Xpheno Pushes for ₹1,000 Crore Scale Ahead of Planned 2027 IPO

Specialist staffing firm Xpheno is preparing for its public listing in H1 2027 with a goal to reach ₹1,000 crore scale, marking a significant shift from its early days as a lean, founder funded venture. 

Xpheno Plans Revenue Scale Up Before 2027 IPO 

The company intends to reach ₹1,000 crore within 2 years of its IPO roadmap and targets ₹500 crore revenue by the end of FY26. It plans to raise ₹150 crore to ₹200 crore during the IPO to support long term expansion and reinforce institutional growth. The founders initially invested ₹10 crore when the firm was launched in 2017 and navigated early financial losses before reaching stability. 

The initial phases saw losses of ₹4 crore and ₹4.5 crore, followed by break even in 2020 before pandemic disruptions. The firm returned to profitability and expanded rapidly as market demand recovered. 

Growth Model and Workforce Expansion 

Xpheno built its model around specialist staffing for Global Capability Centres and high value roles. It allocated 12% ESOPs to early employees and adopted a metrics focused 4 SP framework centred on skills, speed and scale. The team expanded from 50 to 200 employees within 4 months during the Covid recovery and now has about 350 employees. 

Read More: These Six Indian IPOs Launched in 2025 Are Trading Below Their IPO Price! 

Financial Progress and Operating Discipline 

The firm recorded about ₹18 crore to ₹19 crore revenue in FY22 with an average 30% CAGR since 2018. Margins improved from initial 1% to 2% to a current range of about 3% to 4% EBITDA, with a target of 5% to 6%. Xpheno secured ₹40 crore in banking credit lines for working capital after stabilising operations. 

The client mix consists of about 50% GCCs, 35% Indian corporates, 10% BFSI and 5% funded startups. The company focuses on high value mandates rather than large volume hiring. Plans include international expansion across 12 to 13 markets with small overseas units supporting demand. 

Conclusion 

Xpheno’s journey reflects steady growth supported by specialist capabilities, disciplined scaling and measured financial planning. The planned IPO in 2027 represents a step toward wider institutional expansion and operational maturity. 

Disclaimer: This blog has been written exclusively for educational purposes. The securities or companies mentioned are only examples and not recommendations. This does not constitute a personal recommendation or investment advice. It does not aim to influence any individual or entity to make investment decisions. Recipients should conduct their own research and assessments to form an independent opinion about investment decisions. 

Investments in the securities market are subject to market risks, read all the related documents carefully before investing.