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Total Issue Size
Fresh Issue + Offer For Sale
Fresh Issue (FI)
Proceeds go to the company
Offer For Sale (OFS)
Proceeds go to the existing investors
Repayment of borrowings
Prepaying or repaying part of the loans the company has already drawn.
Technology and AI development
Building out machine learning models, servers and cloud capacity behind the learning platform.
Content development
Producing new course material for the digital library.
Computing hardware for new centres
Buying desktops and laptops to equip the AI and machine learning labs at new offline centres.
Marketing
Campaign spending aimed at winning subscribers and centre enrolments.
Acquisitions and general corporate purposes
Funding as-yet unidentified acquisitions together with ordinary corporate requirements.
(₹ in Crore)
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Fusion Klassroom Edutech Limited runs a hybrid education business that pairs an online subscription platform with physical coaching centres. Its catalogue spans school-level academics for classes 8 to 12, preparation for competitive entrance tests such as JEE and NEET, coaching for commerce qualifications including CA, CS and CMA, and vocational modules in fields such as artificial intelligence and machine learning. Learners reach the material through a proprietary streaming-style education app that hosts more than 100 courses and roughly 3,300 hours of recorded teaching. The company was incorporated in 2016 and operates from Borivali East in Mumbai. It reports a registered user base of more than six lakh and works through a network of about 30 partner-run offline centres concentrated in the Mumbai region. Income arrives through several channels: individual subscriptions to the digital library, fees collected at the partner centres, licensing arrangements with schools and institutions, and implementation contracts for publicly funded education programmes. Alongside the direct-to-consumer channel the company has taken on large public-sector work, delivering education and skilling projects for state governments including Rajasthan and Uttar Pradesh and working with national bodies such as NSDC and TSSC. Management presents that mix of retail subscriptions, institutional tie-ups and government contracts as the growth engine, since a single content library can be pushed through all three channels at low additional cost. Reported revenue rose steeply across the three years to March 2026, although a large share of it still comes from a small number of states and institutional partners.
The company placed 6,96,800 shares with anchor investors at Rs 159 each on 30 July 2026, raising about Rs 11.08 crore, which is 60 percent of the QIB portion. Subhkam Ventures (I) Private Limited took the largest slice at 27.10 percent of the anchor book. Craft Emerging Market Fund PCC / Elite Capital Fund, Kuber India Opportunity Fund and Ekamya Pragati Scheme I each took 18.14 percent, while Narnolia Velox Fund / Narnolia India Opportunity Fund took 9.30 percent and Milltrust International Investments SPC / GIS Narnolia Emerging India Fund SP took 9.18 percent.
Source: RHP • Analysis provided for informational purposes
Last Updated: 12 August 2026, 7:29 PM
Content reused across channels
The same catalogue is sold through the online platform, the partner classrooms and institutional deals, so material produced once can be monetised several times over.
Large registered user base
More than six lakh people have registered on the platform, giving the company a sizeable pool it can try to convert into paying subscribers.
Library held in-house
The company owns its catalogue of over 100 courses and roughly 3,300 hours of recorded teaching rather than licensing it, which keeps the cost of serving each additional learner low.
Record of delivering public projects
Education and skilling assignments already completed for several state governments are a credential that helps when bidding for further public tenders.
Several sources of income
Money comes in from retail subscriptions, partner centre fees, institutional licensing and government contracts instead of one channel.
Revenue tied to three states
Roughly 93 percent or more of income is earned in just three states, so a policy shift or a competitor push in any one of them would be felt across the whole business.
Few institutional customers
A large share of the business-to-business income rests on a small group of partners, and any one of them walking away would be hard to replace quickly.
Margins may not hold
Profitability in the year to March 2026 jumped sharply and sits well above what comparable operators earn, which raises a genuine question about whether that level is sustainable.
Fusion Klassroom Edutech Limited
Matruprabha, Plot 78, CTS 2731, Daulat Nagar Road 7, Borivali East, Mumbai 400066
View on Maps →Maashitla Securities Private Limited
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Cash keeps going into investment
The business has repeatedly spent more cash on investing activities than it took in there, reflecting continued outlay on content and technology.
No owned premises
Every location the company works from is leased or run by a partner, which leaves it exposed to rent increases and to a lease or tie-up not being renewed.
Brand marks were held personally
The trademarks the company trades under were originally registered in a promoter's name rather than the company's, a governance gap addressed only later.
Crowded and fragmented market
Coaching and online education in India is contested by a very large number of operators, some of them far bigger and better funded.