Excelsoft Technologies Ltd, a vertical SaaS company specializing in the learning and assessment market, has submitted draft papers with SEBI for an IPO to raise ₹700 crore.
The IPO consists of a fresh issue of shares worth ₹210 crore and an offer for sale of shares worth ₹490 crore by promoters Pedanta Technologies and Dhananjaya Sudhanva. The company may also raise up to ₹270 crore in a pre-IPO round.
The funds raised from the IPO will be used for purchasing land, constructing a new building, upgrading existing facilities, enhancing IT infrastructure, and for general corporate purposes.
Excelsoft has a strong presence in the learning and assessment market, serving 71 clients across 17 countries. Some of its prominent clients include Pearson Education, Colleges of Excellence, and Ascend Learning.
In FY24, the company reported a revenue of ₹198.3 crore and a profit after tax of ₹12.75 crore. There are no listed companies in India with a similar business composition and segment contribution.
The global SaaS market is experiencing rapid growth, with vertical SaaS emerging as a dominant trend. An Arizton report suggests that vertical SaaS could account for nearly 50% of the SaaS market by 2030.
Anand Rathi Advisors is the book running lead manager for the IPO, and the equity shares will be listed on BSE and NSE.
The article was originally published on March 2, 2025.
