Fusion CX IPO

Fusion CX, formerly Fusion BPO Services, is a global customer experience transformation leader, founded in 2004 by Pankaj Dhanuka and Kishore Saraogi. With a technology-driven model, the company offers integrated CX services across voice, email, chat, social media, and messaging for sectors like telecom, healthcare, BFSI, and retail. Operating in 15 countries with 10,500+ experts, Fusion CX blends AI innovation with human empathy to deliver personalised, scalable solutions. Its multilingual capabilities and domain expertise help brands enhance acquisition, retention, and engagement, driving measurable outcomes and operational excellence across every customer touchpoint.

Fusion CX Limited IPO Overview

Fusion CX IPO is a book-building issue worth ₹702 crore, comprising a fresh issue of 1.73 crore shares aggregating to ₹500 crore and an offer for sale of 69.90 lakh shares aggregating to ₹202 crore. The IPO will open for subscription on October 14, 2026, and close on October 16, 2026, with the allotment expected to be finalised on October 19, 2026. The shares are scheduled to list on the NSE and BSE on October 22, 2026, subject to confirmation. The price band is ₹275 to ₹289 per share, and the lot size is 51 shares. Retail investors must invest a minimum of ₹14,739 for one lot, calculated at the upper end of the price band. Nuvama Wealth Management Ltd. is the book-running lead manager, while Kfin Technologies Ltd. is the registrar for the issue.

Fusion CX Limited Upcoming IPO Details

Category	Details
Issue Type	Book-Built Issue IPO
Total Issue Size	₹702 crore
Fresh Issue	1,73,01,038 shares aggregating to ₹500 crore
Offer for Sale	69,89,619 shares aggregating to ₹202 crore
IPO Dates	October 14-16, 2026
Price Band	₹275-₹289 per share
Lot Size	51 shares
Face Value	₹1 per share
Listing Exchange	BSE, NSE
Shareholding Pre-Issue	12,70,59,295 shares
Shareholding Post-Issue	14,43,60,333 shares

IPO Lots

Application	Lots	Shares	Amount
Retail (Min)	1	51	₹14,739
Retail (Max)	13	663	₹1,91,607
S-HNI (Min)	14	714	₹2,06,346
S-HNI (Max)	67	3,417	₹9,87,513
B-HNI (Min)	68	3,468	₹10,02,252

Fusion CX Limited IPO Reservation

Investor Category	Shares Offered
QIB Shares Offered	Not more than 50% of the Offer
Retail Shares Offered	Not less than 35% of the Offer
NII (HNI) Shares Offered	Not less than 15% of the Offer

Fusion CX Limited IPO Valuation Overview

KPI	Value
Earnings Per Share (EPS)	₹15.43 (Post-IPO)
Price/Earnings (P/E) Ratio	18.73x (Post-IPO)
Return on Net Worth (RoNW)	9.12%
Net Asset Value (NAV)	₹48.35
Return on Equity (ROE)	8.99%
Return on Capital Employed (ROCE)	19.84%
EBITDA Margin	20.03%
PAT Margin	11.36%
Debt-to-Equity Ratio	0.51

Objectives of the IPO Proceeds

The Net Proceeds are intended to be utilised as per the details provided in the table below:

Particulars	Amount (in ₹ million)
Repayment or prepayment of borrowings	2757.0
Investment in tech upgrades for its subsidiaries Omind Technologies Inc. and Omind Technologies Pvt Ltd.	611.5
General corporate purposes*	[●]

Note: *To be determined upon finalisation of the Offer Price and updated in the Prospectus prior to filing with the RoC

Fusion CX Limited Financials (in crore)

Particulars	30 Jun 2026	31 Mar 2026	31 Mar 2025	31 Mar 2024
Assets	1,367.85	1,385.15	1,143.25	768.02
Total Income	503.85	1,851.83	1,352.03	1,021.53
Profit After Tax (PAT)	55.70	169.84	74.31	36.26
Reserves and Surplus	607.01	547.97	345.76	258.54
Total Borrowings	238.13	266.86	306.73	210.61

Financial Status of Fusion CX Limited

Fusion CX Limited IPO Strengths

Global delivery network across 15 countries with 40 scalable delivery centres providing 24×7 multichannel support

Fusion CX Limited operates 40 scalable delivery centres across 15 countries, divided into Latin America, North America, EMEA, and Southeast Asia. Combining onshore, nearshore, and offshore hubs, it delivers 24×7 multilingual support in 28 languages. Leveraging AI, cloud tech, and robust infrastructure, Fusion CX ensures efficient, cost-effective, and culturally aligned customer service worldwide.

