Fusion CX raises ₹120 crore pre-IPO from Kotak Life, Ashish Kacholia, Mukul Agrawal fund ahead of ₹702 crore IPO
Fusion CX sold 41.52 lakh shares at ₹289 each to marquee investors before its ₹702 crore IPO, which opens for subscription on 14 October.
Kolkata-based customer experience company Fusion CX has raised about ₹120 crore through a pre-IPO share sale to investors including Kotak Mahindra Life Insurance, Ashish Kacholia and a Mukul Agrawal-backed fund, days before its ₹702 crore initial public offering opens on 14 October, according to PTI.
The secondary transactions, completed on 9 October, involved 41.52 lakh equity shares sold at ₹289 each, the upper end of the IPO price band. The sellers were promoter entities PNS Business Private Ltd and Rasish Consultants Private Ltd. The shares make up about 3.19 per cent of the pre-offer equity capital on a fully diluted basis, PTI reported.
Who bought the shares
- Kotak Mahindra Life Insurance: 17.30 lakh shares worth ₹50 crore
- Ashish Kacholia (personally and through Bengal Finance and Investment): 12.11 lakh shares worth ₹35 crore
- Sanshi Fund-I, backed by Mukul Agrawal: 8.65 lakh shares worth ₹25 crore
- Bhansali Fincom and others: the remaining amount, not broken down in the report
IPO dates, price band and issue size
The ₹702 crore issue is made up of a fresh issue of up to ₹500 crore and an offer for sale of up to ₹202 crore by the promoter sellers. The size is lower than the ₹1,000 crore the company had planned in its draft prospectus filed in May 2025, PTI noted.
- Price band: ₹275 to ₹289 per share
- Anchor bidding: 13 October
- Subscription: 14 to 16 October
- Allotment: expected 19 October (The Economic Times)
- Listing: BSE and NSE on 22 October
- Lot size: 51 shares; minimum retail investment ₹14,739 at the upper end (The Economic Times)
- Allocation: 75 per cent QIBs, 15 per cent non-institutional, 10 per cent retail
- Valuation at upper end: about ₹4,200 crore, per PTI; one PTI report puts post-issue market capitalisation at more than ₹4,170 crore
PTI reported that ₹275 crore of the fresh issue proceeds will go towards repaying borrowings and ₹61 crore towards investments in step-down subsidiaries Omind Technologies Inc and Omind Technologies Pvt Ltd to upgrade IT tools including Arya and MindVoice, with the rest for acquisitions and general corporate purposes. The Economic Times report gives lower figures for these two items (₹29.19 crore and ₹7.47 crore); readers should check the offer document. Promoter holding is expected to be about 77.35 per cent after the issue.
What Fusion CX does
Founded in 2004 by Pankaj Dhanuka and Kishore Saraogi, Fusion CX provides customer experience services across voice, email, chat, social media and messaging in 28 languages. As of 30 June 2026, it had 13,735 employees, 40 delivery centres in 13 countries and 208 clients, according to PTI. Its subsidiary Omind Technologies builds AI-based tools. The Economic Times reported that the US and Canada accounted for 85.26 per cent of revenue and India 11.29 per cent.
In FY26, revenue from operations rose 37 per cent to ₹1,818 crore and profit after tax more than doubled to ₹169 crore from ₹74.40 crore, PTI reported. The Economic Times put total income at ₹1,852 crore and profit at ₹170 crore.
No grey market premium has been cited here as none was reported by the outlets reviewed. Pre-IPO purchases at the upper band do not indicate how the shares will perform after listing.
Sources: The Economic Times (via inkl), PTI (via HDFC Sky), PTI (via Daily Excelsior).
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