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Fractal raises $170 Mn funding, valued at $2.44 Bn ahead of IPO

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Srikanth Velamakanni, CEO, Fractal

Artificial intelligence (AI) analytics company Fractal Analytics has secured $170 million (approximately ₹1,461 crore) through a secondary share sale, placing its valuation at $2.44 billion (₹20,978 crore). The transaction involved the sale of a 6% stake by long-term investor Apax Partners.

A group of 22 investors acquired the shares, including entities advised by Trust Investment Advisors and funds managed by White Oak Capital Management, Gaja Capital, and Neo Asset Management.

The unicorn is planning to go public through an initial public offering (IPO) that aims to raise between $400 million and $500 million, potentially driving its valuation close to $3 billion.

Fractal Analytics has appointed Morgan Stanley, Kotak Securities, and Axis Securities as its bankers for the upcoming IPO. The company is expected to file its draft red herring prospectus (DRHP) with the market regulator soon. The public offering will comprise a combination of primary and secondary share sales, with some existing investors planning to partially offload their holdings.

Fractal Analytics has raised a total of $855 million to date. Sources familiar with the matter said the company will use the latest capital infusion to expand its generative AI services, strengthen research and development, accelerate global expansion, and pre-pay certain existing loans.

Founded in 2000 by Srikanth Velamakanni and Pranay Agrawal, Fractal has since grown to operate across a broad spectrum of advanced technologies. These include computer vision, machine learning, quantum computing, cognitive automation, and conversational AI, positioning the company at the forefront of innovation in the AI space.

The company’s primary market is the United States, which contributes around 70% of its revenue. Additionally, Europe accounts for 20%, while Australia, the Middle East, and India collectively contribute the remaining 10%, highlighting Fractal’s strong global footprint.

Fractal Analytics entered the generative AI space with innovative solutions such as its digital sales advisory platform Flyfish, conversational AI tool Fractal GPT, and data science agent Arya. More recently, the company developed Kalaido.ai—India’s first text-to-image diffusion model. Fractal claims that Kalaido.ai generates high-quality images from text prompts in both English and Indian languages and plans to launch the model within the next two weeks.

International Student Housing Platform ‘University Living’ Reports 44% YoY Growth in FY 2024–25

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L-R] Saurabh Arora (Founder and CEO) & Mayank Maheshwari (Co-founder and COO), University Living

• University Living has scaled its presence in 120+ countries, starting from India in 2015

• Supported 80,000+ students secure verified accommodation globally across key markets in last three years

• Launched ₹2 crore Global Scholarship Program to ease the cost of living for international students

New Delhi, 14 July 2025 – University Living, a tech-enabled student housing-managed marketplace founded in India by Saurabh Arora (Founder & CEO) and Mayank Maheshwari (Co-Founder & COO), has grown into a global player in the international student mobility space. With a presence in 120+ countries, it offers end-to-end support from verified accommodation to essential services like banking, insurance, and telecom.

The platform has posted growth figures, with 44% YoY revenue growth in FY 2024–25, following 60% growth in FY 2022–23 and 34% in FY 2023–24. In the last three years, University Living has helped over 80,000 students secure accommodation and supported more than 3 lakh students through various stages of their international education journey.

University Living, an Indicorn, currently lists 2 million+ beds across 640+ global cities and has recorded a 20% CAGR in bed listings over the past five years. It serves students from over 120 nationalities. 

University Living has introduced AI agents for voice bots, designed to qualify incoming student leads through intelligent, real-time conversations. This ensures faster responses for students and parents during peak admission cycles and helps the company’s teams focus on high-intent queries, improving efficiency across the board. The platform also offers proprietary tools like SABIE, a GenAI-powered student assistant that helps users make smarter choices across their study-abroad journey, including course discovery, visa planning, accommodation options, scholarships, and more. Complementing this is the Cost-of-Living Calculator, a tool designed to help students budget their overseas education better. All tools are completely free to use for students exploring international education.

With a 400-member global team and offices in India, the United States, the United Kingdom, Australia, Ireland & Malaysia, University Living plans to double its headcount by 2030. 

Recognising its contribution, University Living is the official accommodation partner for 15 top-ranked global universities such as Imperial College London, University of Birmingham, University of Bristol, Darmstadt University of Applied Sciences, Germany, Richmond American University, London, James Cook University, Australia. It also offers Value Added Services (VAS) such as air tickets, guarantor service, airport transfer, international sim, international money transfer, student financing, job search assistance etc, in collaboration with 60+ service providers, and operates through a global B2B network of 1500+ partners like Applyboard, Studyportals, Credilla & Acumen to name a few. 

