Industry Outlook

"Excelsoft operates in the global EdTech and SaaS-based learning technology market, which is projected to grow rapidly between 2025–2030."

• Global EdTech market expected to grow at 14–17% CAGR.
• Remote learning, digital universities, and skill-based certifications rising.
• India’s EdTech & corporate learning market expanding strongly due to NEP 2020.
• Digital assessment & remote proctoring market growing at 18–22% CAGR.
• SaaS adoption continues to increase globally with strong cloud migration.
• AI-based learning, AI-proctoring, and analytics becoming mainstream

About Excelsoft Technologies

Excelsoft Technologies is a Mysuru-based global vertical SaaS (Software as a Service) company founded in 2000. It specializes in technology-based solutions for the learning and assessment market.Core Business: Technology for Learning & AssessmentExcelsoft provides proprietary, cloud-based platforms and end-to-end technology services across the entire learning lifecycle. Its solutions are categorized into four main verticals:

• Assessment & Proctoring Solutions: Provides secure, scalable platforms like SARAS e-Assessments and Easy Proctor for high-stakes online tests, certification exams, and remote proctoring.
• Learning & Student Success Systems: Offers platforms like SARAS Learning Solutions and OpenPage (a digital interactive eBook ecosystem) for course management, content delivery, and student progress tracking.
• Educational Technology Services: End-to-end product engineering, cloud services, data analytics, and customized digital learning solutions for large enterprises.
• Learning Design & Content Services: Provides instructional design, content creation, and conversion services to help clients transition from traditional to digital content.

• Key Segments: Educational publishers, certification bodies, universities, government agencies, defense organizations, and large corporates.
• Notable Clients (Past & Present): Pearson Education, AQA Education, Brigham Young University – Idaho, Colleges of Excellence, and the Indian defense sector.
• Client Concentration Risk: A major portion of its revenue comes from a small number of clients. Pearson Education, for example, contributes approximately 59% of the company’s total revenue (as per Q1 FY26 RHP data).

• Platform Licensing: Revenue from licensing its proprietary platforms (SARAS, OpenPage) to clients, usually under multi-year contracts.
• Usage-Based Fees: Charging based on the volume of assessments conducted or the number of learners/seats managed on their platform.
• Managed Services: Fees for offering ongoing support, maintenance, hosting, and customization of its digital learning systems.

• Geographic Focus: Strong footprint in developed markets (North America, Europe) gives it better pricing power compared to domestic service providers.
• Technological Edge: The company actively incorporates AI-based products and LLMs (Large Language Models) into its assessment and proctoring tools, helping it maintain a competitive edge.
• Financial Health: The company operates with a high EBITDA Margin (31.4% in FY25), reflecting the financial efficiency and scalability of its software-driven business model.

• Digital Transformation: Continued global shift toward secure, scalable online learning and high-stakes digital assessment (post-pandemic trend).
• IPO Fund Utilization: The fresh issue proceeds will be invested in constructing a new campus and upgrading IT infrastructure, which is necessary to handle future growth and R&D.
• AI Monetization: Expected to capitalize on the growing demand for AI-driven personalized learning and highly secure automated proctoring solutions.

• Client Concentration: The substantial reliance on clients like Pearson makes the company vulnerable to any contract loss or reduction in business from these key customers.
• Foreign Exchange Risk: Since over 80% of revenue is derived from international markets, profitability is exposed to adverse currency fluctuations.
• OFS Component: The majority of the IPO is an Offer for Sale (OFS), meaning most of the funds go to the promoters and not directly into the company’s growth initiatives.
• Competition: Faces competition from much larger, globally dominant IT service companies and other specialized EdTech SaaS providers.

1. Pedanta Technologies Private Limited (Corporate Promoter)
2. Dhananjaya Sudhanva
3. Lajwanti Sudhanva
4. Shruthi Sudhanva

• Dhananjaya Sudhanva: Co-Founder, Chairman and Managing Director (CMD) of the company. He is the key driver of the company’s product vision and strategy.

Excelsoft Technologies IPO: The Key Details

Timeline: Mark Your Calendar

Objective: Where Will the Funds Go?

Financials

Review

Subscription Status (Day 1): The IPO received a muted response on its first day, with total subscription at approximately 6% by mid-afternoon. The retail portion was subscribed 23%, while the Non-Institutional (NII) and Qualified Institutional Buyer (QIB) portions saw minimal to no bids initially.

Grey Market Premium (GMP): As of November 11, 2025, the GMP is around ₹3 per share, indicating a very modest potential listing gain of ~2.75% over the issue price. This reflects a cautious market sentiment given the IPO’s high valuation.

SWOT Analysis

Competitive Analysis & Market Peers

Direct Global Competitors: Excelsoft competes directly with global platform providers that offer assessment and learning management tools:

Should You Apply for Excelsoft Technologies IPO? (Investor View)

✔ Reasons to Consider

• Strong growth in global digital education
• Recurring SaaS revenue model
• Profitability improving significantly
• Sticky enterprise clients
• Credible product ecosystem with strong certifications

• Very high dependence on one client
• Large OFS could create post-listing supply pressure
• EdTech is cyclical and competitive

• Subscription status
• Market sentiment
• GMP trend
• SaaS sector appetite

Conclusion

FAQ

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