Fusion Klassroom Edutech IPO
Fusion Klassroom Edutech IPO is a sme IPO raising ₹39 Cr at ₹151 – ₹159 a share. The smallest application you can make is 800 shares, costing ₹1,27,200 at the top of the band. Bidding opens on 31 Jul 2026.
Bidding has not opened yet, so there is nothing to subscribe to.
populated partly populated we hold nothing here — the tab says why
What this company actually does
Read out of the prospectus’s business section, stripped of its marketing language.
Fusion Klassroom Edutech Limited runs a hybrid education and skilling business in India aimed at school students (Grades 6–12), competitive-exam aspirants (JEE/NEET), professional-course learners (CA pathway), and job-seekers wanting AI/ML and vocational skills. It delivers content through its own AI-powered Education OTT app (100+ courses, ~3,300 hours of digital content) and a network of 30 offline partner centres, mostly in Mumbai, and also executes large academic and skilling projects for state governments (Rajasthan, Maharashtra, UP, Tripura) and central bodies (NSDC, TSSC, PM Shri Schools, JNV). The core idea is to combine a low-cost subscription OTT product with offline centres, AI/ML labs, and government project execution.
How it earns
Revenue comes from multiple channels: OTT/subscription fees (personal and enterprise), offline centre tuition fees, B2B institutional licensing of its OTT platform, government project implementation fees (routed through channel partners), AI/ML training centres, sale of learning devices, books and courseware, and distributor/channel-partner sales.
Who buys
Customer concentration is high. In FY2026, the single largest customer accounted for 40.11% of revenue (₹924.11 lakhs); Top 3 = 64.08% (₹1,476.36 lakhs); Top 5 = 75.65% (₹1,742.85 lakhs); Top 10 = 78.72% (₹1,813.59 lakhs). The prospectus does not name the top customer explicitly, but government projects are a major revenue source, with the Rajasthan project described as benefiting over 3 lakh learners across all districts and the UP girl-child digital education initiative covering 1,000+ beneficiaries. Concentration has eased from FY2024, when Top 1 was 54.76%.
Scale
30 offline partner centres (5 of them AI/ML skill centres/labs in Mumbai); 6,59,048 registered users, 2,66,986 subscribers, 74,000 active users, 1,51,794 app downloads as of March 31, 2026; 68 faculty (5 employees + 63 consultants); 26 total personnel (22 permanent + 4 contractual).
What it says sets it apart
- Proprietary AI-powered Education OTT platform with 100+ courses and ~3,300 hours of digital content, plus 1,51,794 app downloads and a 4.5-star Google Play rating.
- Hybrid model combining 30 offline partner centres (5 of them AI/ML skill labs and centres in Mumbai) with the OTT app, multilingual content delivery (5 regional languages live), and a white-labelled LMS that can be licensed to institutions.
- Anchored government partnerships, including MoUs with the Government of Rajasthan (academic projects in MG Government Schools and skill projects in ITI/RSLDC across all districts), MSSDS and TSSC in Maharashtra, the UP girl-child digital education initiative, and Tripura SCERT — plus central work with PM Shri Schools, JNV, NSDC and TSSC.
- Multi-layer channel partner and distribution network across Maharashtra, UP, Punjab, Rajasthan, Delhi and Gujarat, reaching rural and semi-urban markets at low acquisition cost.
- FY2026 revenue of ₹2,303.95 lakhs (≈₹23.04 crore) up from ₹1,008.65 lakhs (≈₹10.09 crore) in FY2025 and ₹458.30 lakhs (≈₹4.58 crore) in FY2024, with FY2026 EBITDA of ₹1,299.00 lakhs (≈₹12.99 crore) and profit after tax of ₹760.12 lakhs (≈₹7.60 crore).
Revenue mix
The last few years in numbers
From the prospectus’s own summary financial table (restated standalone). Margins and growth are computed from the stated figures; everything else is as printed.
| Period | Revenue | Profit after tax | PAT margin | Net worth | Borrowings |
|---|---|---|---|---|---|
| FY2026 | ₹23 Cr+128% | ₹8 Cr+162% | 33.0% | ₹18 Cr | ₹3 Cr |
| FY2025 | ₹10 Cr+120% | ₹3 Cr+745% | 28.8% | ₹10 Cr | ₹1 Cr |
| FY2024 | ₹5 Cr | ₹0 Cr | 7.5% | ₹4 Cr | ₹0 Cr |
What happens when
What we hold for this issue
Stated up front on every issue, so a sparse page reads as a fact about the source rather than a broken one.
How this cohort has done
54 SME issues listed in 2026 that we can price today. This is the group it is about to join.
Neither figure is a forecast for this issue — they describe what happened to comparable issues. Full cohort analytics →
Track this company once it lists
Results, orders, board decisions and every other filing — summarised and sent to your WhatsApp the minute they are out.
Figures are as published by the exchanges and the issuer’s prospectus. MarketPing publishes facts, comparisons and history only — nothing here is a recommendation to apply to this issue, and we do not publish grey market premium.