Fusion Klassroom Edutech IPO is a book-built issue worth ₹39.04 crore. The IPO comprises a fresh issue of 0.20 crore equity shares aggregating to ₹31.63 crore and an offer for sale of 0.05 crore equity shares aggregating to ₹7.41 crore.
Narnolia Financial Services Limited is the book-running lead manager to the issue, while Maashitla Securities Private Limited is the registrar. For detailed information on the company's financial performance, business operations and associated risks, investors are advised to refer to the Fusion Klassroom Edutech IPO RHP.
About Fusion Klassroom Edutech Limited
Fusion Klassroom Edutech Limited was originally incorporated as Fusion Klassroom Edutech Private Limited on November 3, 2016, under the Companies Act, 2013. The company was subsequently converted into a public limited company and renamed Fusion Klassroom Edutech Limited on November 17, 2025.
The company operates as a hybrid education technology platform, offering learning solutions through both online and offline channels. Its business model spans direct-to-consumer (B2C), business-to-business (B2B), business-to-government (B2G), and channel partner segments, enabling it to cater to a broad learner base across India.
Fusion Klassroom delivers educational content through its AI-powered OTT platform, mobile applications, digital learning ecosystem, and a network of offline learning centres. As of March 31, 2026, the company had more than 6.59 lakh registered users, approximately 2.67 lakh subscribers, over 100 courses, and more than 3,300 hours of educational content.
The company generates revenue from online subscriptions, offline coaching centres, institutional contracts, government projects, channel partners, and enterprise customers. Online learning contributes the majority of its revenue, supported by an expanding digital user base and a growing content library.
Fusion Klassroom’s growth strategy focuses on strengthening its technology infrastructure, expanding AI and machine learning capabilities, increasing content offerings, scaling its offline centre network, and enhancing its presence across institutional and government education initiatives. Through a blended learning model, the company aims to expand access to quality education across urban and semi-urban markets in India.
Industry Outlook
- The Indian EdTech sector continues to benefit from increasing digital adoption, rising internet penetration, and growing acceptance of online and hybrid learning models across K-12, test preparation, upskilling, and vocational education.
- The National Education Policy (NEP) 2020, digital learning initiatives, and government-led programmes are supporting the expansion of technology-enabled education platforms across the country.
- Hybrid learning, which combines online and offline education delivery, is emerging as a preferred model as it offers flexibility, accessibility, and improved learner engagement.
- Growing demand for competitive examination preparation, professional certifications, and skill development programmes is creating significant opportunities for organised EdTech platforms.
- Advancements in artificial intelligence, machine learning, adaptive learning, and analytics-driven personalisation are transforming the way educational content is delivered and consumed.
- Government-backed digital platforms such as SWAYAM, DIKSHA, NPTEL, PMKVY and other skill development initiatives continue to accelerate digital education adoption in India.
Fusion Klassroom Edutech IPO Objectives
The company proposes to utilise the net proceeds from the IPO for the following objectives:
- Repayment or prepayment of certain borrowings to strengthen the balance sheet and reduce debt obligations.
- Investment in technology infrastructure, including AI, machine learning, cloud systems, and platform enhancements to improve scalability and user experience.
- Development and expansion of educational content across multiple courses and learning formats.
- Procurement of AI and machine learning laboratory equipment to support technology-driven learning initiatives.
- Funding marketing and brand-building activities to increase learner acquisition and strengthen market presence.
- Pursuing inorganic growth opportunities, including strategic acquisitions and investments.
- Meeting general corporate purposes and supporting future business expansion.
