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Fractal Analytics bets heavily on R&D in AI race before IPO
Mint Ahmedabad
|November 20, 2025
Enterprise artificial intelligence firm Fractal Analytics plans to maintain high research and development (R&D) spending ahead of its market debut for which a date has not yet been set, a top executive has said.
Srikanth Velamakanni , chief executive officer, Fractal Analytics.
Fractal, which specializes in AI-driven decision-making for large businesses, will continue to invest “significantly”, and possibly increase its research outlay to stay competitive, chief executive officer Srikanth Velamakanni told Reuters.
In 2025, Fractal spent ₹144 crore ($16.60 million) on R&D, with an average 6% spend on R&D over the past three years, the company’s red herring prospectus showed.
Fractal is waiting to receive approval from India’s securities regulator to move forward with its initial public offering.
"No company can take its AI credibility for granted,” said Velamakanni.
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