Fusion CX

Global Delivery Network Across 13 Countries with 40 Scalable Delivery Centres

The company operates 40 strategically located delivery centres across 13 countries, providing 24x7 multichannel support in 28 languages through a mix of onshore, nearshore, and offshore models, enabling cost optimization, cultural proximity, and scalability.

Continuous Focus on Strategic R&D Investments in AI-Driven CX Solutions

The company invests in proprietary AI platforms including MindVoice, Arya, and Mind WorkPlace through its subsidiary Omind, with R&D spend of ₹230.99 million (1.27% of revenue) in Fiscal 2026, driving CX transformation and operational efficiency.

Proven Track Record of Inorganic Growth and Integration

The company has successfully acquired and integrated multiple businesses including S4 Communications, STI, Skycom BPO, and Ready Call Center, expanding delivery footprint, vertical capabilities, and client relationships across key markets such as the US and Latin America.

Diversified Operations with Domain Expertise Across Multiple Industries and Long-Standing Customer Relationships

The company serves telecom, HTT, BFSI, retail, and healthcare verticals with an average relationship of 13.02 years with top 5 customers, and 208 total customers including 22 Fortune 1000 companies as of June 30, 2026.

Agile, Customer-Centric Approach Enabling Responsiveness and Tailored CX Solutions

The company adopts agile methodologies and end-to-end capabilities to deliver tailored CX solutions, supported by strategic acquisitions and a global presence that enables quick turnaround times and responsiveness to evolving client requirements.

Diverse Board, Experienced Promoters and Management Team with Domain Expertise

The company is led by co-founders Pankaj Dhanuka (22 years experience) and Kishore Saraogi (27 years experience), supported by a skilled management team including CFO Amit Soni (14+ years) and a workforce of 13,735 CX employees as of June 30, 2026.

Customer Concentration Risk

The top 10 customers contributed 49.84%, 52.17%, 45.30%, and 41.04% of revenue from operations for the three-month period ended June 30, 2026, and Fiscals 2026, 2025, and 2024, respectively. Loss of any key customer due to contract termination, financial deterioration, or competitive switching could materially and adversely impact the company's business, financial condition, and cash flows.

International Revenue Concentration and Geopolitical Risk

The company derives 90.06%, 88.71%, 80.59%, and 76.22% of revenue from operations from customers outside India, with North America alone contributing 79.56%, 81.70%, 75.34%, and 69.53% for the respective periods. Geopolitical tensions, trade restrictions, currency fluctuations, and anti-outsourcing legislation in these regions could significantly disrupt operations and financial performance.

Cybersecurity and Data Privacy Risk

As a technology-enabled CX and BPO provider, the company processes, stores, and transmits sensitive data including health records, banking information, and personally identifiable information, exposing it to cybersecurity threats such as hacking, ransomware, and phishing. Non-compliance with data protection laws across multiple jurisdictions (including GDPR, HIPAA, DPDPA 2023) could result in regulatory penalties of up to €20 million or 4% of global annual turnover, reputational harm, and operational disruptions.

High Employee Expense and Attrition Risk

Employee expenses represented 67.53%, 65.62%, 65.83%, and 68.82% of revenue from operations for the three-month period ended June 30, 2026, and Fiscals 2026, 2025, and 2024, respectively, with CX employee attrition rates of 31.20%, 26.50%, 30.56%, and 32.15% over the same periods. Rising wages, competition for skilled talent, and inability to manage attrition could adversely affect margins, service quality, and financial performance.

Foreign Exchange Risk Without Hedging Arrangements

The company transacts a significant portion of its business in foreign currencies, primarily the U.S. Dollar, while reporting in Indian Rupees, and recorded net foreign exchange losses of ₹14.41 million and ₹25.45 million in Fiscals 2025 and 2024, respectively. The company currently has no hedging agreements in place, leaving it fully exposed to exchange rate volatility, which could materially impact profitability and margins.

Acquisition Integration and Inorganic Growth Risk

The company's growth strategy is heavily dependent on acquisitions, with future inorganic initiatives planned using IPO net proceeds for unidentified targets. Failure to identify suitable targets, integration difficulties, over-valuation, or inability to realize anticipated synergies could adversely affect growth, results of operations, and cash flows.

Goodwill and Intangible Asset Impairment Risk

Goodwill and other intangible assets represented 33.95% and 33.83% of total assets as of June 30, 2026, and March 31, 2026, respectively, with goodwill alone at ₹3,626.43 million as of June 30, 2026. Any future impairment to these assets could result in reported losses and materially adversely affect the company's reputation and financial condition.