Decoding Fractal’s IPO, India’s Defence Tech Boom & More

Analysing Fractal’s INR 4,900 Cr DRHP 

Fractal has set the ball rolling to become the first Indian AI-focussed startup to list on the bourses. Earlier this week, the SaaS unicorn filed its IPO papers with SEBI for an INR 4,900 Cr IPO. The enterprise tech startup’s public issue will comprise a fresh issue of shares worth INR 1,279.3 Cr and a secondary share sale component of INR 3,620.7 Cr. 

So, what is the 25-year-old venture banking on to hit a $3.5 Bn IPO valuation?

A Mature Business: One…