Fusion Klassroom Edutech
Listing performance
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Subscription
- Qualified institutionalQIB
- 1.00×
- Big non-institutionalbNII · above ₹10 lakh
- 1.83×
- Small non-institutionalsNII · ₹2–10 lakh
- 1.20×
- Retail individualRII · up to ₹2 lakh
- 1.70×
Grey market premium
Unofficial and indicative — not a forecast
Day-wise premium · 9 observations
| Date | GMP | % | Sauda | Est. listing | Gain / lot |
|---|---|---|---|---|---|
| 07 Aug 2026 | ₹0 | 0.00% | ₹0 | ₹159 | ₹0 |
| 06 Aug 2026 | ₹0 | 0.00% | ₹0 | ₹159 | ₹0 |
| 05 Aug 2026 | ₹0 | 0.00% | ₹0 | ₹159 | ₹0 |
| 04 Aug 2026 | ₹0 | 0.00% | ₹0 | ₹159 | ₹0 |
| 03 Aug 2026 | ₹0 | 0.00% | ₹0 | ₹159 | ₹0 |
| 02 Aug 2026 | ₹4 | +2.52% | ₹2,400 | ₹163 | ₹3,200 |
| 01 Aug 2026 | ₹4 | +2.52% | ₹2,400 | ₹163 | ₹3,200 |
| 31 Jul 2026 | ₹4 | +2.52% | ₹2,400 | ₹163 | ₹3,200 |
| 30 Jul 2026 | ₹9 | +5.66% | ₹5,500 | ₹168 | ₹7,200 |
Gain per lot assumes the premium holds to listing and that the application is allotted — allotment in an oversubscribed issue is a lottery, so it is indicative, not expected. Sauda is the rate paid for a submitted application itself.
Issue details
- IPO date
- 31 Jul 2026 – 04 Aug 2026
- Listing date
- 07 Aug 2026
- Face value
- ₹10 per share
- Price band
- ₹151 – ₹159
- Issue price
- ₹159 per share
- Lot size
- 800 shares
- Sale type
- Fresh capital cum OFS
- Issue type
- Book Building issue
- Listing at
- BSE
- Total issue size
- ₹39.04 Cr
- Fresh issue
- ₹29.67 Cr 18,66,200 shares
- Offer for sale
- ₹7.41 Cr 4,65,800 shares
- Market cap at offer price
- ₹148 Cr
- Promoter holding
- 55.07% → 39.53% pre-issue → post-issue
- ISIN
- INE1LMA01010
- CIN
- U74999MH2016PLC287390
- Registrar
- Maashitla Securities Pvt.Ltd.
- Lead managers
- Narnolia Financial Services Ltd.
- Registered office
- Matruprabha, Plot No-78, CTS No-2731, Daulat Nagar Road 7, Borivali East, Mumbai - 400066, Maharashtra, India
Reservation and application size
How the issue is split between investor categories, and what each may bid
| Investor category | Shares | % of net | % of total |
|---|---|---|---|
| QIB | 4,64,800 | 28.42% | 26.43% |
| Anchor investor · within QIB | 6,96,800 | — | 39.63% |
| NII (HNI) | 3,52,800 | 21.58% | 20.06% |
| bNII > ₹10L · within NII | 2,35,200 | — | 13.38% |
| sNII < ₹10L · within NII | 1,17,600 | — | 6.69% |
| Retail (RII) | 8,17,600 | 50.00% | 46.50% |
| Employee | 0 | — | 0.00% |
| Market maker | 1,23,200 | — | 7.01% |
| Total issue | 17,58,400 | — | 100.00% |
Net offer to the public of 16,35,200 shares, out of a total issue of 17,58,400. Indented rows sit inside the category above them and are not added to it.
Application size
Minimum 800 shares per lot, in multiples, at ₹159
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 800 | ₹1,27,200 |
| S-HNI (min) | 2 | 1,600 | ₹2,54,400 |
| S-HNI (max) | 7 | 5,600 | ₹8,90,400 |
| B-HNI (min) | 8 | 6,400 | ₹10,17,600 |
Category limits
| Category | Bid size | Cut-off |
|---|---|---|
| Retail (RII) | Up to ₹2 lakh | Yes |
| Small HNI (sNII) | ₹2 lakh – ₹10 lakh | No |
| Big HNI (bNII) | Above ₹10 lakh | No |
| Employee | Up to ₹5 lakh | Yes |
Bidding at cut-off means accepting the final issue price without naming one. Only retail and employee applicants may do so.
