Fusion CX IPO: Promoters sell shares worth ₹120 crore; Ashish Kacholia, Mukul Agrawal, Kotak Mahindra Life Insurance among investors

Kolkata-headquartered customer experience and AI data infrastructure services provider Fusion CX’s promoter selling shareholders, P N S Business Private Limited and Rasish Consultants Private Limited, have completed secondary share transfers involving 41.52 lakh equity shares at ₹289 apiece, amounting to ₹120 crore. The transaction comes ahead of the company’s ₹702-crore IPO, which will open for subscription on October 14.

According to an advertisement published on October 11, 2026, the transfers were completed on October 9, 2026, to a group of investors, including Ashish Kacholia, Mukul Agrawal, and Kotak Mahindra Life Insurance. The shares transferred represent 3.19% of Fusion CX’s pre-offer equity share capital on a fully diluted basis.

The promoters’ post-offer shareholding is expected to stand at 77.35% on a fully diluted basis, assuming the IPO is priced at the upper end of the price band of ₹289 per share.

Kotak Mahindra Life Insurance Company Limited acquired 17.30 lakh (17,30,104) shares worth ₹50 crore. Ashish Kacholia purchased 12.11 lakh (12,11,073) shares worth ₹35 crore, collectively in his personal capacity and through his firm, Bengal Finance and Investment. Sanshi Fund-I, backed by Mukul Agrawal, acquired 8.65 lakh (8,65,053) shares worth ₹25 crore.

Fusion CX IPO to open on Oct 14

Fusion CX’s ₹702-crore IPO will open for subscription on October 14 and close on October 16, 2026. The public issue comprises a fresh issue of equity shares worth up to ₹500 crore and an offer for sale (OFS) of shares worth up to ₹202 crore by promoter selling shareholders P N S Business Private Limited and Rasish Consultants Private Limited.

The anchor investor book is scheduled to open on October 13. The company has fixed a price band of ₹275-289 per share, valuing it at approximately ₹4,200 crore at the upper end.

Fusion CX plans to use ₹275 crore from the net proceeds of the fresh issue to repay or prepay certain outstanding borrowings availed by the company and its subsidiaries. Another ₹61 crore is earmarked for investments in its step-down subsidiaries, Omind Technologies Inc. and Omind Technologies Private Limited, to upgrade IT tools, including Arya and MindVoice.

The remaining proceeds will be used to pursue inorganic growth through acquisitions yet to be identified and for general corporate purposes.

Business operations and financial performance

Founded 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 December 31, 2024, the company operated 40 delivery centres across 15 countries. Its client portfolio comprised 197 customers, including 22 Fortune 1000 companies. Key clients include DMEC Capital Services, Telaid, Achieve Collection, Ameriflex, Coastline, Ajio, Meesho, Call Core Media, Arvind Fashion, Propneu S.A., Leonardo Hotels, Insurance Express, K2 Claims Services, Sentry Credit and Traya.

Fusion CX reported a 37% increase in total income and a 129% rise in profit after tax (PAT) in FY26 compared with FY25. Total income rose to ₹1,851.83 crore from ₹1,352.03 crore, while net profit increased to ₹169.84 crore from ₹74.31 crore.

Earnings before interest, taxes, depreciation and amortisation (EBITDA) rose to ₹329.87 crore in FY26 from ₹197.78 crore a year earlier.

As of March 31, 2026, the company’s total assets stood at ₹1,385.15 crore, compared with ₹1,143.25 crore a year earlier. Total borrowings declined to ₹58.73 crore from ₹81.93 crore over the same period.

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