Fusion CX Secures ₹120 Crore in Pre-IPO Round from Ashish Kacholia, Mukul Agrawal, and Kotak Mahindra Life

Ahead of its mainboard initial public offering (IPO), customer experience and business process outsourcing solutions provider Fusion CX has raised ₹120 crore in a pre-IPO transaction. The placement saw participation from marquee high-net-worth investors and domestic institutions, including ace market investors Ashish Kacholia and Mukul Agrawal, as well as Kotak Mahindra Life Insurance.

Pre-IPO Transaction Details

The pre-IPO funding was executed via a secondary share sale by existing promoter entities PNS Business Private Limited and Rasish Consultants Private Limited.

Key transaction highlights include:

• Volume and Price: A total of over 41.52 lakh equity shares were transacted at ₹289 per share, matching the upper band of the company's upcoming IPO.
• Equity Stake: The shares offloaded represent an aggregate 3.19% stake in Fusion CX.
• Investor Allocation: Kotak Mahindra Life Insurance acquired 17.30 lakh shares for ₹50 crore, while Ashish Kacholia purchased 12.1 lakh shares valued at ₹35 crore in his personal capacity. Ace investor Mukul Agrawal and other investors picked up the remaining portion.

IPO Structure and Timelines

The pre-IPO placement comes just days ahead of Fusion CX opening its public issue on October 14, 2026. The bidding process will conclude on October 16, 2026, while anchor bidding opens on October 13, 2026.

The Kolkata-headquartered firm has set the IPO price band at ₹275 to ₹289 per equity share, with a market lot of 51 equity shares. At the upper end of the price band, the overall issue size is pegged at ₹702 crore, valuing the enterprise at approximately ₹4,172 crore.

The IPO structure comprises:

• Fresh Issue: ₹500 crore of newly issued equity shares.
• Offer for Sale (OFS): ₹202 crore of equity shares offloaded by promoter entities.

The company plans to list its shares on both the National Stock Exchange (NSE) and the BSE, with tentative listing scheduled for October 22, 2026. Nuvama Wealth Management, IIFL Capital Services, and Motilal Oswal Investment Advisors are acting as the book-running lead managers.

Use of Proceeds and Financial Profile

Fusion CX intends to allocate the net proceeds from the fresh issue toward balance sheet deleveraging, technology modernization, and growth expansion. Specifically, ₹275.70 crore will be utilized for the prepayment or repayment of outstanding borrowings. Another ₹61 crore is earmarked for IT tool upgrades across its step-down subsidiaries Omind Technologies Inc. and Omind Technologies Private Limited, with remaining funds dedicated to inorganic acquisitions and general corporate purposes.

The company reported strong financial growth heading into the public issue. For FY26, Fusion CX posted revenue from operations of ₹1,818 crore, marking a 37% year-on-year increase from ₹1,329 crore in FY25. Restated profit after tax more than doubled to ₹170 crore in FY26 compared to ₹74.40 crore in the preceding fiscal year.

Founded in 2004, Fusion CX delivers end-to-end customer support across voice, digital channels, and AI platforms, operating 40 delivery centers across 13 countries.

Tags: Fusion CX IPO Ashish Kacholia Mukul Agrawal Kotak Mahindra Life Insurance SEBI