Fractal Analytics, one of India's largest AI and decision-intelligence companies, filed its DRHP in August. Its IPO will comprise a fresh issue of up to INR 1,279.3 Cr and an offer-for-sale (OFS) component of up to INR 3,620.7 Cr, making it one of the biggest enterprise tech listings from India's SaaS and AI sector. TPG Capital, Apax Partners and TA Associates plan to offload their shares via the OFS.

Meanwhile, Amagi filed its draft offer document on July 31. Amagi's IPO will comprise a fresh raise of up to INR 1,020 Cr and an OFS of up to 3.41 Cr shares by existing investors such as Norwest Venture Partners, Accel India, Premji Invest, Trudy Holdings and Avaatar Ventures Partners.

A Look Into Fractal's Business Model

Notably, Fractal, founded in 2000 by Srikanth Velamakanni and Pranay Agrawala, is an enterprise AI and analytics company that helps large businesses improve decision-making using data science, machine learning and GenAI.

Initially, it worked with BFSI and consumer goods clients, using statistical and regression-based models to solve problems like customer acquisition, credit scoring, demand forecasting and segmentation. However, the company has since evolved into an AI-first solutions player with products spanning decision intelligence, conversational AI, agentic AI, healthcare AI and image-generation models.

Its current business model is a mix of AI-led services, SaaS products and revenue from incubated or acquired companies. Fractal works closely with enterprises through long-term consulting and implementation contracts, building custom AI and decision-intelligence solutions.

Alongside this services engine, it has developed a portfolio of products such as Senseforth AI (conversational AI), Flyfish (agentic shopping assistant), Kalaido.ai (text-to-image diffusion model), MarshallGoldsmith.ai (virtual business coach) and Vaidya.ai (healthcare AI).

It also incubates and acquires companies to add new capabilities, examples include Qure.ai, Final Mile and Eugenie.ai, allowing Fractal to expand across verticals. A majority of its revenue comes from its US and Singapore entities, especially via consumer packaged goods and technology, media, and telecommunications customers, which together contribute nearly 70% of the business.

The company turned profitable in FY25, posting a consolidated net profit of INR 220.6 Cr as against a loss of INR 54.7 Cr in FY24. It reported operating revenue of INR 2,765.4 Cr, a 25.9% increase over the previous fiscal year.

What Does Amagi Do?

Meanwhile, Amagi provides a full-stack SaaS platform for broadcasters, streaming platforms and content owners to create, manage, distribute and monetise video content globally.

Founded in 2008, it enables TV networks and OTT players to run cloud-based channels, automate playout, handle live and on-demand distribution, and deliver targeted advertising.

Its suite replaces traditional broadcast hardware with scalable cloud infrastructure, making content operations cheaper, faster and more flexible. Amagi's customers include global TV networks, FAST (Free Ad-supported Streaming TV) channels, streaming platforms and digital media companies.

Its business model is built on subscription-based SaaS revenues, cloud infrastructure usage fees, managed services for playout and distribution, and advertising monetisation tools.

Clients pay for channel creation, automation, delivery, and targeted ad-tech capabilities. The company also benefits from long-term enterprise contracts and global partnerships with major cloud providers. As the FAST and streaming ecosystem expands, Amagi earns more as customers scale channels or add additional streaming workflows.

In FY25, the company's revenue from operations surged 32.2% to INR 1,162.6 Cr, while its net loss narrowed sharply to INR 68.7 Cr from INR 245 Cr in FY24 due to improved cost management and higher demand for its cloud-based broadcasting and streaming solutions.