Fusion Klassroom Edutech Ltd. Share Price

Fusion Klassroom Edutech 

• Fusion Klassroom Edutech is coming out with an initial public offering (IPO) of 24,55,200 shares in a price band of Rs 151-159 per equity share.
• The issue will open on July 31, 2026 and will close on August 04, 2026.
• The shares will be listed on SME Platform of BSE.
• The face value of the share is Rs 10 and is priced 15.10 times of its face value on the lower side and 15.90 times on the higher side.
• Book running lead manager to the issue is Narnolia Financial Services.
• Compliance officer for the issue is Jinal Karen Vora.

Profile of the company

Fusion Klassroom Edutech is an education technology company operating a scalable, AI-enabled hybrid learning ecosystem in India. Incorporated in 2016, it delivers academic education, competitive examination preparation, skill development, and employability-oriented training through its proprietary AI-powered Education OTT platform, offline partner centres, and institutional and government collaborations. Its offerings span school education, test preparation, professional and vocational courses, and emerging technology programs, including Artificial Intelligence and Machine Learning. To date, it has recorded over 6 lakhs cumulative learner registrations, more than 2 lakhs subscribers, and is supported by a library of over 100 courses and more than 3,300 hours of proprietary digital content. 

The company has received multiple national recognitions and awards for its contributions to education and skilling and is backed by marquee investors, reflecting strong market validation and institutional confidence in its platform and execution capabilities. The company operates through a diversified, multi-channel business model encompassing B2C, B2B, B2B2C, and B2G segments, generating revenues from digital subscriptions, offline centre fees, institutional licensing, AI-driven content deployment, government project execution, and channel-partner distribution. 

It has established long-term relationships with central and state government bodies, universities, skill councils, and private institutions across multiple states, enabling large-scale academic and AI-led skilling deployments. Its asset-light hybrid model, proprietary technology platform, and AI-enabled content and delivery capabilities provide operating leverage, scalability, and resilience, positioning the company as a trusted education technology partner aligned with India’s education, skilling, and workforce development priorities.

Proceed is being used for:

• Prepayment or repayment of all or a portion of certain outstanding borrowings availed by the company 
• Expenditure towards Technology & AI\ML Model Development, Servers and Cloud Infrastructure 
• Funding the capital expenditure towards Content Development 
• Funding the capital expenditure towards procurement of Desktop and Laptops for the new Offline Centers’ AI/ML labs 
• Expenditure towards Marketing initiatives 
• Funding inorganic growth through unidentified acquisitions and general corporate purposes (Collectively, referred to herein as the Objects)

Industry overview

India's formal education system, long dominated by offline schools and colleges, underwent a profound digital transformation across its value chain - from admissions to assessments - propelled by Educational Technology (EdTech). This shift accelerated dramatically during the COVID-19 pandemic, with the sector experiencing phenomenal growth; the market expanded from $2.763 billion in 2020 to a projected $10.269 billion by 2025. Post-pandemic, EdTech faces the challenge of sustaining momentum amid reopening offline institutions, yet it remains poised for rapid expansion, driven by government policies, rising internet penetration (over 800 million users, 13% annual rural growth), affordable smartphones (760 million users), and innovative startups.

The Indian EdTech market represents one of the world's largest and fastest-growing digital education ecosystems. The overall EdTech market was estimated to reach around $10.27 billion by 2025 (KPMG, 2022). Within this, online higher and lifelong education (professional skilling/upskilling) is estimated at around $5.0 billion by 2025. As of 2024, the Indian EdTech market is valued at $7.5 billion, with over 10,000 companies operating in the sector. With an expected compound annual growth rate (CAGR) of 27.65%, the industry is projected to reach $29 billion by 2030.

India's education and professional skill development market represents one of the world's most dynamic and opportunity-rich sectors. Underpinned by robust macro-economic fundamentals, rising household incomes, demographic dividends, and extensive government policy support, the sector is positioned for sustained high growth trajectory through 2030. The convergence of digital transformation, affordable technology access, and structural demand drivers - coupled with the essential nature of education as a non-discretionary investment - provides a resilient foundation for sector participants. Market consolidation toward quality-focused, outcome-verified, and specialized solutions is expected to characterize the next phase of industry evolution, benefiting well-positioned, governance-focused platforms with proven unit economics and measurable impact on learner outcomes. With over $29 billion in projected market value by 2030 and the potential to educate and upskill over 100 million paid users, India's EdTech sector stands poised to play a transformational role in building a skilled, globally competitive workforce while simultaneously addressing critical skill gaps across high-growth economic sectors.

