- AI-powered workforce solutions major files Draft Offer Document with IFSCA, opening a new chapter in GIFT City’s ambition to become a global capital-raising destination
- Dollar-denominated public issue on NSE IX and India INX could redefine cross-border listings and strengthen India’s International Financial Services Centre ecosystem
- Backed by over 220 US Federal and State clients across 41 states, the company combines artificial intelligence with workforce solutions for government agencies
- Fresh issue proceeds to fuel acquisitions, debt repayment and strategic expansion as the US public-sector outsourcing market gathers momentum
- Landmark listing underscores growing global confidence in GIFT City’s regulatory framework and positions Gujarat as a gateway for international capital markets
NE BUSINESS BUREAU
GIFT CITY, GANDHINAGAR, JUNE 12
In a landmark development that could transform India’s international financial markets landscape, Tryfacta Inc., a US-headquartered artificial intelligence-enabled workforce solutions company, has filed its Draft Offer Document (DOD) with the International Financial Services Centres Authority (IFSCA) for an Initial Public Offering at GIFT City, setting the stage for what is expected to become the first-ever equity listing in India by a US-based foreign company.
The proposed listing represents a defining moment for GIFT City, reinforcing its emergence as India’s gateway to global finance and signalling increasing international confidence in its regulatory architecture and capital market ecosystem.
The IPO will comprise a fresh issue of up to 13.3 million equity shares along with an Offer for Sale of up to 3 million equity shares by selling shareholder Ratika Tyagi. The issue will be denominated in US dollars, with the shares proposed to be listed on NSE IFSC Limited (NSE IX) and India International Exchange (India INX).
Industry experts view the transaction as a watershed moment that could encourage more multinational corporations to explore GIFT City as a preferred venue for raising capital while providing global investors access to international businesses through India’s financial ecosystem.
AI-Powered Workforce Specialist with Global Reach
Founded in 1996 and headquartered in Dublin, California, Tryfacta has evolved from a niche healthcare and IT staffing company into a diversified workforce and technology solutions provider serving Federal government agencies and State, Local and Education (SLED) institutions across the United States.
Led by Ratika and Adesh Tyagi, the company leverages artificial intelligence across recruitment, automated candidate screening, digital onboarding and workforce management platforms, enabling faster and more efficient talent deployment.
Its service portfolio spans recruitment, executive hiring, payroll administration, managed services, workforce augmentation and direct placements across healthcare, information technology, administrative and professional services sectors.
Strong Government Business Creates Long-Term Revenue Visibility
A distinguishing feature of Tryfacta’s business model is its deep engagement with the US public sector.
As of December 31, 2025, the company had secured staffing and professional services contracts from more than 220 Federal and SLED clients across 41 US states, supported by a vast database of experienced professionals.
The company’s client relationships demonstrate exceptional longevity, with nearly 47 per cent of contracts extending between five and ten years, while another 38 per cent have tenures ranging from two to five years, reflecting recurring demand and stable revenue streams.
Its first SLED contract dates back to 2017, and recent project wins include assignments for a Texas political subdivision as well as medical support services for a Federal agency.
In March 2026, Tryfacta secured two task orders valued at more than USD 62 million under a medical services contract supporting US Army installations in Texas, further strengthening its government business portfolio.
India GCC and GIFT City Expansion Strategy
The company has established a significant Global Capability Centre (GCC) in Mohali, which supports recruitment operations, technology development, pre-sales activities and account management functions.
Through its subsidiary Tryfacta Global IFSC Private Limited, registered as a BATF service provider under the IFSCA regulatory framework, the company plans to expand international service offerings directly from GIFT City, highlighting India’s growing importance in its global operating model.
IPO Proceeds to Accelerate Strategic Growth
According to the Draft Offer Document, the net proceeds from the fresh issue will primarily be utilised for:
- Repayment and prepayment of working capital facilities;
- Funding inorganic growth through acquisitions and strategic investments; and
- Meeting general corporate requirements.
Under the IFSCA (Listing) Regulations, 2024, allotment to investors will be undertaken on a proportionate or discretionary basis, as determined by the company in consultation with the Book Running Lead Manager and disclosed in the offer document.
Financial Performance Reflects Consistent Growth
Tryfacta’s financial performance mirrors its expanding business footprint.
Its net revenue increased from USD 37 million in Fiscal 2023 to USD 50.5 million in Fiscal 2025, registering a compound annual growth rate (CAGR) of 16.76 per cent.
During the same period, gross profit rose from USD 4.9 million to USD 6.6 million, with a significant portion of earnings generated through long-term SLED government contracts.
The company served 70 clients during Fiscal 2024 and 105 clients during Fiscal 2025, deploying thousands of professionals across public-sector projects.
A Sector Riding Structural Growth
Citing a 1Lattice industry report, the company notes that the US workforce solutions market expanded from USD 135.4 billion in 2019 to USD 177.2 billion in 2025 and is projected to reach USD 224.5 billion by 2030, driven by increasing investments in defence, cybersecurity, healthcare and digital transformation initiatives.
As governments seek greater operational flexibility without significantly expanding permanent staffing, demand for contract workforce solutions, outsourced services and digital talent platforms is expected to remain robust, creating favourable long-term growth opportunities for specialised providers such as Tryfacta.
A Milestone for GIFT City’s Global Aspirations
Beyond the company’s own growth story, the proposed IPO carries broader strategic significance for India’s financial ecosystem.
If successfully completed, the listing would establish GIFT City as a viable international fundraising destination for foreign corporations, reinforcing Gujarat’s ambition to evolve into a globally competitive financial centre capable of attracting cross-border listings, international investors and multinational enterprises.
YOKI Financial Services Private Limited is acting as the Book Running Lead Manager for the issue.