Continuous focus on strategic R&D investments to develop in-house, AI-driven solutions focused on CX transformation

Fusion CX Limited invests strategically in R&D to create AI-driven, in-house CX solutions like Arya, Mind WorkPlace, and MindVoice. With development centres in India, it enhances operational efficiency, scalability, and customer engagement through automation, advanced analytics, and digital platforms, supported by innovative third-party tools like MindSpeech.

Proven track record of inorganic growth and integration adding capabilities and driving financial growth

Fusion CX Limited strategically acquires companies across telecom, healthcare, retail, BFSI, and HTT to enhance capabilities in customer acquisition, onboarding, KYC, fraud prevention, and tech support. Key acquisitions since 2018 have expanded global delivery, deepened vertical expertise, and increased revenue through seamless integration and targeted market expansion.

Diversified operations with domain expertise and long-standing customer relationships

Fusion CX Limited serves multiple industries with customised multilingual, multichannel CX solutions across telecom, HTT, travel, BFSI, retail, and healthcare. Strong, long-term customer relationships-with top clients averaging over nine years-support a balanced revenue portfolio and sustained growth through tailored services and deep domain expertise

Agile, customer-centric approach driving tailored CX solutions

Fusion CX Limited integrates customer focus into operations, using agile methods and real-time feedback to deliver responsive, customised CX solutions. Its end-to-end capabilities, sector expertise, and strategic acquisitions enable quick adaptation to client needs and market changes, ensuring scalable growth and strong global presence for timely service delivery.

Diverse Board, seasoned leadership, and skilled workforce driving growth

Fusion CX Limited boasts a diverse Board and experienced promoters with 47 years combined expertise. Supported by a strong management team and over 22,000 skilled employees worldwide, it prioritises strategic recruitment and tailored training, fostering talent aligned with business needs to deliver superior, industry-specific customer experience and operational excellence.

More About Fusion CX Limited

Fusion CX, formerly known as Fusion BPO Services, stands at the forefront of customer experience (CX) transformation worldwide. Established in 2004 by co-founders Pankaj Dhanuka and Kishore Saraogi, the company has experienced remarkable growth under their visionary leadership. Pankaj’s focus on growth and operational efficiency, coupled with Kishore’s deep industry insight, laid the groundwork for the company’s enduring success.

Fusion CX offers a comprehensive suite of services designed to enhance customer experience across diverse industries. Under Customer Engagement, the company provides customer service, inbound and outbound call centre support, technical assistance, live chat, email, and social media management. In the Digital Solutions segment, Fusion CX delivers cutting-edge offerings such as data annotation, digital transformation, cognitive automation, AI-powered quality management systems (AI QMS), Perfect Pitch solutions, voice services, and speech analytics.

The company also supports clients through Utility Billing and Lead Generation services. Its advanced Capabilities include right shoring, multilingual support, omnichannel delivery, and quality assurance. These integrated solutions enable Fusion CX to drive operational excellence, elevate customer interactions, and deliver measurable outcomes for businesses globally.

Comprehensive, Technology-Driven CX Solutions

Fusion CX specialises in delivering complex, high-end, and integrated customer service solutions across multiple communication channels. With technology at the core of its operations, the company provides cost-effective, scalable solutions tailored to industry needs.

Service Channels:

I. Voice

II. Email

III. Chat

IV. Social Media

V. Messaging

Industry Focus:

I. Telecom and Utilities

II. Healthcare and Life Sciences

III. HTT (High-Tech Technology)

IV. BFSI (Banking, Financial Services, and Insurance)

V. Retail

Global  Presence, Personalised Delivery

With a robust global footprint and a focus on multilingual service delivery, Fusion CX combines AI innovation with human empathy to create seamless and scalable customer experiences.

By the Numbers:

I. 10,500+ employees

II. 40 delivery centres

III. 15 countries

IV. 190+ global clients

Fusion CX Approach: Transforming Interactions

Fusion CX goes beyond managing customer interactions-it transforms them. By integrating people, processes, and intelligent platforms, the company delivers measurable results that drive client growth and ensure operational excellence.

