Fusion CX Limited: Company Analysis, Financials & IPO 2026

Komal Bhatt

Updated: Oct 13th 2026

Finance

Fusion CX Limited is a global customer experience management and business process outsourcing company incorporated in February 2004. The company was originally established as Xplore-Tech Services Private Limited and later changed its name to Fusion CX Private Limited in June 2024. It became a public limited company under the name Fusion CX Limited in March 2025. Its services cover customer support, contact centre operations, technology-enabled business processes and digital customer engagement solutions.

The company serves clients across industries such as telecommunications, banking and financial services, healthcare, retail, travel and technology. Its delivery model combines customer support teams with technology-led services across voice, email, chat, social media and messaging channels. The company has also recently filed its Red Herring Prospectus dated October 8, 2026, for a proposed book-built IPO comprising a fresh issue and an offer for sale with a public subscription open from 14 September 2026 to 16 September 2026.

Fusion CX Limited IPO 2026: Key Details

Here are the key details about Fusion company's proposed IPO, based on its RHP.

To know more about the IPO’s key details and track the latest updates, explore our detailed Fusion CX Limited IPO page.

Key Financial Highlights (FY 2025-26)

The following key metrics highlight Fusion CX Limited’s financial performance in FY 2025-26. 

Fusion CX Limited: An Overview

The key facts about Fusion company are as follows:

History & Evolution

Over the years, the company has developed from an IT-enabled services company into a global customer experience and business process outsourcing group. The major milestones of the company are as follows:

2004: Incorporated as Xplore-Tech Services Private Limited

The company was originally incorporated on February 25, 2004 as Xplore-Tech Services Private Limited. It was established as a private limited company under the Companies Act, 1956, with its registration in West Bengal. Its business subsequently developed around IT-enabled services, customer information support, call centre services, business process outsourcing, and related service activities.

2007: Acquired HelpDeskNow Inc. (First major overseas acquisition)

In 2007, the company made its first major overseas acquisition as it acquired HelpDeskNow Inc. It gave the company early access to the U.S. market and marked the start of its inorganic growth strategy.

2012: Acquired O’Currance Inc.

A significant U.S. platform acquisition happened in 2012. O’Currance later became one of the main vehicles for further acquisitions and is still a key material subsidiary.

2019: Acquired Ameridial Inc. (key U.S. expansion)

One of the most important deals. Ameridial is listed as a material subsidiary and substantially strengthened the company’s U.S. delivery presence and scale.

2021: Acquired Competent Synergies Private Limited

In 2021, the company made an important domestic acquisition. It acquired Competent Synergies Private Limited and later fully merged into Fusion CX (in 2024), so it directly contributed to the current Indian entity’s size and capabilities.

2022: Expansion of the Company's Stated Business Activities

In June 2022, the company's memorandum of association was amended to include a wider range of IT and IT- enabled services. These included software and hardware-related activities, customer information support, business process outsourcing, call centre services, back-office operations and data processing. 

2024: Name Changed to Fusion CX Private Limited

The company changed its name from Xplore-Tech Services Private Limited to Fusion CX Private Limited following board and shareholder resolutions in March and April 2024. A fresh certificate of incorporation reflecting the name change was issued on June 26, 2024.

2025: Conversion into a Public Limited Company

The company approved its conversion into a public limited company in January 2025. A fresh certificate of incorporation dated March 13, 2025, recorded the change of name to Fusion CX Limited. This was a corporate milestone ahead of the proposed public offering. 

2026: Proposed IPO and Investment in Technology

The company filed its RHP on October 8, 2026, which sets out an IPO offer comprising a fresh issue of up to ₹500 crore and an OFS of up to ₹202 crore. The fresh issue is intended to fund repayment or prepayment of certain borrowings, investment in AI-related technology tools, strategic acquisitions, and general corporate purposes. The company has also outlined plans to upgrade its Omind technology tools, including Arya and MindVoice.

For a detailed video overview of the Fusion CX Limited IPO, including its financials, strengths, and other key details, watch our Fusion CX Limited IPO analysis. 
 

Company’s Promoters 

Fusion CX has Pankaj Dhanuka, Kishore Saraogi, P N S Business Private Limited, and Rasish Consultants Private Limited as its promoters. Pankaj Dhanuka and Kishore Saraogi are the company’s individual promoters and co-founders. Here is a brief overview of the company’s two promoters:

Pankaj Dhanuka

Pankaj Dhanuka is the co-founder, Chairman, Managing Director, and Chief Executive Officer of the company. He holds a Bachelor of Commerce degree from the University of Calcutta, is an associate member of the Institute of Company Secretaries of India, and holds a certificate of practice from the Institute of Chartered Accountants of India. He has been associated with the company since 2004 and was previously associated with Unit Trust of India.

