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Think big and raise capital early: Fractal's Srikanth to entrepreneurs

LivemintLivemint · 11m ago
Think big and raise capital early: Fractal's Srikanth to entrepreneurs
Medial

Fractal Analytics, an AI company, became a unicorn with a billion-dollar valuation in 2022, nearly two decades after its inception. Founder Srikanth Velamakanni advises entrepreneurs to seek capital early on to prolong their journey and give them multiple shots at success. He also emphasizes the importance of having a small stake in a large pie rather than a large stake in a small pie. Velamakanni shares his 24-year entrepreneurial journey and encourages aspiring entrepreneurs to start a business to solve a problem they believe needs fixing. He also discusses the significance of networking, the qualities necessary for entrepreneurship, the role of an MBA, and the potential of AI in enhancing entrepreneurship.

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Fractal Analytics raises $170 Mn via secondary sale

EntrackrEntrackr · 23d ago
Fractal Analytics raises $170 Mn via secondary sale
Medial

Fractal Analytics, an AI and advanced analytics solutions provider, has raised $170 million (around Rs 1,461 crore) through a secondary share sale, valuing the company at $2.44 billion. According to ET, Apax Partners exited part of its holding in Fractal by selling 6% to 22 investors, including Trust Investment Advisors and others. The proceeds will be used to fuel R&D, global GenAI expansion, and debt pre-payment. The development comes as Fractal prepares for an IPO to raise $400–$500 million at a valuation of around $3 billion. The company has appointed Morgan Stanley, Kotak Securities, and Axis Securities as its IPO bankers and is preparing to file its draft red herring prospectus (DRHP). Founded by Srikanth Velamakanni and Pranay Agrawal, Fractal has grown into a global leader in AI, machine learning, computer vision, quantum computing, and cognitive automation, with 70% of its revenue from the US. Fractal recently entered the Generative AI space with offerings like Fractal GPT, Flyfish (a digital sales advisor), and Arya (a data science agent). It also introduced Kalaido.ai, India’s first multilingual text-to-image model, launched in 2024. In March this year, Fractal invested $20 million in one of its product companies, Asper.ai, a purpose-built AI for growth platform for consumer goods and manufacturing. Fractal has raised around $855 million to date including a $360 million round, where the Srikanth Velamakanni and Pranay Agrawal-led company turned unicorn. For the fiscal year ended March 2024 (FY24), Fractal's Indian entity reported revenue of Rs 2,196 crore and a loss of Rs 54.7 crore. It currently has over 5,000 employees across 18 global locations, including the USA, Canada, UK, Netherlands, Ukraine, India, Singapore, South Africa, UAE, and Australia.

Exclusive: Baaz Bikes to raise fresh funds from existing investors

EntrackrEntrackr · 8d ago
Exclusive: Baaz Bikes to raise fresh funds from existing investors
Medial

Exclusive: Baaz Bikes to raise fresh funds from existing investors Founded by Anubhav Sharma and Shubham Srivastava, Baaz Bikes provides subscription-based scooters to gig workers at firms like Zomato, Zepto, Swiggy, and Amazon. Baaz Bikes is raising Rs 19 crore ($2.2 million) in its extended Series A round from its existing investors, including Big Capital, Rakuten Capital, and Kalaari Capital. The board at Baaz Bikes has passed a special resolution to issue 2,521 preference shares at an issue price of Rs 75,716 each to raise Rs 19.08 crore, its regulatory filing accessed from the Registrar of Companies (RoC) shows. Big Capital will be leading the round with an investment of Rs 8.36 crore, while Rakuten Capital and Kalaari Capital will be investing Rs 5.86 crore and Rs 4.35 crore, respectively. Preetinder Singh Panjrath (CFO of Big Capital) will also contribute Rs 50 lakhs during the fresh proceeds. According to the startup data intelligence platform TheKredible, the company will be valued at around Rs 278 crore or $32.29 million post-money. The company has raised $12 million to date, including its $8 million Series A round led by Big Capital in 2023. Kalaari Capital is the largest external stakeholder with 24.80%, followed by Big Capital and Rakuten Capital, which command 11.30% and 8.06% respectively. The subscription covers multiple battery swaps in a month. The company has yet to file its annual results for FY25. However, its revenue from operations was recorded at Rs 3.76 crore in FY24, with a loss of Rs 8.47 crore during the fiscal year ended in March 2024.

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