Gulu Mirchandani’s Early ₹2.75 Crore Bet on AI Turns into ₹2,400+ Crore in Fractal Analytics IPO

The Fractal Analytics IPO is live now, and investors are watching closely. The issue opened for public subscription on 9 February and will close on 11 February 2026. Early interest has been muted, with the overall subscription still under 20% mid‑way through Day 2.

But behind the IPO buzz is a remarkable investment success story involving Gulu Mirchandani, the founder of Onida Electronics. His early support in Fractal has become a headline‑grabbing tale of patience, conviction and big gains.

How a Small Investment Became INR 2,400+ Crore

In 2004, Gulu Mirchandani invested INR 2.75 crore in Fractal Analytics when the AI‑driven analytics firm was just four years old. At the time, artificial intelligence and data science were not mainstream investment themes.

Over the next 22 years, that stake grew roughly 475 times in value, turning into more than INR 2,400 crore for the Mirchandani family today. This translates into an annualised return of over 35%, a rare outcome in Indian investing.

Rahul Mathur, who shared the story on LinkedIn, highlighted the astonishing returns as a rare success in Indian venture investing.

As part of the public offering, the family‑controlled GLM Trust plans to sell about 15.5% of its holdings, unlocking around INR 450 crore in value for early investors.

The story has attracted attention across the Indian startup and finance community as a rare multi‑bagger success in the long history of venture funding in the country.

Who Is Gulu Mirchandani: The Onida Pioneer

Gulu Mirchandani is an Indian entrepreneur and co‑founder of MIRC Electronics, the company best known for the Onida consumer electronics brand. He helped start the business in 1981 with Vijay Mansukhani, focusing initially on television manufacturing in Mumbai.

Onida became a major Indian electronics name in the 1980s and 1990s. Its “Neighbour’s envy, Owner’s pride” campaign and the iconic devil mascot made the brand instantly recognisable across households.

Mirchandani is an alumnus of BITS Pilani with a degree in engineering. He served as Chairman and Managing Director of MIRC Electronics and held board roles at other companies, including analytics firm Fractal Analytics.

In 2025, he stepped down from his executive role at Onida due to age and health reasons, marking the end of an era for a leader associated with one of India’s oldest consumer durable brands.

His legacy spans decades of electronics manufacturing, iconic marketing, and now, a remarkable early investment in AI technology that helped make Fractal Analytics a standout IPO story.

Fractal IPO: Subscription, Pricing and Timing

The Fractal Analytics IPO is worth INR 2,833.9 crore, featuring both a fresh issue and an offer for sale (OFS) by existing shareholders.

• Subscription window: 9 Feb – 11 Feb 2026.
• Price band: INR 857 - INR 900 per share.
• Listing date (expected): Around 16 Feb 2026 on NSE and BSE.

Early subscription figures show a slow start: around 9% subscribed on Day 1, and still under 20% on Day 2. Retail investors have shown more interest than institutions, a pattern seen in some recent tech IPOs.

Grey market premiums, an unofficial indicator of listing sentiment, have also softened from earlier highs as investors weigh valuation against broader market trends.

Why This Story Matters to Markets and Investors

Fractal Analytics is one of the first truly AI‑focused companies in India to test the public markets. Its business blends enterprise analytics, artificial intelligence, and data solutions for global clients across sectors like tech, retail, healthcare and finance.

But the IPO’s tepid early demand suggests caution in the market. High valuations combined with broader volatility in IPO markets appear to have dampened enthusiasm compared with other high‑growth listings.

Still, many analysts point out that Fractal’s long revenue growth track record and global client base could make it a solid long‑term play for investors who are willing to hold past the listing date.

For ordinary investors, the real headline might not be the small subscription numbers today, but the rare success story behind the company’s journey from a small AI startup to a multi‑thousand‑crore public company with early believers like Gulu Mirchandani now reaping huge rewards.

Impact on Indian Tech and Venture Investing

Mirchandani’s return is now seen as a benchmark success case in Indian venture history. It highlights how early conviction and long‑term holding can outperform short‑term market trends, especially in deep tech sectors.

As the IPO subscription period closes this week, all eyes will be on how the market reacts to the initial pricing and whether Fractal can match its growth story with investor confidence in the public arena.

Final Thoughts

The Fractal Analytics IPO is underway with mixed early signals. But the story of Gulu Mirchandani’s investment remains a powerful reminder of how early bets on future tech can pay off massively, even if the market is cautious today.