IGI Logo

Workmates Core2Cloud Solution

• Workmates Core2Cloud Solution is coming out with an initial public offering (IPO) of 34,23,600 equity shares in a price band of Rs 200-204 per equity share. 
• The issue will open on November 11, 2025 and will close on November 13, 2025.
• The shares will be listed on SME Platform of BSE.
• The face value of the share is Rs 10 and is priced 20 times of its face value on the lower side and 20.40 times on the higher side.
• Book running lead manager to the issue is Horizzon Management.
• Compliance Officer for the issue is Purbali Saha.

Profile of the company

The company is a cloud and digital transformation company, dedicated to helping enterprises modernize, secure, and scale their digital core. It delivers a full spectrum of cloud and cloud-centric services - spanning workload assessment, seamless migration, application modernization, and end-to-end managed services - in strategic collaboration with Amazon Web Services (AWS). Its solutions are designed not only to move businesses to the cloud but to enable them to unlock the full potential of digital transformation and Generative AI with agility, security and scale.

It's comprehensive range of services enables it to partner with customers throughout their entire cloud and digital transformation journey, now further strengthened by the growing adoption of AI and Generative AI technologies into cloud technology. Its engagement typically begins with a thorough assessment of the customer’s existing IT landscape to understand their business needs and readiness for the cloud. It then designs and executes a seamless migration and implementation plan that ensures minimal disruption and maximum value. Post-migration, it helps customers modernize their applications to fully leverage cloud-native capabilities, improving agility, scalability, and performance. Beyond the initial transformation, its managed services provide continuous monitoring, optimization, security, and compliance support ensuring customers derive ongoing value, efficiency, and innovation from their cloud environment. This end-to-end capability positions it not just as a service provider for one-time migrations, but as a long-term digital partner driving sustainable growth and transformation for its clients.

In addition to its core cloud services, it offers integration of cybersecurity solutions of third-party OEMs into cloud to ensure that its customers’ digital environments remain secure, compliant, and resilient. As businesses increasingly rely on cloud platforms, protecting sensitive data and ensuring secure operations has become critical. It integrates leading cybersecurity tools and best practices into every stage of the cloud journey covering threat detection, data protection, access control, and compliance so that customers can operate confidently in a secure digital environment.

Proceed is being used for:

• Prepayment or repayment of secured loan availed by the company from Banks 
• Funding of working capital requirements
• General corporate purposes

Industry Overview

The Cloud Computing Market size is estimated to reach $0.79 trillion in 2025, and is expected to reach $1.69 trillion by 2030, at a CAGR of 16.4% during the forecast period (2025-2030). The increasing global demand for cloud computing is driven by emerging technologies such as big data, artificial intelligence (AI), and machine learning (ML). The growing focus on customer-centric applications to enhance consumer satisfaction also contributes to these technologies' rise. Cloud-based infrastructure provides flexible and on-demand resource access, supporting new digital business solutions. This technology is beneficial for enterprise resource planning (ERP), online transaction processing (OLTP), and supply chain management (SCM) across various sectors. 

As of FY23, the IT industry contributed 7.5% to India's GDP, with projections indicating it could reach $350 billion by 2026, accounting for 10% of the country's GDP. The industry added 2,90,000 new jobs in FY23, bringing the total workforce to 5.4 million people. In FY22, India's IT sector generated $227 billion in revenue, a 15.5% year-on-year growth, and is estimated to have reached $245 billion in FY23. According to a 2021 AWS survey, India is expected to see a ninefold increase in digitally skilled workers by 2025, requiring around 3.9 billion digital skill training sessions. By 2026, India will need 30 million digitally skilled professionals. 

Cloud Computing Services provide the new model of offering services (Platform as a Service (PaaS), Infrastructure as a Service (IaaS), Software as a Services (SaaS) and Storage as a Service (STaaS) to the users at fast pace which is also cost effective. In order to utilise and harness the benefits of Cloud Computing, Government of India has embarked upon an ambitious initiative - ‘GI Cloud’ which has been named as 'MeghRaj'. This initiative is to implement various components including governance mechanism to ensure proliferation of Cloud in the government. The focus of this initiative is to accelerate delivery of e-services in the country while optimizing ICT spending of the Government.

Pros and strengths

Customer satisfaction and long-standing relationships: It has built enduring partnerships with clients across industries by consistently delivering value through reliable service, bespoke cloud solutions, and timely execution. Its client relationships are strengthened by proactive engagement, regular senior management reviews, and direct support from its implementation teams. These relationships foster trust and recurring business, enabling cross-sell and up-sell opportunities across service lines and geographies. The confidence its customers place in it is reflected in case studies and references included in this document.

