US-Based Workforce Solutions Firm Tryfacta Files Draft IPO Papers for GIFT City Listing
Company plans equity listing on NSE IX and India INX; could become first US-headquartered firm to list shares through GIFT City framework
Mumbai: Tryfacta Inc., a US-based provider of workforce and technology solutions serving federal, state, local, and education (SLED) government agencies in the United States, has filed its Draft Offer Document (DOD) with the International Financial Services Centres Authority (IFSCA) for a proposed initial public offering (IPO) on exchanges operating in GIFT City, Gujarat.
If the proposed issue proceeds as planned, Tryfacta is expected to become the first US-headquartered company to list its equity shares in India through the GIFT City framework.
According to the draft offer document, the IPO comprises a fresh issue of up to 13.3 million equity shares and an offer for sale of up to 3 million equity shares by selling shareholder Ratika Tyagi. The issue will be denominated in US dollars and is proposed to be listed on NSE IFSC Limited (NSE IX) and India International Exchange (India INX).
The company stated that proceeds from the fresh issue are intended to be used for repayment or prepayment of working capital facilities, funding acquisitions and strategic investments, and meeting general corporate requirements.
Founded in 1996 and headquartered in Dublin, California, Tryfacta provides workforce and staffing solutions across healthcare, information technology, administrative, and professional services sectors. The company is led by Ratika Tyagi and Adesh Tyagi.
The company’s operations are supported by AI-enabled recruitment and workforce management systems, including automated candidate screening, digital onboarding, and workforce management platforms.
Tryfacta primarily serves federal and SLED government agencies in the United States while also offering staffing, payroll management, executive recruitment, and managed services. The company received its first SLED contract in 2017.
As of December 31, 2025, Tryfacta reported having contracts with more than 220 federal and SLED clients across 41 US states. The company also maintained a database of experienced candidates and operated through a network of recruiters, delivery managers, and account managers.
The company has established a Global Capability Centre (GCC) in Mohali, India, supporting recruitment operations, technology development, pre-sales activities, and account management functions. Through its subsidiary, Tryfacta Global IFSC Private Limited, the company plans to expand international service offerings from GIFT City.
In March 2026, Tryfacta was awarded two task orders with a combined value exceeding USD 62 million under a medical services contract supporting US Army installations in Texas.
According to the draft offer document, the company’s net revenue increased from USD 37 million in Fiscal 2023 to USD 50.5 million in Fiscal 2025, representing a compound annual growth rate (CAGR) of 16.76%. Gross profit rose from USD 4.9 million to USD 6.6 million during the same period.
The offer document cites a report by research firm 1Lattice, which estimates that the US workforce solutions market grew 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.
YOKI Financial Services Private Limited has been appointed as the Book Running Lead Manager for the proposed issue.