The platform also works closely with 10 leading brands, such as Uber, EBIX Cash, ETS, MakeMyTrip, Pearson PTE, etc., to enhance student experience and engagement.

To further support international students, University Living recently launched a ₹2 crore Global Scholarship Program, focused on easing living costs. Unlike traditional scholarships, this initiative prioritizes ambition and resilience over academic scores, addressing the real challenges of studying abroad.

Reinforcing its credibility, 15% of all bookings now come via student referrals—a strong indicator of trust and word-of-mouth adoption. With 5 million+ annual users across its website and app and a consistent 4.6-star rating on both Google and Trustpilot, University Living is not just growing—it’s setting new benchmarks in global student services. It continues to be a proud ‘Made in India’ brand. 

About University Living

University Living Accommodation is a community-based global student housing managed marketplace, providing students with safe, comfortable, and affordable accommodation options across different countries. Our innovative platform seamlessly integrates technology to empower students with a vast selection of accommodation options, boasting over 2.5 million beds across 640+ student-centric cities spanning the UK, Ireland, Australia, Europe, the USA, and Canada.

The company generates an annual traffic of 8 million and has assisted 2 million students from 110+ nationalities to date. University Living has built an organic marketplace for student accommodation, and the focus has always been to stay ahead of the curve, which makes the company a tech-enabled and content-led product. UL is an award-winning organization with a GBV of 500 million and more than 15 million nights in just 8 years. Being a category creator with a decade of experience, the company offers hassle-free booking services, transparent pricing, and 24/7 assistance to ensure a seamless post-admission experience for students. 

For more information: www.universityliving.com

K Hospitality Corp lists Travel Food Services (TFS) on BSE and NSE

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(L to R) Varun and Karan Kapur, executive directors of K Hospitality Corp

K Hospitality Corp has achieved a significant milestone with the official listing of Travel Food Services (TFS)—its joint venture with SSP Group plc—on both the BSE and NSE today.

TFS shares debuted at the upper end of the price band, at ₹1,100 per share, giving the company a valuation of ₹14,485 crore. The initial public offering (IPO) comprised a ₹2,000 crore offer for sale (OFS) by the Kapur Family Trust (K Hospitality), and received strong support from prominent global and Indian investors, including ICICI Prudential, Abu Dhabi Investment Authority (ADIA), Axis Asset Management, Fidelity, Government Pension Fund Global (Norges), and Kotak Mahindra Asset Management, among others.

Since launching its first restaurant, Copper Chimney, in 1972, K Hospitality Corp has evolved into a prominent and diversified force in India’s hospitality and food service industry, with operations spanning eight countries. Through iconic brands like Copper Chimney, Bombay Brasserie, JOSHH, Blue Sea Banquets & Catering, The Irish House, Nando’s, and Wagamama, the group consistently delivers exceptional food experiences to millions of guests across high streets, malls, airports, offices, banquets, and more.

TFS—K Hospitality’s travel food services arm operated in partnership with SSP Group—has emerged as the leading player in India’s fast-growing airport Travel QSR and Lounge segments by revenue in Fiscal 2025. Its successful listing marks a major milestone, ushering in a new chapter of growth for TFS and reinforcing K Hospitality Corp’s commitment to building scalable, future-ready businesses that shape the future of India’s food and hospitality ecosystem.

Varun Kapur, Managing Director and CEO of TFS, added, “TFS’s listing is a testament to the dedication of our teams and the collaborative success of the K Hospitality and SSP Group plc joint venture. This milestone reflects our vision of transforming travel through creating world-class food and travel experiences while driving sustainable profitable growth for the business.”

Karan Kapur, Executive Director, K Hospitality, said, “As our TFS joint venture enters this new chapter, we remain focussed on our vision of creating memories and inspiring happiness through food. We will continue to invest in building strong homegrown brands, while scaling more world-class international concepts in India – such as our recent joint venture with the global market leader Nando’s. This milestone of listing the TFS business energizes us to keep growing, innovating, and touching the lives of more and more guests in the nascent and fast-growing food sector.”