Pros and strengths

Human resources, faculty members and content developer: The company has a total workforce of 26 personnel, comprising 22 permanent employees and 4 contractual personnel, engaged across various functional areas including management, finance, compliance, human resources, operations, sales and marketing, technology, and academic content development. Its senior management and key managerial personnel oversee strategic direction, compliance, finance, and governance functions. The operations team supports day-to-day business activities, while the sales and marketing team focuses on demand generation and customer engagement. The technology function is supported through contractual personnel responsible for platform maintenance and digital delivery. The company also engages faculty members and content developers, including subject matter experts, who are responsible for academic content creation, review, and delivery of educational and skill-based programs. Its human resource base, supported by structured recruitment, training, and performance monitoring processes, enables efficient execution of its business strategy and supports scalable growth. The management considers its employees and faculty ecosystem to be a key asset contributing to operational stability, academic quality, and business continuity.

Strong hybrid learning ecosystem: It operates across the online, hybrid, and offline spectrum, providing a differentiated value proposition through its AI-powered Education OTT platform, multi-lingual content library, regional academic focus, and the availability of both academic and skill development courses. Unlike platforms that rely solely on online distribution, its model integrates digital delivery and offline centres, B2B institutional partnerships, and community-based distribution network, enabling broader reach in regional, semi-urban, and rural markets. Its combines academic learning, skill courses, and government-linked employability programs under a single OTT and hybrid ecosystem. Pricing for its OTT subscription is positioned at an accessible level (Rs 1,250 annually for an all-content subscription), making it suitable for large-scale adoption across diverse socioeconomic segments. Through this blended operating model, it is positioned uniquely within the competitive landscape, serving multiple learner segments while maintaining operational scalability across India.

Robust digital education infrastructure: The company’s proprietary AI-powered Education OTT platform forms the technological backbone of its operations. Designed to serve millions of learners simultaneously, the platform integrates video streaming, learning management and interactive features, into a unified digital ecosystem. It hosts thousands of hours of recorded and live content through Klassroom Konnect across academics, skills, and professional domains. This platform includes modules for structured curriculum pathways, microlearning content, revision banks features and content on Academic skill and career. AI-driven Language model helps user learn in their regional language with 5 languages already live for a few topics currently.

Risks and concerns

Significant portion of revenues drives from key geographic markets: It derives a significant portion of its revenues from the sale of its services in certain key states. Its revenues from Uttar Pradesh constituted 42.60%, 46.86% and 57.16% of its total revenue from operations in Fiscal 2026, Fiscal 2025 and Fiscal 2024, respectively. Revenues from Rajasthan accounted for 24.00%, 23.21% and 0.76% during Fiscal 2026, Fiscal 2025 and Fiscal 2024, respectively, while revenues from Maharashtra contributed 26.76%, 29.71% and 42.03% during the same periods. In addition, revenues from Haryana constituted 5.64% of its total revenue from operations in Fiscal 2026, while revenues from Karnataka constituted 0.62% during Fiscal 2026. Consequently, a substantial portion of its revenues is geographically concentrated in these states. Any adverse developments, including changes in state-specific regulations, economic conditions, political instability, natural calamities, or disruptions affecting its operations in such regions, could have an adverse impact on its business, results of operations, financial condition and cash flows.

Dependence on student acquisition and retention: Its ability to reactivate previously enrolled students further demonstrates recurring engagement and continued relevance of its offerings. It operates a blended education model comprising online and offline modes, with revenues generated from both segments. Its offline operations are supported by a network of centres, while its digital platform is strengthened by a broad range of educational content delivered by experienced faculty members. Its mobile application and digital distribution channels further enable it to expand reach and accessibility to students across multiple regions. However, its future growth and financial performance depend on its continued ability to maintain student interest, improve conversion of registered users into active subscribers, sustain engagement levels, ensure the quality and relevance of its content, and attract and retain qualified faculty members. Any failure to do so, including a decline in student enrolments, lower subscriber retention or reactivation rates, reduced usage of its platforms, or challenges in operating or scaling its offline centres, could adversely affect its business, reputation, results of operations, financial condition and cash flows.

