Apax places $200m bet on big data with Fractal stake buy

MUMBAI: Private equity group Apax Partners is poised to become the single-largest shareholder in Fractal Analytics by picking up a significant minority stake of around 45% for $175-200 million, valuing India's No. 2 big data firm at $350-400 million. Apax will be buying out existing shareholders Khazanah Nasional Berhad and TA Associates and will infuse fresh capital in the company to bulk up the balance sheet for future acquisitions and growth, said people aware of the development. Discussions are in the final stages and a formal signing is scheduled by early next week or even this weekend. Apax Partners and TA Associates declined to comment. Fractal Analytics was set up in 2000 by five graduates of the Indian Institute of Management, Ahmedabad, with each pooling Rs 2 lakh. It raised $60,000 from angel investor Gulu Mirchandani of Mirc Electronics, who has chosen to remain invested.