US-based workforce solutions company files draft papers for GIFT City IPO

Tryfacta Inc, an AI-enabled workforce and technology solutions provider focused on US federal and State, Local and Education (SLED) government agencies, has filed its Draft Offer Document (DOD) with the International Financial Services Centres Authority (IFSCA) for a proposed initial public offering (IPO) on the exchanges at GIFT City, Gujarat.

The company is expected to become the first US-headquartered foreign company to list its equity shares in India through the GIFT City framework if the offering proceeds as planned.

The proposed IPO comprises a fresh issue of up to 13.3 million equity shares and an offer for sale of up to 3.0 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 Ltd (NSE IX) and India International Exchange (India INX).

According to the draft filing, the company plans to use the net proceeds from the fresh issue to repay or prepay working capital facilities, fund acquisitions and other strategic investments, and meet general corporate requirements.

Founded in 1996 and headquartered in Dublin, California, Tryfacta is led by Ratika and Adesh Tyagi. The company has expanded from a niche healthcare, information technology and commercial staffing business into a broader workforce-solutions provider offering recruitment, payroll management, executive hiring, managed services and staffing solutions across healthcare, IT, administrative and professional-services segments.

Its operations are supported by technology platforms that incorporate AI-powered recruitment tools, automated candidate screening, digital onboarding and workforce-management capabilities.

While the company primarily serves federal and SLED government programs, it also provides temporary-to-permanent staffing, direct placements, payroll services and leadership recruitment. Tryfacta received its first SLED contract in 2017.

As of December 31, 2025, nearly 47 per cent of its contracts had tenures of five to 10 years, while 38 per cent ranged between two and five years. Contracts of two years or less accounted for 8 per cent, and approximately 6 per cent extended beyond 10 years. Recent contract awards include projects for a Texas political subdivision and medical support services for a federal agency.

The company served 70 clients in fiscal 2024 and 105 clients in fiscal 2025 across federal and SLED projects, deploying a contractual workforce of 3,960 and 2,591 professionals, respectively.

By the end of December 2025, Tryfacta had been awarded contracts for staffing and professional services by more than 220 federal and SLED clients across 41 US states and maintained a substantial database of experienced candidates.

Its delivery model is supported by recruiters, delivery managers and account managers. The company also operates a Global Capability Centre in Mohali, India, which supports recruitment, technology development, pre-sales and account management activities.

Through its subsidiary, Tryfacta Global IFSC Pvt Ltd, an IFSC unit registered as a BATF service provider under the IFSCA (Book-keeping, Accounting, Taxation and Financial Crime Compliance Services) Regulations, 2024, the company plans to expand its international service offerings from GIFT City.

In March 2026, Tryfacta secured two task orders with a combined value exceeding $62 million under a medical-services contract vehicle administered by a US Department of War (DoW), formerly the US Department of Defense (DoD), supporting US Army installations in Texas.

Financially, the company reported net revenue growth from $37 million in fiscal 2023 to $50.5 million in fiscal 2025, representing a compound annual growth rate of 16.76 per cent. Most of the revenue was generated from SLED contracts. Gross profit increased from $4.9 million to $6.6 million over the same period.

YOKI Financial Services Pvt Ltd is acting as the book running lead manager for the issue.