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Kratikal Tech

• Kratikal Tech is coming out with an initial public offering (IPO) of 29,40,000 shares in a price band of Rs 128-135 per equity share.
• The issue will open on June 30, 2026 and will close on July 02, 2026.
• The shares will be listed on SME Platform of BSE.
• The face value of the share is Rs 10 and is priced 12.80 times of its face value on the lower side and 13.50 times on the higher side.
• Book running lead manager to the issue is Beeline Capital Advisors.
• Compliance officer for the issue is Anmol Gupta.

Profile of the company

Kratikal Tech is engaged in providing AI-driven, Software-as-a-Service–based cybersecurity solutions through its proprietary security software platform, supported by cybersecurity and regulatory compliance services, enabling enterprises to achieve measurable cyber risk reduction and enhanced resilience. Its People Security Management (PSM) capabilities are delivered through the proprietary Threatcop platform, which focuses on reducing human-related cyber risks, and are enhanced by technology and process security offerings delivered under the Kratikal brand. Together, these offerings provide integrated protection across the People-Process-Technology stack, supporting organizations in proactively identifying, prioritizing, and mitigating cyber risks while strengthening their overall security posture in an increasingly threat environment.

Through its services, it empowers organizations to protect their critical data, prevent cyber threats, and ensure smooth business operations. Its solutions are designed to eliminate data privacy risks, safeguarding businesses from unauthorized access and security breaches. It operates through two integrated business lines: i) AI Driven People Security Management, offered through Threatcop product suite offered under Threatcop brand (Products); and ii) Technology and Process Security Services, offered under the Kratikal brand, encompassing Vulnerability Assessment and Penetration Testing (VAPT), application and infrastructure security, red-team exercises, and governance, risk and compliance (GRC) services, all supported by its AI-driven VMDR (Vulnerability Management, Detection & Response) platform and AutoSecT (Services). This integrated model enables it to address both human-layer risks and technology- and process-layer vulnerabilities within customer environments. 

In its services portfolio, it has developed Threatcop, a people security management suite and AutoSecT, an AI-driven pentest and VMDR platform. AutoSecT autonomously scans network, cloud, web, mobile, and API assets, prioritizes vulnerabilities based on risk, and provides AI-driven patch recommendations, supported by analytics dashboards for security teams and a dedicated CISO dashboard. The platform standardizes and enables the delivery of all penetration testing reports undertaken by it, enhancing scalability, consistency, and turnaround time, while embedding its intellectual property at the core of its service offerings. It has undertaken AI driven VMDR, secure code reviews, and vulnerability assessments across diverse customer environments. Its solutions are used by a broad base of small businesses and large enterprises across sectors such as banking, financial services and insurance (BFSI), fintech, telecom, IT/ITES, healthcare, pharmaceuticals, e-commerce, and manufacturing, both in India and international markets. Kratikal is a CERT-In Empanelled Security Auditor and is widely recognized for its VAPT, compliance, and virtual CISO (vCISO) services. Additionally, it is empanelled by NSE to perform system audits for trading members.

Proceed is being used for:

• Investment in Threatcop FZ LLC, UAE and Threatcop AI Inc, USA (its subsidiaries) for expenditure towards sales & marketing activities and development of workforce resources.
• Investment in product development 
• General corporate purposes 

Industry overview

The IT-BPM (Information Technology and Business Process Management) industry encompasses a broad spectrum of services, including software development, IT consulting, infrastructure management, and outsourced business processes such as finance, human resources, and customer support. This sector plays a pivotal role in India’s economic landscape, serving as a major driver of employment, innovation, and global trade. Positioned as a global leader in outsourcing and digital services, India has built a strong reputation for delivering high-quality, cost-effective IT and BPM solutions to clients across the world. The industry not only contributes significantly to foreign exchange earnings but also underpins India’s digital transformation journey, reinforcing its stature as a strategic hub for technology and business services on the global stage. 

The Indian IT-BPM sector has considerable impact on GDP and the employment rate of the country, where exports are a major contributor to the revenue from this sector. Strong supportive government policies are augmenting the consistent growth in this sector. The Software Technology Park (STP) scheme which is a 100% export-oriented scheme for development and export of computer software, including export of professional services using communication links or physical media, makes India attractive for multinational global participants to set up its presence providing employment opportunity. In addition to STP scheme, the government prioritizes cybersecurity, hyper-scale computing, Artificial Intelligence (AI) as a technology, and blockchain technology. The country, with lowest data costs at INR10/GB (USD 0.12/GB) is complimenting for a wide customer base to use this technology, which is a big advantage to train the AI for any application.

