All IPOs

Fusion Klassroom Edutech

SME · BSE listed
+6.92%
Listing gain
Price Band
₹151 – ₹159
Issue Size
₹39.04 Cr
1 lot at upper band
₹1,27,200
Lot Size
800
Open
31 Jul 2026
Close
04 Aug 2026
Allotment
—
Listing
07 Aug 2026

Scheduled dates

  1. Open
    31 Jul 2026
  2. Close
    04 Aug 2026
  3. Refund
    06 Aug 2026
  4. Demat credit
    06 Aug 2026
  5. Listing
    07 Aug 2026

Listing Performance

Listing Price
₹170
Listing Gain
+6.92%
Day Close
—
Current (LTP)
— (—)

GMP Trend*

Daily grey market premium (₹). Unofficial.

Latest GMP: ₹0 9 sessions

Subscription (times)

Latest per-category subscription · as of 04 Aug, 06:56 pm IST.

QIB 1.00x
NII 1.47x
BHNI 1.47x
SHNI 1.48x
RII 1.80x
Total 1.50x

About Fusion Klassroom Edutech

Fusion Klassroom Edutech Limited operates a scalable, hybrid learning ecosystem comprising 30 offline partner centres, an AI-powered Education OTT App featuring 100+ courses, and a nationwide footprint of over 600K+ registered users with 2 lakh+ subscribers and 1 lakh+ mobile app downloads. The company provides end-to-end academic, vocational, professional, and skill-based education through multiple channels, formats, and delivery mechanisms, enabling lakhs of learners from diverse socio-economic backgrounds to access structured learning opportunities. The company operates through a multi-channel business model that seamlessly integrates B2C, B2B2C, B2B, B2G operations with its Education OTT platform providing subscription-based access to comprehensive academic, competitive exam, and skill-development courses. The company has executed educational and skilling initiatives including MoUs with government bodies, implementations across PM Shri Schools and Jawahar Navodaya Vidyalaya, and collaborations with national and state missions, universities, and skill councils.

www.klassroom.in ↗

Strengths

  • Scalable Hybrid Learning Ecosystem
    The company operates a scalable, hybrid learning ecosystem comprising 30 offline partner centres, an AI-powered Education OTT App featuring 100+ courses, and a nationwide footprint of over 600K+ registered users with 2 lakh+ subscribers and 1 lakh+ mobile app downloads.
  • Strong Government Partnerships and Recognition
    The company has executed educational and skilling initiatives including MoU with Government of Rajasthan, implementations across PM Shri Schools and Jawahar Navodaya Vidyalaya (JNV), impacting over 1,000 beneficiaries with collaborations including NSDC, TSSC, MSSDS.
  • Proven Financial Performance and Growth
    The company achieved revenue from operations of ₹2,303.95 lakhs in FY 2026 with total profit of ₹760.12 lakhs after tax, demonstrating ROE of 53.45% and ROCE of 45.60%.
  • Multi-Channel Business Model with Diversified Revenue Streams
    The company operates through B2C, B2B2C, B2B, B2G operations with affordable pricing of ₹1,250 per year for enterprise version and ₹3,000 per year, generating revenue through digital subscriptions, offline centre fees, institutional licensing, and government projects.
  • Comprehensive Content Library and Technology Infrastructure
    The company has developed 100+ courses with 3,300 hours of digital content library, supported by proprietary AI-powered Education OTT platform with multilingual support and 4.5-star rating on Google Play Store.
  • Awards and Industry Recognition
    The company has been recognized as two-time finalist at National Startup Awards (2021 & 2023), received Gold Category Award from Business World for 'Most Innovative Technology in Education' and included in HolonIQ South Asia EdTech 100.
  • Structured Faculty Development and Quality Assurance
    The company maintains 68 faculty members (5 employees and 63 consultants) with rigorous recruitment processes, NSDC-aligned certification programs, and continuous faculty development programs ensuring quality education delivery.
  • Strong Operational Metrics and User Engagement
    The company has achieved 6,59,048 total registered users, 74,000 active users, 2,66,986 subscribers with 58% reactivation rate and average collection per offline user of ₹41,009.

