Fractal Analytics IPO Date, Price, GMP, Review, Details
Fractal Analytics Limited
Fractal Analytics IPO Details
IPO Open
9 Feb 2026
IPO Close
11 Feb 2026
Price Band
₹857 – ₹900
Issue Size
₹2,834 Cr
Listing on
BSE, NSE
Min. Lot Size
16
Face value
₹1
GMP
₹78
Key Performance Indicators
Market Cap
₹15,473.60 Cr
P/E
65.5
EPS
₹13.74
RoNW
3.6%
P/B
11.9%
Sector
Enterprise AI & Analytics
Fractal Analytics IPO Timeline
The Fractal Analytics IPO listing date is expected to be January 16 2026, with allotment finalized on January 12 2026.
Introduction
Fractal Analytics is a leading enterprise AI and data analytics company that helps large global organisations improve decision-making through artificial intelligence, machine learning, and advanced analytics solutions. Its work spans critical industries such as banking, retail, healthcare, consumer goods, and technology.
The enterprise AI market is expanding quickly as businesses adopt automation, predictive intelligence, and GenAI-driven platforms to stay competitive. With strong demand for data-led transformation worldwide, Fractal operates in a sector that is expected to see long-term structural growth.
Through this IPO, the company aims to raise capital for strategic investments, strengthen its operational capabilities, and support future expansion plans. For investors, this IPO is important because it provides exposure to one of India’s most recognised AI-focused companies entering the public markets at a time when AI adoption is accelerating globally.
About Fractal Analytics
Fractal Analytics was founded in 2000 by Srikanth Velamakanni and Pranay Agrawal with the vision of building a company focused on data-driven decision intelligence. The company started its journey in Mumbai and gradually expanded into global markets by offering advanced analytics and AI-led solutions to large enterprises. Over the years, Fractal Analytics has evolved into a recognised enterprise AI player with a strong presence across multiple industries and geographies.
Business Model
Fractal operates on an enterprise AI solutions model, where it partners with large organisations to solve complex business problems using analytics, artificial intelligence, and machine learning. The company delivers services through long-term client engagements and also builds scalable AI platforms and subscription-based products. Its model combines consulting expertise with technology-led offerings, allowing it to generate recurring revenue while maintaining deep client relationships.
Brand and Market Positioning
Fractal is positioned as a premium enterprise AI partner for global corporations. Customers view the company as a trusted provider of high-impact AI solutions that support strategic decision-making. Its strong reputation in advanced analytics, combined with long-term partnerships with large enterprises, gives it a competitive edge and strengthens its pricing power in the market.
Products and Services
Enterprise AI and advanced analytics solutions
Agentic AI platform offerings under Fractal.ai
AI-driven decision intelligence tools
Subscription-based AI products through Fractal Alpha
Industry-specific AI solutions for BFSI, retail, healthcare, and technology
Flagship Offerings
One of Fractal’s key strengths is its Fractal.ai enterprise AI platform, which is designed to help organisations accelerate transformation through pre-built AI agents, tools, and connectors. This platform-led approach creates strong entry barriers through technology depth, domain expertise, and integration complexity, making it difficult for smaller competitors to replicate at scale.
Revenue Profile
Fractal earns revenue primarily from enterprise AI services and platform-based AI product offerings. Its revenue is supported by long-term engagements with global clients across sectors like banking, healthcare, retail, and technology. The company’s largest revenue contribution comes from enterprise AI services, while subscription-led offerings are expected to grow over time.
Geographical Footprint
Fractal has its registered office in Mumbai, India, and operates with a strong international presence, especially in the United States and other global enterprise markets. The company serves clients across multiple regions, with a significant share of business coming from global corporations, reflecting its export-oriented and internationally scalable business model.
Management and Promoters
The company is led by its promoters Srikanth Velamakanni and Pranay Agrawal, who have played a central role in building Fractal into a globally recognised AI company. The leadership team brings deep experience in analytics, enterprise technology, and AI-driven transformation, supported by a structured governance and professional management framework.
Corporate Structure
Fractal operates through multiple subsidiaries and AI-focused business units, including its international arms and product-led verticals. Key subsidiaries include operations in the US and other global markets, along with specialised AI ventures housed under the Fractal Alpha segment.