Cybersecurity and information technology risks: Its education and coaching operations are significantly dependent on the reliable functioning of its information technology systems, digital platforms and OTT application, which support online classes, video-based content delivery, student enrolments, assessments, data management and administrative functions. The effective operation of its business depends on its ability to deploy, maintain and upgrade these systems in a timely and cost-effective manner. Its IT systems, OTT application and supporting networks may be vulnerable to system failures, power outages, hardware or software malfunctions, cyber-attacks, unauthorized access, data breaches, malware, or errors by employees, faculty members, subcontractors or third-party service providers. Any disruption, failure or security breach could result in interruption of live or recorded classes, restricted access to educational content, loss or compromise of student data, delays in assessments or fee processing, and degradation of student experience.  In the event of any such system disruption or cybersecurity incident, it may be required to incur significant time and costs to restore systems, recover data, enhance security measures and manage regulatory or contractual obligations. Further, any actual or perceived compromise of the reliability or security of its OTT application or digital platforms could adversely affect student and parent confidence, damage its brand reputation and expose it to legal or regulatory actions. Any such events could have a material adverse effect on its business, results of operations, financial condition and cash flows.

Outlook

Fusion Klassroom Edutech is an education technology company operating a scalable, AI-enabled hybrid learning ecosystem in India. It maintains strong relationships with private and institutional partners, including universities, global technology companies, publishing houses, and educational technology providers. Through publishing partnerships, the company develops digital textbooks, assessments, printed materials, and system-aligned content for students across the country. On the concern side, the academic education and coaching industry in India are intensely competitive and fragmented, with the presence of large organised education platforms, regional coaching institutes, digital education companies, as well as independent teachers and subject-matter experts offering courses through online platforms, social media and offline centres. Competition exists across multiple education categories, delivery formats and price points. A significant increase in competition may compel it to reduce course fees, offer higher discounts, extend promotional incentives or enhance service offerings to retain and attract students. Such pricing pressures and additional costs could adversely impact its margins, cash flows and profitability.

The company is coming out with a maiden IPO of 24,55,200 equity shares of face value of Rs 10 each. The issue has been offered in a price band of Rs 151-159 per equity share. The aggregate size of the offer is around Rs 37.07 crore to Rs 39.04 crore based on lower and upper price band respectively. On performance front, the revenue from operations of the company for FY25-26 was Rs 2,303.95 lakh as against Rs 1,008.65 lakh for FY24-25, an increase of 128.42%. Profit after tax for the FY25-26 was at Rs 760.12 lakh against profit after tax of Rs 290.42 lakh in FY24-25, a surge of 161.73%.

Meanwhile, it intends to develop, own, operate, and license proprietary AI-powered Education OTT platforms and SaaS-based systems, and to offer such OTT and SaaS platforms as a service to third parties for hosting, streaming, delivering, and managing educational and training content across multiple devices and languages. Going forward, it intends to partner with existing coaching classes, colleges, and educational institutions, and to establish, operate, and manage coaching centres, partner centres, skill development centres, training institutes, learning hubs, smart classrooms, digital studios, learning labs, and reading and learning libraries for conducting academic, competitive exam, vocational, and skill-based training programs through both physical (offline) and online modes, ensuring large-scale accessibility and quality delivery of education and skilling initiatives.

Robokidz Eduventures

• Robokidz Eduventures is coming out with an initial public offering (IPO) of 29,32,800 shares in a price band of Rs 100 - 106 per equity share.
• The issue will open for subscription on September 21, 2026 and will close on September 23, 2026.
• The shares will be listed on SME Platform of BSE.
• The face value of the share is Rs 10 and is priced 10.00 times of its face value on the lower side and 10.60 times on the higher side.
• Book running lead manager to the issue is GYR Capital Advisors.
• Compliance officer for the issue is Isha Shashikant Kulkarni.

Profile of the company

Robokidz Eduventures is engaged in providing technology-enabled learning and skill development solutions for K-12 students in the areas of Robotics, Artificial Intelligence (AI), Coding, Electronics and STEM (Science, Technology, Engineering and Mathematics). It primarily provides these solutions to schools and educational institutions through educational laboratory setup projects, subscription-based learning programmes and other educational services. Its offerings are supported by its proprietary digital platforms, educational kits, curriculum, teacher training and technical support, enabling educational institutions to deliver application-based and experiential learning. Through its integrated approach, it combines laboratory infrastructure, practical learning resources and digital learning tools to support hands-on learning and help students develop scientific aptitude, logical reasoning and technical skills. Its business model is built on a two-tier revenue architecture. Educational Laboratory Setup Projects establish its initial engagement with an institution through the design, supply and installation of technology-enabled learning infrastructure, while its subscription services and other educational services are designed to convert this initial engagement into a sustained, recurring relationship.

