Severeconcentrationpage 38
Top 1 customer contributed 40-55% of revenue
In Fiscal 2024, our Top 1 customer contributed 54.76% of our total revenue... Top 1 customer contributing 39.43% in Fiscal 2025 and 40.11% in Fiscal 2026
Opens in 3 daysSMEEducational Institutions
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.
₹151 – ₹159
Price band
₹1,27,200
Minimum to apply (800 shares)
₹39 Cr
Issue size
31 Jul 2026
Bidding opens
Not publishedSubscription
Bidding has not opened yet, so there is nothing to subscribe to.
populated partly populated we hold nothing here — the tab says why
What the prospectus says could go wrong
Read from the 364-page prospectus. Indian prospectuses list hundreds of risk factors, most of them generic boilerplate. These are the 13 specific to this company; 272 generic ones were skipped. Every one is quoted verbatim with its page, so you can check it against the document.
Severeconcentrationpage 29
Geographic revenue concentration in UP at 42-57%
Our revenues from Uttar Pradesh constituted 42.60%, 46.86% and 57.16% of our total revenue from operations in Fiscal 2026, Fiscal 2025 and Fiscal 2024, respectively.
Highregulatorypage 31
Sustained RoC and GST filing delays
ADT-1 15/12/2017 ... Date of Filing 20/01/2026 ... Delay in Days 2,958
Highregulatorypage 39
Government policy shift away from private edtech
Government policies may shift away from engaging private edtech agencies
Highfinancialpage 38
Loss in FY2023 and negative investing cash flows
the Issuer reported a loss of ₹68.08 lakhs in Fiscal 2023
Highfinancialpage 35
Unsustainable 120% revenue and 745% PAT growth
Our revenue from operations increased from ₹458.30 lakhs in Fiscal 2024 to ₹1,008.65 lakhs in Fiscal 2025, representing growth of approximately 120%, while our profit after tax increased... approximately 745%
Highpromoterpage 45
Promoters retain ~39.50% post-IPO with family OFS selling
After the completion of our Initial Public Offer, our Promoters, together with members of the Promoter Group, will collectively hold approximately 39.50% of our post-offer paid-up equity share capital. Accordingly, they will continue to have significant influence over the affairs of our Company.
Highoperationalpage 34
Faculty attrition up to 25% across employee and consultant pools
employee faculty attrition of 25.00% in Fiscal 2023 and Fiscal 2025, and consultant faculty attrition ranging between 25.33% in Fiscal 2023 and 4.92% in the Fiscal 2026
Highoperationalpage 30
Low activation: only 74k active of 6.59 lakh registered
TOTAL REGISTRATIONS Numbers 6,59,048 ACTIVE USERS Numbers 74,000
Highoperationalpage 40
Trademarks just transferred from promoter, pending recordal
All of our trademarks were previously registered in the name of one of our Promoters, Mrs. Alka Nikhil Javeri. Pursuant to an assignment agreement dated December 17, 2025, such trademarks have been validly transferred and assigned to the Company upon payment of a one-time loyalty fee.
Highfinancialpage 42
Equity shares issued in last year below Offer Price
We have issued Equity Shares in the preceding one year at a price which may be lower than the Offer Price. ... September 29, 2025 ... 634 ... 52,725 ... Allotment pursuant to conversion of Series A5 CCPS ... December 24, 2025 ... 73,09,200 ... Bonus Issue
Moderateoperationalpage 42
Dependence on 25 third-party partner centres
As of the date of this document, we operate through 25 partner centres, which are independently managed but operate under agreed academic, operational and brand guidelines. Our reliance on such partner centres exposes us to risks associated with their operational performance, quality of instruction, infrastructure standards, faculty management and adherence to our prescribed processes and policies.
Moderatefinancialpage 41
B2B revenue concentration with longer credit periods
A good portion of our revenues is derived from B2B arrangements, including institutional clients, corporate partners and other organizations, which typically involve longer credit periods compared to retail student enrolments.
Extracted from the issuer’s own prospectus and ranked by how specific and material each risk is to this company. Severity is our assessment of the disclosure, not a prediction — and nothing here is a recommendation to apply to this issue.
What’s in court
The issuer’s own summary of outstanding legal proceedings — SEBI requires this table in every prospectus. Counts and amounts are as disclosed.
| Against | Criminal | Tax | Other material | Amount at stake |
|---|---|---|---|---|
| The company | 0 | 0 | 0 | — |
| Promoters | 0 | 0 | 0 | — |
| Directors | 0 | 0 | 0 | — |
| Subsidiaries | 0 | 0 | 0 | — |
| Group companies | 0 | 0 | 0 | — |
All litigation categories (criminal, material civil, statutory/regulatory actions, disciplinary actions, tax — both direct and indirect, and other material proceedings) are reported as NIL across the Company, Promoters, Directors, Subsidiaries/Group Companies, KMP and SMP, with zero cases and no aggregate amount stated [p246–249]. Separate from litigation, outstanding dues to creditors as at March 31, 2026 total ₹88.77 lakhs (≈₹0.89 crore): 5 MSME creditors — ₹65.31 lakhs and 3 other creditors — ₹23.46 lakhs [p250]. 1 crore = 100 lakh = 10 million.. Outstanding means unresolved — a listed case is an exposure, not a verdict.
Source documents
What the issuer and the exchanges published. Everything else on this tab is read out of these.