Kishore Saraogi

Kishore Saraogi is the co-founder, Managing Director and Chief Operating Officer of Fusion CX. He holds a Bachelor of Commerce degree from the University of Calcutta and is an associate member of both the Institute of Chartered Accountants of India and the Institute of Cost and Works Accountants of India. He has been associated with the company since 2004 and was previously associated with Usha Martin Telecom Limited and ICICI Securities and Finance Company.

Shareholding Structure

The shareholding pattern of the company as on the date of its RHP is summarised below. 

The company has a concentrated pre-offer ownership structure, with two promoter-linked companies holding the majority of the equity shares. The OFS will allow these selling shareholders to sell shares as part of the IPO, while the fresh issue will raise capital for the company itself.

Board of Directors

Here is an overview of the board of directors of the company as on the date of RHP filing.

Subsidiary Companies

It operates through a group of subsidiaries and step-down subsidiaries in India and overseas. These entities support the company's international delivery network, customer service operations, and technology offerings.

Here are some of the key subsidiaries of the company: 

The wider group structure includes other operating and holding entities in countries such as Canada, the United Kingdom, Thailand, Jamaica, Morocco, El Salvador, Colombia, Albania, Kosovo, Mexico, Panama, France and Australia, among others.

Company’s Services

The services are broadly organised around customer experience management, business process outsourcing and technology-enabled solutions. Here are the key services offered by the company: 

Customer Experience and Contact Centre Services

It provides customer support through multiple channels. Depending on client requirements, this can include: 

• Inbound customer service
• Outbound interactions
• Technical support 
• Assistance with customer queries
• Business Process Outsourcing

The company also provides outsourced business processes to clients. Such services enable businesses to assign selected customer-facing or operational activities to a specialist service provider. The nature of the work depends on the client's industry, contract requirements, and service scope.

Industry-Specific Services

It serves clients across several industry verticals, including:

• Telecommunications and technology
• Banking, financial services and insurance (BFSI)
• Healthcare Support
• Consumer and retail
• Travel and other sectors

Technology and AI-Enabled Solutions

It is also investing in technology through its step-down subsidiaries, Omind Technologies Inc. and Omind Technologies Private Limited. The following are the two tools that are part of the planned investment:

• MindVoice: A conversational voice bot and chatbot platform designed to automate routine queries and improve service efficiency.
• Arya: An AI-powered support assistant designed to help employees during live customer interactions, including through contextual support and coaching features.

Financial Overview

Here are the key financial metrics of the company, including its financial performance, balance sheet snapshot, and cash flow statement for FY 2025-26 and FY 2024-25.

Financial Performance

Key Financial Insights:

• Revenue from operations rose by approximately 36.77%, from ₹13,292.96 million in FY 2024-25 to ₹18,181.38 million in FY 2025-26.
• PAT increased from ₹743.14 million to ₹1,698.40 crore over the same period. This was a stronger increase than revenue growth.
• EPS doubled in 2025-2026.   

Balance Sheet Snapshot

Balance Sheet Insights:

• Total assets rose from ₹11,432.52 million in FY 2024-25 to ₹13,851.46 million in FY 2025-26.
• Total equity grew from ₹3,583.62 million in FY 2024-25 to ₹5,606.02 million in FY 2025-26, supported by the increase in other equity.

Cashflow Statement

Cash Flow Insights: 

• Operating cash flow rose about 158%, from ₹1,024.48 million to ₹2,642.24 million.
• Operating cash flow was about 3.2x investing outflows, compared with about 1.6x last year.
• Financing outflows rose about 5x to ₹1,380.44 million, the biggest shift in the statement, likely reflecting repayments, interest or dividends.
• Closing cash rose about 136% to ₹895.59 million, up from ₹379.20 million.

Overall, the restated figures show improvement in revenue, earnings, and operating cash flow in FY 2025-26. At the same time, the balance sheet includes material goodwill and borrowings, while the proposed IPO allocates a portion of the fresh issue towards debt repayment and technology investments. These are important points to monitor when evaluating the company's financial position.

Peer Comparison

Fusion CX operates in the customer experience management and business process outsourcing industry. It is generally compared with listed companies such as Firstsource Solutions Limited and eClerx Services Limited. 