Its business activities are undertaken through educational laboratory setup projects vertical, subscription services vertical & other educational services vertical. In addition, it operates a franchise model under the YEA (Young Engineers Academy) brand through its wholly owned subsidiary, Robokidz Retails (RRPL), through which it expands its presence to establish and operate activity centres. Under this model, it provides franchisees with access to curriculum, teacher training, learning kits, digital platforms, operational guidance and marketing support, enabling the delivery of standardized robotics, AI, coding and STEM education while facilitating the growth of its activity centre network in various locations. As part of the expansion strategy, it has established its Activity Center in Malad (West), Mumbai and Baner, Pune under its franchise model. In addition, it also operates two more Activity Centers managed directly by the company and its subsidiary, enabling it to expand its reach while maintaining standardized delivery of its robotics, AI, coding and STEM education programmes.

It delivers its solutions through an integrated ecosystem comprising schools, educational institutions, government and semi government organizations, activity centres and direct learner engagement across India. It undertakes projects awarded by government bodies, departments and agencies, including the establishment and implementation of Atal Tinkering Labs (ATLs), either directly or through channel partners. Its offerings are aligned with the objectives of the National Education Policy, 2020 (NEP 2020), which include STEM, robotics, AI and coding solutions designed to support these educational institutions in delivering experiential and competency-based learning. It has obtained various certifications, including ISO 14001:2015, ISO 9001:2015, ISO 21001:2018, ISO 45001:2018, ISO 50001:2018 and ISO/IEC 27001:2022, in relation to its operations. In addition, it holds certifications and compliances such as ROHS (EU) 2015/863, Greenguard Compliance and BIFMA (Business and Institutional Furniture Manufacturers Association). Its operations are conducted in accordance with applicable laws and regulations.

Proceed is being used for:

• Funding the working capital requirements of the company
• Pre-payment or repayment of all or a portion of certain outstanding borrowings availed by the company
• Meeting general corporate purposes

Industry overview

India has the largest population in the world in the age bracket of 5-24 years, with nearly 580 million people, offering immense opportunities for the education sector. The country holds a prominent position globally, with one of the largest networks of higher education institutions, comprising over 53,461 colleges and 1,409 universities as of FY26 (as of February 2026). Despite this vast base, there remains considerable scope for expansion and qualitative improvement in the system. In recent years, growing awareness and aspirations have led private players to collaborate with international brands to bring global standards of education to India. Private investments have surged, supporting the rising demand for specialised, industry-focused degrees and online programmes tailored to consumer needs. The Indian edtech market, already valued at $7.5 billion, is projected to grow nearly fourfold by 2030, highlighting the sector’s rapid digital shift. 

The education market in India is expanding at a rapid pace, projected to reach $313 billion by FY30, up from $117 billion in FY23. Within this, higher education alone was valued at Rs 5,75,000 crore ($68.06 billion) in 2024 and is expected to nearly double to Rs 11,60,000 crore ($134.84 billion) by 2033, growing at a CAGR of 8.1%. The K-12 segment, valued at $48.9 billion in 2023, is also on a high-growth trajectory and is estimated to reach $125.8 billion by 2032 at a CAGR of 10.7%.

With the adoption of transformative technologies such as AI, ML, IoT, and blockchain, India’s education sector is steadily redefining itself. The Education 4.0 revolution, which emphasises inclusive learning and employability, is already underway. Government initiatives like the National Education Policy (NEP), now in phased implementation since FY22, are set to further reshape the system with a strong focus on high-quality vocational and skills-based education, preparing India’s youth for the demands of a dynamic global economy. Further, various government initiatives are being adopted to boost the growth of the distance education market, besides focusing on new education techniques such as E-learning and M-learning. The Government of India has taken several steps including opening of IITs and IIMs in new locations, as well as allocating educational grants for research scholars in most government institutions. Furthermore, with the online mode of education increasingly being used by several educational organisations, the higher education sector in India is set for major change and development in the years to come.

Pros and strengths

Integrated Business Model with End-to-End Solutions: It provides integrated solutions comprising laboratory setup, curriculum design, training modules and academic support services, enabling educational institutions to implement robotics and artificial intelligence-based learning programs through a single service provider. This reduces dependency on multiple vendors and supports consistency in delivery, quality standards, and implementation timelines. Its integrated approach covers the entire lifecycle of a project, including requirement assessment, infrastructure setup, content delivery, teacher training and ongoing academic and technical support. This enables coordination between infrastructure and curriculum components to facilitates seamless execution, while also supporting long-term engagement with customers. 