Target Customers
Fractal primarily follows a B2B enterprise-focused model, serving large multinational corporations and industry leaders. Its customers typically belong to sectors with high data intensity such as BFSI, healthcare, retail, telecom, and consumer goods, where AI adoption directly impacts profitability and efficiency.
How the Company Earns
The company generates income through a mix of enterprise service contracts, AI platform subscriptions, and licensing-based offerings. Its primary earning channel is long-term enterprise AI service revenue, supported by growing product-led monetisation through scalable AI tools.
Market Position
Fractal is considered one of the most recognised enterprise AI and analytics firms originating from India, with a strong global client base and positioning in the high-growth decision intelligence space. Its scale, experience, and platform-led strategy place it among the leading AI-focused enterprise solution providers in its segment.
About Fractal Analytics IPO
Fractal Analytics Limited is launching its initial public offering with a total issue size of ₹2,833.9 crore, comprising a fresh issue of equity shares worth ₹1,023.5 crore and an offer for sale (OFS) aggregating ₹1,810.4 crore by existing shareholders. The IPO is being managed by leading book running lead managers including Kotak Mahindra Capital, Morgan Stanley India, Axis Capital, and Goldman Sachs (India) Securities, while the registrar to the issue is MUFG Intime India Private Limited.
The IPO is priced in a band of ₹857 to ₹900 per share, with an equity share face value of ₹1 each. Investors can apply in a minimum lot size of 16 shares, making the minimum retail investment approximately ₹14,400 at the upper price band. The issue is being offered through a 100% book-built route and the shares are proposed to be listed on both BSE and NSE.
The proceeds from the fresh issue will be used to support key strategic priorities such as repayment of borrowings in its US subsidiary, investment in research and development, expansion of sales and marketing capabilities, purchase of laptops, and setting up new office infrastructure in India. A portion will also be allocated toward inorganic growth opportunities and general corporate purposes, strengthening the company’s balance sheet and long-term AI platform ambitions.
The anchor investor bidding date is scheduled for 6 February 2026, while the IPO will open for public subscription on 9 February 2026 and close on 11 February 2026. The basis of allotment is expected to be finalised on 12 February 2026, refunds and unblocking will begin on 13 February 2026, equity shares will be credited to demat accounts on 13 February 2026, and the stock is expected to list on the exchanges on 16 February 2026.
IPO Details
Issue Type: 100% Book-Built Issue
Total Issue Size: ₹2,833.9 crore
Fresh Issue: ₹1,023.5 crore
OFS: ₹1,810.4 crore
Price Band: ₹857 to ₹900 per share
Face Value: ₹1 per share
Lot Size: 16 shares
Minimum Retail Investment: ~₹14,400
Listing: BSE, NSE
Pre-IPO Placement: Not announced
Employee Reservation: Up to ₹60 crore
BRLMs:
Kotak Mahindra Capital Company Limited
Morgan Stanley India Company Pvt Ltd
Axis Capital Limited
Goldman Sachs (India) Securities Pvt Ltd
Registrar:
MUFG Intime India Private Limited
IPO Timeline
Anchor Date: 6 February 2026
Issue Opens: 9 February 2026
Issue Closes: 11 February 2026
Allotment Finalisation: 12 February 2026
Refunds: 13 February 2026
Demat Credit: 13 February 2026
Listing Date: 16 February 2026
Valuation Snapshot
Price Band: ₹857 to ₹900 per share
Implied Market Cap: To be confirmed post final allotment
P/E: ~109x (indicative)
EV/EBITDA: ~42x (indicative)
Price-to-Sales: To be updated from final prospectus
Pre-IPO Placement Price: Not disclosed
Valuation Justification
Fractal Analytics is entering the public markets as one of India’s most prominent enterprise AI and decision intelligence companies. While the valuation appears premium compared to traditional IT peers, it reflects the company’s positioning in a high-growth global AI sector, strong multinational client base, and long-term platform-led expansion strategy. Investors should evaluate the pricing with a long-term perspective, especially considering the evolving competitive landscape in enterprise AI.
Industry Overview
The enterprise data analytics and artificial intelligence (AI) industry focuses on helping businesses use data to improve decisions, automate workflows, reduce costs, and drive revenue growth. This includes AI-led platforms, machine learning models, predictive analytics, and decision intelligence systems used by large organisations across banking, healthcare, retail, and technology.