Anchor investors
Institutional allocation placed a day before the issue opens, carved out of the QIB portion and locked in after listing.
Valuation and performance
Valuation at offer price
₹159 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 10.37 | 8.16 |
| P/E (×) | 15.33 | 19.49 |
| Price to book (×) | 6.30 | — |
| Market cap | — | ₹148 Cr |
Key performance indicators
Latest reported period, standalone
- Return on net worth
- 53.45%
- ROCE
- 61.00%
- Debt / equity
- 0.19
- PAT margin
- 32.99%
- EBITDA margin
- 56.38%
- NAV per share
- ₹25.22
- Price to book
- 6.30
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
Company financials
Standalone ·₹ crore unless a row shows % or ×, as reported in the offer document
| Period ended | FY26 | FY25 | FY24 |
|---|---|---|---|
| Profit and loss | |||
| Total income | 23.1 | 10.11 | 4.62 |
| Revenue from operations | 23.04 | 10.09 | 4.58 |
| Other income | 0.06 | 0.02 | 0.04 |
| Total expenses | 13.59 | 7.01 | 4.19 |
| Operating profit | 9.51 | 3.1 | 0.43 |
| Operating margin | 41.17% | 30.66% | 9.31% |
| Profit before tax | 9.51 | 3.1 | 0.43 |
| Profit after tax | 7.6 | 2.9 | 0.34 |
| PAT margin | 32.90% | 28.68% | 7.36% |
| Balance sheet | |||
| Total assets | 25.46 | 12.06 | 4.48 |
| Current assets | 7.07 | 4.95 | 0.67 |
| Current liabilities | 5.31 | 1.5 | 0.39 |
| Total liabilities | 7.04 | 2.04 | 0.57 |
| Net worth | 18.41 | 10.03 | 3.92 |
| Current ratio | 1.33× | 3.30× | 1.72× |
| Return on equity | 41.28% | 28.91% | 8.67% |
| Cash flow | |||
| Operating cash flow | 10.71 | 3.55 | 0.94 |
| Investing cash flow | -12.44 | -5.95 | -1.76 |
| Financing cash flow | 2.48 | 3.33 | 0.96 |
| Net cash flow | 0.76 | 0.92 | 0.14 |
Objects of the issue
Stated use of the net proceeds— open a row for the issuer's full explanation
1 Prepayment or repayment of all or a portion of certain outstanding borrowings ₹2.36 Cr
The company intends to utilize proceeds towards full or part repayment and/or pre-payment of borrowings from banks and financial institutions. This will help reduce outstanding indebtedness and debt servicing costs, assist in maintaining a low debt equity ratio and enable utilization of accruals for further business growth.
2 Expenditure towards Technology & AI/ML Model Development, Servers and Cloud Infrastructure ₹6.71 Cr
The company proposes to transform its proprietary digital platform into a full-scale, AI-powered learning ecosystem. The investment will be directed towards development of advanced technology solutions including private AI tutors, AI-based doubt-solving mechanisms, automated assessments, multilingual content delivery and robust server infrastructure.
3 Funding the capital expenditure towards Content Development ₹5.35 Cr
The company proposes to utilize proceeds towards development, enhancement and upgradation of academic and skill-based content for its Online education delivery model. The investment includes creation of proprietary content, curriculum-aligned study material, recorded and live lecture modules, question banks and digital learning resources.
4 Funding the capital expenditure towards procurement of Desktop and Laptops for new Offline Centers' AI/ML labs ₹1.95 Cr
The company intends to procure desktops and laptops for setting up AI and ML laboratories at proposed new offline centres in Mumbai, Pune and Jaipur. This will enable establishment of dedicated AI and ML laboratories, enhancing the company's ability to offer technology-enabled and advanced training programs.
5 Expenditure towards Marketing initiatives ₹5.22 Cr
The company proposes to utilize proceeds towards marketing and brand-building initiatives aimed at strengthening student acquisition, engagement and retention. The expenditure will support expansion of offline training centres and increase adoption of education OTT application through enhanced brand visibility and awareness campaigns.
6 Funding inorganic growth through unidentified acquisitions and general corporate purposes —
The company may evaluate opportunities for strategic investments, acquisitions or partnerships complementary to its existing business. The proceeds will also be used for general corporate purposes including initial development costs for new business, meeting operating expenses, and strengthening business development capabilities.
