 million in Fractal, which brings the startup’s all-time raise to about $685 million, along with some secondary share purchase as well.

Apart from giants like Google, Fractal Analytics provides AI and analytics services to several other Fortune 100 firms; these firms generate at least $ 10 billion in revenue, every year. 

Fractal's solutions are widely diversified, catering to industries from healthcare to investment to data mining with solutions such as Qure.ai that helps radiologists with diagnosis, Theremin.ai which helps firms make better investment decisions. Eugenie.ai helps find anomalies in high-velocity data while Samya.ai is fuelling next-generation enterprise revenue growth management; Senseforth.ai helps automate customer interactions at scale to grow top-line and bottom-line. Consumer goods giant P&G last year launched a new product called “Secret,” an underarm antiperspirant that it formulated using AI, for which it publicly acknowledged Fractal’s contribution.

“We solve every human problem in the enterprise,” said Velamakanni.

“Our clients are all looking to digitize their businesses and offer more personalized solutions to their customers,” he said. 

“We also work with them on areas such as improving efficiencies, productivity, supply chain planning and forecasting. This is becoming more and more crucial to firms, especially amid the pandemic,” he said.

The startup, which employs more than 3,500 individuals globally, also helps its clients with decision-making actions, Velamakanni said. “Many companies have developed expertise on their product and engineering sides. But on the commercial front, they need some assistance,” he said.

Fractal also incubates and invests in AI projects, he explained.

“We continue to see great momentum in how clients are leveraging AI to accelerate digital transformation. Fractal is building a great workplace and an innovative culture that’s driving significant client outcomes through our ‘user focused, decision-backwards’ approach to solving problems,” he said.

TPG's Puneet Bhatia and Vivek Mohan will join Fractal's board of directors.

“TPG’s capabilities across all our markets and their proven success in building and supporting top AI providers is the perfect complement to the partnership we’ve enjoyed with Apax, whose insight and expertise have been instrumental in accelerating our growth.”

“We would like to become a public company sooner than later. How soon? That I won’t be able to share at this point of time. But certainly, we have scale, size, maturity and governance of a public company,” he said.

“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,” said Puneet Bhatia, co-managing partner of TPG Capital Asia, in a statement.

“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. Srikanth and Pranay have built a highly respected and market leading company, and we are excited to partner with this proven management team to continue to enhance Fractal’s organic and strategic growth.”

Fractal is expected to close FY22 with Rs 1,400 crore in revenue, from Rs 800 crore last year.