Enterprise AI is no longer experimental. It is becoming a core part of business strategy, similar to cloud adoption a decade ago.
Market Size and Segmentation
The global data, analytics, and AI market was estimated at around US$143 billion (₹12 trillion) in FY2025 and is expected to grow to nearly US$310 billion (₹23 trillion) by FY2030, implying a strong 16%–17% CAGR over the next five years.
The industry is segmented into:
AI and analytics consulting services
Enterprise AI platforms and software
Industry-specific AI solutions
Cloud-based decision intelligence tools
Generative AI-driven automation systems
Banking, healthcare, retail, consumer goods, and telecom together account for nearly 80% of global enterprise AI services demand, making them the largest revenue pools for companies like Fractal.
Key Drivers and Industry Lifecycle
The industry is currently in a high-growth phase, driven by three major structural trends:
Rapid enterprise cloud migration
Explosion of business data volumes
Adoption of GenAI across customer-facing and internal processes
GenAI is expected to accelerate spending further, with enterprise AI budgets rising steadily as companies move from pilots to full-scale deployment.
Sectors like healthcare are projected to grow at 18%+ CAGR, while BFSI is expected to grow at around 16%–17% CAGR through FY2030.
Demand Dynamics
Demand is strongest among large enterprises where AI directly improves profitability and operational efficiency.
Key use cases include:
Fraud detection and credit scoring in BFSI
Personalised recommendations in retail and e-commerce
Predictive maintenance in manufacturing
Clinical decision support in healthcare
Customer automation in telecom
Most enterprises now prefer long-term AI partners rather than one-time vendors, which increases recurring revenue opportunities for established firms.
Competitive Landscape (Porter’s Five Forces)
Competition in enterprise AI is intense and includes:
Global IT majors like Accenture, IBM, TCS
Cloud-native AI providers like Google Cloud and AWS
Specialist AI firms like Fractal and Mu Sigma
Fast-moving GenAI startups
Buyer power is high because enterprise clients demand measurable ROI and strong governance. Switching costs are moderate because AI models are deeply integrated into workflows, but pricing pressure remains due to multiple vendors.
Entry barriers are rising due to:
High talent costs
Proprietary datasets
Platform-level product development requirements
Operational Benchmarks (Industry-Specific)
Key investor benchmarks for AI companies include:
Revenue per client and contract size
Recurring subscription share vs services share
Client retention rates
R&D spending as a percentage of revenue
Platform scalability across industries
Companies combining services with proprietary AI platforms generally command higher valuation multiples compared to pure IT services firms.
Regulatory and ESG Environment
AI companies operate under increasing regulation globally, especially around:
Data privacy (GDPR, India DPDP Act)
Cybersecurity and enterprise risk controls
Responsible AI and bias management
Enterprise clients now require compliance frameworks before deploying AI at scale, making governance a competitive advantage.
ESG relevance is growing as regulators push for ethical AI use, transparency, and explainable decision systems.
Geopolitical and Supply Chain Risks
Enterprise AI businesses face risks such as:
Global slowdown in IT spending
Cross-border data localisation rules
US–China technology restrictions affecting AI infrastructure
Dependence on cloud providers and semiconductor ecosystems
Since many AI firms earn a significant share from international markets, currency volatility and global enterprise budgets can impact growth.
Future Outlook and Major Risks
The long-term outlook remains strong because AI adoption is still early for many industries. Enterprise AI penetration is expected to rise sharply over the next decade.
However, major risks include:
Rapid technology disruption from GenAI breakthroughs
Margin pressure due to competition
High cost of skilled AI talent
Execution risk in scaling platforms globally
Only companies that continuously innovate and build product-led revenue will sustain premium positioning.
Peer Analysis
Revenue Scale (FY25 Approx.)
