Fractal Analytics, an Indian AI company, is considering an IPO in Mumbai, aiming to raise around US$500 million.

Sources indicate the firm seeks a valuation of at least US$3.5 billion during the share sale, potentially including both new and existing shares.

The IPO is expected to list as early as the first quarter of 2025, although its size and timing may change.

Founded in 2000, the firm reached unicorn status in 2022, achieving a valuation exceeding $1 billion.

Fractal Analytics reported $265 million in revenue for FY2023, with over 4,500 employees.