Industry Outlook

India’s Business Process Outsourcing (BPO) and Customer Experience (CX) industry is experiencing robust growth, driven by digital transformation, AI integration, and a focus on omnichannel engagement.

Growth Projections:

I. BPO Market:
Expected to triple from $49.87 billion in 2025 to $139.35 billion by 2033, with a CAGR of 12.64%.

II. Contact Center Software:
Projected to grow from $1.4 billion in 2024 to $8.8 billion by 2033, at a CAGR of 20.6%.

III. CRM Market:
Anticipated to reach $6.68 billion by 2030, growing at a CAGR of 18.1%.

Key Growth Drivers

I. AI & Automation:
Adoption of AI, NLP, and RPA enhances efficiency and service quality.

II. Cloud Migration:
Shift to cloud-based solutions offers scalability and cost-effectiveness.

III. Omnichannel Engagement:
Integration of voice, chat, email, and social media channels improves customer experience.

IV. Skilled Workforce:
Continuous upskilling initiatives ensure a competitive edge.

How Will Fusion CX Limited Benefit

I. Fusion CX Limited is set to benefit significantly from the Indian BPO and CX industry’s projected CAGR of 12.64% by aligning with its rapid digital transformation.

II. Its AI-powered quality management systems, cognitive automation, and speech analytics match the rising demand for intelligent automation solutions.

III. The company’s omnichannel delivery through voice, chat, email, and social media meets the market’s push for seamless customer engagement.

IV. With services across high-growth sectors like BFSI, telecom, and healthcare, Fusion CX is well-positioned to tap into industry-specific CX demand.

Peer Group Comparison

Particulars	Face Value  (₹)	EPS (₹)	NAV per Share (₹)	P/E	RoNW (%)	Total Income (₹ Mn)
Fusion CX Limited	1.00	2.88	21.44	[●]	13.42	10,215.28
Peer Groups
Firstsource Solutions Limited	10.00	7.52	5.30	49.69	13.95	63,730.89
eClerx Services Limited	10.00	106.15	46.42	31.84	22.84	29,911.78
Alldigi Tech Limited	10.00	42.00	161.08	22.36	26.07	4,762.70
Inventurus Knowledge Solutions Ltd	1.00	22.37	67.67	69.62	32.04	18,579.38
Sagility India Limited	10.00	0.53	15.02	82.26	3.55	47,815.04
Hinduja Global Solutions Limited	10.00	27.52	1,609.49	19.06	1.78	50,877.81

Key Strategies for Fusion CX Limited

Driving Growth through Client Retention, Wallet Expansion, and Geographic Reach

Fusion CX Limited focuses on retaining clients, expanding wallet share, deepening market presence, and entering new geographies to fuel growth. The company has grown high-value clients contributing over USD 3 million from four in Fiscal 2022 to seven by December 2024, supported by delivery centers in Belize, El Salvador, Colombia, and Jamaica serving North America and beyond.

Accelerating growth through strategic Gen AI-driven innovation

Fusion CX Limited leverages Generative AI to transform customer experience with personalized, real-time interactions. Investments in AI-powered platforms like Arya and MindVoice enhance automation, employee support, and engagement across sectors, driving operational efficiency, proactive CX solutions, and scalable, technology-enabled growth across industries.

Strategic growth through targeted acquisitions and partnerships

Fusion CX Limited pursues strategic acquisitions to enhance capabilities, expand market reach, and accelerate innovation. By acquiring niche, technology-focused, and regional providers, it delivers integrated CX solutions. Partnerships strengthen vertical expertise, geographic presence, and AI-driven automation, supporting long-term growth aligned with the Company’s global vision and operational excellence.

Focused growth in high-value corporate accounts through up-selling and cross-selling

Fusion CX Limited leverages strong client relationships and advanced technology to expand among large corporates. A dedicated enterprise growth team drives targeted onboarding, while structured account management and Gen AI-enabled playbooks support scalable up-selling and cross-selling, increasing wallet share and deepening client engagement.

Operational efficiency through right-shoring and cost optimization

Fusion CX Limited optimizes CX operations by balancing onshore, nearshore, and offshore delivery for cost efficiency, agility, and quality. Strategic acquisitions expand global centres, while automation and cross-skilling enhance productivity and flexibility, ensuring scalable, culturally aligned, and compliant customer support worldwide.