Fractal Analytics Inc., a provider of artificial intelligence and analytics solutions to global corporations based in India, is considering an initial public offering to fuel its growth as the pandemic increases demand for its services.

The AI firm offers services in the consumer packaged goods, insurance, healthcare, life sciences, retail and technology, and financial sectors. It is headquartered in New York and has offices in the United States, the United Kingdom, and India, as well as fifteen other countries.

In addition to considering an IPO, Fractal is evaluating interest from investors who value the company at significantly more than $1 billion, according to Srikanth Velamakanni, co-founder and CEO, in a video interview on Tuesday. So far, it has received $325 million in funding from investors such as Apax Partners.

The pandemic has accelerated companies' efforts to move functions to the cloud, which is a boon for analytics providers like Fractal that help such processes run more smoothly. Fractal, whose clients include Alphabet Inc.'s Google, Reckitt Benckiser Group Plc, and Wells Fargo & Co., expects revenue to rise 37% to $160 million in the fiscal year ending March 2022.

“The floodgates have opened," Velamakanni said from Mumbai. “We have the scale to be a public company." According to a recent report by consultancy McKinsey & Co., trade group SaasBoomi, and India's software industry body, Nasscom, India has over a thousand software-as-a-service providers, and the industry's annual revenue is expected to increase to $70 billion by 2030 from around $3 billion now.

According to the report, the country's contenders are on track to control roughly 6% of the global SaaS market, which is expected to be worth $1.3 trillion by the end of the decade.

Fractal has headquarters in Mumbai and New York, as well as 2,400 employees in 16 countries around the world, including India, the United States, the United Kingdom, Ukraine, and Australia. According to Velamakanni, the company plans to hire 1,500 new employees this year, primarily in India.

He expects revenue to reach $250 million in the fiscal year following this one. Crux Intelligence is one of Fractal's new initiatives, which combines machine learning and natural language processing to enable enterprises to easily gather business intelligence from data and convert such analysis into action. "It's like Siri or Google Assistant for businesses,"  said Kathy Leake, the head of Crux Intelligence.

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