Workmates Core2Cloud Solution Limited is a cloud and digital transformation company offering end-to-end AWS-aligned services. It earns revenue from cloud migration, modernization, AI, analytics, cybersecurity, and managed services. The company operates on a B2B model, helping enterprises optimize IT infrastructure and enhance business agility through scalable cloud-based solutions.

Its key clients include companies from IT/ITES (37.41%), BFSI (30.40%), manufacturing (8.74%), e-commerce (6.02%), and media (4.58%) sectors. The company’s major facility is located in Kolkata, West Bengal, with an international subsidiary in Singapore serving ASEAN and global clients, offering advanced AWS-based digital solutions.

The company’s product portfolio includes Assessment & Migration, Modernization, Managed Services, Cybersecurity, Gen AI & Analytics, and Database Services. These products support clients throughout their digital life cycle — from migration to modernization — ensuring long-term engagement and repeat revenue. The order book primarily covers multi-year contracts with high customer retention.

The company has one wholly owned subsidiary — Workmates Core2Cloud Pte. Ltd., Singapore, formed in 2024 to drive global expansion. It plans to use IPO proceeds for working capital and expansion. No major mergers yet, but ongoing capex focuses on infrastructure, employee training, and global scaling.

As of August 2025, the company employs over 200 professionals, exports services to Singapore, USA, Bangladesh, and UAE, and holds ISO/IEC 27001:2022 and ISO 9001:2015 certifications. The company’s primary banker is ICICI Bank Limited.

Management and Growth Vision

The company is led by Mr. Basanta Kumar Rana (Managing Director) and Mr. Kamal Nath (CEO & Whole-time Director). Management envisions becoming India’s leading AWS cloud transformation partner. Their core vision is to expand from SMB clients to large enterprises and public sector companies across India and international markets such as ASEAN, ANZ, and the USA.

For funding, the company plans to utilize ₹1,500 lakhs from IPO proceeds and internal accruals of ₹353.38 lakhs (FY2025) to support working capital and expansion. Future capex plans include investment in AI-driven solutions, cloud automation tools, and establishing new international delivery centres.
Management aims for sustainable double-digit growth by leveraging partnerships with AWS, focusing on AI, cybersecurity, and industry-specific innovations

Industry Overview

The company operates in the cloud computing and digital transformation industry, a rapidly growing sector globally. The Indian cloud market is expected to grow at a CAGR of 20–22%, reaching USD 17 billion by 2028, driven by Digital India, data localisation policies, and enterprise digitisation.

Globally, the public cloud services market is projected to exceed USD 725 billion by 2025, growing at over 19% CAGR. India’s contribution is expanding due to increasing adoption among SMBs and the government’s push toward data centres and AI innovation.

Market leaders include Amazon Web Services (AWS), Microsoft Azure, and Google Cloud, with AWS dominating the Indian enterprise cloud market. Workmates’ AWS Premier Tier partnership places it in a select global group, providing an edge through certified expertise, access to AWS programs, and higher credibility in enterprise projects.

The future outlook remains robust as enterprises modernise systems, adopt Gen AI, and demand secure, compliant, and cost-efficient cloud services — all of which align with Workmates’ core offerings.

Major Risk Factors

1. Client Concentration Risk: Top five clients contribute over 51% of revenue; any loss or reduction in their orders may impact overall revenues and profitability.
2. Working Capital Intensity: The business is working capital heavy, requiring timely collection and continuous funding to meet operational requirements and expansion.
3. No Long-Term Customer Contracts: Absence of long-term commitments may cause revenue volatility if renewal rates decline.
4. Regulatory and Licensing Risks: Delay in updating approvals post-name change or renewal of ISO and government licenses could affect business continuity.
5. Execution Risk: Scaling operations internationally and implementing large enterprise projects may lead to cost overruns or delays.
6. Cybersecurity Threats: As a cloud and AI-driven firm, data breaches or cybersecurity lapses may affect client confidence and brand reputation.
7. Dependence on AWS Ecosystem: A major part of services depend on AWS technology; any policy change or disruption at AWS could impact service delivery and margins.

Key Strengths and Opportunities

1. Premier Tier AWS Partnership: Recognition as one of AWS’s highest-level partners globally validates technical depth and client success, positioning Workmates as a preferred enterprise partner.
2. Diversified Client Base: Serves 300+ clients across BFSI, IT/ITES, manufacturing, and retail, ensuring diversified and balanced revenue streams.
3. High Customer Retention: Lifecycle-based service model creates long-term engagements, ensuring recurring annuity revenues.
4. Certified Workforce and Quality Standards: Over 100 AWS-certified professionals, ISO 27001 and ISO 9001 certifications enhance trust and delivery reliability.
5. Expanding Global Presence: With operations in Singapore and clients in ANZ and the US, global expansion will increase brand recognition and foreign earnings.
6. AI and Cybersecurity Integration: Integration of Gen AI, automation, and embedded cybersecurity provides an edge in innovation and compliance-led cloud solutions.
7. Government and Market Tailwinds: Policies like Digital India, Startup India, and Data Localization initiatives are fuelling massive demand for domestic cloud adoption, offering strong future growth.