Looking further ahead, the industry is projected to generate $308.0 billion in FY 2027, $320.0 billion in FY 2028, $335.0 billion in FY 2029, and ultimately reach $350.0 billion by FY 2030. The progressive increments highlight the resilience and global competitiveness of India's IT-BPM sector. Contributing factors include the rise of Software as a Service (SaaS), global capability centres (GCCs), and government policies supporting digital public infrastructure and innovation. This consistent upward trajectory underlines the IT-BPM industry's critical role in India’s economic growth and its strategic importance in the global digital economy.

Complete people security management platform: It offers an integrated People Security Management suite through its Threatcop product stack, designed to strengthen organisational cyber resilience by addressing human-layer risks alongside technical controls. The platform includes: i) Threatcop Security Awareness Training (TSAT), a simulation-led platform for phishing and social engineering exercises along with targeted awareness content; ii) a cyber awareness Threatcop Learning Management System (TLMS); iii) Threatcop DMARC / email authentication and anti-spoofing (TDMARC); and iv) additional people-centric security capabilities such as Threatcop Phishing Incident Response (TPIR), incident readiness, and reporting modules-enabling organisations to assess, train, protect, and continuously improve user security behaviour across functions and locations.

Real-time DMARC with sender ID visibility: Its Real-Time DMARC platform provides real-time DMARC (Domain-based Message Authentication, Reporting and Conformance) enforcement with continuous monitoring of SPF/DKIM authentication outcomes and automated policy application to reduce domain spoofing and Business Email Compromise (BEC) risk. A key differentiator is Sender ID visibility, which highlights the actual sending identity behind each message (e.g., visible ‘From’ domain vs. underlying authenticated/return-path identity and sending infrastructure), helping organisations quickly detect look-alike senders, unauthorised third-party senders, and misaligned authentication. This improves security teams’ ability to triage incidents faster, validate legitimate marketing/transactional senders, and maintain stronger control over email channels across business units and vendors.

Comprehensive coverage across security domains: It offers a wide range of cybersecurity solutions covering multiple layers of an organisation’s digital infrastructure. Its service portfolio includes vulnerability assessment and penetration testing across networks, cloud environments, web and mobile applications and APIs, as well as cloud security posture reviews, configuration assessments and application-level security testing. In addition, it provides compliance audits, governance advisory and regulatory support aligned with applicable industry standards and statutory requirements. This comprehensive coverage enables it to serve customers with varied security maturity levels, operating environments and regulatory obligations. By addressing both technical vulnerabilities and governance-related gaps, it is able to deliver integrated security solutions rather than isolated point services. This breadth of capabilities also supports cross-selling and upselling of complementary services within existing customer relationships, enhances account depth, and reduces reliance on single-service engagements.

Risks and concerns

Dependence on human capital: It has 200 employees on payroll. Being a cyber-security company, a huge percentage of its revenue is diverted towards the employee benefit expenses. Its employees are key to its success in business operations. If it experiences a slowdown or stoppage of work for any client for which it has dedicated employees, it may not be able to efficiently reallocate these employees to other clients and projects to keep their utilization and productivity levels high. Its ability to execute projects and to obtain new clients depends largely on their ability to attract, train, motivate and retain highly skilled professionals. The performance of it will be benefited on the continued service of these persons or replacement of equally competent persons from the domestic markets. It may have difficulty in redeploying and retraining its professionals to keep pace with continuing changes in technology, evolving standards and changing customer.

Revenue dependence on key customers: Its top ten customers contribute 31.60%, 21.89% and 25.11% of its total revenue from operations for the financial year ended on March 31, 2026, 2025 and 2024, respectively. It is engaged in the business of risk-based vulnerability management and assessment solutions, cybersecurity quantification, cyber security, and services of penetration testing services. Its business operations are highly dependent on its customers and the loss of any of its customers may adversely affect its sales and consequently on its business and results of operations.

Geographical concentration risk: The company’s revenues are geographically concentrated, with the top six states Delhi, Haryana, Karnataka, Maharashtra, Tamil Nadu and Uttar Pradesh contributing majority of the total revenues during each of the periods. Its top six states contribute 63.07%, 78.71% and 78.89% of its total revenue for the financial year ended on March 31, 2026, 2025 and 2024, respectively. As a result, its business performance is dependent, to a considerable extent, on market conditions, customer demand, regulatory environment and economic activity in these regions. Accordingly, any adverse changes in market conditions, regulatory environment or economic activity in these States could have a material impact on the company’s business, results of operations and financial condition. 

