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Prodocs Solutions

• Prodocs Solutions is coming out with an initial public offering (IPO) of 20,00,000 shares in a price band of Rs 131-138 per equity share. 
• The issue will open on December 08, 2025 and will close on December 10, 2025.
• The shares will be listed on SME Platform of BSE.
• The face value of the share is Rs 10 and is priced 13.10 times of its face value on the lower side and 13.80 times on the higher side.
• Book running lead manager to the issue is Cumulative Capital.
• Compliance Officer for the issue is Meghha Trivedi.

Profile of the company

Prodocs Solutions is engaged in the IT Enabled Services (ITES/BPO) business, primarily operating in the non-voice BPO segment. It is a diverse non-voice BPO Company providing wide spectrum of services ranging from Indexing Services, Title Services, e-Publishing and other business services comprising of finance and accounting and litigation support. In addition, it has a dedicated in-house IT team that supports system integrations, internal application developments and maintenance.

It recently undertook a corporate restructuring in which it has formed a wholly owned subsidiary on January 27, 2025 viz. Prodocs Solutions Inc, a Delaware company having its registered address as 7400 Centre Ave, Huntington Beach, CA 92647 and also acquired the 60% shareholding through its wholly owned subsidiary (i.e. Prodocs Solutions Inc) in the eData Solutions Inc, a Delaware corporation and having its registered address as 17100 Pioneer BLVD., Artesia, California 90701 vide Share Purchase Agreement dated April 30, 2025. Pursuant to such acquisition, the company also got access to the clientele served by eData Solutions Inc.

The company offers offshore solutions tailored to meet the needs of its clientele based primarily in US and Australia. It combined the technology with over 15 years of collective promoter’s experience to deliver scalable services. Its workforce of over 1,000 employees is mainly located in Mumbai at its delivery facility. This infrastructure enables it to maintain operational excellence and efficiency while meeting the evolving demands of its clients. The company is committed to the highest standards of quality, security, and environment responsibility. It is certified with ISO 9001:2015 for Quality Management; ISO 14001:2015 for Environment Management and ISO 27001:2022 for Information Security Management, ensuring that all its services comply with rigorous International Standards of excellence, reliability, and data protection.

Proceed is being used for:

• Design, development, implementation & support for a tailored software to meet the specific needs of the company
• Funding capital expenditure towards purchase & installation of IT equipment, computer hardware, and other ancillary equipment
• Repayment and/or pre-payment, in full or part, of certain outstanding borrowings availed by the company
• Funding working capital requirements of the company
• General corporate purposes

Industry Overview

The Business Process Management (BPM) industry in India is integral to the digital transformation of various sectors. Its role extends beyond cost efficiency to delivering customer-centric, technology-driven, and value-added solutions for businesses worldwide. The industry is expected to see continued growth, driven by automation, AI, cloud computing, and data analytics. With India's strong talent pool and advanced technological capabilities, the country remains a global leader in the BPM domain. The rapid growth of India's IT-BPM industry, as highlighted in the image, will have a significant positive impact on the Business Process Solutions (BPS) industry in India. With the industry's revenue reaching $245 billion in FY23 and expected to maintain strong momentum, the demand for outsourced business solutions will rise. Additionally, the growing global demand for Indian IT-BPM services, particularly in North America and Europe, will further boost offshoring opportunities for BPS firms. The increasing reliance on data security, compliance, and regulatory solutions will also create new business prospects for service providers in sectors like BFSI, healthcare, and retail. Overall, the strong IT-BPM industry growth will serve as a catalyst for the expansion and innovation of India’s BPS sector.

India's strength in software development and IT services has made it a world leader in the BPS industry. This has helped enable the growth of business process outsourcing services, adding significantly to Indian service exports. The IT-BPO industry was the second largest sector contributing to India's services exports in 2023, with a contribution of 31.6%, as per a NITI Aayog working paper. Growing Domestic Demand and Consumption. India's economic model based on strong domestic demand and consumption has facilitated the expansion of industries, such as BPS. Domestic consumption makes up a high percentage of India's GDP and serves as a solid foundation for service sectors. This domestic focus has enabled Indian companies to break away from export-driven growth and protect themselves from fluctuations in international consumer demand.

India's IT-BPM industry is set for strong growth in the coming years, driven by increasing digital adoption, cloud computing, AI integration, and business automation across industries. With a highly skilled workforce, cost advantages, and government support through initiatives like Digital India and Make in India, the sector is expected to expand significantly. The rise of Global Capability Centres (GCCs) and increased outsourcing of IT services to India further contribute to its growth momentum. Additionally, sectors such as banking, healthcare, and e-commerce are fuelling demand for advanced IT and BPM solutions. As companies prioritize digital transformation and AI-driven business processes, India's IT-BPM sector is well-positioned to strengthen its global leadership and contribute significantly to the country’s economic expansion. 

Pros and strengths

Integrated solutions across multiple domains: One of the company’s key strengths is its ability to provide integrated solutions across a wide range of services in Indexing, Title Services, ePublishing, and Litigation support. By offering end-to-end services, it ensures that clients receive seamless, high-quality solutions that are tailored to their specific needs. Whether it’s converting physical documents to digital formats, processing real estate title information, or developing custom software applications, it team works together to deliver cohesive results. This integration not only improves efficiency but also reduces the complexity and time involved in managing multiple service providers. With its global expertise, proprietary technology, and ISO-certified processes, it is able to support businesses across various industries with consistent, reliable, and cost-effective services that meet the highest standards of quality, security, and compliance.

