As one of India’s leading vertical SaaS innovators, Excelsoft Technologies is set to enter the public markets with a highly anticipated IPO. With over 25 years of product engineering expertise, a presence across 19 countries, and a strong global client base including Pearson, AQA, Ascend Learning, and BYU–Idaho, the company has established itself as a trusted name in digital learning and assessment technology.
Operating in high-growth segments such as e-assessment, remote proctoring, digital content platforms, and AI-driven education solutions, Excelsoft is uniquely positioned to benefit from rising global demand. Its stable revenue model, long-term enterprise relationships, and expanding AI capabilities make this IPO particularly noteworthy for investors.
In this Excelsoft Technologies IPO Review, we explore the company’s business model, market opportunity, financial performance, and the investment potential it offers.
Excelsoft Technologies IPO Review: Company Overview
Excelsoft Technologies is a global vertical SaaS (vSaaS) provider specializing in learning, assessments, and digital education infrastructure. With 25+ years of product engineering expertise, the company has successfully built a diversified product suite ranging from e-assessment platforms, remote proctoring systems, LMS, digital publishing, to AI-powered student success solutions.
Operating in 19 countries and serving 76 enterprise customers, including global giants like Pearson Education, AQA, Colleges of Excellence, Ascend Learning, Surala Net (Japan), and BYU–Idaho, Excelsoft Technologies has evolved into one of India’s most trusted education technology exporters.
What differentiates the company is its deep product moat, long-term client relationships (average top 10 client vintage of 10.5 years), and full-stack capabilities covering AI, cloud engineering, content services, and digital transformation.
Excelsoft Technologies IPO Details & Context
| IPO Dates | 19 – 21 November 2025 |
| IPO Price | INR 114 – 120 per share |
| Fresh issue | INR 180 crore |
| Offer For Sale | INR 320 crore |
| Total IPO size | INR 500 crore |
| Minimum bid (lot size) | 125 shares (INR 15,000) |
| Face Value | INR 10 per share |
| Retail Allocation | 35% |
| Listing On | BSE, NSE |
Use of proceeds (Fresh Issue):
- New Mysore campus land + construction – INR 61.77 cr
- Upgradation of existing Mysore facilities – INR 39.51 cr
- IT infrastructure upgrades – INR 54.64 cr
- General corporate purposes
The expansion strategy is clear: scale product development capacity, strengthen infrastructure, and support growing demand from global clients.
Excelsoft Technologies IPO Analysis: Industry & Market Opportunity
Excelsoft operates in two fast-growing global markets:
- Vertical SaaS (vSaaS): Excelsoft Technologies operates in two rapidly growing global markets, the first being Vertical SaaS (vSaaS). According to Arizton, vSaaS is expected to account for nearly 50% of the global SaaS market by 2030. Industry-specific SaaS adoption is rising due to the need for customisation, compliance requirements, and strong long-term customer stickiness. These trends position Excelsoft well, as it provides specialised solutions tailored to unique industry needs.
- Digital Learning & Assessment Technology: The second market where Excelsoft Technologies has a strong presence is Digital Learning and Assessment Technology. Key factors driving this sector include growing demand for upskilling and reskilling, rapid digital transformation in education, a shift toward AI-driven proctoring and automated assessments, increased adoption of cloud-based LMS and digital content management, and rising global outsourcing in education technology. Additionally, the global shift from offline to secure online assessments—especially for high-stakes examinations—gives Excelsoft a structural advantage through its products such as SARAS eAssessment and EasyProctor.
Excelsoft Technologies IPO Review: Business Model
Excelsoft Technologies operates on a hybrid Vertical SaaS + Services business model, engineered to generate recurring, high-margin, and globally diversified revenues. Unlike horizontal SaaS companies, Excelsoft builds domain-specialised platforms tailored for the learning, testing, digital publishing, and student success ecosystem.
Platform Licensing (SaaS) – High Margin, Recurring
Excelsoft’s proprietary platforms — SARAS eAssessment, EasyProctor, OpenPage, SARAS LMS, EnablED, CollegeSPARC — operate on:
- Subscription / per-user pricing
- Per-exam or per-candidate billing
- Multi-year enterprise contracts
- Implementation + support revenue
This model ensures predictable, sticky, and multi-year annuity income.
Product Engineering & Customization Services – Strategic Add-On
Many global education companies outsource their platform modernization, migration, and cloud engineering to Excelsoft.
These services:
- Deepen client dependence
- Strengthen long-term retention
- Create a cross-selling funnel for the company’s SaaS products
This makes Excelsoft a technology partner, not just a vendor.
Digital Content Development Services
Through a specialized instructional design team, Excelsoft Technologies produces:
- Digital courseware
- Interactive modules
- Content conversion (PDF → EPUB, interactive formats)
This segment supports the OpenPage platform and enhances ecosystem integration.
AI-Led Solutions (AI-Levate Platform)
A rapidly growing layer where the company delivers:
- AI-based question generation
- Automated proctoring
- Assessment analytics
- Personalized learning paths
- Institution-specific AI agents
This positions Excelsoft Technologies as a next-gen EdTech infrastructure provider.
