Multiple prominent institutional investors have completed a $150 million partial secondary acquisition of equity securities in Fractal Analytics Limited, a leading global provider of artificial intelligence and advanced analytics solutions.
The transaction involved the acquisition of equity shares representing approximately 6% of Fractal’s fully diluted share capital. This strategic secondary deal enables existing stakeholders, including Apax Partners, to partially monetize holdings while bringing in a diversified investor base.
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Parties Involved
| Role | Entity |
|---|---|
| Investors | Funds advised by Trust Investment Advisors, WhiteOak Capital, Gaja Capital, Neo Asset Management, and others |
| Target | Fractal Analytics Limited |
| Existing Shareholder | Apax Partners |
| Legal Counsel to Investors | Saraf and Partners |
| Legal Counsel to Target | Shardul Amarchand Mangaldas & Co. |
| Legal Counsel to Apax | AZB & Partners and Kirkland & Ellis |
| Transaction Type | Secondary Equity Sale |
| Deal Size | USD 150 Million |
Legal Advisory Teams
Saraf and Partners (Counsel to Investors)
Mohit Saraf – Founder & Managing Partner
Dhruv Chatterjee – Partner
Akshayy S. Nanda – Partner (Competition Law)
Saraf advised 22 institutional investors across the entire deal lifecycle, including legal due diligence, competition law assessment, negotiation of complex documentation, and closing assistance.
Shardul Amarchand Mangaldas (Counsel to Fractal)
Abhishek Guha – Partner
Mahesh Wasadikar – Partner
Akanksha Khare – Associate
SAM advised Fractal Analytics Limited on corporate, regulatory, and structuring aspects of the transaction.
AZB & Partners and Kirkland & Ellis (Counsel to Apax Partners)
AZB & Partners advised Apax on Indian law elements.
Kirkland & Ellis advised on international law and documentation review.
Key Transaction Highlights
Secondary transaction worth $150 million, reflecting strong investor confidence in Fractal’s growth story and monetization for early backers.
Shares acquired represent ~6% of Fractal’s fully diluted shareholding.
Saraf & Partners represented a diverse set of 22 institutional and private investors.
Apax Partners, a major stakeholder in Fractal, partially exited via the transaction.
Strategic Significance
Fractal’s valuation and investor interest underscore its global leadership in AI, data science, and enterprise analytics solutions.
The deal enables liquidity for existing investors while bringing in long-term institutional capital.
Participation from WhiteOak, Gaja Capital, Neo Asset Management, and other sophisticated funds demonstrates strong market appetite for deep tech and analytics-driven businesses.
Why It Matters
India’s secondary private equity market is maturing, with high-quality exits for global investors and increasing domestic institutional participation.
The deal showcases how legal advisors play a pivotal role in:
Navigating multi-party transaction documentation
Ensuring regulatory compliance
Managing competition law reviews in cross-holding structures
About the Parties
Fractal Analytics Limited is a leading AI and analytics company with a global footprint, serving Fortune 500 clients in healthcare, CPG, retail, and BFSI sectors.
Apax Partners is a global private equity firm known for long-term investments in technology, healthcare, and services.
This $150 million secondary transaction in Fractal Analytics highlights growing investor interest in India’s AI and deep-tech sectors.
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Disclaimer
This article is for informational purposes only and does not constitute legal or financial advice. Readers should consult professionals before making decisions.
