US-based workforce and technology solutions provider Tryfacta Inc. has filed draft papers with IFSCA to raise $100-$150 million via an IPO
GIFT City exchanges NSE IFSC and India INX, becoming the first US-headquartered firm to list in India through this route.
The dollar-denominated issue combines fresh shares and an OFS by shareholder Ratika Tyagi, offering Indian investors rare access to a US company locally.
US-headquartered workforce and technology solutions provider Tryfacta Inc. has filed draft papers with the International Financial Services Centres Authority (IFSCA) with plans to raise $100-$150 million in an initial public offering (IPO) on the exchanges at GIFT City, Gujarat.
The listing would make Tryfacta the first US-headquartered company to float shares in India through the GIFT City route.
1 June 2026
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According to the papers filed, the offering consists of a fresh issuance of up to 13.3 million equity shares, along with an offer-for-sale (OFS) component of up to 3 million shares from existing shareholder Ratika Tyagi.
The shares will be priced in US dollars and are slated to trade on NSE IFSC Ltd (NSE IX) and Indian International Exchange (India INX).
What's in it for Indian Investors
The listing provides Indian retail investors with an unusual chance to buy into a US company via a domestic exchange.
According to Upstox, anyone wanting to bid must first open an account with a broker registered under the IFSC, as an existing domestic trading account won't work for this purpose.
Funds then need to move through the Reserve Bank's Liberalised Remittance Scheme, which caps outward remittances at $250,000 per person each financial year for investment or travel.
Once money lands in the IFSC account, investors can bid for shares, with the entire transaction conducted in dollars.
Because the deal runs entirely in foreign currency, returns will also depend on the rupee-dollar exchange rate, a weaker rupee at the time of redemption would work in the investor's favour, while a stronger rupee will erode gains.
About the Company
Tryfacta was founded in 1996, headquartered in Dublin, California. It is run by Ratika and Adesh Tyagi and supplies AI-driven workforce and technological solutions to US federal agencies as well as state, local and education (SLED) bodies.
As of the end of December 2025, the firm held active contracts with more than 220 federal and SLED clients spread across 41 states, with roughly 47% of those agreements spanning five to ten years and another 38% running two to five years.
Its contractual workforce numbered 3,960 professionals in fiscal 2024 and 2,591 in fiscal 2025. The company also runs a Global Capability Centre in Mohali, India, handling recruitment, tech development, pre-sales and account management work.
The net revenue of the company has climbed to $50.5 million in fiscal 2025 from $35 million two years earlier, while gross profit grew to $6.6 million from $4.9 million over the same span.
