Fusion CX Limited

1. Overview

Fusion CX Limited is a customer experience (CX) service provider delivering services across voice, email, chat, social media and messaging channels, with technology playing a central role in its delivery model. It also provides AI Data Infrastructure Services: data collection, data annotation and labelling, and robot teleoperation. The company was founded in 2004 by Pankaj Dhanuka and Kishore Saraogi and is headquartered in Kolkata. It operates in the BPO / CX outsourcing sector and is moving towards a productized, SaaS-enabled CX model through its subsidiary Omind.

As on June 30, 2026, Fusion CX runs 40 delivery centres and 2 sales offices across 13 countries, supporting 28 languages. It employs 13,735 CX employees (5,515 in India, 8,220 overseas) plus 3,829 field workforces in India's telecom and utilities operations. It served 208 customers, including 22 Fortune 1000 companies, and had 239 active clients in the period. 11 clients contribute more than USD 3 million a year.

Scale has grown quickly, partly through acquisitions. Revenue from Operations rose from ₹991.32 Cr (FY24) to ₹1,329.30 Cr (FY25) and ₹1,818.14 Cr (FY26), a 36.77% increase in FY26. EBITDA reached ₹329.87 Cr (18.14% margin) and PAT ₹169.84 Cr (9.34% margin) in FY26. Revenue is heavily international: 88.71% of FY26 revenue came from outside India, and North America alone was 81.71%.

On competitive standing, the company positions itself against listed peers such as Firstsource, eClerx, Alldigi, Inventurus, Sagility and Hinduja Global Solutions. It differentiates through a right-shored delivery mix (onshore, nearshore and offshore), deep domain specialisation in telecom and utilities, healthcare, BFSI, retail and HTT, and a track record of integrating acquisitions. Customer concentration is a notable structural feature: the top 10 customers contributed 52.17% of FY26 revenue, and Customer 1 alone contributed 30.05%.

2. Business Model and Revenue Streams

Commercial Model

Customers choose among fixed-fee, transaction-based and outcome-based commercial structures.

Services are delivered through onshore (USA, Canada), nearshore (Belize, Colombia, El Salvador, Jamaica, Morocco, Albania, Kosovo) and offshore (India, Philippines) centres.

Delivery mix FY26: Offshore 26.69%, Onshore 36.38%, Nearshore 36.93%. In FY24, onshore was 50.20%, so the mix has shifted towards nearshore and offshore.

Currency mix FY26: USD 85.26% (₹1,550.15 Cr), INR 11.29%, other currencies 3.45%.

Revenue by Vertical

Revenue by Service Offering

Revenue by Geography (customer location)

Client Concentration and Relationships

• Top 5 customers: 42.22% of FY26 revenue (33.72% FY25, 29.05% FY24).
• Top 10 customers: 52.17% of FY26 revenue (45.30% FY25, 41.04% FY24). In Q1 FY27 the figure was 49.84%.
• Customer 1 contributed 30.05% (₹546.45 Cr) in FY26, up from 17.73% in FY25 and 14.35% in FY24.
• Average relationship length: Top 5 13.02 years, Top 10 11.46 years, Top 20 10.31 years.
• Client base: 239 active clients in Q1 FY27 (228 FY26, 219 FY25, 190 FY24); 212 repeat clients and 27 additions in Q1 FY27.
• Dependency risk: the company reports a high share of revenue from telecom and utilities (47.34% in FY26) and from North America.

Operating Metrics (FY26)

• Revenue per employee: ₹0.136 Cr (₹1.36 million); employees 13,357.
• Voluntary attrition: 26.50% (31.20% in Q1 FY27; 30.56% FY25; 32.15% FY24).
• Days Sales Outstanding: 76 days (92 FY25; 94 FY24).
• ROCE: 71.59%; ROE: 30.30%.
• R&D spend: ₹23.10 Cr (1.27% of revenue) in FY26 (₹21.53 Cr FY25).

