Rapidly growing customer experience (CX) solutions provider, Fusion CX files draft prospectus with the Securities and Exchange Board of India (SEBI) for an IPO aggregating up to INR 1,000 crore. Fusion CX IPO will be mix of a fresh issue of INR 600 crore and an OFS of INR 400 crore by promoter entities.
The offering will be managed by Nuvama Wealth Management, IIFL Capital Services, and Motilal Oswal Investment Advisors, with KFin Technologies acting as the registrar.
Fusion CX IPO: Promoters and Share Sale Details
Fusion CX was co-founded by Pankaj Dhanuka and Kishore Saraogi in 2004, who together bring nearly five decades of experience in BPO and customer experience management. The OFS component of the IPO will be led by:
- P N S Business: Selling shares worth up to INR 200 crore
- Rasish Consultants: Also divesting a stake up to INR 200 crore
Post-IPO shareholding will dilute from the current 99.28% controlled by the promoters and key senior executives.
Utilization of IPO Proceeds
Fusion CX plans to deploy the fresh issue proceeds as follows:
- INR 291.90 crore for partial repayment of borrowings across the company and select subsidiaries
- INR 74.7 crore to enhance technology platforms “Arya” and “MindVoice” under Omind Technologies Inc. and Omind Technologies.
- Remaining proceeds are earmarked for inorganic growth and strategic initiatives, including future acquisitions and general corporate purposes
Business Overview: AI-led CX Transformation
Fusion CX stands out in the crowded BPO space by focusing on AI-driven omnichannel customer experience solutions. The company operates a multilingual, global delivery network across 15 countries with 40 delivery centers and provides services in 28 languages, including English, Spanish, German, and Mandarin.
Their proprietary platforms, developed by Omind Technologies, include tools for marketing AI, conversational AI, quality automation, and workforce management. Their innovations—like MindSpeech, a voice harmonization tool powered by Sanas.ai—enable accent-adjusted communication in real-time.
Fusion CX’s service offerings are strategically diversified:
- Customer Service – 40% of revenue (Dec 2024)
- Customer Acquisition – 28.5%
- Order Fulfillment & Payment Collections – 19.3% combined
- Digital Solutions and Technical Support – 8.8%
- Customer Retention – 3.3%
Global Revenue Footprint and Sector Penetration
Fusion CX is deeply embedded in high-growth sectors including telecom, HTT (High-Tech & Travel), BFSI, retail, and healthcare. Sectoral revenue contributions for the 9-month period ended Dec 2024:
- Telecom & Utilities: INR 322.98 crore (34.9%)
- HTT: INR 178.40 crore (19.3%)
- BFSI: INR 165.16 crore (17.8%)
- Retail: INR 148.46 crore (16.0%)
- Healthcare: INR 110.57 crore (12.0%)
In terms of geography, Fusion CX generates nearly 80% of its revenues from outside India, with Latin America (32.1%), North America (22.8%), and Southeast Asia (18.2%) as key revenue contributors.
Financial Highlights
Fusion CX has demonstrated financial resilience despite revenue normalization post-COVID:
| Metric | FY22 | FY23 | FY24 |
|---|---|---|---|
| Revenue from Operations | 748.02 | 1,104.99 | 991.32 |
| Profit for the Period (PAT) | 43.87 | 39.84 | 36.26 |
| PAT Margin (%) | 5.86 | 3.61 | 3.66 |
| Return on Capital Employed (%) | 28.42 | 22.17 | 19.56 |
| Return on Equity (%) | 23.04 | 16.79 | 13.37 |
Acquisition-Led Global Scaling
Fusion CX has been actively expanding through strategic acquisitions:
- 2025: Scribe.ology LLC and Sequential Technology International, LLC (USA)
- 2024: S4 Communications LLC (USA & Philippines), Ready Call Center Limited (Belize)
These acquisitions broadened capabilities in healthcare, telecom, and bilingual support services, especially in the Americas.
IPO Outlook: Riding the CX Megatrend
Fusion CX IPO arrives at a time when the global CX industry is pivoting toward AI, automation, and personalized engagement—areas where Fusion has established a competitive edge. Recognition from Frost & Sullivan as a North American Technology Innovation Leader in 2025 further solidifies its global credentials.
With a strong tech foundation, a global multilingual network, and a proven ability to scale through acquisitions, Fusion CX is well-positioned to capture the expanding CX market opportunity. However, investors should monitor customer concentration, integration risks, and margin sustainability post-IPO.
Conclusion
Fusion CX IPO is a compelling mix of digital transformation, global reach, and growth ambition. As a rising force in the tech-enabled CX sector, its public debut could offer investors exposure to a future-ready service model in a rapidly evolving industry.
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