Scalable, Capital-Efficient business model: Its cloud-focused, asset-light model enables it to scale rapidly while maintaining financial discipline. It is demonstrated the ability to efficiently onboard new customers, execute high-quality projects, and manage costs- resulting in profitable growth. Its model is powered by:  A highly skilled cloud delivery team; Deep specialization in AWS and cloud-native technologies; Integration of cybersecurity and Gen AI into mainstream services; and A balanced GTM strategy targeting both SMBs and large enterprises.

Cross-Industry, Borderless service capability: The company has no industry or regional restrictions in its service delivery model. Its cloud and digital offerings are relevant across all verticals-including BFSI, healthcare, manufacturing, media, IT/ITES, education, and government. This breadth of applicability has led to a diverse and de-risked revenue mix across customers and geographies. India’s rich base of SMBs and cloud talent gives it a competitive advantage in delivery and cost efficiency, while its increasing focus on export revenue helps it taps into international opportunities and expand its global presence.

Risks and concerns

Dependent on a few customers: The substantial portion of its revenue is significantly dependent on certain key customers. For instance, its top five customers for the five months period ended August 31, 2025 and financial years 2024-25, 2023-24 and 2022-23 accounted for 51.69%, 51.02%, 53.09% and 38.15% of its revenue from operations for the respective period/financial years. its reliance on a limited number of customers for its business exposes it to risks, that may include, but are not limited to, reductions, delays or cancellation of orders from its key customers, acceptance of the provisional order, a failure to negotiate favorable terms with its key customers or the loss of these customers, all of which would have a material adverse effect on the business, financial condition, results of operations, cash flows and future prospects of the company.

Rely heavily on usage of cloud space: Its operations rely heavily on the consistent availability of cloud services. Any disruption in cloud usage could hinder its supply chain efficiency. Suppliers may face delays in delivering essential materials to the company. Similarly, its ability to fulfill customer orders could be compromised. This may lead to longer lead times and missed delivery commitments. Increased reliance on alternative logistics may raise transportation costs. Higher operational expenses could impact overall profitability. System outages could also affect inventory management and tracking. Continuity in cloud service is therefore critical to its business functions. Any significant disruption poses a risk to smooth and cost-effective operations.

Dependent on few key suppliers: It procures services from various suppliers. For the period ended on August 31, 2025, financial years 2024-25, 2023-24 and 2022-23, purchases from its top five suppliers amounted to Rs 3,396.26 lakh, Rs 7,068.82 lakh, Rs 3,396.04 lakh and Rs 1,921.94 lakh respectively, which represented 86.86%, 98.14%, 99.67% and 99.11% of its total services purchased, respectively, for the said period. It does not have any long-term supply contracts with these suppliers and therefore, it cannot assure that it shall always have a steady supply of products and services at prices favorable to the company. Any delay, interruption or reduction in the supply of products and services may adversely affect its business, results of operations, cash flows and financial conditions.

Outlook

Workmates Core2Cloud Solution is a cloud and digital transformation company, dedicated to helping enterprises modernize, secure, and scale their digital core. It delivers a full spectrum of cloud and cloud-centric services - spanning workload assessment, seamless migration, application modernization, and end-to-end managed services - in strategic collaboration with AWS. On the concern side, its revenues are highly dependent on clients located in India. Any decline in the economic health of India could adversely affect its business, financial condition and results of operations. Further, it is dependent on its ability to develop new services and products, and enhance its existing services and products. If its products and services do not gain market acceptance, its operating results may be negatively affected.

The company is coming out with a maiden IPO of 34,23,600 equity shares of Rs 10 each. The issue has been offered in a price band of Rs 200-204 per equity share. The aggregate size of the offer is around Rs 68.47 crore to Rs 69.84 crore based on lower and upper price band respectively. On performance front, total revenue increases by Rs 5,485.71 lakh and 102.48%, from Rs 5,352.94 lakh in the fiscal year ended March 31, 2024 to Rs 10,838.65 lakh in the fiscal year ended March 31, 2025. Moreover, the Profit after Tax have been increased by 160.39% from Rs 534.85 lakh in the fiscal year ended March 31, 2024 to Rs 1,392.71 lakh in the fiscal year ended March 31, 2025.

The company’s business strategy is anchored in the rapidly evolving cloud ecosystem driven by global digital transformation, widespread internet and mobile usage, and the growing demand for scalable infrastructure and data-driven innovation. It focuses on delivering specialized Cloud and Cloud-related services, including migration, modernization, managed services, and the integration of cybersecurity and Gen AI to address real business outcomes for its clients. Its strategy is designed to strengthen its market position, drive sustainable growth, and deliver consistent value across customer segments and geographies.