GCC Hotel & Club achieves 15% revenue growth through STAAH platform

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GCC Hotel & Club has recorded a 15% increase in both revenue and online bookings following its partnership with global hospitality technology provider STAAH.

Situated in Mumbai and spread over five acres, the property offers 106 rooms, 110 serviced apartments, and 42 conference and banquet venues. To modernize its operations and enhance booking efficiency, the hotel implemented STAAH’s distribution and revenue management solutions.

By integrating STAAH’s Booking Engine, GCC Hotel & Club enabled direct bookings through its website, while the Channel Manager ensured real-time updates of room availability and pricing across major online travel platforms. This helped minimize overbookings and enhanced operational efficiency.

The addition of STAAH’s WatchMyRate feature also played a key role in driving direct bookings. By showcasing competitor rates from other travel websites, it encouraged guests to book directly through the hotel’s platform. Furthermore, the use of STAAH’s Dynamic Rate Management tool allowed the hotel to optimize both occupancy and average room rates, leading to improved profitability.

GCC Hotel & Club’s collaboration with STAAH demonstrates how technology can revolutionize the booking experience and maximize revenue in today’s competitive hospitality industry.

“GCC is probably one of the first hotels to use STAAH almost a decade ago. Our primary goal to partner with STAAH was to focus more on revenue management and optimisation rather than administrative tasks and ensure our guest experience continued to be exceptional. Over time, STAAH has introduced various upgrades which have enhanced the experience of the platform and in turn, optimised our revenue generating strategies,” said Garfield Soares, Group Director Sales & Marketing, GCC Hotel and Club.

Apeejay Surrendra Park signs MoU with Katsons Hotel to lease and operate 138 rooms

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Vijay Dewan, managing director, Apeejay Surrendra Park Hotels

Apeejay Surrendra Park Hotels Ltd has signed a Memorandum of Understanding (MoU) with Katsons Hotel and Developer Pvt Ltd and Ved Parkash Kataria to lease and operate four leisure properties located in popular tourist destinations—Goa, Manali, Shimla, and Dharamshala.

The 12-year lease deal covers a total of 138 rooms, with the distribution being 42 rooms in Goa, 24 each in Manali and Shimla, and 48 in Dharamshala. All properties will operate under the company’s established hospitality brand.

As per the MoU, the company plans to make the Goa and Dharamshala properties operational within 60 days of finalizing the lease agreements, while it aims to open the Manali and Shimla locations within 90 days.

The company stated that this strategic move aligns with its broader vision of expanding into high-demand, experience-driven destinations. The company aims to strengthen its presence in the premium coastal hospitality segment through the Goa property, while it plans to tap into the rapidly growing hill station tourism market in North India with its properties in Himachal Pradesh.

In May, Managing Director Vijay Dewan of Apeejay Surrendra Park Hotels revealed the group’s plan to add around 250 keys as part of its future expansion strategy.

One of the major steps in that direction was the acquisition of a 90% stake in Zillion Hotels and Resorts, located in Juhu, Mumbai. Valued at ₹209 crore, the deal also includes plans to transform the existing property into a high-end boutique hotel, complete with 80 rooms and a rooftop bar.

Over the past decade, the company has demonstrated a strong performance, consistently achieving occupancy rates above 90%, except during the two pandemic-affected years. It now aims to sustain this high benchmark in the coming years.

Strong market demand and favorable trends in the hospitality sector are expected to drive double-digit growth in Average Room Rates (ARR).

Looking ahead to FY26, the company is targeting a 100 to 200 basis point increase in margins. Higher ARRs, especially across the company’s palace and premium category properties, are likely to drive this improvement and significantly boost overall profitability.

EV Maker VinFast signs 13 dealer agreements, teams up with BatX for EV battery recycling

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EV Maker VinFast has revealed two key initiatives as it gears up to enter the Indian electric vehicle market. According to news reports, the company has secured dealership agreements across several cities and formed a partnership with BatX Energies to support battery recycling and materials recovery efforts.

VinFast Auto India has signed agreements with 13 dealer groups to launch 32 dealerships across 27 cities, as part of its broader goal to establish 35 dealerships nationwide by the end of 2025.

The initial rollout will cover major cities such as Delhi, Gurugram, Noida, Bengaluru, Chennai, Hyderabad, Pune, Jaipur, Ahmedabad, Kolkata, Cochin, Bhubaneswar, Thiruvananthapuram, Chandigarh, and Lucknow.

