Exato Technologies Ltd is an enterprise CX, automation and cloud-communications company offering CX & analytics, unified communications & infrastructure, and Exato IQ connectors and contact-centre tools. It earns revenue from software licenses/subscriptions, services (implementation/managed services) and hardware sales; revenue for FY2024-25 was ₹12,422.95 lakhs (consolidated). The firm targets BFSI, telecom, healthcare, retail and IT/ITES customers.

Key clients & manufacturing / operational facilities
Exato is an IT/service company — it has no manufacturing plants; operations are delivered via development centres, cloud/on-prem integrations and subsidiaries (Exato.AI Inc., Exato.ai Pte. Ltd., Exato Infotech Pvt. Ltd.).

Product portfolio, placement in client lifecycle, order book & execution
Products: Exato IQ (connectors, dialers, speech-to-text, WFM integrations) and proprietary platforms under development — CompliCall, Prompt Base Dialer, Unified Agent Management (UAM) (three priority products funded via IPO).

Merger activity, capex and expansion plans
Planned capex: the Offer proposes to use Net Proceeds for working capital, product development (up to ₹680.00 lakhs for three priority proprietary platforms), repayment of certain borrowings and general corporate purposes — i.e., organic product-led expansion rather than M&A. Any shortfall will be met via internal accruals or permitted borrowings.

Number of employees & bankers
As of 31st October 2025, the company had 133 permanent employees. The Banker to the Company is Axis Bank Limited and Kotak Mahindra Bank Limited.

Management, vision and funding for expansion

Management / vision: the Promoter & MD, Mr. Appuorv K. Sinha, has ~18 years’ experience in CX, enterprise technology and channel scaling (including NICE Ltd.), and the Board emphasises productization of services (IP + services) to improve margins and scalability. Funding for capex/expansion: primary funding is the Fresh Issue Net Proceeds (allocated to working capital, ₹680.00 lakhs for product development, and repayment of borrowings); any shortfall will be met from internal accruals or permitted borrowings. The company will monitor utilisation via the Board/Audit Committee; no bridge financing is in place.

Industry overview & market outlook

global conversational AI market (2024) ≈ USD 15.5 billion, projected to USD 132.86 billion by 2034 (CAGR ~23.97% between 2025–2034). The cloud contact-centre market cited grows from ~USD 26.2 billion (2024) to ~USD 86.4 billion by 2029 (CAGR ~26.9%). Indian AI/GenAI market estimates in the RHP reference high growth (BCG-NASSCOM / other sources) with projected CAGRs in the 25–35% range for India. These figures show strong addressable growth for Exato’s CX/AI offerings.

major risk factors

High receivables / collection timing — Trade receivables rose to ₹5,494.26 lakhs as at Sept-30,-2025 with receivable days increasing to 114 days (Sept-25); concentration and delayed collections could strain working capital.

Leverage & borrowing commitments — Short-term borrowings and NBFC lines totalled ~₹2,106.08 lakhs (Sept-30,-2025); multiple lenders and EMIs mean interest/service obligations could limit financial flexibility.

Client concentration & billing patterns — Large enterprise, milestone-based contracts can cause concentrated billing timing and uneven cash flows; an adverse client loss or delayed milestone acceptance could hurt revenues and collections.

Execution risk for product commercialization — The company is allocating substantial funds to develop proprietary platforms (CompliCall, UAM, Prompt Base Dialer); product delays, cost overruns or poor market uptake would impair expected higher-margin revenues.

1. Regulatory and tax contingencies — The RHP discloses tax/GST demands and other contingent liabilities (e.g., GST demand ~₹83.30 lakhs and income-tax demand ~₹78.57 lakhs), which could lead to cash outflows if resolved unfavourably.
2. Market & listing risk (SME platform) — This is the company’s first public offer; there is no established trading market for the shares and investors may face illiquidity and price volatility after listing.

Key strengths, moat and near-term opportunities

1. Product + services model — Combining services with proprietary IP (Exato IQ, CompliCall, UAM, Prompt Base Dialer) can create higher-margin, recurring revenues and reduce third-party dependency; ₹680 lakhs allocated to product development signals strategic focus.
2. Industry tailwinds (AI & cloud CX) — Rapid global and Indian growth in conversational AI and cloud contact centres presents a large TAM; Exato’s offerings align with this market shift toward cloud/AI CX.
3. Established revenue base & growth — Consolidated revenues rose to ₹12,422.95 lakhs (FY2024-25) with operating scale in software, services and hardware — demonstrating commercial traction across segments.
4. Experienced promoter & CX domain expertise — MD’s 18 years in CX and channel scaling (including experience at NICE) provides domain credibility for enterprise sales and partnerships.
5. International footprint via subsidiaries — Wholly-owned subsidiaries in the U.S. and Singapore (Exato.AI Inc., Exato.ai Pte. Ltd.) support global sales/implementation and provide access to international customers.
6. Strong aftermarket support & market maker arrangement — A designated market maker and reserved market-maker portion aim to improve post-listing liquidity on the BSE SME platform.