Madhuri Exports Ltd. IPO

Fusion CX

• Fusion CX is coming out with a 100% book building; initial public offering (IPO) of 2,55,27,272 shares of face value Rs 1 each in a price band Rs 275-289 per equity share.
• Not more than 75% of the issue will be allocated to Qualified Institutional Buyers (QIBs), including 5% to the mutual funds. Further, not less than 15% of the issue will be available for the non-institutional bidders and the remaining 10% for the retail investors.
• The issue will open for subscription on October 14, 2026 and will close on October 16, 2026.
• The shares will be listed on both BSE and NSE.
• The face value of the share is Rs 1 and is priced 275 times of its face value on the lower side and 289 on the higher side.
• Book running lead managers to the issue are Nuvama Wealth Management, IIFL Capital Services and Motilal Oswal Investment Advisors.
• Compliance officer for the issue is Barun Singh. 

Profile of the company

Fusion CX is a customer experience (CX) service provider delivering services across multiple channels, including voice, email, chat, social media and message, in a cost-effective manner with technology playing a central role in its service delivery model, in addition to providing AI Data Infrastructure Services that include data collection, data annotation and labelling, and teleoperations services. With a human and tech philosophy at its core, Fusion CX blends deep domain expertise with a portfolio of proprietary AI tools to enable intelligent, multilingual, and omnichannel engagement at scale through a broad spectrum of generative AI-driven technologies that enhance customer engagement, operational efficiency, and digital transformation.

The company’s business process solutions and services company maintains focus on key verticals, including telecom and utilities, healthcare and life sciences, (HTT), BFSI, and retail, where it has developed deep domain specialization. It has a track record of acquiring and integrating companies in the CX space and a portion of its growth has come from such acquisitions. Its acquisitions have also contributed to the growth of its portfolio of services and customers. The company has developed a multilingual global network with 40 delivery centers and two sales offices spread across 13 countries as on June 30, 2026.

It delivers end-to-end customer experience solutions through platforms and AI-powered tools developed in-house. The company’s tailored delivery model enables measurable impact across customer satisfaction, operational efficiency, and cost optimization. It also integrates third-party AI solutions within its operations to enhance multilingual capabilities and automate customer interactions such as MindSpeech which is an AI-driven voice harmonization solution powered by sanas.ai that adjusts accents in real time to enhance multilingual communication and improve clarity in customer interactions.

Proceed is being used for: 

• Repayment/prepayment, in full or in part, of certain outstanding borrowings availed by (i) the company; (ii) certain Subsidiaries (direct and certain step-down subsidiaries)
• Investment in its step-down subsidiaries, Omind Technologies Inc. and Omind Technologies Private Limited, for upgrading IT tools i.e. Arya and MindVoice
• Pursuing inorganic growth through unidentified acquisitions and other strategic initiatives and general corporate purposes

Industry overview

CX refers to organizations’ strategies, tools, and processes to orchestrate, measure, and optimize every customer interaction across channels. It encompasses a broad spectrum of services, including voice, chat, email, and social media support, combined with analytics and automation tools. CX optimizes customer interactions across all touchpoints to enhance satisfaction, loyalty, and lifetime value, and it involves capturing, analyzing, and responding to customer feedback to improve experiences. The function has evolved into a critical pillar of enterprise strategy, particularly in sectors facing high competition or rapid digital transformation, driven by the need for organizations to differentiate themselves in an increasingly competitive and customercentric environment. While traditional BPO focuses on cost efficiency and back-office operations, CX emphasizes end-to-end engagement, personalization, and value creation, making it a more strategic and future-ready service offering.

Enterprises have increasingly shifted their perspective on CX, recognizing it as a revenue driver rather than a cost center. This transformation is driven by the realization that CX is about improving customer interactions and leveraging customer insights to drive strategic decision-making at the highest levels. By harnessing advanced analytics and AI-driven insights, enterprises can extract meaningful patterns from customer interactions, enabling them to refine product offerings, personalize engagement, and optimize pricing strategies. These insights are invaluable in boardroom discussions, influencing critical business decisions related to growth strategies, competitive positioning, and long-term value creation. As a result, CX is now playing a vital role in shaping business outcomes, fostering customer loyalty, and driving sustainable revenue growth.

Over the past few years, digital CX adoption has surged, driven by accelerated digital transformation initiatives and the need for organizations to meet evolving customer expectations. This momentum is expected to continue, with digital CX poised to be a key growth driver for the industry. Going forward, to thrive in this evolving market, CX service providers must adopt a two-pronged strategy: first, by integrating gen AI into their operational frameworks to drive efficiency and innovation, and second, by positioning themselves as strategic partners for enterprises navigating the complexities of gen AI adoption. By doing so, providers can safeguard their market relevance and solidify their role as enablers of superior customer experiences in an AI-driven era. 

Pros and strengths 

Global delivery network and multilingual service capabilities: For ease of operations, efficient service delivery across global markets and leveraging the unique strengths of a region, the company has divided its global operations into four main regions: (i) Latin America; (ii) North America; (iii) Europe and Africa; and (iv) Southeast Asia. The company’s delivery model includes a mix of onshore, nearshore, and offshore delivery centres which enable customers to receive cost-effective quality solutions. The company’s global footprint allows it to provide 24x7 customer support and manage high-volume service requests. Customers have the benefit of a mix of onshore, nearshore and offshore delivery centres which drive cost optimization. The company provides support in 28 languages including English, Hindi, French, Spanish, German, Arabic, Tagalog, Cantonese, Korean, Japanese and Mandarin as on June 30, 2026.

