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Tryfacta Inc, a U.S. technology and staffing firm, is set to file draft papers for an IPO on GIFT City's international exchanges by month's end, targeting USD 100 to USD 150 million. It would join XED as one of the first companies to use GIFT City's listing platform. Yoki Financial Services has been named lead manager, though it did not respond to inquiries. Tryfacta operates across sectors like healthcare and government, and has grown rapidly expanding from 205 employees and 10 contracts in 2020 to over 4,000 employees and 150 contracts today.
US-based Tryfacta Inc is preparing to file draft papers for an IPO on the international exchanges in GIFT City, aiming to raise between USD 100 million and USD 150 million by the end of the month, according to people familiar with the plans. Advertisement
To date, only one company has launched an IPO process at GIFT City: Mumbai-based education platform XED submitted its draft in August. XED proposes to raise funds for working capital, technology capex, and general corporate requirements.
Within GIFT City, there are currently two exchanges in operation: India INX and NSE International Exchange (NSE IX).
Sources reveal that Yoki Financial Services, an arm of Mefcom Capital and registered with IFSCA as an investment bank, has been appointed as lead manager for Tryfacta's offering. When approached by email, Yoki Financial Services did not respond to requests for comments.
Tryfacta is headquartered in California and was co-founded in 1996 by Ratika and Adesh Kumar Tyagi. It offers IT services, technology solutions, staffing, and payroll management to U.S. government and institutional clients across sectors such as healthcare, IT, engineering, education, professional services, and consulting.
Some of Tryfacta's major contract wins include agreements with the U.S. Defense Health Agency valued at USD 43 billion, the U.S. Defense Logistics Agency at USD 11.9 billion, and the U.S. Department of Veterans Affairs worth USD 100 million. It has also handled engagements for state and local bodies, such as the State of Florida (USD 143 million) and Baltimore County Public Schools (USD 55 million).
The company's workforce has grown steeply from around 205 employees in 2020 to over 4,000 by 2024-mainly in non-IT roles, followed by healthcare and IT segments. Its active contract base has also multiplied: from about 10 contracts in 2020 to over 150 now, most of which run for five to ten years.
If Tryfacta succeeds with its IPO, it would become one of the first overseas companies to tap GIFT City's listing platform. This would bolster GIFT City's standing as a venue for cross-border listings and could attract more global firms to explore India's international finance hub.
Source PTI
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