- ₹702-crore public issue opens October 14; price band fixed at ₹275–₹289 per share
- Fresh issue of ₹500 crore to fund debt reduction, AI upgrades and future acquisitions
- CMD Pankaj Dhanuka fields questions on local hiring, US employment-policy changes and global business resilience
- 500-strong Kolkata Global Capability Centre monitors international operations and acquisitions
- FY26 revenue at ₹1,818 crore and profit after tax at ₹169 crore
- Company serves 208 clients, including 22 Fortune 1000 companies, across 13 countries
R MANICKAVASAGAM
AHMEDABAD, OCT 10
Can a customer experience company operating across 13 countries protect its growth ambitions from shifting employment policies, international regulatory changes and intensifying competition while convincing investors of its next phase of expansion? That was the central question behind a probing exchange at Fusion CX Limited’s Ahmedabad media interaction on Saturday, as the company prepared to launch its ₹702-crore initial public offering (IPO).
Responding to questions from Navjeevan Express, Fusion CX Promoter, Chairman and Managing Director (CMD) Pankaj Dhanuka explained the company’s approach to international recruitment, its assessment of potential US employment-policy disruptions and the role of its Kolkata-based Global Capability Centre in overseeing operations and acquisitions. Chief Marketing Officer Manish Jain also spoke about the company’s growth trajectory.
The Kolkata-headquartered customer experience (CX) and AI data infrastructure services provider has fixed the IPO price band at ₹275–₹289 per equity share. The issue will open on Wednesday, October 14, 2026, and close on Friday, October 16. The anchor investor book is scheduled to open on Tuesday, October 13.
Anuj Damani of Capital Services was also present at the media interaction.
Local hiring, global talent: Where does Fusion CX draw the line?
With operations spanning 13 countries and a stated policy of recruiting local talent, the company was asked whether the same principle applied to senior management positions, where the availability of specialised skills and leadership experience can vary across markets.
Dhanuka said Fusion CX followed the same recruitment philosophy at every level, while allowing for global hiring when suitable local candidates could not be found.
“We follow the same principle in recruiting staff in all levels. In case if we do not get the local talent meeting our criteria for senior positions, we appoint global talent irrespective of the nationality,” he said.
The response suggests that local recruitment remains the company’s preferred approach, rather than an inflexible restriction on the nationality of senior executives. The availability of suitably qualified local candidates remains the determining factor in its stated policy.
US employment-policy changes: Should investors be concerned?
A second question examined the possible implications of recent changes in US government norms concerning the PERM employment certification process and developments affecting Indian IT and service providers, including TCS, Infosys, Capgemini, Cognizant and Microsoft. The question sought to establish whether such developments could have a cascading effect on Fusion CX’s international operations.
Dhanuka was emphatic that the company did not anticipate disruption to its business from these developments.
“In no way it will hinder our company as we strictly follow the respective countries’ employment policy,” he said.
His response placed compliance with the employment policies of individual countries at the centre of the company’s stated risk-management approach.
However, the management’s assurance represents its assessment of the potential impact. The actual implications of evolving US rules would depend on the scope of the measures, their applicability to Fusion CX’s business and workforce, and any subsequent regulatory developments.
Kolkata centre keeps watch on global operations
Elaborating on the company’s ability to manage a geographically dispersed business, Dhanuka highlighted the role of its 500-strong Global Capability Centre (GCC) in Kolkata.
“Our 500-strong Global Capability Centre in Kolkata helps us to keep a tap on our global operations and acquisitions. Since we follow the customs and cultures of the respective countries, we do not face any issue globally,” he said.
The centre, according to Dhanuka, helps the company maintain oversight of international operations and acquisitions. His remarks also underlined the importance of understanding local customs and business cultures while operating across different jurisdictions.
For investors, the broader question is whether this combination of centralised oversight and locally responsive operations can support further expansion without compromising regulatory compliance, service quality or profitability.
₹702-crore IPO: Where will the money go?
The proposed ₹702-crore public issue comprises a fresh issue of equity shares worth up to ₹500 crore and an offer for sale (OFS) of up to ₹202 crore by promoter selling shareholders P N S Business Private Limited and Rasish Consultants Private Limited.
