SaaS Unicorn Fractal is Refining its Talent Acquisition with the Aid of AI

Fractal Analytics Private Limited is a global artificial intelligence company that offers services in various industries including packaged consumer goods, insurance, healthcare, life sciences, retail, technology, and the financial sector. The company is headquartered in both Mumbai and New York City, with operations in the United States, India, the United Kingdom, and fifteen other locations worldwide.  Fractal Analytics was established in 2000 in Mumbai by Srikanth Velamakanni, Pranay Agrawal, Nirmal Palaparthi, Pradeep Suryanarayan, and Ramakrishna Reddy. The company later relocated to the United States in 2005. In 2015, they completed acquisitions of Imagna Analytics and Mobius Innovations.

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Srikanth Velamakanni, the co-founder and group CEO of the SaaS unicorn Fractal Analytics, provided attendees with valuable insights into how the company leverages its AI research to streamline the hiring process.

Fractal has introduced an innovative AI tool named Fractal 360, specifically designed for internal operations.

“Fractal 360 functions as an endless test, generating questions through advanced AI algorithms. In our selection process, AI plays a crucial role in determining the type of questions suitable for potential hires,” Velamakanni explained in a conversational tone.

The startup proudly brings aboard 2,000 new team members every year, carefully assessing around 4 Lakh potential candidates annually. Currently, Fractal boasts a workforce of approximately 5,000 dedicated individuals.

Moreover, this innovative SaaS unicorn integrates an AI assistant named Dexter to enhance the employee journey.

“We want our team to feel more than just punching in and out each day. That’s why we’ve introduced Dexter, an AI companion designed to support our staff in their day-to-day interactions,” explained a company spokesperson.

Velamakanni emphasized the difficulty of sourcing skilled individuals for AI development. “It’s not just about enhancing talent; it’s about securing exceptional talent from the outset,” he stressed. Describing their meticulous selection process, he highlighted that they meticulously choose just one candidate from a pool of 200. This stringent approach, he explained, ensures that they bring onboard the right person, enabling them to cultivate a culture of experimentation. He added that within this environment, failure is not frowned upon but rather embraced and even celebrated. “It’s where we witness the birth of incredible innovations,” he remarked warmly.

Velamakanni also mentioned that the startup’s use of AI internally aligns with its goal of developing AI products for its clients. One of the notable releases from the startup is its text to image generating AI model, Kaleido.ai. According to Fractal, this model can create high-quality images from text inputs in English as well as 17 Indian languages, such as Hindi, Sanskrit, and Tamil. The model has been trained on a public dataset of 70 million images. It is important to highlight that the Indian government has also shown interest in this technology.

Prime Minister Narendra Modi declared that India will lead the global AI transformation. According to our report, India’s GenAI market is projected to expand at a compound annual growth rate of 48%, reaching over $17 billion by 2030 from $1.1 billion in 2023. To boost the AI ecosystem in the country, the Union Cabinet has sanctioned the IndiaAI Mission with a budget of INR 10,372 crore over the next five years.

Srikanth Velamakanni, co-founder and CEO of Fractal Analytics, shared the company’s innovative use of AI in hiring and internal operations, emphasizing the focus on securing exceptional talent. Fractal’s AI tool, Fractal 360, facilitates meticulous candidate assessment, selecting one candidate from 200 to foster a culture of experimentation. The introduction of Dexter, an AI assistant, further supports the employee journey. Additionally, Fractal’s AI research aligns with its AI product development. Notably, the text to image generating AI model, Kaleido.ai, has garnered interest from the Indian government amid Prime Minister Narendra Modi’s vision for global AI leadership. India’s GenAI market is poised for impressive growth, projected to reach over $17 billion by 2030, with the Union Cabinet allocating a substantial budget to the IndiaAI Mission for the next five years, promising a robust AI ecosystem.