US-based government services provider Tryfacta, Inc. is planning to raise USD 100 to 150 million through an initial public offering (IPO) on the GIFT City International Exchange by the end of October, according to three people aware of the matter.
If successful, this will be the largest fundraising by an international company in India and could make Tryfacta the first to list on the International Financial Services Centre Authority (IFSCA) platform. The only other company that has filed with IFSCA so far is Mumbai-based XED Education, which plans to raise around USD 8.4 million for working capital and technology capex.
Headquartered in California, Tryfacta was co-founded in 1996 by Ratika and Adesh Kumar Tyagi. The company provides IT services, staffing, and payrolling solutions to US federal and state government entities as well as institutional clients across sectors such as healthcare, IT, engineering, education, and consulting.
Tryfacta has built a strong track record of winning large federal contracts. Its recent wins include the US Defense Health Agency (USD 43 billion), Defense Logistics Agency (USD 11.9 billion), and Department of Veteran Affairs (USD 100 million). State and local government contracts include the State of Florida (USD 143 million) and Baltimore County Public Schools (USD 55 million).
The company currently deploys over 10,000 contract workers across these projects.
From 205 employees in 2020, it now manages over 4,000 personnel, primarily in non-IT and healthcare segments. The firm now services over 150 active contracts, up from 10 in 2020, with durations ranging between 5 and 10 years.
A Board of Directors report dated September 10, 2025, shows Tryfacta is collaborating with the Bay Area Air Quality Management District to build a data warehouse for emissions data management and inventory reporting.
Sources hint at Yoki Financial Services, an arm of Mefcom Capital and an IFSCA-registered investment bank, being appointed as the investment banker for the issue.
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