In the world of investing, patience often rewards those willing to spot potential before it becomes obvious. One such remarkable story has emerged from the Indian startup ecosystem, where Onida Electronics founder Gulu Mirchandani’s early investment in Fractal Analytics has transformed into a spectacular multibagger. What began as a modest ₹2.75 crore investment has now ballooned into a holding worth over ₹2,400 crore, showcasing the immense value creation possible through long-term conviction in emerging technologies.
Credits: Entrackr
Investing in AI Before It Became Mainstream
Back in 2004, artificial intelligence and advanced data analytics were still niche concepts, far removed from the mainstream business buzz they generate today. At that time, Mirchandani chose to invest ₹2.75 crore in Fractal Analytics through the GLM Trust. The company was only four years old, still in its early growth phase, and operating in a domain that was yet to witness widespread commercial adoption.
Over the next 22 years, this early bet delivered extraordinary returns, reportedly multiplying nearly 475 times. The investment highlights Mirchandani’s foresight in identifying a business model built around the future of data-driven decision-making, a capability that has now become indispensable for global enterprises.
Partial Exit as Fractal Heads for IPO
With Fractal Analytics now entering the capital markets, the Mirchandani family is preparing to partially monetise its investment. As part of the Offer for Sale (OFS) component of the company’s initial public offering, the GLM Trust plans to sell approximately 15.5% of its stake. The stake sale is estimated to be valued at around ₹450 crore, allowing the family to unlock a portion of the massive gains accumulated over two decades while still retaining exposure to the company’s long-term growth potential.
Details of the ₹2,834 Crore IPO
Fractal Analytics’ ₹2,834 crore IPO officially opened for subscription on Monday and is scheduled to close on February 11. The offering includes a combination of fresh issue and offer for sale, aggregating ₹1,810.40 crore. Ahead of the public subscription, the company successfully raised ₹1,248.26 crore from anchor investors, signalling strong institutional confidence in its business fundamentals and future prospects.
The price band for the IPO has been fixed between ₹857 and ₹900 per share. At the upper end of this range, the company is expected to command a valuation of nearly ₹15,500 crore, placing it among India’s prominent technology-driven enterprises.
Strategic Utilisation of IPO Proceeds
Fractal Analytics plans to channel funds raised from the fresh issue towards multiple strategic initiatives aimed at strengthening its operational and technological capabilities. A significant portion of the proceeds will be invested in its subsidiary, Fractal USA, primarily for the pre-payment or repayment of existing borrowings.
The company also intends to use the capital to purchase laptops and other infrastructure, establish new offices across India, and intensify investments in research and development. Additionally, the funds will support sales and marketing initiatives under its Fractal Alpha platform, finance potential acquisitions, and cater to general corporate requirements. These initiatives are expected to enhance the company’s innovation pipeline and expand its global market presence.
Building a Global AI Powerhouse
Founded in 2000 by Srikanth Velamakanni and Pranay Agrawal, Fractal Analytics has evolved into a global provider of end-to-end artificial intelligence and analytics solutions. The company focuses on enabling enterprises to leverage data for strategic decision-making across diverse industries and business functions.
Fractal has built deep domain expertise across sectors such as consumer packaged goods and retail, technology, media and telecommunications, healthcare and life sciences, and banking, financial services and insurance. Over the years, it has established itself as a trusted technology partner for some of the world’s most influential corporations.
An Impressive Global Clientele
As of March 31, 2025, Fractal Analytics served an impressive roster of global clients, including technology giants like Microsoft, Apple, Nvidia, Alphabet, Amazon, Meta, and Tesla. This client base reflects the company’s strong reputation and its ability to deliver cutting-edge AI solutions at scale.
Backed by prominent investors such as TPG, Apax, and Gaja, Fractal has continued to strengthen its technological capabilities and expand its international footprint.
Credits: Moneycontrol
A Testament to Long-Term Vision
Gulu Mirchandani’s investment journey with Fractal Analytics stands as a powerful testament to the rewards of early-stage investing combined with long-term patience. As Fractal steps into the public markets, the story not only highlights the evolution of India’s AI ecosystem but also underscores the transformative potential of visionary investments in emerging technologies.