Financial Performance of Fusion Klassroom Edutech Limited
| Particulars | FY2024 | FY2025 | FY2026 |
| Revenue from Operations | 2,303.95 | 1,008.65 | 458.3 |
| Other Income | 6.26 | 1.93 | 4.09 |
| Total Revenue | 2,310.21 | 1,010.58 | 462.39 |
| EBITDA | 1,299.00 | 406.35 | 101.54 |
| EBITDA Margin (%) | 56.38 | 40.29 | 22.16 |
| PAT | 760.12 | 290.42 | 34.38 |
| PAT Margin (%) | 32.99 | 28.79 | 7.5 |
| Net Worth | 1,841.47 | 1,002.62 | 391.74 |
| Return on Equity (%) | 53.45 | 41.66 | 13.08 |
| Return on Capital Employed (%) | 45.6 | 29.92 | 12.41 |
| Net Debt to EBITDA | 0.26 | 0.25 | 0.32 |
| Debt-Equity Ratio (times) | 0.19 | 0.1 | 0.08 |
Fusion Klassroom Edutech Limited Peer Details Comparison
| Name of the Company | Basic EPS (₹) | Face Value (₹) | NAV per Share (₹) | Total Income (₹ in lakhs) | EBITDA (₹ in lakhs) | EBITDA Margin (%) | Share Price (₹) | P/E Ratio (x) | RoNW (%) |
| Fusion Klassroom Edutech Limited | 13.96 | 10 | 25.2 | 2,303.95 | 1,299.00 | 56.38% | [●] | [●] | 53.45% |
| Physicswallah Limited | -0.08 | 10 | 15.8 | 389,954 | 31,770 | 8.15% | 124.13 | NA | -15.96% |
| MPS Limited | 102.11 | 10 | 349 | 76,840 | 23,600 | 30.73% | 1,888.50 | 18.42 | 29.05% |
| Veranda Learning Solutions Limited | 11.84 | 10 | 99.6 | 48,151 | 20,396 | 42.36% | 238.98 | NA | 13.54% |
| Arihant Academy Limited | 15.04 | 10 | 55.4 | 6,343 | 1,409 | 22.21% | 469 | 31.18 | 27.15% |
Strengths and Opportunities of Fusion Klassroom Edutech IPO
- Strong revenue growth in recent years.
- Healthy profitability with high EBITDA margins.
- Diversified B2C, B2B and B2G business model.
- Large registered user and subscriber base.
- Asset-light technology-driven platform.
- Established hybrid learning ecosystem.
- Growing presence in government education projects.
- Focus on AI and machine learning capabilities.
- Expanding offline centre network across India.
Risks and Threats of Fusion Klassroom Edutech IPO
- High dependence on a few major customers.
- History of negative cash flows.
- Dependence on student acquisition and retention.
- Intense competition in the EdTech sector.
- Exposure to technology and cybersecurity risks.
- Dependence on faculty recruitment and retention.
- Geographic revenue concentration in key states.
- Regulatory changes may impact operations.
- Dependence on third-party partner centres and distributors.
Fusion Klassroom Edutech IPO Reservation
| Investor Category | Shares Offered |
| Market Maker Shares Offered | 1,23,200 (5.02%) |
| QIB Shares Offered | 11,61,600 (47.31%) |
| − Anchor Investor Shares Offered | 6,96,800 (28.38%) |
| − QIB (Ex. Anchor) Shares Offered | 4,64,800 (18.93%) |
| NII (HNI) Shares Offered | 3,52,800 (14.37%) |
| Retail Shares Offered | 8,17,600 (33.30%) |
| Total Shares Offered | 24,55,200 (100.00%) |
Fusion Klassroom Edutech IPO Promoter Holding
The promoters of the company are Sridhar Acharya, H K Madhu, Sowmya Madhu, and Rashmi Sridhar Acharya.
| Share Holding Pre-Issue | 55.07% |
| Share Holding Post Issue | 39.53% |
Fusion Klassroom Edutech IPO Prospectus
Fusion Klassroom Edutech IPO Registrar and Lead Managers
Fusion Klassroom Edutech IPO Lead Managers
- Narnolia Financial Services Limited
Registrar for Fusion Klassroom Edutech IPO
Maashitla Securities Private Limited
- Contact Number: 011-45121795
- Email Address: ipo@maashitla.com
Fusion Klassroom Edutech IPO Registrar
How To Apply for Fusion Klassroom Edutech IPO Online?
- Login to Your Angel One Account: Open the Angel One app or website and log in with your credentials.
- Locate the IPO Section: Navigate to the 'IPO' section on the platform.
- Select IPO: Find and select the Fusion Klassroom Edutech IPO from the list of open IPOs.
- Enter the Lot Size: Specify the number of lots you want to bid for.
- Submit Your UPI ID: Enter your UPI ID to link your payment method and submit your application.
- Approve Funds: Once you receive the bid request on your UPI app, approve it by entering your UPI PIN.
How To Check the Allotment Status of the Fusion Klassroom Edutech IPO?
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- Log in to the Angel One app.
- Go to the IPO Section and then to IPO Orders.
- Select the individual IPO that you had applied for and check the allotment status.
- Angel One will notify you of your IPO allotment status via push notification and email.
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Contact Details of Fusion Klassroom Edutech IPO
Registered Office: Matruprabha, Plot No-78, CTS No-2731, Daulat Nagar Road 7, Borivali East, Mumbai, Maharashtra – 400066.
Phone: 8655678159
E-mail: companysecretary@klassroom.in