The distinction is significant: proceeds from the fresh issue will accrue to the company, whereas proceeds from the OFS will go to the selling shareholders.
Fusion CX proposes to utilise ₹275 crore from the net proceeds towards repayment or prepayment of certain outstanding borrowings availed by the company and some of its subsidiaries.
A further ₹61 crore is earmarked for investment in its step-down subsidiaries, Omind Technologies Inc. and Omind Technologies Private Limited, to upgrade its proprietary technology tools, Arya and MindVoice.
The remaining proceeds are proposed to support inorganic growth through acquisitions that have not yet been identified and for general corporate purposes.
The deployment plan combines debt reduction with investment in technology and the flexibility to pursue acquisitions. The effectiveness of this strategy will ultimately depend on the company’s ability to generate sustainable returns from its technology investments and expansion plans.
AI, multilingual services and a diversified customer base
Founded in 2004 by Pankaj Dhanuka and Kishore Saraogi, Fusion CX combines customer experience and business process services with proprietary artificial intelligence tools designed to support multilingual and omnichannel customer engagement.
Its offerings incorporate generative AI-driven technologies intended to improve customer interactions, operational efficiency and digital transformation.
The company serves clients across telecom and utilities, healthcare and life sciences, high-tech growth and travel (HTT), banking, financial services and insurance (BFSI), and retail.
Its services span 28 languages, including English, French, Spanish, Portuguese, German, Arabic, Mandarin, Italian and Hindi.
As of June 30, 2026, Fusion CX had 13,735 employees operating through 40 delivery centres across 13 countries, providing round-the-clock support across multiple time zones.
Its client portfolio comprised 208 customers, including 22 Fortune 1000 companies. The list includes DMEC Capital Services, Park West, Telaid, Achieve Collection, Ameriflex, Coastline, Ajio, Meesho, Call Core Media, Arvind Fashion, Propneu S.A., Leonardo Hotels, Insurance Express, K2 Claims Services, Sentry Credit and Traya.
The breadth of its geographical presence, language capabilities and industry exposure gives the company a diversified operating platform. Sustaining growth will nevertheless require it to retain major clients, remain competitive on service quality and pricing, and translate AI adoption into measurable commercial gains.
₹1,818-crore revenue, ₹169-crore profit: The numbers behind the issue
Fusion CX reported revenue from operations of ₹1,818 crore and profit after tax of ₹169 crore in FY26, according to the company’s IPO-related information.
The reported figures provide a financial starting point for investors assessing the proposed valuation, future earnings potential and the company’s ability to balance debt reduction with technology-led expansion.
The IPO will also bring renewed scrutiny of its growth strategy, international exposure, client concentration, use of AI and capacity to integrate future acquisitions.
Jain, the company’s Chief Marketing Officer, discussed the company’s growth trajectory at the Ahmedabad interaction.
As the issue approaches, the central investment question extends beyond the size of the offering or the company’s global footprint: can Fusion CX sustain profitable growth while navigating regulatory changes, scaling its technology capabilities and delivering consistent service across diverse markets?
The company’s answers in the run-up to the IPO will be measured against its financial performance and, ultimately, its execution after listing.
IPO snapshot
- Issue size: ₹702 crore
- Fresh issue: Up to ₹500 crore
- Offer for sale: Up to ₹202 crore
- Price band: ₹275–₹289 per share
- Issue opening: October 14, 2026
- Issue closing: October 16, 2026
- Anchor book: October 13, 2026
Share allocation
The reported allocation structure is 75% of the net offer for Qualified Institutional Buyers (QIBs), 15% for Non-Institutional Investors (NIIs) and 10% for Retail Individual Investors (RIIs), subject to the final offer document. The applicable reservation and allocation rules should be verified against the final prospectus before publication.
Use of fresh issue proceeds
₹275 crore for repayment or prepayment of specified borrowings; ₹61 crore for technology upgrades through Omind Technologies Inc. and Omind Technologies Private Limited; and the balance for prospective acquisitions and general corporate purposes.