1 of 6 objects carry no stated amount — typically general corporate purposes, funded from whatever remains — so the total above is the quantified portion only, not the whole issue.
Selling shareholders
Existing holders selling into the offer — these proceeds go to the seller, not to the company
| Seller | Capacity | Shares offered | Avg. cost |
|---|---|---|---|
| Mrs. Alka Nikhil Javeri | Promoter Selling Shareholder | 1,78,048 | ₹0.02 |
| Mr. Dhruv Nikhil Javeri | Promoter Selling Shareholder | 87,000 | ₹0.02 |
| Mr. Dhumil Nikhil Javeri | Promoter Selling Shareholder | 87,000 | ₹0.02 |
| Deepti Choudhary | Investor Selling Shareholder | 28,471 | ₹0.94 |
| Chandra Prakash Toshniwal (Trustee at CPT Family Trust) | Investor Selling Shareholder | 16,040 | ₹57.37 |
| Utsav Verma | Investor Selling Shareholder | 16,000 | ₹38.91 |
| Arun Deep Bakshi | Investor Selling Shareholder | 13,634 | ₹31.13 |
| Uttam Pal Singh | Investor Selling Shareholder | 6,255 | ₹36.97 |
| Rahul Mahajan (Partner at CWS Contacts) | Investor Selling Shareholder | 5,614 | ₹55.3 |
| Sonal Agarwal | Investor Selling Shareholder | 5,600 | ₹30.4 |
| Lakshminarayanan Karthik | Investor Selling Shareholder | 4,500 | ₹64.7 |
| Abhijit Saxena | Investor Selling Shareholder | 4,010 | ₹63.14 |
| Preeti Bahl | Investor Selling Shareholder | 4,010 | ₹30.4 |
| Nanhi Singh | Investor Selling Shareholder | 4,010 | ₹30.4 |
| Nirmal Kumar Meharia | Investor Selling Shareholder | 2,000 | ₹38.23 |
| Aakash Choudhary | Investor Selling Shareholder | 1,604 | ₹82.48 |
| Abhijeet Kumar | Investor Selling Shareholder | 1,002 | ₹25.18 |
| Ashish Sarser | Investor Selling Shareholder | 1,002 | ₹131.48 |
18 sellers offering 4,65,800 shares.
About Fusion Klassroom Edutech
Fusion Klassroom Edutech Limited (formerly Fusion Klassroom Edutech Private Limited) is an education technology company incorporated in India in 2016. The Company operates a hybrid learning ecosystem combining digital platforms with offline centers. Its business model includes: (1) an AI-enabled Education OTT application featuring 100+ proprietary courses spanning academics, competitive examinations, and skill development; (2) 30 offline partner centers delivering in-person coaching; and (3) B2B, B2G, and channel partner segments serving institutions and government bodies. The Company generates revenue through online subscriptions, offline center fees, institutional licensing, and government partnerships. With over 6.59 lakh registrations, 2.67 lakh subscribers, and operations across multiple states including Uttar Pradesh, Maharashtra, and Rajasthan, the Company has demonstrated profitability with revenue growing from ₹458.30 lakhs (FY2024) to ₹2,303.95 lakhs (FY2026) and PAT improving from ₹34.38 lakhs to ₹760.12 lakhs over the same period.
Management
Mrs. Alka Nikhil Javeri
MD
Mr. Dhruv Nikhil Javeri
CFO
Mr. Dhumil Nikhil Javeri
CEO
Mrs. Bhumika Atul Dedhia
Director
Mr. Saurabh Rameshchandra Singh
Director
Mrs. Sonal Agarwal
Director
Ms. Jinal Karen Vora
COO
Mr. Jemit Dave
Director of Operations
Mr. Pratik Gamot
CFO
Ms. Pinky Saw
Director
Strengths
As stated in the offer document
Scalable Hybrid Learning Ecosystem
The company operates a scalable, hybrid learning ecosystem comprising 30 offline partner centres, an AI-powered Education OTT App featuring 100+ courses, and a nationwide footprint of over 600K+ registered users with 2 lakh+ subscribers and 1 lakh+ mobile app downloads.
Strong Government Partnerships and Recognition
The company has executed educational and skilling initiatives including MoU with Government of Rajasthan, implementations across PM Shri Schools and Jawahar Navodaya Vidyalaya (JNV), impacting over 1,000 beneficiaries with collaborations including NSDC, TSSC, MSSDS.