Fractal Analytics – ~₹3,000 crore
Tata Consultancy Services (TCS) – ~₹2,40,000 crore
Infosys – ~₹1,55,000 crore
Persistent Systems – ~₹10,000 crore
LTIMindtree – ~₹38,000 crore
Profitability (Net Profit Margin)
Fractal Analytics – ~8% (indicative)
Tata Consultancy Services (TCS) – ~19%
Infosys – ~17%
Persistent Systems – ~14%
LTIMindtree – ~13%
Return on Equity (ROE)
Fractal Analytics – ~12.6% (indicative)
Tata Consultancy Services (TCS) – ~45%
Infosys – ~30%
Persistent Systems – ~22%
LTIMindtree – ~18%
Valuation Multiple (P/E Ratio)
Fractal Analytics – ~109x (indicative IPO)
Tata Consultancy Services (TCS) – ~28x
Infosys – ~25x
Persistent Systems – ~60x
LTIMindtree – ~35x
Company Scale (Market Positioning)
Fractal Analytics – Mid-sized enterprise AI specialist
Tata Consultancy Services (TCS) – Largest Indian IT leader
Infosys – Top-tier global IT services major
Persistent Systems – High-growth digital engineering player
LTIMindtree – Large-cap digital transformation firm
Client Base Strength
Fractal Analytics – Global enterprises in BFSI, retail, healthcare
Tata Consultancy Services (TCS) – Diversified Fortune 500 base
Infosys – Strong North America enterprise clients
Persistent Systems – Tech and SaaS-heavy global clients
LTIMindtree – BFSI + enterprise-focused clients
Growth Profile (Sector Tailwinds)
Fractal Analytics – High AI-led growth opportunity
Tata Consultancy Services (TCS) – Stable mature growth
Infosys – Moderate growth with AI expansion
Persistent Systems – Faster mid-cap growth trajectory
LTIMindtree – Moderate growth with integration upside
AI Specialisation Depth
Fractal Analytics – Core business is enterprise AI decision intelligence
Tata Consultancy Services (TCS) – AI is one vertical within IT services
Infosys – AI suite-driven push via Topaz
Persistent Systems – AI embedded in cloud engineering work
LTIMindtree – AI adoption growing but not core-led
Platform and Product Strategy
Fractal Analytics – Fractal.ai and Cogentiq platform focus
Tata Consultancy Services (TCS) – Limited platform monetisation
Infosys – Service-driven with AI frameworks
Persistent Systems – Engineering-led digital platforms exposure
LTIMindtree – Services-first model, smaller product share
Recurring Revenue Potential
Fractal Analytics – Platform subscriptions via Fractal Alpha
Tata Consultancy Services (TCS) – Mostly project-based services
Infosys – Mix of services with some recurring deals
Persistent Systems – Higher recurring digital engineering revenue
LTIMindtree – Primarily contract-based service revenue
Industry Focus (High AI Spend Sectors)
Fractal Analytics – BFSI, healthcare, retail, CPG
Tata Consultancy Services (TCS) – All sectors diversified
Infosys – BFSI and enterprise digital focus
Persistent Systems – Tech, cloud, software-led sectors
LTIMindtree – BFSI-heavy plus enterprise accounts
GenAI Readiness
Fractal Analytics – Direct GenAI enterprise deployment play
Tata Consultancy Services (TCS) – GenAI offerings across clients
Infosys – Aggressive GenAI positioning
Persistent Systems – Strong GenAI engineering execution
LTIMindtree – Moderate GenAI adoption phase
Competitive Moat (Entry Barriers)
Fractal Analytics – Domain expertise + AI platform depth
Tata Consultancy Services (TCS) – Scale + client lock-in
Infosys – Brand + global delivery strength
Persistent Systems – Niche engineering differentiation
LTIMindtree – Enterprise relationships + delivery network
IPO vs Listed Peer Comparison
Fractal Analytics – India’s rare enterprise AI pure-play IPO
Tata Consultancy Services (TCS) – Mature listed IT benchmark
Infosys – Large-cap listed digital leader
Persistent Systems – Closest high-growth listed comparable
LTIMindtree – Large-cap IT peer with digital focus
Key Insights
Fractal Analytics is uniquely positioned as an enterprise AI-focused pure-play, unlike large IT peers where AI is only one business segment. Its valuation is significantly higher than traditional IT majors, reflecting premium growth expectations from AI platforms and GenAI adoption. Investors should compare it more closely with digital specialists like Persistent rather than mature giants like TCS or Infosys. Long-term upside will depend on Fractal’s ability to scale platform-led recurring revenue while maintaining profitability in a competitive AI landscape.