Structured project management, experienced management team and operational capabilities: It employs structured project management methodologies supported by experienced project management teams, standardized protocols and project management tools, enabling effective planning, monitoring and execution of projects. Its experienced management team actively contributes to strategic planning, business development and project execution, enabling it to efficiently manage projects across multiple geographies while adhering to defined timelines and quality standards. 

Proven track record in executing educational laboratory setup projects: It has established a proven track record in executing Educational Laboratory Setup Projects, which has been a key driver of its business growth and financial performance. Its capabilities span the end-to-end design, supply, installation and implementation of AI, Robotics and STEM laboratory solutions for educational institutions and government-supported initiatives across India. Over the last three Fiscals, Educational Laboratory Setup Projects have consistently been the principal contributor to its revenue from operations, reflecting its execution capabilities, technical expertise and ability to successfully deliver projects in accordance with customer requirements. Its experience in implementing projects for schools, colleges and government-supported programmes has enabled it to develop strong domain knowledge, standardized execution processes and long-standing customer relationships.

Risks and concerns

Dependence on channel partners and institutions: It depends on arrangements with schools, educational institutions and channel partners for sourcing student enrolments for its training programs across various locations. Its ability to maintain and expand its operations is dependent on its ability to continue existing arrangements on commercially acceptable terms and establish new relationships with schools, institutions in existing and new geographies. These arrangements with schools, educational institutions and channel partners for student enrolments are not formalised through written agreements, contracts or memoranda of understanding. Such arrangements are based on mutual understanding and agreed commercial terms between the company and the respective parties. Further, schools, institutions and its channel partners may choose to engage with other service providers, conduct similar programs internally, or discontinue such programs due to changes in their academic priorities, budgets, management policies or regulatory requirements.

Geographical concentration of revenue in Maharashtra: Its operations and revenue generation are concentrated in certain states in India, particularly Maharashtra. For Fiscal 2026, Fiscal 2025 and Fiscal 2024, revenue generated from Maharashtra constituted 53.04%, 87.28% and 89.86%, respectively, of its revenue from operations. In addition, it has derived revenue from other states including Delhi, Kerala, Uttar Pradesh, and Gujarat during the aforesaid periods. Its financial performance is therefore dependent, to a significant extent, on the demand for its training programs, operational continuity and economic conditions prevailing in such regions. Any adverse developments affecting such regions may adversely affect its business, results of operations and financial condition.

Revenue reliance on limited number of customers: It depends on a limited number of customers for a significant portion of its revenue from operations. Its top ten customers contribute 77.99%, 92.95%, and 96.60% of its total revenue from operations for the financial year ended on March 31, 2026, 2025 and 2024, respectively. Its business operations are 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.

Outlook

Robokidz Eduventures is engaged in the business of providing technical education to educational institutions, developing scientific toys and kits for educational institutions. It has established its presence across multiple geographies, with revenue generated from different regions over the last three fiscal years. This geographic diversification reduces dependence on a single region and supports operational stability. On the concern side, it does not have binding long-term agreements with a majority of its customers, and its business is dependent on its ability to maintain strong customer relationships and engagements. Its customers may, at their discretion, discontinue their orders, choose not to renew or continue their subscriptions or service engagements, renegotiate commercial terms, or engage other providers offering similar education solutions, its business and operational results could be negatively impacted.

The company is coming out with a maiden IPO of 29,32,800 equity shares of face value of Rs 10 each. The issue has been offered in a price band of Rs 100 - 106 per equity share. The aggregate size of the offer is around Rs 29.33 crore to Rs 31.09 crore based on lower and upper price band respectively. On performance front, revenue from operations increased 58.67% from Rs 5,875.28 lakh in Fiscal 2025 to Rs 9,322.31 lakh in Fiscal 2026.  Profit after tax increased 102.02% from Rs 497.82 lakh in Fiscal 2025 to Rs 1,005.69 lakh in Fiscal 2026.

Meanwhile, it intends to expand its educational laboratory setup business by increasing its presence across educational institutions in India, particularly in Tier I and Tier II cities. It plans to leverage its project execution capabilities, operational experience, established relationships with educational institutions and its network of channel partners to identify and execute laboratory setup opportunities across multiple geographies. Going forward, the company intends to expand its retail segment to enhance direct engagement with students and parents outside the formal school environment. This includes conducting workshops, short-term training programs, and structured learning modules through offline, online and hybrid formats. By offering flexible, modular, and age-appropriate programs, it aims to cater to a wider learner base, including hobbyists, beginners, and advanced learners.