Exato Technologies

• Exato Technologies is coming out with an initial public offering (IPO) of 26,75,000 shares in a price band of Rs 133-140 per equity share. 
• The issue will open on November 28, 2025 and will close on December 02, 2025.
• The shares will be listed on SME Platform of BSE.
• The face value of the share is Rs 10 and is priced 13.30 times of its face value on the lower side and 14.00 times on the higher side.
• Book running lead manager to the issue is GYR Capital Advisors.
• Compliance Officer for the issue is Geeta Jain.

Profile of the company

Exato Technologies is a Customer Transformation Partner that helps businesses improve how they serve and communicate with their consumers. Its offerings are built around Customer Experience-as-a-Service (CXaaS) and AI-as-a-Service, helping organizations enhance customer engagement, streamline operations, and achieve measurable business outcomes. It creates solutions that make customer service smarter, faster, and more efficient by leveraging technologies such as artificial intelligence (AI), automation, and cloud platforms. Its tools include virtual assistants, automation features, and customer sentiment analysis, enabling companies to manage interactions across multiple channels i.e phone, chat, email, and others in a seamless manner. These solutions reduce costs and response time while improving the customer experience.

Its unique value proposition lies in delivering integrated AI, automation, and CX solutions that reduce implementation timelines through the work of its dedicated in-house data science team. It is also NICE’s only Platinum Partner in South Asia & the Middle East, and have been recognized as Partner of the Year for four consecutive years (2021-2024). By combining technology expertise with a metric-driven delivery model, it enables clients to adopt the next wave of customer experience innovation and digital operational excellence.

The company is certified with ISO 27001:2013 for its Information Security Management System, which ensures the highest standards of data protection and information security across its operations. Additionally, it holds the ISO/IEC 20000-1:2018 certification, covering the supply, installation, service, and development of networking, cabling, switching, IT security, data center solutions, customized software applications, and other allied services. Further strengthening its capabilities, the company has been granted a Unified License as a Virtual Network Operator (VNO) by the Department of Telecommunications (DoT), Government of India. This enables it to operate in full compliance with the applicable regulatory framework, further reinforcing its commitment to delivering secure, reliable, and cutting-edge solutions to its customers.

Proceed is being used for:

• Funding the working capital requirements of the company
• Investment in product development
• Repayment/prepayment of all or certain of its borrowings availed of by the company
• General corporate purposes

Industry Overview

India is undergoing a remarkable transformation in Artificial Intelligence, driven by the visionary leadership of PM Modi. For the first time in India’s history, the government is actively shaping an AI ecosystem where computing power, GPUs, and research opportunities are accessible at an affordable cost. Unlike in the past, AI in India is no longer confined to a privileged few or dominated by global tech giants. Through forward-looking policies, the Modi government is empowering students, startups, and innovators with world-class AI infrastructure, fostering a truly level playing field. Initiatives such as the IndiaAI Mission and the establishment of Centres of Excellence for AI are strengthening the country’s AI ecosystem, paving the way for innovation and self-reliance in this critical sector. As AI adoption accelerates across industries, India's proactive approach is not only strengthening its digital economy but also paving the way for self-reliance in critical technologies. With a clear vision for the future, India is set to become a leader in AI innovation, shaping the global AI landscape in the years to come.

Customer Experience as a Service (CXaaS) refers to cloud-based, managed platforms that orchestrate end-to-end customer interactions across all touch points (voice, chat, email, social media, etc.), often combining Contact Center-as-a-Service (CCaaS), Communications-Platform-as-a-Service (CPaaS) and AI-driven personalization. CXaaS integrates technology, data analytics and automation to optimize the entire customer journey. As one industry source explains, CXaaS “revolutionizes how businesses connect with customers by combining CCaaS, CPaaS, and Conversational AI,” enabling personalized, scalable experiences. The global customer experience as a service (CXaaS) market size was $1.45 billion in 2020. The market is projected to grow from $1.64 billion in 2021 to $4.17 billion in 2028 at a CAGR of 14.2% during the 2021-2028 period.

Meanwhile, a substantial 88% of Indian CX leaders have attested to the significant Return on Investment (ROI) derived from AI tools. Concurrently, a similar proportion of Indian consumers express positive sentiments towards AI. These findings underscore India's emergence as a global frontrunner in adopting human-centric AI solutions to enhance customer experiences. As businesses in India continue to bridge the gap between technology and human-centricity, AI is no longer a tool but a strategic enabler. The ability to combine AI-driven efficiency with empathy will define the leaders of tomorrow. Highlighting a growing divide between early adopters and laggards, organizations in India prioritizing AI for personalization, trust, and seamless interactions are positioned to dominate the evolving CX landscape. 

Pros and strengths

Integrated CX and AI-Led transformation model: The company offers an end-to-end transformation portfolio covering customer experience, AI, automation application development, enterprise communications. This integrated approach allows it to deliver a one-stop solution, reducing the need for multiple vendors and enabling clients to benefit from cohesive implementation, faster deployment, and optimised total cost of ownership. Its integrated delivery model combines CXaaS with AI orchestration to create a unified and intelligent customer engagement framework. At its core, the model brings together proprietary accelerators such as Autopilot for workflow automation, Copilot for real-time agent assistance, and an Orchestrator that seamlessly connects processes, channels, and systems. Complemented by advanced Analytics, Quality Monitoring, and Workforce Management tools, it ensures superior service delivery and compliance.