High Stickiness Through Enterprise Workflow Integration
Excelsoft Technologies integrates deeply across:
- Assessment workflow
- Learning management
- Content distribution
- Student advising
- Cloud infrastructure
Enterprise customers generally stay for 5–15+ years due to high switching costs, regulatory compliance needs, and the mission-critical nature of assessment systems.
Global Outsourcing Positioning
With presence in 19 countries and subsidiaries in the USA, UK, Singapore, Excelsoft Technologies captures:
- High-value EdTech spending from Western markets
- Outsourcing demand for platform development
- Long-term product lifecycle management
Excelsoft Technologies IPO Analysis: Revenue Streams
Revenue Breakdown by Business Vertical
| Vertical | FY23 | FY24 | FY25 | Q1 FY26 |
| Educational Technology Services | 99.47 | 85.06 | 127.10 | 28.67 |
| Assessment & Proctoring Solutions | 52.86 | 72.87 | 63.08 | 17.56 |
| Learning & Student Success Systems | 33.12 | 34.19 | 30.03 | 6.28 |
| Learning, Design & Content Solutions | 9.65 | 6.17 | 13.08 | 3.20 |
| Total Revenue | 195.10 | 198.30 | 233.29 | 55.72 |
Revenue Breakdown by Geography
| Region | FY23 | FY24 | FY25 | Q1 FY26 |
| North America | 123.47 | 109.10 | 141.50 | 33.82 |
| Europe & UK | 31.27 | 39.91 | 51.75 | 13.67 |
| India | 14.49 | 17.41 | 19.10 | 4.92 |
| Asia (Ex-India) | 24.15 | 30.01 | 18.93 | 2.81 |
| Australia | 1.73 | 1.86 | 2.02 | 0.50 |
| Total Revenue | 195.10 | 198.30 | 233.29 | 55.72 |
Summary:
- Over 82% of revenue comes from North America and Europe, proving the company is a strong global SaaS exporter.
- The company has a balanced product mix (assessment, LMS, tech services, content services) that keeps revenue stable across seasons.
- In FY25, EdTech technology services grew sharply due to system upgrades, cloud migrations, and AI integration projects.
- Assessment and remote proctoring remain the company’s core strength and are now mission-critical worldwide.
- Pearson contributes ~59% of revenue, but the 20+ year relationship keeps it stable, and 17 new clients in FY25 improve diversification.
Excelsoft Technologies IPO Review: Financial Performance
| FY 2023 | FY 2024 | FY 2025 | Q1 FY 2026 | |
| Revenue | 195.10 | 198.30 | 233.29 | 55.72 |
| Expenses | 167.79 | 182.38 | 189.26 | 52.49 |
| Net income | 22.41 | 12.75 | 34.69 | 6.01 |
| Margin (%) | 11.49 | 6.43 | 14.87 | 10.79 |
| ROCE (%) | 11.03 | 7.59 | 16.11 | 2.10 |
| EBITDA (%) | 34.94 | 27.72 | 31.40 | 18.27 |
| ROE (%) | 8.41 | 4.43 | 10.38 | 1.61 |
Summary:
- Revenue grew steadily from INR 195.1 crore (FY23) to INR 233.29 crore (FY25), indicating strong market demand and consistent business expansion.
- Gross margins remained healthy in the 55–62% band, reflecting a high-quality, product-led SaaS revenue mix.
- PAT surged 172% YoY to INR 34.69 crore in FY25, demonstrating efficient cost control and enhanced profitability.
- Return ratios improved strongly, with ROCE rising to 16.11% and ROE to 10.38% in FY25, signalling superior capital efficiency.
- Overall financials highlight a scalable, recurring-revenue SaaS model with improving profitability and a consistently strengthening balance sheet.
Key Strengths of Excelsoft Technologies
- Deep Global Revenue Base: North America contributes 60.65% of FY25 revenue, ensuring strong enterprise-grade stability and premium client spend.
- High Client Stickiness: Q1 FY26 data shows 24 clients having 10+ years of relationship, reflecting exceptional product stickiness and near-zero churn.
- Strong Multi-Product Portfolio: Seven major platforms (SARAS, EasyProctor, EnablED, OpenPage, CollegeSPARC, LearnActiv, AI-Levate) diversify revenue and reduce cyclicity.
- Deleveraged Balance Sheet: Net-debt-to-equity improved from 0.37 (FY23) to 0.05 (FY25), giving room for growth-led capital allocation post-IPO.
- Global Clientele Strength: Marquee clients like Pearson, AQA, Ascend Learning & BYU validate product reliability and drive long-term recurring revenues.
- AI-Led Competitive Moat: AI-Levate uses LLMs like Mistral, Llama, GPT-4o & Claude, offering AI-driven automation in item generation, analytics & proctoring.
Conclusion
Excelsoft Technologies stands out as a high-quality vertical SaaS player, backed by a strong global clientele, scalable product architecture, and an expanding AI-driven solution suite. The company’s financials demonstrate improving profitability, strengthening the balance sheet, and stable revenue visibility through long-term contracts.
The IPO is strategically timed:
- rising global demand for online assessments,
- increasing adoption of cloud-based learning systems, and
- accelerated AI integration in EdTech.
For investors seeking exposure to niche, export-driven SaaS, Excelsoft presents a structurally strong, long-duration opportunity, supported by a proven track record and deep product capabilities.
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