Outlook

Kratikal Tech is engaged in providing AI-driven, Software-as-a-Service–based cybersecurity solutions through its proprietary security software platform, supported by cybersecurity and regulatory compliance services, enabling enterprises to achieve measurable cyber risk reduction and enhanced resilience. Its empanelment with the Indian Computer Emergency Response Team (CERT-In) represents a significant strength and provides a distinct competitive advantage, particularly in engagements with government bodies, public sector undertakings and large enterprises. This empanelment reflects its technical capabilities, process maturity and adherence to prescribed cybersecurity standards and guidelines. On the concern side, it does not successfully anticipate market needs or develop and introduce new solutions that meet users’ needs on a timely basis, it may not be able to compete effectively and its revenue, reputation, financial conditions, results of operations and cash flows may be adversely affected. Moreover, a significant portion of its revenues is generated during the last quarter of the financial year, and any delay or reduction in customer spending during this period may materially affect its annual financial performance.

The company is coming out with a maiden IPO of 29,40,000 equity shares of face value of Rs 10 each. The issue has been offered in a price band of Rs 128-135 per equity share. The aggregate size of the offer is around Rs 37.63 crore to Rs 39.69 crore based on lower and upper price band respectively. On performance front, the revenue from operations of the company for FY25-26 was Rs 3,671.59 lakh as against Rs 2,085.09 lakh for FY24-25, an increase of 76.09%. Profit after tax for the FY25-26 was at Rs 614.25 lakh as against profit after tax of Rs 381.44 lakh in FY24-25, an increase of 61.03%.

It intends to pursue international expansion through a combination of organic initiatives and strategic arrangements, including tie-ups, acquisitions, strategic alliances, partnerships or joint ventures, where considered appropriate. In addition, it plans to strengthen its global market presence by investing in brand building, targeted advertising, marketing activities and development of workforce resources in key overseas geographies. These initiatives are aimed at expanding customer acquisition, deepening relationships with international clients and diversifying revenue streams, while leveraging its existing technical capabilities and delivery model. Going forward, it plans to strengthen its product development capabilities through ongoing investments in research and development, technology infrastructure and skilled human resources. This includes hiring and retaining experienced professionals across product engineering, cybersecurity research, artificial intelligence, cloud security and DevSecOps functions. In addition to organic investments, it may pursue selective acquisitions, strategic investments or licensing arrangements for technologies that complement and enhance its existing product portfolio.

Pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, Blue Cloud Softech Solutions has informed that the company has been empaneled by Bharat Sanchar Nigam (‘BSNL’) as a Captive Non-Public Network Provider (Category III), pursuant to a formal agreement executed between the Company and BSNL, valid for a period of 60 months. The signed agreement was received on 25.06.2026 by the company from BSNL. A copy of the Press Release issued by the Company in this regard is enclosed. The empanelment confers on the Company eligibility to participate in enterprise Captive Non-Public Network (CNPN) projects in association with BSNL. It does not, by itself, guarantee any specific business or revenue, and the financial impact, if any, will depend on the projects actually secured. The arrangement is in the ordinary course of business and does not involve any related party. This disclosure is also being hosted on the Company’s website at https://bluecloudsoftech.com/wpcontent/uploads/2026/06/New-Press-Release-Blue-Cloud-Softech-Solutions-Limited-Empaneled-byBSNL-as-a-Captive-Non-Public-Network-Provider.pdf.

The above information is a part of company’s filings submitted to BSE.

Mobavenue AI Tech has informed that pursuant to the SEBI (Prohibition of Insider Trading) Regulations 2015 and the Company's Code of Conduct for Prevention of Insider Trading, the Trading Window for dealing in the Securities of the Company by its Designated Persons will remain closed from Wednesday, July 01, 2026 till 48 hours after the declaration of Un- audited Financial Results of the Company for the first quarter ended June 30, 2026. The trading window shall be opened 48 hours after the said results of the Company are declared and disseminated on the Stock Exchange. An intimation in this regard has been sent to all the Designated Person(s) of the Company. The date of Meeting of Board of Directors to approve the Un- audited Financial Results of the Company for the First quarter ended June 30, 2026 will be intimated in due course.

The above information is a part of company’s filings submitted to BSE.