Technology-driven innovation and R&D capabilities: The company’s R&D efforts are focused on building technology-based solutions in the areas of automation and advanced CX management and platform-based service delivery solutions. These initiatives aim to improve operational efficiency, enable scalability, support digital service delivery across channels and improve customer engagement. The company’s Subsidiaries, Omind USA and Omind India have development centres in Kolkata and Bengaluru which serve as hubs for developing technology-based solutions. The in-house developed solutions are designed to drive innovation and enhance customer experience by leveraging artificial intelligence to streamline interactions and improve efficiency at various touchpoints.

Diversified service portfolio across multiple industry verticals: The company operates across multiple verticals, creating a balanced revenue portfolio. It has developed customised services and solutions and CX services for each industry segment. It also provides on-site billing services in India to support electricity boards. Further, its offerings also include AI Data Infrastructure services such as data annotation and image and video annotation, robot teleoperation, remote intervention, AI monitoring and incident triage.

Client-centric operations and scalable service capabilities: The company adopts a customer-focused approach that is integrated into its service delivery and operational frameworks. This enables it to adapt efficiently to evolving client requirements and market dynamics. By working closely with clients, the company develops tailored CX solutions, guided by real-time feedback and iterative improvements. Agile methodologies are applied across functions to enhance responsiveness and reduce time-to-market. Over time, the company has built end-to-end capabilities, sector-specific expertise, and scalable operations, supported in part by its strategic inorganic acquisitions.

Risks and concerns

Significant revenue dependence on key customers: A significant portion of the company’s business is attributable to top 10 customers that have contributed 49.84%, 52.17%, 45.30% and 41.04% to the revenue from operations for the three-month period ended June 30, 2026, Fiscals 2026, 2025 and 2024, respectively. Any deterioration in the financial condition of its top customers or the loss of such customers may have an adverse impact on its business.

High revenue exposure to overseas customers: The company has garnered 90.06%, 88.71%, 80.59% and 76.22% of its revenue from operations for the three-month period ended June 30, 2026, Fiscals 2026, 2025 and 2024, respectively is derived from customers based outside India with a higher dependence on revenue from operations from North America. The company’s international operations expose it to complex management, legal, tax and economic risks, and exchange rate fluctuations, which could adversely affect its business, financial condition and results of operations.

High employee costs and workforce-related risks: The company’s employee expense was 67.53%, 65.62%, 65.83% and 68.82% of its revenue from operations for the three month period ended June 30, 2026, Fiscal 2026, 2025 and 2024, respectively. If it is unable to manage the expenses of its Employees it may adversely affect its business, financial condition and results of operations. Further, due to a widespread employee base, the company is subject to the risk of employee claims and complaints.

Intense competition in the BPO and CX services industry: The BPO & CX industry is saturated with regional and global providers that compete aggressively on pricing and innovation. Larger firms with economies of scale and digital capabilities pose a significant threat to Fusion CX’s market share. A number of the company’s other international competitors with existing operations in India are expanding their operations, which has become an important element of their delivery strategy. This has resulted in increased employee attrition among Indian BPO and CX services companies and increased wage pressure to retain skilled employees and reduce such attrition. Many of its competitors have significantly greater financial, technical and marketing resources and generate greater income than the company does. It cannot assure that it will be able to retain its clients in the face of such competition. If the company loses clients as a result of competition, its market share will decline, which would have a material adverse effect on its business and profitability.

Outlook

Fusion CX is a customer experience and business process solutions provider offering multichannel customer support through voice, email, chat, social media and messaging. The company also provides AI data infrastructure services, including data collection, data annotation, image and video labelling, and robotic teleoperations. The company operates 40 delivery centres across 13 countries, enabling round-the-clock customer support across multiple time zones. On the concern side, the company faces risks arising from high customer concentration, dependence on international markets, significant employee costs and intense competition in the BPO and CX services industry. Its overseas revenue exposure subjects it to foreign exchange fluctuations and cross-border regulatory risks. High employee expenses and workforce-related claims may adversely affect profitability and operational efficiency. Further, intense competition, pricing pressures and employee attrition may impact client retention, market share and overall business performance.

The issue has been offering 2,55,27,272 shares in a price band of Rs 275-289 per equity share. The aggregate size of the offer is around Rs 702.00 crore to Rs 737.74 crore based on lower and upper price band respectively. Minimum application is to be made for 51 shares and in multiples thereof thereafter. On performance front, the company’s revenue from operations increased by 36.77% from Rs 13,292.96 million in Fiscal 2025 to Rs 18,181.38 million in Fiscal 2026, primarily driven by the acquisition of Scribe.ology LLC, Infinity Outsourcing, Panama S.A and its subsidiary and onboarding of new customers. Moreover, profit for the year increased by 128.54% from Rs 743.14 million in Fiscal 2025 to Rs 1,698.40 million in Fiscal 2026.

Meanwhile, the company aims to invest in latest technologies to deliver enhanced comprehensive, end-to-end solutions by tailoring its offerings for key industries such as telecom and other utilities, HTT, BFSI, retail and healthcare. Further, the company is committed to leverage technology as an enabler of growth and plan to make investments to expand deployment of voice bots and chatbots, advancing SaaS-based workflow automation tools, offering subscription models that enable businesses to scale efficiently while maintaining seamless omnichannel engagement and operational consistency. The company will prioritize acquisitions which will support the continued evolution of its platforms, strength its AI engineering bench, and accelerate speed to market of next gen CX tools.