Fractal Analytics IPO: Onida's Gulu Mirchandani's Rs 2.75-crore investment turned into Rs 2,400 crore in 22 years

Fractal Analytics IPO sees robust subscription.

• Mirchandani's Rs 2.75 crore Fractal investment now worth over Rs 2,400 crore
• Fractal Analytics IPO opens; GLM Trust to sell 15.5% stake worth Rs 450 crore
• Fractal Analytics serves global clients like Microsoft, Apple, Amazon, and Meta

Did our AI summary help?

Onida Electronics founder Gulu Mirchandani’s early bet on Fractal Analytics has turned into a multibagger, with his family’s initial Rs 2.75-crore investment now valued at over Rs 2,400 crore after 22 years.

Mirchandani had invested Rs 2.75 crore in Fractal Analytics in 2004, when the artificial intelligence solutions provider was four years old. The investment, made through the GLM Trust, has delivered a return of about 475 times over the period, said an X user @Rahul_J_Mathur.

The Mirchandani family is set to partially monetise its holding as Fractal Analytics heads to the capital markets. Under the offer for sale component of the initial public offer (IPO), the GLM Trust will sell about 15.5 per centstake, valued at around Rs 450 crore.

The Rs 2,834-crore IPO of Fractal Analytics opened for subscription in the primary market on Monday and will close on February 11. The issue comprises a fresh issue and an offer for sale aggregating Rs 1,810.40 crore.

On Friday, the company raised Rs 1,248.26 crore from anchor investors.

The price band for the issue has been fixed at Rs 857 to Rs 900 per share, valuing the company at nearly Rs 15,500 crore.

Fractal Analytics plans to utilise the proceeds from the fresh issue to invest in its subsidiary Fractal USA for pre-payment or repayment of borrowings, purchase laptops, set up new offices in India, invest in research and development, support sales and marketing under Fractal Alpha, fund acquisitions and other strategic initiatives, and meet general corporate purposes.

Founded in 2000 by Srikanth Velamakanni and Pranay Agrawal, Fractal Analytics provides end-to-end artificial intelligence solutions to large global enterprises across multiple industry verticals and business functions, enabling data-driven decision-making.

The company is backed by investors such as TPG, Apax and Gaja and operates as a pure-play data and artificial intelligence firm with domain expertise in consumer packaged goods and retail, technology, media and telecom, healthcare and life sciences, and banking, financial services and insurance.

As of March 31, 2025, Fractal Analytics served global clients including Microsoft, Apple, Nvidia, Alphabet, Amazon, Meta and Tesla.

Disclaimer: The views and investment tips expressed by investment experts on Moneycontrol.com are their own and not those of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.