who is srikanth velamakanni
Srikanth Velamakanni, the founder and CEO of Fractal Analytics, has become a symbol of innovation in the field of data analytics. His story, from simple beginnings to leading an artificial intelligence company valued at over a billion dollars. shows how much he has worked for this success.
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Srikanth Velamakanni’s educational journey started at the Indian Institute of Technology (IIT) Delhi. He pursued a bachelor’s degree in Electrical Engineering, showing his initial interest and dedication to analytics and technology.
This base later became very important when he started his own business adventures. After finishing his graduation, Srikanth went forward for an MBA from the Indian Institute of Management (IIM) Ahmedabad.
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After completing his MBA in 1998, Velamakanni joined ANZ Investment Bank in Mumbai, India. He worked with the structured finance team, where he participated in various structured finance and eurocurrency syndicated loan transactions.
A year later, he transitioned to ICICI in Mumbai, joining the Structured Products Group. During his time there, he was involved in several asset-backed and mortgage-backed structured finance transactions. Notably, he was part of the team that launched India’s first CDO in 1999.
In February 2000, he left his banking job.
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In an interview, Velamakanni revealed that Fractal Analytics was not started with a detailed business plan or by entrepreneurs with years of experience. The founders, having the desire to begin their own venture, first went on an exploration journey to find out where they could establish themselves in the business world.
In the middle of self-exploration, Velamaakanni and other co-founders of Fractal saw that they were good at two things: financial services and mathematics. They used their skills in probabilities and statistics, which came from studying real-life situations like handwriting as well as face recognition, to find an interesting chance for solving problems encountered by finance organizations.
Also, they found out that banks were having a hard time assessing the creditworthiness of customers. Seeing the power of statistical tools in reducing credit risk, they took a risk. They were the first in India to create a statistical scorecard for ICICI Bank, designed to forecast defaults on personal loans. In February 2000, Fractal was officially established.
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Even though there were initial triumphs, the Indian market was still not prepared to pay for data analytics services. This prompted Srikanth to shift Fractal’s activities to the U.S. in 2005 and within a short span of time, they managed to increase their revenue.
In 2007, the company experienced a major setback when three co-founders departed, causing resignations from many employees. But Velamakanni and Pranay Agrawal, one of the co-founders, made up their minds to carry on. They introduced the leading customer genomics solution, Fractal, which played a major role in growing the revenue and client numbers for this company.
In 2013, Fractal saw its revenue triple and got a big investment from TA Associates. The firm kept spreading its reach across the world, serving companies in the Fortune 500 such as P&G, Microsoft, and Philips. In 2016, they raised more funds with the assistance of Khazanah Nasional Berhad; and in 2019, they received an investment from Apax Partners worth $200 million.
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At the start of 2022, Fractal became a Unicorn after receiving an investment of $360 million from TPG Capital Asia. This investment valued the company at $1 billion.
Fractal is witnessing a revenue run rate of Rs 2,000 crore and has set its goal to become a $15 billion revenue company by serving Fortune 500 companies.
The tale of Srikanth Velamakanni is about perseverance, creativity, and dedication. In more than 21 years, he has changed Fractal Analytics from a small startup into an international leader in AI and analytics that establishes fresh benchmarks for this field worldwide.
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