Indian Tech Giants Fractal and Amagi Clear Major IPO Hurdle
In a significant development for India's technology sector, two prominent Bengaluru-based companies have received regulatory approval to launch their initial public offerings. Enterprise artificial intelligence company Fractal Analytics and cloud-led media technology firm Amagi Media Labs have secured the green light from the Securities and Exchange Board of India for their proposed public market debuts.
Fractal Analytics: Comprehensive IPO Breakdown
Fractal's IPO comprises a substantial fundraising effort that includes a fresh issue of equity shares worth up to ₹1,279.3 crore combined with an offer for sale component of up to ₹3,620.7 crore by existing shareholders. The selling stakeholders include Quinag Bidco, TPG Fett Holdings, Satya Kumari Remala, Rao Venkateswara Remala and GLM Family Trust.
The company has outlined clear plans for utilizing the proceeds from the fresh issue. A significant portion will be allocated to repaying borrowings through its US subsidiary Fractal USA, while additional funds will support establishing a new India office, fueling research and development initiatives, enhancing sales and marketing capabilities under Fractal Alpha, facilitating acquisitions and other strategic initiatives, and meeting general corporate requirements.
Founded in 2000 by Srikanth Velamakanni and Pranay Agrawal, Fractal has established itself as a leading provider of AI and analytics solutions to enterprises across multiple sectors including consumer goods, retail, technology, media, telecom, healthcare, life sciences and financial services. The company's impressive client roster as of March 2025 includes global technology giants such as Microsoft, Apple, Nvidia, Alphabet, Amazon, Meta and Tesla.
Amagi Media Labs: Cloud Media Technology Expansion
Amagi Media Labs, which filed its draft papers with SEBI in July 2025, specializes in providing cloud-native infrastructure that enables media companies to efficiently manage and deliver video content over the internet. The company plans to raise ₹1,020 crore through a combination of fresh equity issuance and an offer for sale of up to 3.41 crore shares by existing investors.
The investor group participating in the OFS includes PI Opportunities Funds I and II, Norwest Venture Partners X – Mauritius, Accel entities, Trudy Holdings and AVP I Fund. Amagi has proposed to utilize ₹667 crore from the fresh issue specifically for investments in technology and cloud infrastructure enhancement, with the remaining amount allocated toward pursuing inorganic growth opportunities and general corporate purposes.
The company may also consider a pre-IPO placement of up to ₹204 crore, which would correspondingly reduce the size of the fresh issue component. Founded in 2008 by Baskar Subramanian, Srividhya Srinivasan and Arunachalam Srinivasan Karapattu, Amagi counts prominent investors such as Accel, Avataar Ventures, Norwest and Premji Invest among its backers.
Industry Impact and Market Significance
These SEBI approvals signal growing investor confidence in India's technology-driven companies and their potential in public markets. Both companies represent different facets of India's evolving tech landscape – Fractal in enterprise AI solutions and Amagi in cloud-based media technology infrastructure.
Amagi's AI-enabled cloud platform serves a diverse client base including content providers, distributors and advertisers, with the company working with more than 45% of the top 50 listed media and entertainment companies by revenue. This demonstrates the significant market penetration and industry acceptance the company has achieved in its domain.
The successful public offerings of these two Bengaluru-based tech firms will likely pave the way for other technology-driven Indian companies considering public market entries, potentially strengthening India's position as a global technology innovation hub and providing domestic investors with access to high-growth technology enterprises.
