Kotak Mahindra Life, Ashish Kacholia, Others Invest Rs 120 Cr in Fusion CX Ahead of IPO

New Delhi: Kotak Mahindra Life Insurance Company, investor Ashish Kacholia and Mukul Agrawal-backed Sanshi Fund-I, among others, have invested Rs 120 crore in IPO-bound Fusion CX through secondary share transactions ahead of the company’s initial public offering.

The transaction involved the transfer of 41.52 lakh equity shares at Rs 289 apiece, the upper end of the initial public offering (IPO) price band, by promoters PNS Business Private Ltd and Rasish Consultants Private Ltd.

According to a public announcement on Sunday, the share transfers were completed on October 9 and accounted for 3.19 per cent of Fusion CX’s pre-offer equity share capital on a fully diluted basis.

Kotak Mahindra Life Insurance acquired 17.30 lakh shares worth Rs 50 crore, and Kacholia purchased 12.11 lakh shares worth Rs 35 crore, in his personal capacity and through his firm Bengal Finance and Investment.

Sanshi Fund-I, backed by investor Mukul Agrawal, acquired 8.65 lakh shares worth Rs 25 crore.

Additionally, Bhansali Fincom, among others, also invested in the company.

The transactions come ahead of Fusion CX’s Rs 702-crore initial public offering (IPO), which will open for subscription on October 14 and close on October 16. The anchor investor book is scheduled to open on October 13.

The company has fixed a price band of Rs 275-289 per share, valuing it at around Rs 4,200 crore at the upper end.

The IPO comprises a fresh issue of shares worth up to Rs 500 crore and an offer for sale (OFS) of shares aggregating up to Rs 202 crore by the promoter selling shareholders.

The promoters’ shareholding after the offer and allotment is expected to stand at 77.35 per cent on a fully diluted basis, at the upper end of the price band.

Fusion CX plans to utilise Rs 275 crore from the fresh issue proceeds to repay or prepay certain outstanding borrowings of the company and its subsidiaries.

Another Rs 61 crore has been earmarked for investment in its step-down subsidiaries, Omind Technologies Inc and Omind Technologies Pvt Ltd, to upgrade IT tools, including Arya and MindVoice. The remaining proceeds will be used for pursuing inorganic growth through unidentified acquisitions and general corporate purposes.

Incorporated in 2004 by co-founders Pankaj Dhanuka and Kishore Saraogi, Fusion CX provides customer experience and AI data infrastructure services to enterprises across multiple industries.

As of June 30, 2026, the company had 13,735 employees and operated across 13 countries through 40 delivery centres.

For FY26, Fusion CX reported revenue from operations of Rs 1,818 crore and a profit after tax of Rs 169 crore.

(Disclaimer: Except for the headline, this article has not been edited by HDFC Sky editorial team and is auto-generated from PTI feed.)