‘GenAI projects poised for exponential growth, but global slowdown on tech spends is a counter trend’

The global hype for artificial intelligence (AI) changed the fortunes for the Indian AI native start-up Fractal Analytics, which became a unicorn in 2022 after being in operations for nearly 20 years. However, reduction in tech spends for the last two years has impeded its growth potential even as Gen-AI projects continue to be hot.

“We are seeing two converse trends,” Srikanth Velamakanni, CEO and Co-Founder of Fractal, told businessline in an interview on the occasion of launching a chatbot based on world-renowned career coach, Marshall Goldsmith. “On one hand, tech firms, banks and fintech firms have downsized significantly in the past year, which means firms providing tech services are also seeing a decline in business.