Each outlet will operate under the 3S model—sales, service, and spares. The EV Maker company is also set to open pre-bookings for its two electric SUV models, the VF 6 and VF 7, on July 15, ahead of their expected launch during the upcoming festive season.

In a separate development, VinFast has entered into an agreement with Indian clean-tech firm BatX Energies to manage battery recycling and repurposing operations across India. BatX specializes in battery waste management and metal recovery.

The partnership will cover high-voltage battery recycling for both VinFast’s manufacturing facility and its after-sales operations. The process will focus on recovering valuable materials such as lithium, cobalt, and nickel, which can be reintegrated into the battery production cycle.

This collaboration aims to establish a localized framework for the sustainable management of end-of-life EV batteries.

VinFast is also building a manufacturing facility in Tuticorin, Tamil Nadu, with an investment of approximately $500 million. The plant will become operational in the first half of 2025.

Once completed, the facility will have an annual production capacity of up to 1.5 lakh electric vehicles. In addition to catering to the domestic market, VinFast also plans to export vehicles from this plant to regions including the Middle East and Africa.

Housing sales in MMR, Pune dip 30% to nearly 42,000 units in June quarter amid price surge: PropTiger

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Sridhar Srinivasan, Head of Sales, PropTiger.com

According to data released by PropTiger, housing sales in the Mumbai Metropolitan Region (MMR) and Pune dropped by 30% to 41,901 units during the April–June quarter this year. The decline is largely attributed to a surge in property prices, which has dampened buyer sentiment.

In the same quarter last year, these two major real estate markets in Maharashtra recorded combined sales of 60,191 units.

PropTiger, a real estate brokerage firm, released the report on Monday, revealing that overall housing sales across India’s eight key residential markets dropped 14% year-on-year to 97,674 units, compared to 1,13,768 units sold during the same period in the previous year.

“The short-term dip in home sales and new launches is more of a recalibration than a sign of waning demand. Affordability pressures, particularly in the budget and mid-income segments, have led to some cautious buyer sentiment,” Sridhar Srinivasan, Head of Sales, PropTiger.com, said.

However, Srinivasan emphasized that the fundamental demand for housing remains strong.

According to the data, housing sales in the Mumbai Metropolitan Region (MMR) dropped by 32% to 25,939 units, compared to 38,266 units in the same period last year. Pune experienced a 27% decline, with sales falling to 15,962 units from 21,925 units.

In Ahmedabad, sales dipped marginally by 1% to 9,451 units, down from 9,500 units. Delhi-NCR recorded a 9% decrease in sales, falling to 10,051 units from 11,065 units, while Hyderabad saw a 6% drop to 11,513 units from 12,296 units.

On the other hand, Bengaluru witnessed a 16% rise in housing sales, reaching 15,628 units from 13,495 units. Chennai also reported a significant increase of 33%, with sales climbing to 5,283 units from 3,984 units.

Residential property sales in Kolkata rose by 19% to 3,847 units during the April–June quarter this year, up from 3,237 units in the same period last year.

The data covers the primary housing markets across eight major Indian cities.

In terms of regional breakdown, the Delhi-NCR market includes Gurugram, Noida, Greater Noida, Ghaziabad, and Faridabad, while the Mumbai Metropolitan Region (MMR) comprises Mumbai, Navi Mumbai, and Thane.

PropTiger, which released the data, is a part of REA India—the parent company of Housing.com, a leading real estate classifieds platform.

Torch acquires AI leadership development platform Praxis Labs

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L-R: Heather Shen & Elise Smith, co-founders, Praxis Labs

Learning development platform Praxis Labs announced that Torch, a leadership and coaching company, has acquired it for an undisclosed amount.

“As a small company with fewer than 20 people serving companies as large as Amazon, we knew we needed to build powerful partnerships across product and go-to-market to reach more companies,” co-founder and CEO of Praxis Labs, Elise Smith, said.

Torch CEO Heather Conklin connected with Elise Smith and her co-founder, Heather Shen, while all three were actively working in the leadership development space.

“We were immediately struck, not just by our shared values and mission, but also by how we aligned on what was needed to really future-proof the next general workforce,” Smith continued. “There was a clear connection and opportunity to connect Torch’s contextual coaching and organizational insights with Praxis’ AI coaching, practice, and skill assessments.” 

