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The infusion will enable Asper.AI to scale up product development, hire experienced talent and expand its product offerings
Founded under the aegis of Fractal in 2022, Asper.AI leverages AI to help retail businesses automate demand forecasting, inventory planning, among others
Meanwhile, Fractal slipped into the red in FY24 with a consolidated net loss of INR 54.7 Cr while clocking an 11% YoY growth in revenues to INR 2,196.3 Cr
SaaS unicorn Fractal has announced a strategic investment of $20 Mn (INR 172 Cr) in its in-house AI-driven supply chain management platform Asper.AI.
In a statement, Fractal said that the funding will enable Asper.AI to scale up product development, expand enterprise customer base across the globe and “power” its next phase of growth.
Asper.AI cofounder and CEO, Mohit Agarwal said that the infusion will enable the platform to hire experienced talent and expand its product offerings.
Founded under the aegis of Fractal in 2022 by Mohit Agarwal and Anuj Kaushik, Asper.AI leverages AI to help retail businesses automate decision making across facets such as demand forecasting, revenue growth management, inventory planning, and sales execution.
“Asper has demonstrated exceptional growth and innovation in just three years. We are thrilled to continue our partnership with Asper’s team to drive the next phase of growth. The phased investment will fuel Asper’s vision, unlocking new opportunities for enterprise customers,” said Fractal cofounder and CEO Pranay Agrawal.
Commenting on the infusion, Asper.ai cofounder and CEO, Mohit Agarwal added, “(The) last three years have been a thrilling and rewarding journey of building an AI platform in (the) midst of all the tech innovation… This investment from Fractal further enables us in building our autonomous growth AI platform, attract experienced talent, and expand our product offerings to meet the growing demand for cutting-edge AI platforms”.
Meanwhile, Fractal Analytics, founded in 2000 by Srikanth Velamakanni, Pranay Agrawal and Ashwath Bhat, offers artificial intelligence (AI) and advanced analytics solutions to Fortune 500 companies. Backed by the likes of TPG Capital and Khazanah Nasional, the SaaS startup has raised $685 Mn in funding to date.
The capital infusion comes at a time when Fractal has been looking to bolster its top line after slipping into the red in fiscal year 2023-24 (FY24). Notably, the enterprise tech major has also pumped capital in its product arm as Fractal lines up plans to list on the Indian bourses.
In September last year, reports surfaced that Fractal was mulling filing its draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) for an $500 Mn IPO with SEBI. While there have been no further updates on its IPO plans, Fractal was reportedly looking at a valuation of $3.5 Bn for the public listing.
On the financial front, Fractal Analytics
reported a consolidated net loss of INR 54.7 Cr in FY24 compared to a profit of INR 194.4 Cr in the previous fiscal. Meanwhile, revenue from operations jumped 11% to INR 2,196.3 Cr in the fiscal under review from INR 1,985.4 Cr in FY23.
