Key facts
- US-based Tryfacta Inc. has filed draft IPO papers with India's IFSCA.
- The proposed IPO size is between $100 million and $150 million.
- Tryfacta aims to be the first US-headquartered company to list in India via GIFT City.
- The offering includes both a fresh issue of shares and an offer for sale.
- Funds raised will support growth, working capital, and strategic investments.
- The company provides AI-enabled workforce and technology solutions to US government agencies.
US-based workforce and technology solutions provider Tryfacta Inc. has filed draft papers with India's International Financial Services Centres Authority (IFSCA) for an initial public offering (IPO) valued at $100-150 million. The company aims to be the first US-headquartered firm to list its equity shares in India through the GIFT City financial hub in Gujarat.
The proposed IPO includes a fresh issuance of up to 13.3 million equity shares and an offer for sale of up to 3 million shares by selling shareholder Ratika Tyagi. The offering will be denominated in US dollars, with shares intended to be listed on NSE IFSC Ltd and India International Exchange (India INX).
Proceeds from the fresh issue are earmarked for repaying working capital facilities, funding acquisitions and strategic investments, and general corporate purposes. Founded in 1996 and headquartered in California, Tryfacta specializes in artificial intelligence-enabled workforce and technology solutions for Federal, State, Local, and Education (SLED) government agencies across the United States.
As of December 31, 2025, Tryfacta had secured contracts with over 220 Federal and SLED clients. Approximately 47% of these contracts have a tenure of 5-10 years, and 38% are between 2-5 years. In fiscal years 2024 and 2025, the company served 70 and 105 clients, respectively, deploying a workforce of 3,960 and 2,591 professionals.
Tryfacta operates a Global Capability Centre in Mohali, India, supporting recruitment, technology development, and account management. Its net revenue increased to $50.5 million in fiscal 2025 from $37 million in fiscal 2023, with gross profit rising to $6.6 million from $4.9 million in the same period. YOKI Financial Services is managing the IPO.