India’s first AI listing is on deck: New York-headquartered AI firm FractalAnalytics could increase its research spending as it prepares for its public-market debut, CEO Srikanth Velamakanni told Reuters. Fractal aims to raise INR 49 bn (USD 565 mn) via its IPO, potentially valuing the AI major at USD 3 bn. It filed a draft proposal for a listing with regulators in August, though no date has been set and regulatory approval is pending.

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BY THE NUMBERS- The firm plans to issue fresh equity of INR 12.8 bn (USD 148 mn), making up c. 26% of the offering, while the remaining INR 36.2 bn (USD 418 mn) (c. 74% of the offering) will come in the form of secondary sales by existing investors, according to a regulatory filing. It previously raised some USD 800 mn from Quinag Bidco, Apax Partners, and TPG Fett Holdings.

Money matters: The firm spent INR 1.4 bn (USD 17 mn) on R&D in 2025 and has on an average allocated 6% of its revenues over three years on to the activity.

Fractal, a global enterprise-AI company, helps Fortune 500 firms scale analytics and AI-driven decision-making across retail, consumer goods, and financial services. It earns over 65% of its revenue from US customers including Microsoft, Apple, Nvidia, Alphabet, Amazon, Meta, and Tesla. Nearly 10% comes from a single client among these.

India is big on AI: The listing push coincides with accelerating global investment in AI infrastructure. India is emerging as a key node, with Google committing USD 15 bn to a new data center in Andhra Pradesh, while Microsoft and Amazon are expanding their local cloud estates.

ADVISORS- Axis Bank, Goldman Sachs, Kotak Mahindra Capital, and Morgan Stanley are advising on the share sale, according to the filing.

Amazon-backed More Retail plans a USD 300 mn listing-

MEANWHILE- More Retail readies market debut: Indian supermarket and grocery major More Retail has appointed Avendus Capital and ICICI Securities to prepare a USD 300 mn (INR 26.4 bn) initial public offering that could value the chain at nearly USD 2.5 bn (INR 220 bn), Bloomberg reports, citing unnamed sources. The issue can be expected as soon as next year and will comprise a mix of fresh shares and secondary sales, with timelines still under discussion.

Background: More Retail, acquired in 2019 by Amazon-Samara JV Witzig Advisory, operates 767 supermarkets across 350 cities and plans to add up to 180 stores by 2026.

Also in the IPO pipeline…

ICICI Prudential Asset Management is nearing final regulatory clearance from the Securities and Exchange Board of India for its USD 1.1 bn listing, which is set to be one of India’s biggest IPOs this year, Bloomberg reports. The company has already kicked off preliminary discussions with prospective investors and could formally be in the market as early as next month.

Mumbai-based wedding matchmaking platform Shaadi.com is exploring an IPO and has held initial discussions with investment bankers, Bloomberg reports. The plan is in an early stage, with no advisers appointed and key details — including the valuation, timing, and structure of the offering — still up in the air.

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