Strong global technology partnerships: The company is NICE’s Platinum Partner in South Asia and the Middle East and have been recognised as Partner of the Year for four consecutive years (2021-2024). Its collaborations with NICE Ltd, Mitel and Acumatica enhance its ability to deploy advanced solutions in CCaaS, conversational AI, process automation, and cloud transformation. These partnerships also provide it with early access to technology updates and specialized training. Along with these global technology partnerships, it bundles their advanced offerings with its customized services, enabling it to provide comprehensive, end-to-end customer experience solutions. It has positioned itself not merely as a contact center solutions provider but as a customer experience transformation partner, helping enterprises reimagine their digital engagement strategies.

Domain expertise across high-growth verticals with sectoral diversity: The company’s solutions are tailored to industry-specific needs in BFSI, healthcare, retail, telecom, manufacturing, IT/ITES, and BPO/KPO. It has successfully implemented use cases such as fraud prevention analytics for BFSI, AI-powered patient engagement for healthcare, customer churn prediction for telecom, and supply chain optimization for manufacturing. It operates across multiple high-growth verticals, enabling a diversified and balanced revenue portfolio. Over the years, the company has built customized solutions and customer experience (CX) services tailored to the specific needs of each industry segment. The breadth of its offerings allows it to address unique challenges and deliver measurable outcomes for clients across diverse sectors.

Risks and concerns

Vulnerability due to limited customer base: The company’s top ten customers contribute 89.27%, 88.15%, 85.38%, and 83.84% of its total revenue from operations or the half year ended September 30, 2025 and for financial year ended on March 31, 2025, 2024 and 2023, respectively. Its business operations are highly dependent on its customers and the loss of any of its customers may adversely affect its sales and consequently on its business and results of operations. The loss of one or more of these significant or key customers or a reduction in the amount of business it obtains from them could have an adverse effect on its business, results of operations, financial condition and cash flows.

Regional exposure impacting business stability: The company runs its operations both in India and in International Markets. However, a significant percentage of its revenue is contributed by Maharashtra and Madhya Pradesh. It derives majority of its revenue from both these states. The company has garnered 39.81%, 79.55% and 78.68% of its revenue from Maharashtra and Madhya Pradesh in FY25, FY24 and FY23 respectively. As a result, its geographic concentration, its business and financial results are susceptible to economic, social, weather, and regulatory conditions or other circumstances in each of these states. Any deterioration of macroeconomic conditions in these states could unfavourably impact the volume of its business.

Procurement risk from concentrated supplier network: The company relies on few vendors/suppliers for purchase of software licenses in order to cater the needs of its customers and provide its solutions to various industries. For the Half year ended September 30, 2025 its purchases from its top 10 vendors/suppliers aggregated Rs 4,751.64 lakh and for the Fiscal 2025, 2024 and 2023, its purchases from its top 10 vendors/suppliers aggregated to Rs 8,150.63 lakh, Rs 8,522.76 lakh, and Rs 5,194.49 lakh, constituting for approximately 97.65%, 93.66%, 91.81% and 88.45% of its total purchases respectively. Further, it typically places purchase orders with its vendors for the aforementioned products. The company cannot assure that it will be able to retain any of its vendors or be able to place purchase orders on favorable terms with its existing vendors.

Outlook

Exato Technologies is a customer transformation partner providing technology-driven solutions that enhance customer engagement and operational efficiency. The company offers broad range of services including CX and Analytics, Unified Communications and Infrastructure, and Exato IQ. It serves key sectors such as Banking, Financial Services and Insurance (BFSI), Healthcare, Retail, Telecom, Manufacturing, and IT/ITeS & BPO/KPO. The company has end-to-end services in AI, Automation, CXaaS & Cybersecurity. On the concern side, the company generates a significant percentage of its revenue from operations from customers in Maharashtra and Madhya Pradesh in India. If its operations in these states are negatively affected, its financial results and future prospects would be adversely impacted. Moreover, the company has dependent on a few vendors/ suppliers. Any loss of such suppliers or any increase in the price will have an adverse impact on its business and its revenue. 

The company is coming out with a maiden IPO of 26,75,000 equity shares of Rs 10 each. The issue has been offered in a price band of Rs 133-140 per equity share. The aggregate size of the offer is around Rs 35.58 crore to Rs 37.45 crore based on lower and upper price band respectively. On performance front, the company has reported 9.06% rise in revenue from operations to Rs 12,422.95 lakh in FY25 as compared to Rs 11,390.73 lakh in FY24. The company net profit surged 83.74% to Rs 974.84 lakh in FY25 as compared to Rs 530.56 lakh in FY24. 

As part of the company’s long-term growth roadmap, the company is actively developing and scaling a suite of proprietary IP-led platforms designed to complement its global OEM partnerships and create differentiated value for clients. These IP platforms are already implemented at select client sites, validating their utility and business impact, and are currently being enhanced for broader adoption across industries. Going forward, the company plan to extend its presence to the United States and other strategic international markets to diversify its revenue base and serve global customers more effectively. As part of this initiative, the company intends to hire additional Business Development professionals in these target geographies to establish strong client relationships, generate leads, and expand market penetration. This expansion will be supported by its delivery capabilities in Noida, Mumbai, and Singapore, enabling it to cater to both nearshore and offshore requirements.