Whalesbook
Fractal Analytics, an Indian enterprise AI firm, plans to maintain high research and development (R&D) spending as it prepares for its market debut. The company aims to stay competitive in the rapidly growing AI sector. It spent ₹144 crore on R&D in 2025, averaging 6% over three years, and is awaiting regulatory approval for its Initial Public Offering (IPO). Fractal, with over 65% revenue from US clients like Microsoft and Alphabet, is poised to be India's first listed AI-led company, seeking to raise ₹4,900 crore.