Fractal is on a growth acceleration mode, on Wednesday the company announced raising $360 million from TPG Capital Asia, the Asia-focused private equity platform of global alternative asset firm TPG. Media reports suggests, Fractal was valued at over $1 billion as part of the funding round.
“We continue to see great momentum in how clients are leveraging AI to accelerate digital transformation. Fractal is building a great workplace and an innovative culture that’s driving significant client outcomes through our ‘user-focused, decision-backwards’ approach to solving problems,” said Srikanth Velamakanni, Co-founder and Group CEO of Fractal, in the statement.
The definitive investment agreement between the parties is expected to close by the first quarter of 2022.
The current round will take the total equity capital raised by the company to $685 million and see TPG’s Puneet Bhatia and Vivek Mohan join Fractal’s board of directors.
The round is a combination of primary investment and secondary share purchase, said a statement issued by the company, without offering the break-up.
Funds advised by Apax will participate in the secondary share purchase. Both TPG and Apax will be minority shareholders in the company, the statement added.
Previously, Fractal had raised $200 million from funds advised by private equity advisory firm Apax Partners in 2019 for a significant minority stake at a valuation of $500 million.