Commitment to quality and compliance: The company is committed to maintaining the highest standards of quality and compliance in all aspects of its work. The company’s systems and procedures are ISO 9001:2015 certified, ensuring that it follows a consistent and efficient process for delivering services. The company is committed to the highest standards of quality and security, proudly holding ISO 9001:2015 certification for quality management; ISO 14001:2015 for the environment management system and ISO 27001:2022 certification for information security, ensuring that all its services adhere to rigorous international standards of excellence, reliability, and data protection. Additionally, it prioritizes data security and adhere to industry best practices for secure data management, which includes regular backups and maintenance of client information. By following industry-standard methodologies like Waterfall and Iterative, it ensures that its software development and project management practices are both structured and flexible.

Global reach with diverse clientele: The company serves clients across US, and Australia, and other parts of the world. The company has successfully delivered indexing, data conversion, and ePublishing services to a diverse range of businesses, from small enterprises to large organizations. It supports industries such as real estate, publishing, finance, and healthcare, tailoring its solutions to meet the specific needs of each sector. The company’s global presence and adaptability allow it to provide high-quality services to clients from different countries and business environments, enhancing operational efficiency and ensuring consistency across all projects. As on October 31, 2025, the company has order book with estimated revenue of Rs 6,768 lakh.

Risks and concerns

Significant revenue dependence on promoter group entities: The total revenue from operations included 83.09%, 83.59%, 90.92% and 89.92% from its one of the Promoter Group entities i.e. eData Solutions Inc for the period ended September 30, 2025 and Fiscal 2025, 2024 and 2023 respectively. The company relies heavily on its Promoter Group entities, eData Solutions Inc and eData Services Inc, for most of its revenue. In fact, an overwhelming share of its revenue 98.78% as of September 30, 2025, and 99.46%, 99.25%, and 99.62% for the financial years 2025, 2024, and 2023, respectively comes from these related entities. Such a high dependency on a small number of related parties presents several financial, operational, and regulatory risks that could negatively impact its business, financial health, and overall performance.

Cybersecurity threats pose significant business risks: Given the nature of the company’s business, it handles highly sensitive client data, including legal documents, financial records, and proprietary information, making data security a critical concern. Any data breach, hacking incident, or unauthorized access to client information could have severe financial and reputational consequences. A breach could lead to direct financial losses from regulatory fines, legal settlements, and potential compensation claims from affected clients. Additionally, reputational damage could result in the loss of existing clients and make it difficult to acquire new business, as trust is a key factor in outsourcing decisions. A security lapse not only disrupts operations but can also expose it to industrial espionage and intellectual property theft. Given the critical nature of data security in its business, a proactive and continuously evolving cybersecurity strategy is essential to safeguard client trust, maintain regulatory compliance, and protect its long-term business prospects.

Liquidity risk due to unsecured: The company has availed unsecured loans which may be recalled by the lenders at any time. As on October 31, 2025, outstanding amount of unsecured loans of the company that may be recalled at any time by the lender are Rs 811.69 lakh. In the event that any lender seeks a repayment of any such loan, it would need to find alternative sources of financing, which may not be available on commercially reasonable terms, or at all. It may not have adequate working capital for the purpose of its business operations and, as a result, any such demand by the lenders may affect its business, cash flows, financial condition and results of operations.

Outlook

Prodocs Solutions is engaged in the IT-enabled services (ITES/BPO) business, primarily operating in the non-voice BPO segment. The company is a diverse non-voice BPO, providing a wide spectrum of services ranging from Indexing Services, Title Services, e-Publishing, and other business services comprising finance and accounting and litigation support. The company has integrated solutions across multiple domains. It has global reach with diverse clientele. On the concern side, the company has a significant reliance on its Promoter Group entities, i.e. eData Solutions Inc and eData Services Inc, for revenue generation. Moreover, fluctuations in foreign exchange rates pose a significant risk to its financial performance, given its heavy reliance on international markets.

The company is coming out with a maiden IPO of 20,00,000 equity shares of Rs 10 each. The issue has been offered in a price band of Rs 131-138 per equity share. The aggregate size of the offer is around Rs 26.20 crore to Rs 27.60 crore based on lower and upper price band respectively. On performance front, for the year ended March 31, 2025, revenue from operations amounted to Rs 4,179.14 lakh, reflecting an 8.01% decline compared to Rs 4,542.99 lakh for the year ended March 31, 2024. Moreover, profit for the year ended March 31, 2025, was Rs 510.85 lakh, representing 11.94% of total income, compared to Rs 316.39 lakh (6.93% of total income) for the year ended March 31, 2024.

The company’s future growth strategy will focus on expanding its global footprint and diversifying its client base across more regions and industries. Building on its success in the US and Australia, it aims to increase its presence in emerging markets and regions with high digital transformation potential. Additionally, it will look to expand into new industries, such as healthcare, finance, and government, where data management, indexing, and software solutions are in high demand. By offering tailored solutions to a broader range of industries and regions, it can mitigate market risks and tap into untapped opportunities. Investing in regional partnerships and local talent will be key to navigating new markets and driving sustainable business growth.