3. Products and Service Portfolio

Core Service Lines

1. Customer Service (40.46% of FY26 revenue, ₹735.66 Cr): multichannel support across voice, chat, email and social media, covering query resolution and complaint handling. This is the largest revenue driver.
2. Customer Acquisition (25.83%, ₹469.70 Cr): lead generation, inbound and outbound sales, cross-selling and upselling. Its share has declined from 32.22% in FY24.
3. Order Fulfilment Support (14.73%, ₹267.78 Cr): order processing, returns, refunds and billing support.
4. Payment & Collections (5.62%, ₹102.14 Cr): early-stage collections, first-party omnichannel recovery and debt resolution.
5. Customer Retention (5.17%, ₹94.07 Cr): proactive outreach, feedback management and loyalty programmes. This is the fastest-growing line: ₹15.81 Cr in FY24 to ₹94.07 Cr in FY26.
6. Technical Support (3.65%, ₹66.39 Cr): technical support services for customers' end users.
7. Digital Solutions (4.53%, ₹82.40 Cr): digital solutions line; the RHP gives no further description in the sections read.
8. AI Data Infrastructure Services: image and video labelling (bounding boxes, segmentation masks, keypoints), robot teleoperation, remote intervention and incident triage. This is an emerging segment.

Vertical Offerings

1. Telecom & other utilities: sales, onboarding, order processing, billing, collections, technical assistance, field services, and on-site billing services for electricity boards in India; services also cover first-responder and public-safety broadband customers.
2. Healthcare: front-office and revenue cycle support for providers, member and claims assistance for payers, pharmacy coordination, and in-facility and virtual medical scribing.
3. BFSI: card servicing, mortgage and retail banking operations, collections, insurance support and compliance-led services.
4. Retail: order management, delivery support, returns and appointment scheduling.
5. HTT: technical support for fintech, e-commerce, SaaS and EV companies, plus airline, hotel and travel-agency support.

In-house and Partner Technology

1. MindVoice: conversational AI (voice, chat, messaging) integrated with LLMs, with a built-in social listening tool.
2. Arya: Gen AI virtual assistant and live-call support co-pilot, with AI quality monitoring.
3. Mind WorkPlace: workforce engagement platform covering the employee lifecycle, with Semantify for AI pre-hiring assessments.
4. MindSpeech (third-party, powered by sanas.ai): real-time accent adjustment.
5. Delivery team: Omind development centres in Kolkata and Bengaluru; 36 R&D employees at June 30, 2026.

Acquisition-led Capability Build

4. Key Business Strengths

• Global delivery network: 40 delivery centres in 13 countries, giving 24x7 multichannel support in 28 languages across onshore, nearshore and offshore locations.
• AI-led R&D: continuous investment in in-house CX platforms (MindVoice, Arya, Mind WorkPlace) through Omind; R&D spend of ₹23.10 Cr (1.27% of revenue) in FY26.
• Proven M&A integration: nine acquisitions listed in the RHP since 2018 added capabilities, geographies and clients, supporting 36.77% revenue growth in FY26.
• Domain depth across verticals: specialised services in telecom and utilities, healthcare, BFSI, retail and HTT, with 22 Fortune 1000 customers.
• Long-standing client relationships: 13.02-year average relationship with top 5 customers and 212 repeat clients in Q1 FY27.
• Improving profitability: EBITDA margin rose from 10.55% (FY24) to 18.14% (FY26), and PAT margin from 3.66% to 9.34%.
• Agile, customer-centric delivery: tailored solutions with fixed-fee, transaction-based and outcome-based commercial models.
• Experienced founders and management: co-founders with 22 and 27 years of industry experience, a Board with 4 independent directors, and a CFO with 14+ years of experience.

5. Future Growth Strategy

• Client retention and wallet share: dedicated account management, structured business reviews, and cross-selling and upselling (for example, revenue cycle plus patient engagement in healthcare).
• New customers and geographies: target utilities, healthcare and travel, and expand in LATAM, APAC and EMEA through nearshore centres in Belize, El Salvador, Colombia and Jamaica.
• Gen AI-led innovation: upgrade MindVoice and Arya, expand voice bots, chatbots and SaaS-based workflow tools, and add subscription models. Of the net proceeds, ₹61.15 Cr is earmarked to invest in Omind Technologies Inc. and Omind Technologies Private Limited.
• Strategic acquisitions: niche vertical specialists, multilingual BPO providers in strategic regions, and AI-focused firms in CX automation and analytics.
• High-value corporate accounts: a dedicated enterprise growth team and Gen AI playbooks for large enterprise clients; the company already has 11 clients above USD 3 million a year.
• Operational efficiency: right-shoring across onshore, nearshore and offshore, automation and workforce tools such as Mind WorkPlace, and cross-skilling of employees.
• Balance-sheet repair: the Fresh Issue earmarks ₹275.70 Cr to repay or prepay borrowings of the Company and certain subsidiaries.