Key Business Strengths

The company has developed a global customer experience and outsourcing business supported by its delivery network, industry coverage, and technology investments. The key strengths of the company are as follows: 

• Global delivery network: It operates across more than 40 locations in 13 countries. Its presence across different delivery locations helps it serve clients in multiple markets and provide multilingual customer support.
• Multichannel customer service: The company provides services across voice, email, chat, social media, and messaging. This enables it to support clients who need interactions across multiple channels.
• Exposure to multiple industries: It serves sectors including telecommunications, BFSI, healthcare, consumer and retail, technology, and travel.
• Technology and AI investments: The planned investment in Omind Technologies Inc. and Omind Technologies Private Limited is intended to upgrade Arya and MindVoice. These tools are designed to support conversational automation, employee assistance, and customer interaction management.
• Experienced leadership: Pankaj Dhanuka and Kishore Saraogi are the company's promoters and executive leaders. Their roles in the business and the promoter-linked ownership structure are a key strength for the company.
• Proposed reduction in borrowings: The company intends to use ₹275.695 crore of the fresh issue proceeds to repay or prepay certain outstanding borrowings.

Growth Plans & Outlook

Looking ahead, Fusion Limited has outlined several strategic priorities. These plans focus on strengthening its technology offering, expanding through acquisitions, and growing its relationships with large corporate clients: 

• Upgrading AI and customer interaction tools: The company proposes to invest ₹61.146 crore in its step-down subsidiaries, Omind Technologies Inc. and Omind Technologies Private Limited. It aims to upgrade Arya and MindVoice. The planned improvements include voice bot and chatbot integrations, real-time assistance for employees, analytics, quality monitoring, and connections with CRM and telephony platforms. 
• Repayment or prepayment of borrowings: The RHP allocates ₹275.695 crore of the fresh issue proceeds towards repayment or prepayment, in full or in part, of certain borrowings taken by the company and certain subsidiaries. 
• Pursuing strategic acquisitions: It intends to pursue unidentified acquisitions and other strategic initiatives. The company states that such acquisitions may help expand its geographic reach and add industry-specific capabilities,
• Expanding relationships with large corporate clients: The company plans to build on its existing client relationships by pursuing new accounts and increasing the range of services sold to current customers. Its stated approach includes dedicated enterprise growth efforts, account management, and cross-selling.
• Developing industry-specific capabilities: The company intends to strengthen offerings for telecommunications and utilities, healthcare, BFSI, retail, technology, and travel clients. 
• Increasing the use of automation: The company plans to expand the deployment of voice bots and chatbots and develop SaaS-based workflow automation tools. It also intends to explore subscription-based models that allow clients to scale services.
• Continuing inorganic growth: The company has described acquisitions, partnerships, and collaborations as part of its growth strategy. This approach may add new capabilities and markets, but it also brings integration, funding, and execution risks.

Key Business Challenges 

The company’s challenges are as follows: 

• Exposure to outsourcing market and policy changes: Changes in regulations, restrictions on offshore outsourcing, protectionist policies, or cuts in client spending could impact the company’s business volumes, pricing, and future growth. 
• Delays in customer payments and credit risk: It extends credit to customers and may face delays in collecting payments or, in some cases, non-payment. Delayed collections or defaults could put pressure on cash flows and increase credit losses.
• Technology changes and competition: The company needs to keep investing in technology, automation, and new solutions to meet changing customer requirements. If it cannot adapt quickly enough, competitors may offer more attractive services or force it to lower prices. 
• Dependence on promoter-backed guarantees: Certain loan facilities are supported by personal or corporate guarantees provided by the promoters, creating a financial obligation linked to these guarantees.

Recent Market Updates

Fusion CX Limited filed its Red Herring Prospectus on October 8, 2026, for a proposed book-built IPO. The offer comprises a fresh issue of up to ₹500 crore and an offer for sale of up to ₹202 crore by P N S Business Private Limited and Rasish Consultants Private Limited. The total offer size is up to ₹702 crore, and the equity shares are proposed to be listed on BSE and NSE.

The IPO schedule provides for anchor investor bidding on October 13, 2026, with the bid/offer period opening on October 14 and closing on October 16, 2026. The company will not receive any funds from the Offer for Sale. The selling shareholders will receive the proceeds from their respective share sales after applicable offer expenses and taxes.

Disclaimer: This company analysis is based on information disclosed in Fusion CX Limited’s Red Herring Prospectus dated October 8, 2026, and the company's official website. Any future performance of the company depends on factors such as regulatory changes, market conditions, and execution risks. Investors should conduct their own independent research and consult professional advice before making any investment decisions.    

Author: Komal Bhatt

Komal Bhatt is a finance content writer at InvestKraft, specialising in well-researched articles on financial products, stock markets, and investment opportunities, with a particular focus on unlisted shares.

She holds a Master’s degree in Commerce from the University of Delhi, which gives her a solid academic foundation in finance and business. With over three years of hands-on experience in creating digital finance content, Komal has developed a clear understanding of investor needs through her work on wealth management, NISM certification programs, and market education materials.

Komal is passionate when it comes to breaking down complex financial concepts into simple, accurate and actionable insights. Her goal is to help everyday investors understand markets better and make more informed decisions based on reliable, research-backed information.