Risk Factors

  • Negative Cash Flow from Operations
    The company has experienced negative cash flows from investing activities in all three financial years (FY2024: ₹176.04 lakhs, FY2025: ₹595.41 lakhs, FY2026: ₹1,243.54 lakhs). Sustained negative cash flows could impact the company's growth and business operations, affecting its ability to meet capital expenditure and operational requirements.
  • Geographic Revenue Concentration
    The company derives significant revenue from limited states, with Uttar Pradesh contributing 42.60% of total revenue in FY2026, Rajasthan 24.00%, and Maharashtra 26.76%. This geographic concentration exposes the company to regional economic conditions, political instability, and regulatory changes that could adversely impact business operations.
  • Customer Concentration Risk
    The company's revenue is concentrated among a limited number of customers, with the top customer contributing 40.11% of total revenue in FY2026. The top 5 customers account for 75.65% of revenue, creating dependency risks related to contract renewals, payment cycles, and customer retention.
  • Dependence on Student Attraction and Retention
    The company's success depends on consistently attracting new students and retaining them over extended periods. With 6,59,048 total registrations but only 74,000 active users, any failure to maintain student engagement or improve conversion rates could adversely affect business performance and financial condition.
  • IT Systems and Cybersecurity Vulnerabilities
    The company's education delivery is significantly dependent on IT systems, digital platforms, and OTT applications. System failures, cyber-attacks, or data breaches could result in service interruptions, loss of student data, and damage to brand reputation, potentially requiring significant recovery costs.
  • Dependence on Key Personnel and Faculty
    The company's operations depend on senior management and qualified faculty members. Faculty attrition rates have been significant (25.00% for employee faculty in certain years), and loss of key personnel could disrupt operations, delay growth initiatives, and increase recruitment costs.
  • Regulatory Compliance Failures
    The company has experienced delays in statutory filings, including ROC forms (delays ranging from 8 to 2,958 days) and GST returns (delays up to 55 days). While regularized with additional fees, future non-compliance could result in penalties and regulatory scrutiny.
  • Unsustainable Growth and Profitability
    The company experienced substantial growth with revenue increasing from ₹458.30 lakhs in FY2024 to ₹2,303.95 lakhs in FY2026, and profit after tax growing approximately 745% in FY2025. However, there is no assurance that such growth levels can be sustained, and the company incurred losses of ₹68.08 lakhs in FY2023.
  • Property Lease Dependencies
    The company does not own any operational properties and leases its Mumbai office until May 2027. Inability to renew leases or unfavorable renewal terms could result in operational disruptions and increased relocation costs, affecting business continuity.
  • Competitive Industry Pressures
    The company operates in a highly competitive education industry with large organized players, digital platforms, and independent educators. Competitive pressures may force fee reductions, higher discounts, or enhanced service offerings, potentially impacting margins and profitability.

Objects of the Issue

  • Prepayment or repayment of all or a portion of certain outstanding borrowings
    The company intends to utilize proceeds towards full or part repayment and/or pre-payment of borrowings from banks and financial institutions. This will help reduce outstanding indebtedness and debt servicing costs, assist in maintaining a low debt equity ratio and enable utilization of accruals for further business growth.
    2.36 crores
  • Expenditure towards Technology & AI/ML Model Development, Servers and Cloud Infrastructure
    The company proposes to transform its proprietary digital platform into a full-scale, AI-powered learning ecosystem. The investment will be directed towards development of advanced technology solutions including private AI tutors, AI-based doubt-solving mechanisms, automated assessments, multilingual content delivery and robust server infrastructure.
    6.71 crores
  • Funding the capital expenditure towards Content Development
    The company proposes to utilize proceeds towards development, enhancement and upgradation of academic and skill-based content for its Online education delivery model. The investment includes creation of proprietary content, curriculum-aligned study material, recorded and live lecture modules, question banks and digital learning resources.
    5.35 crores
  • Funding the capital expenditure towards procurement of Desktop and Laptops for new Offline Centers' AI/ML labs
    The company intends to procure desktops and laptops for setting up AI and ML laboratories at proposed new offline centres in Mumbai, Pune and Jaipur. This will enable establishment of dedicated AI and ML laboratories, enhancing the company's ability to offer technology-enabled and advanced training programs.
    1.95 crores
  • Expenditure towards Marketing initiatives
    The company proposes to utilize proceeds towards marketing and brand-building initiatives aimed at strengthening student acquisition, engagement and retention. The expenditure will support expansion of offline training centres and increase adoption of education OTT application through enhanced brand visibility and awareness campaigns.
    5.22 crores
  • Funding inorganic growth through unidentified acquisitions and general corporate purposes
    The company may evaluate opportunities for strategic investments, acquisitions or partnerships complementary to its existing business. The proceeds will also be used for general corporate purposes including initial development costs for new business, meeting operating expenses, and strengthening business development capabilities.

Financial Snapshot

Annual values as reported in the offer document.

Year endRevenueRev. growthProfitProfit growthAssetsEquityOperating cash flow
31/03/202623.10+128.5%7.60+162.1%25.4618.4110.71
31/03/202510.11+118.8%2.90+752.9%12.0610.033.55
31/03/20244.62—0.34—4.483.920.94
Units: crores

Issue Details

Face Value
₹10
P/E
19.50
ROCE
61.00%
Shares / Lot
800
Minimum Bid
1,600 shares
Refund
06 Aug 2026
Credit to Demat
06 Aug 2026
ISIN
INE1LMA01010
CIN
U74999MH2016PLC287390
Registrar
Maashitla Securities Pvt.Ltd.
Lead Managers
Narnolia Financial Services Ltd.
Registered Office
Matruprabha, Plot No-78, CTS No-2731, Daulat Nagar Road 7, Borivali East, Mumbai - 400066, Maharashtra, India
RHP ↗DRHP ↗

Management

Mrs. Alka Nikhil JaveriMD
Mr. Dhruv Nikhil JaveriCFO
Mr. Dhumil Nikhil JaveriCEO
Mrs. Bhumika Atul DedhiaDirector
Mr. Saurabh Rameshchandra SinghDirector
Mrs. Sonal AgarwalDirector
Ms. Jinal Karen VoraCOO
Mr. Jemit DaveDirector of Operations
Mr. Pratik GamotCFO
Ms. Pinky SawDirector

* Grey Market Premium is unofficial, indicative data from unregulated grey-market dealers. It is not published by NSE, BSE, SEBI or the issuer, and is not a forecast of the listing price.