Founded in 2019, Praxis Labs partnered with major companies like eBay, Zoom, Amazon, Google, and Target to promote more equitable and inclusive workplaces through leadership training and skill assessments. In 2021, the company raised a notable $15 million Series A round, making co-founder Elise Smith one of the few Black women at the time to secure over $1 million in venture capital funding. Investors in the round included Emerson Collective, Steph Curry’s Penny Jar Capital, Precursor Ventures, and Ulu Ventures.

Elise Smith and Heather Shen will join Torch as Head of AI Growth and Head of AI Product, respectively. Additionally, the entire Praxis Labs team will integrate into Torch as part of the acquisition.

“Right now, every company and executive team is facing this pivotal question: How will they prepare and manage this next generation of work with humans and AI while maintaining the human connection that’s essential for real workforce and company transformation?” she said.

“We’re confident that joining Torch gives us the best possible opportunity to help companies solve this question in this crucial moment.” 

Lohia Worldspace to invest ₹200-Cr in first residential project in Moradabad

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Pyush Lohia, Director, Lohia Worldspace

Lohia Worldspace, a real estate firm, will invest approximately ₹200 crore to develop a 10-acre residential project in Moradabad, Uttar Pradesh, marking its entry into the real estate sector.

This debut project will feature 175 luxury villas, signaling the company’s entry into high-end housing.

Lohia Worldspace serves as the real estate arm of Delhi-based Lohia Global, a diversified private enterprise with an annual turnover of around ₹1,200 crore.

Founded in 1979, Lohia Global operates across four key sectors—handicraft exports, electric vehicles, tiles, and solar energy. Now, in a strategic move, the group has ventured into real estate to unlock value from its 200-acre land bank spread across various cities in North India.

“Our vision with Lohia Worldspace is to create homes that are modern, meaningful, and rooted in thoughtful design,” said Pyush Lohia, Director, Lohia Worldspace. The project cost is estimated at Rs 200 crore and expected to be delivered by 2029.

Pyush stated that Moradabad is witnessing strong demand for premium homes, making it an ideal location for their debut housing project.

Last year, Lohia Global announced its entry into the real estate sector, outlining plans to invest ₹1,000 crore over the next five years to develop residential and commercial projects across India.

These developments will largely come up on high-value land parcels already owned by the group, enabling efficient use of its existing assets.

“Moradabad isn’t just where we begin. It’s where our roots are. We are proud to invest in the city’s future by offering something that uplifts its people, infrastructure, and aspirations,” said Pyush.

He mentioned that the company plans to launch additional projects in Moradabad in the coming years and is also preparing to enter the Delhi real estate market, signaling an ambitious expansion strategy for Lohia Worldspace.

Anthem Biosciences raises ₹1,016-Cr from anchor investors ahead of IPO

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Anthem Biosciences has raised ₹1,016 crore from anchor investors ahead of its upcoming IPO, which is set to open for public subscription on July 14 and close on July 16.

According to a circular uploaded on BSE’s website late Friday, the company has allotted 1.78 crore equity shares to 60 anchor investors at ₹570 per share—the upper end of the price band. As a result, the total transaction value amounts to ₹1,016 crore.

Prominent investors who participated in the anchor round include the Abu Dhabi Investment Authority, Government Pension Fund Global, Eastspring Investments, Amundi Funds, PineBridge Global Funds, and Societe Generale, along with domestic mutual funds such as HDFC MF, ICICI Prudential MF, Axis MF, UTI MF, Quant MF, and Motilal Oswal MF.

The ₹3,395 crore IPO by the Bengaluru-based Anthem Biosciences is entirely an offer-for-sale (OFS), meaning the company will not receive any proceeds; instead, the funds will go to the selling shareholders. Anthem Biosciences has set the IPO price band between ₹540 and ₹570 per share.

Anthem Biosciences operates as a technology-driven Contract Research, Development, and Manufacturing Organization (CRDMO) with end-to-end capabilities across drug discovery, development, and production. The company also manufactures and markets complex fermentation-based Active Pharmaceutical Ingredients (APIs) such as probiotics, enzymes, peptides, nutritional actives, vitamin analogues, and biosimilars.

Its listed peers include Sai Life Sciences Ltd, Syngene International, Suven Life Sciences, and Divi’s Laboratories.

JM Financial, Citigroup Global Markets India, J.P. Morgan India, and Nomura Financial Advisory and Securities (India) are acting as the book-running lead managers for the issue.

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