Proven Financial Performance and Growth
The company achieved revenue from operations of ₹2,303.95 lakhs in FY 2026 with total profit of ₹760.12 lakhs after tax, demonstrating ROE of 53.45% and ROCE of 45.60%.
Multi-Channel Business Model with Diversified Revenue Streams
The company operates through B2C, B2B2C, B2B, B2G operations with affordable pricing of ₹1,250 per year for enterprise version and ₹3,000 per year, generating revenue through digital subscriptions, offline centre fees, institutional licensing, and government projects.
Comprehensive Content Library and Technology Infrastructure
The company has developed 100+ courses with 3,300 hours of digital content library, supported by proprietary AI-powered Education OTT platform with multilingual support and 4.5-star rating on Google Play Store.
Awards and Industry Recognition
The company has been recognized as two-time finalist at National Startup Awards (2021 & 2023), received Gold Category Award from Business World for 'Most Innovative Technology in Education' and included in HolonIQ South Asia EdTech 100.
Structured Faculty Development and Quality Assurance
The company maintains 68 faculty members (5 employees and 63 consultants) with rigorous recruitment processes, NSDC-aligned certification programs, and continuous faculty development programs ensuring quality education delivery.
Strong Operational Metrics and User Engagement
The company has achieved 6,59,048 total registered users, 74,000 active users, 2,66,986 subscribers with 58% reactivation rate and average collection per offline user of ₹41,009.
Risk factors
As stated in the offer document
Negative Cash Flow from Operations
The company has experienced negative cash flows from investing activities in all three financial years (FY2024: ₹176.04 lakhs, FY2025: ₹595.41 lakhs, FY2026: ₹1,243.54 lakhs). Sustained negative cash flows could impact the company's growth and business operations, affecting its ability to meet capital expenditure and operational requirements.
Geographic Revenue Concentration
The company derives significant revenue from limited states, with Uttar Pradesh contributing 42.60% of total revenue in FY2026, Rajasthan 24.00%, and Maharashtra 26.76%. This geographic concentration exposes the company to regional economic conditions, political instability, and regulatory changes that could adversely impact business operations.
Customer Concentration Risk
The company's revenue is concentrated among a limited number of customers, with the top customer contributing 40.11% of total revenue in FY2026. The top 5 customers account for 75.65% of revenue, creating dependency risks related to contract renewals, payment cycles, and customer retention.
Dependence on Student Attraction and Retention
The company's success depends on consistently attracting new students and retaining them over extended periods. With 6,59,048 total registrations but only 74,000 active users, any failure to maintain student engagement or improve conversion rates could adversely affect business performance and financial condition.
IT Systems and Cybersecurity Vulnerabilities
The company's education delivery is significantly dependent on IT systems, digital platforms, and OTT applications. System failures, cyber-attacks, or data breaches could result in service interruptions, loss of student data, and damage to brand reputation, potentially requiring significant recovery costs.
Dependence on Key Personnel and Faculty
The company's operations depend on senior management and qualified faculty members. Faculty attrition rates have been significant (25.00% for employee faculty in certain years), and loss of key personnel could disrupt operations, delay growth initiatives, and increase recruitment costs.
Regulatory Compliance Failures
The company has experienced delays in statutory filings, including ROC forms (delays ranging from 8 to 2,958 days) and GST returns (delays up to 55 days). While regularized with additional fees, future non-compliance could result in penalties and regulatory scrutiny.
Unsustainable Growth and Profitability
The company experienced substantial growth with revenue increasing from ₹458.30 lakhs in FY2024 to ₹2,303.95 lakhs in FY2026, and profit after tax growing approximately 745% in FY2025. However, there is no assurance that such growth levels can be sustained, and the company incurred losses of ₹68.08 lakhs in FY2023.
Property Lease Dependencies
The company does not own any operational properties and leases its Mumbai office until May 2027. Inability to renew leases or unfavorable renewal terms could result in operational disruptions and increased relocation costs, affecting business continuity.
Competitive Industry Pressures
The company operates in a highly competitive education industry with large organized players, digital platforms, and independent educators. Competitive pressures may force fee reductions, higher discounts, or enhanced service offerings, potentially impacting margins and profitability.
