India AI Startup Fractal Weighs IPO as Pandemic Fuels Growth

India AI Startup Fractal Weighs IPO as Pandemic Fuels Growth

India has more than a thousand software-as-a-service providers and the industry is set to increase its annual revenue to $70 billion by 2030 from about $3 billion now, according to a recent report by consultancy McKinsey & Co., trade group SaasBoomi and India’s software industry body, Nasscom. The country’s contenders are set to control about 6% of the global SaaS market estimated to be worth $1.3 trillion by the end of the decade, according to the report.

Fractal has its main offices in Mumbai and New York and 2,400 employees in 16 locations across the globe, including India, the U.S., U.K., Ukraine and Australia. The company plans to add 1,500 workers this year, mainly in India, Velamakanni said.

Revenue in the fiscal year after this one is set to reach $250 million, he said. Among Fractal’s new initiatives is Crux Intelligence, which combines machine learning and natural language processing to allow enterprises to easily gather business intelligence from data and convert such analysis into action.

“It’s like the Siri or Google Assistant for businesses,” said Kathy Leake, the head of Crux Intelligence. “Customers can query in simple language and have data analysis and personalized business insights at their fingertips.”

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Alternative Text Crux Intelligence
Crux Intelligence is an enterprise-level AI platform that helps diagnose, predict, and prescribe what will happen in your business.