Excelsoft Technologies IPO: Check IPO Date, Lot Size, Price & Details

Overview

Excelsoft Technologies is a Mysuru-based global vertical SaaS company that specialises in digital learning and assessment technology. Founded in 2000, the company builds cloud-based platforms that help education providers, certification bodies, universities and corporates deliver online learning, examinations, assessments and student success solutions. Its product suite is built on open standards and is designed to be scalable, secure and compliant with global requirements.

The company operates through four business verticals:

• Assessment & Proctoring Solutions – including SARAS e-Assessments and EasyProctor for secure online tests and large-scale high-stakes examinations.
• Learning & Student Success Systems – including SARAS Learning Solutions, OpenPage, EnablED, CollegeSPARC and LearnActiv for digital learning, student progress tracking and interactive content.
• Educational Technology Services – offering end-to-end product engineering, cloud services, data analytics and customised digital learning solutions.
• Learning Design & Content Services – providing instructional design, digital content creation, content conversion and learning design services.

Excelsoft’s registered office and core R&D centre are located in Mysore, Karnataka, where it develops its platforms, builds new product versions and undertakes innovation-led technology work. The company also has teams and operations in Noida, Hyderabad, the USA, Singapore and Dubai to cater to global clients.

Excelsoft today serves customers across more than 60 countries, supported by subsidiaries in the UK, USA, Singapore, and a presence in Dubai, in addition to its India operations. Its platforms are used globally for high-stakes assessments, certification exams, digital learning and content delivery. The company’s client geography spans the USA, UK, India, Singapore, Australia, Japan, Malaysia, Saudi Arabia, UAE, Canada, and several other markets across Europe, the Middle East and Asia.

Excelsoft has long-standing relationships with several marquee clients across the education and certification sectors. Key customers include Pearson Education Inc., Pearson Professional Assessments Limited, AQA Education, Training Qualifications UK (TQUK), Colleges of Excellence (Saudi Arabia), Ascend Learning LLC, Brigham Young University–Idaho, Sedtech (Bahrain), NxGen Asia, Surala Net Co. Ltd., Excel Public School, and The Chartered Quality Institute (CQI). Many of these clients have worked with the company for more than a decade, reflecting the depth of trust and stickiness in its enterprise relationships.
The company is backed by a large and experienced technology workforce. Excelsoft employs over 1,109 people, primarily in product engineering, operations, content development and technology services. A strong share of the workforce is based in Mysuru, supported by teams across Noida, Hyderabad and international offices. The company follows a hybrid matrix structure and invests regularly in upskilling its technology teams in areas such as AI, cloud, AR/VR, modern tech stacks and security.

IPO Details

Use of Funds

• Funding for capital expenditure to purchase land and construct a new building at the Mysore property.
• Funding for the upgrade of external electrical systems at their existing facility in Mysore, India.
• Funding upgradation of the Company’s IT Infrastructure (Software, Hardware and Communications & Network Services)

Key Strengths

• Full-Stack EdTech Expertise
  Excelsoft has strong capabilities across the full lifecycle of digital learning and assessments, from product engineering and platform development to seamless implementation. Its solutions are built on solid engineering principles, secure cloud architecture and user-centric design, enabling scalable and reliable delivery across institutions. With a deep understanding of customer workflows, the company builds customised, effective solutions and helps clients migrate legacy systems to modern digital platforms. This combination of domain expertise, robust technology and secure practices positions Excelsoft as a trusted partner for organisations worldwide.
• Expertise in Global-Standard Learning & Assessment Delivery
  Excelsoft delivers learning and assessment solutions that meet strict global standards across regions such as the UK, USA, Singapore, India and the Middle East. The company holds key certifications including ISO/IEC 27001:2022, ISO 9001:2015 and Cyber Essentials Plus, ensuring high levels of security, quality and data protection. Its understanding of regional regulations and education systems allows it to customise solutions for diverse clients. This strong compliance foundation has helped Excelsoft build long-term relationships with global organisations like Pearson, AQA, TQUK, Ascend Learning and Colleges of Excellence.

Key Risks

• High Client Concentration Risk
  Excelsoft relies heavily on the Pearson Education Group, which contributed 58-59% of total revenue over FY25 and Q1 FY26. This concentration exposes the company to significant risk. Pearson can terminate its long-term contracts with or without cause, including for breaches, insolvency events or unrectified disruptions. Any reduction in business or early termination could materially affect revenue, cash flows and financial stability. Failure to meet service obligations may also result in penalties or lost contracts, making dependence on a single major client a key operational and financial risk.
• Large Contingent Liability Risk
  Excelsoft has provided a corporate guarantee of ₹3,000 million for the NCDs issued by its corporate promoter, Pedanta Technologies. This guarantee represents a major contingent liability-about 79.80% of the company’s net worth as of June 30, 2025. If the promoter fails to meet repayment obligations, the guarantee may be invoked, requiring Excelsoft to settle the dues. Such an event would significantly impact the company’s net worth and financial stability. This high exposure to a promoter-linked liability poses a material financial risk for the company.
• Regulatory Compliance Risk
  Excelsoft has faced delays in filings required under FEMA, including the late submission of ESOP-related forms for grants made to certain non-resident employees. Although the company has since completed the pending filings and the RBI has approved the delayed ESOP filing with a small late fee, there is no assurance that the regulator will not impose additional penalties for past delays. Any further penalties or regulatory actions could affect the company’s financial condition and create compliance-related uncertainties.

Financial Snapshot

Peer Comparison

Conclusion

Excelsoft Technologies is a well-established vertical SaaS company with strong capabilities in digital learning and assessments, backed by long-term relationships and a global client footprint. However, despite healthy margins and consistent revenue growth, the company’s overall risk profile is significantly elevated. The extremely high client concentration, where nearly 60% of revenue comes from a single customer, creates a structural dependency that can materially impact future revenues. In addition, the corporate guarantee, amounting to almost 80% of net worth, poses a serious contingent liability risk. Past regulatory filing delays further add to compliance uncertainties. Given these factors, we recommend avoiding subscribing to this IPO.

IPO Allotment

Find out the allotment status for the Capillary Technologies IPO by checking the MUFG Intime India IPO Application Status page.