Company Analysis
from RHPFusion Klassroom Edutech Limited provides AI-powered hybrid education services spanning coaching, test preparation, and skills development across academic, competitive examination, and skill-based programs through online platforms and offline partner centers.
Fusion Klassroom Edutech Limited (formerly Fusion Klassroom Edutech Private Limited) is an education technology company incorporated in India in 2016. The Company operates a hybrid learning ecosystem combining digital platforms with offline centers. Its business model includes: (1) an AI-enabled Education OTT application featuring 100+ proprietary courses spanning academics, competitive examinations, and skill development; (2) 30 offline partner centers delivering in-person coaching; and (3) B2B, B2G, and channel partner segments serving institutions and government bodies. The Company generates revenue through online subscriptions, offline center fees, institutional licensing, and government partnerships. With over 6.59 lakh registrations, 2.67 lakh subscribers, and operations across multiple states including Uttar Pradesh, Maharashtra, and Rajasthan, the Company has demonstrated profitability with revenue growing from ₹458.30 lakhs (FY2024) to ₹2,303.95 lakhs (FY2026) and PAT improving from ₹34.38 lakhs to ₹760.12 lakhs over the same period.
Objects of the Issue
- Repayment or prepayment of all or a portion of certain outstanding borrowings availed by the Company ₹235.61 lakhs p.100
- Expenditure towards Technology & AI/ML Model Development, Servers and Cloud Infrastructure ₹671.10 lakhs p.100
- Funding the capital expenditure towards Content Development ₹535.43 lakhs p.100
- Funding the capital expenditure towards procurement of Desktop and Laptops for the new Offline Centers' AI/ML labs ₹195.00 lakhs p.100
- Expenditure towards Marketing initiatives ₹521.97 lakhs p.100
- Funding inorganic growth through unidentified acquisitions and general corporate purposes [●] lakhs (subject to limits: aggregate not exceeding 35% of gross proceeds from Fresh Issue) p.100
Issue Structure
- Total Issue
- Up to 24,55,200 Equity Shares of face value of ₹10 each aggregating up to ₹[●] Lakhs
- Fresh Issue
- Up to 19,89,400 Equity Shares of face value of ₹10 each aggregating to ₹[●] Lakhs
- Offer for Sale
- Up to 4,65,800 Equity Shares of face value of ₹10 each aggregating to ₹[●] Lakhs
- Price Band
- To be determined by the Company in consultation with the Book Running Lead Manager (Price Band details will be advertised at least two working days prior to Bid/Offer Opening Date)
- Lot Size
- [●] Equity Shares and in multiples of [●] Equity Shares thereafter
- Face Value
- ₹10 per Equity Share
Business Model
The Company operates through three primary revenue streams: (1) Online Education OTT subscriptions delivering proprietary courses through mobile and web platforms, with average collection per user of ₹991 for online subscribers; (2) Offline learning centers operated through 30 partner centers providing in-person coaching with average collection per user of ₹41,009; and (3) B2B and institutional partnerships including government projects, corporate training, and channel partner distribution. The Company's approach leverages proprietary technology platforms for content delivery while utilizing partner networks for geographic reach and operational scale.
Business Segments
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Mrs. Alka Nikhil Javeri | Promoter | 28.46% | — |
| Mr. Dhruv Nikhil Javeri | Promoter | 13.13% | — |
| Mr. Dhumil Nikhil Javeri | Promoter | 13.13% | — |
Leadership
Auto-extracted from the company's RHP using AI, with each fact linked to its source passage (hover any row to see the quote & page). Provided for research only, not investment advice — verify against the official RHP before relying on it.
Peer comparison
The comparable listed companies named in the offer document, as on 31 Mar 2026
| Company | EPS | NAV | P/E | P/BV | RoNW |
|---|---|---|---|---|---|
| Fusion Klassroom Edutech Limited THIS ISSUE | 13.96 | 25.22 | 19.49, computed at the offer price | 6.30, computed at the offer price | 53.45% |
| -0.80 | 15.80 | — | 7.93 | -15.96% | |
| 102.11 | 349.00 | 18.42 | 5.38 | 29.05% | |
| 11.84 | 99.60 | — | 2.04 | 13.54% | |
| 15.04 | 55.40 | 31.18 | 8.27 | 27.15% |
Blank cells are figures the offer document does not publish. This issue is unlisted, so it has no market price and the document publishes no multiple for it — its P/E and P/BV here are computed at the offer price, on the post-issue share count, and are comparable to a listed peer's.