Fractal Analytics IPO Reservation
Fractal Analytics IPO Lot Size
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 16 | ₹14,400 |
| Retail (Max) | 13 | 208 | ₹1,87,200 |
| S-HNI (Min) | 14 | 224 | ₹2,01,600 |
| S-HNI (Max) | 69 | 1,104 | ₹9,93,600 |
| B-HNI (Min) | 70 | 1,120 | ₹10,08,000 |
Financials of Fractal Analytics
| Period Ended | 30 Sep 2025 | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
|---|---|---|---|---|
| Assets | 2,965.40 | 2,857.60 | 2,392.00 | 2,248.70 |
| Total Income | 1,594.30 | 2,816.20 | 2,241.90 | 2,043.70 |
| Profit After Tax | 70.90 | 220.60 | -54.70 | 194.40 |
| EBITDA | 185.60 | 398.00 | 97.20 | 436.80 |
| NET Worth | 1,957.50 | 1,748.30 | 1,397.00 | 1,339.20 |
| Reserves and Surplus | 1,937.10 | 1,728.70 | 1,380.50 | 1,323.10 |
| Total Borrowing | 274.60 | 266.20 | 250.10 | 325.60 |
Assets: Fractal’s total assets have increased steadily from ₹2,248.7 crore in FY23 to ₹2,965.4 crore by September 2025. This shows consistent expansion in the company’s operating scale, technology infrastructure, and global delivery capabilities.
Total Income: Revenue growth has been strong, with total income rising from ₹2,043.7 crore in FY23 to ₹2,816.2 crore in FY25. The September 2025 half-year income of ₹1,594.3 crore indicates continued momentum, suggesting FY26 could remain healthy if demand stays stable.
Profit After Tax (PAT): Profitability has been volatile. The company posted a PAT of ₹194.4 crore in FY23, followed by a loss of -₹54.7 crore in FY24, before recovering sharply to ₹220.6 crore in FY25. This swing highlights the importance of tracking cost structures and one-off impacts, but FY25 reflects strong earnings recovery.
EBITDA: Operating performance dipped significantly in FY24, with EBITDA falling to ₹97.2 crore, but rebounded strongly to ₹398.0 crore in FY25. The September 2025 EBITDA of ₹185.6 crore suggests stable operating profitability, supported by enterprise AI demand and improving efficiency.
Net Worth: The company’s net worth has strengthened consistently, growing from ₹1,339.2 crore in FY23 to ₹1,957.5 crore as of September 2025. This indicates improving shareholder value and a stronger capital base ahead of listing.
Reserves and Surplus: Reserves have also risen steadily to ₹1,937.1 crore, reflecting retained earnings and internal capital generation. A strong reserves position provides financial flexibility for R&D investments and future acquisitions.
Total Borrowings: Borrowings have remained moderate, declining from ₹325.6 crore in FY23 to ₹274.6 crore by September 2025. Since part of the IPO proceeds will be used for debt repayment, leverage is expected to reduce further, strengthening the balance sheet.
Overall, Fractal Analytics shows a business with strong revenue growth, improving balance sheet strength, and a recovery in profitability after a weak FY24. Investors should closely monitor the sustainability of margins and execution of platform-led growth, as AI competition remains intense.
Objective of Fractal Analytics IPO
The Fractal Analytics IPO includes a fresh issue component, and the company plans to utilise the proceeds for the following key objectives:
Repayment and prepayment of borrowings in its US subsidiary, which will help reduce debt levels and strengthen the balance sheet.
Investment in research and development, supporting the company’s long-term focus on building advanced AI platforms and decision intelligence capabilities.
Expansion of sales and marketing initiatives under Fractal Alpha, aimed at accelerating growth in subscription-based and product-led offerings.
Purchase of laptops and technology infrastructure, ensuring operational readiness as the company scales its workforce and delivery capabilities.
Setting up new office premises in India, supporting domestic expansion and strengthening its presence in the Indian enterprise AI ecosystem.
Funding inorganic growth opportunities, including potential acquisitions and strategic initiatives that can expand capabilities or market reach.
General corporate purposes, providing flexibility for business expansion, working capital needs, and long-term strategic execution.
OFS Insight: The offer for sale portion will provide partial exits to existing shareholders, while the company itself will not receive proceeds from the OFS component.
SWOT Analysis of Fractal Analytics IPO
Strengths
Strong positioning as a pure-play enterprise AI and analytics company, unlike traditional IT firms where AI is only a segment.
