Born in the modest town of Duliajan in Assam, Srikanth Velamakanni has become a name synonymous with determination, vision, and unrelenting drive. As a young man, he pursued his academic ambitions with vigor, eventually earning a degree in electrical engineering from IIT Delhi. His early career path took him to ICICI’s structured products department in Mumbai, where he quickly began noticing significant gaps in how data-driven insights were used in India’s financial sector. What he saw was more than just a gap; it was an opportunity to transform how businesses approach analytics, paving the way for what would become a trailblazing enterprise.
Recognizing the Untapped Potential of Data Analytics
At ICICI, Srikanth Velamakanni observed the reliance on U.S.-based data companies like Fair Isaac to generate credit models. While these companies were effective in their home markets, they lacked the localized data necessary to build accurate, India-specific predictive models. Velamakanni was struck by the potential of solving this problem—creating sophisticated, customized analytics capabilities that could better serve the unique needs of Indian businesses.
He left his promising corporate career behind and, in February 2000, founded Fractal Analytics. His vision was simple yet revolutionary: use advanced mathematical modeling to help companies make better decisions, understand their customers more deeply, and ultimately drive growth and efficiency through data.
Journey of Srikanth Velamakanni In Building A Foundation Of Fractal Analytics
With a handful of classmates, Velamakanni and his co-founders set out to establish credibility in a new and untested market. Within a month, they had produced a comprehensive 32-page white paper outlining their approach. Their work immediately impressed ICICI, which not only became one of Fractal’s first clients but also began recommending the startup to other banks. This validation laid the groundwork for future growth, and soon Fractal became instrumental in developing risk management engines for industry giants like HDFC.
However, the path was far from smooth. At the time, Indian businesses were not accustomed to paying for data analytics. Velamakanni realized he needed to think beyond the Indian market. By 2005, Fractal Analytics relocated its headquarters to the United States, allowing it to tap into a more mature and receptive analytics market. Revenue climbed to 10 CR by the next year, and it seemed that Fractal had firmly planted its roots. Then came a major setback.
A Turning Point: Losing Co-Founders and Facing Adversity
In June 2007, just as Fractal Analytics was finding its footing, three of Velamakanni’s co-founders announced their resignation. Within hours, several key team members followed suit, leaving the company in a precarious position. This wave of departures shook the company’s stability and morale. To make matters worse, the global financial crisis of 2008 hit not long after, putting additional strain on Fractal’s resources and growth prospects.
Velamakanni, along with his remaining co-founder Pranay Aggarwal, decided to weather the storm. They refocused their efforts, doubling down on their vision for Fractal and rallying the remaining team to keep moving forward. The challenges only strengthened their resolve. With persistence and ingenuity, Velamakanni developed Fractal’s flagship Customer Genomics solution—an advanced platform that used AI and machine learning to help marketers better understand customer behavior from transactions, social media interactions, and more. This innovation turned out to be a turning point for Fractal, tripling its revenue and attracting a growing list of global clients.
Scaling to Global Success
By 2013, Fractal was working with over 200 clients, including some of the world’s most recognizable brands. The company’s success caught the attention of investors, and in the same year, Fractal secured a major investment from TA Associates. Over the next few years, Fractal expanded its footprint globally. It opened additional offices, deepened its client relationships with Fortune 500 companies, and solidified its reputation as a leader in the rapidly growing AI and analytics space.
Strategic moves, including the launch of Qure.ai (a cutting-edge diagnostics solution) and the acquisition of behavioral science firm Final Mile, allowed Fractal to diversify its offerings and maintain a competitive edge. By 2019, Fractal had scaled to 710 CR in revenue and attracted significant funding from Apax Partners at a valuation exceeding 3,000 CR.
The Big Leap: Achieving Unicorn Status
Fractal’s growth trajectory continued to accelerate. By early 2022, it had achieved 1,300 CR in revenue, was serving more than 100 Fortune 500 companies, and employed a team of over 4,000 people across 16 global offices. On January 5, 2022, Fractal secured a 2,700 CR investment from TPG Capital Asia, which pushed its valuation to a remarkable 7,500 CR. This achievement marked a crowning milestone for Srikanth Velamakanni and solidified Fractal’s position as one of the premier AI and analytics companies globally.
A Legacy of Perseverance and Vision
What sets Srikanth Velamakanni apart is not just his technical expertise or his business acumen, but his resilience. Faced with the unexpected loss of co-founders, economic downturns, and countless other obstacles, he never wavered in his commitment to Fractal’s vision. His ability to adapt, innovate, and lead in the face of adversity has turned Fractal into a world-class company that provides transformative insights to clients across the globe.
Today, Fractal stands as a shining example of what’s possible when ambition meets persistence. Under Velamakanni’s guidance, it has not only achieved unicorn status but has also demonstrated that India can lead the world in AI and analytics innovation. Srikanth Velamakanni’s journey is a powerful reminder that even in the most challenging circumstances, a steadfast belief in one’s vision can lead to extraordinary success.