Global client base across high-spending industries such as BFSI, healthcare, retail, and technology.
Proven ability to scale with total income reaching ₹2,816.2 crore in FY25.
Platform-led offerings like Fractal.ai and Cogentiq, creating long-term product monetisation potential.
Strengthening balance sheet with net worth rising to ₹1,957.5 crore as of September 2025.
Weaknesses
Profitability has been volatile, with a loss of -₹54.7 crore in FY24 before recovery.
Premium valuation levels compared to traditional IT peers may limit short-term upside.
Dependence on large enterprise contracts exposes the company to client concentration risk.
Competitive AI talent costs can pressure margins over time.
Opportunities
Enterprise AI market expected to grow from ₹12 trillion to ₹23 trillion by FY2030, creating a strong demand runway.
Increasing adoption of GenAI across industries can expand Fractal’s addressable market.
Expansion of subscription-led AI products under Fractal Alpha can improve recurring revenue mix.
Potential inorganic growth through acquisitions funded by IPO proceeds.
Rising AI adoption in India provides additional domestic scaling opportunity.
Threats
Intense competition from global IT majors, cloud providers, and fast-moving AI startups.
Rapid technological disruption could make existing AI platforms less competitive.
Regulatory risks around data privacy, cybersecurity, and responsible AI deployment.
Global slowdown in enterprise IT spending could impact revenue growth.
Currency and geopolitical risks due to significant international exposure.
Conclusion
Fractal Analytics is entering the public markets as one of India’s most prominent enterprise AI and decision intelligence companies. The company operates in a high-growth global AI industry and has built strong capabilities across analytics services and platform-led AI offerings.
Strengths: The IPO offers investors exposure to a fast-expanding AI sector, supported by strong revenue growth to ₹2,816.2 crore in FY25 and a steadily improving balance sheet with net worth reaching ₹1,957.5 crore as of September 2025. Its platform focus through Fractal.ai and Fractal Alpha provides long-term product monetisation potential.
Risks: Investors must consider the volatility in profitability, including the loss in FY24, premium valuation compared to traditional IT peers, and rising competition from global technology giants and AI-native startups.
Investor Suitability: This IPO may be suitable for investors with a long-term horizon who want exposure to the enterprise AI transformation theme. Short-term listing gains may depend on market sentiment and valuation comfort.
Disclaimer: Market Insiderz is not a SEBI registered investment advisor. The information provided here, including GMP, is for educational purposes only and subject to market volatility. Please consult a certified financial advisor and read the RHP carefully before investing.
FAQ about Fractal Analytics IPO
The Fractal Analytics IPO is a public issue through which Fractal Analytics Limited plans to raise ₹2,833.9 crore via a combination of fresh issue and offer for sale. The IPO allows retail, HNI, and institutional investors to participate in one of India’s leading enterprise AI companies.
The Fractal Analytics IPO Price Band is fixed at ₹857 to ₹900 per share. Investors can bid at any price within this range during the IPO bidding period.
The Fractal Analytics IPO GMP is currently around ₹180, indicating a potential listing gain of about 20%. GMP is unofficial and can change daily based on market sentiment
The Fractal Analytics IPO Open Date is 9 February 2026. Investors can place their bids from this date through their trading or banking platforms.
The Fractal Analytics IPO Closing Date is 11 February 2026. Retail investors must ensure their bids and UPI mandates are completed before market cut-off on this day
The Fractal Analytics IPO Allotment Date is expected to be 12 February 2026. Investors can check their allotment status online once the basis of allotment is finalised
The Fractal Analytics IPO Listing Date is expected to be 16 February 2026. The shares are proposed to be listed on both BSE and NSE.
The Fractal Analytics IPO Lot Size is 16 equity shares per lot. Retail investors must apply for at least one lot to participate in the IPO.
Based on the upper price band, the minimum investment in the Fractal Analytics IPO is approximately ₹14,400 for one lot of 16 shares.
The total Fractal Analytics IPO issue size is ₹2,833.9 crore, which includes a fresh issue of ₹1,023.5 crore and an offer for sale of ₹1,810.4 crore by existing shareholders.
The company will use the fresh issue proceeds for debt repayment in its US subsidiary, investment in AI research and development, sales and marketing expansion, technology infrastructure, new office setup in India, inorganic growth, and general corporate purposes.
