Fusion CX IPO

Fusion CX IPO will open for subscription on October 14, 2026. The IPO will remain open till October 16, followed by listing on Thursday, October 22. Fusion CX is a customer experience (CX) service provider that offers multichannel customer support via voice, email, chat, social media, and messaging. Technology forms the core of their delivery process.

The company also offer AI Data Infrastructure services, which involve data collection, data labelling, and teleoperations. The major focus is on verticals including telecom and other utilities, high-tech travel, BFSI, retail and healthcare sectors in which they have developed extensive domain knowledge.

The growth strategy includes acquisition of CX firms, which has expanded their customer base and service offerings as well. As of June 30, 2026, the company had 40 delivery centres and two sales offices in 13 countries. It had served 208 customers, among which 22 were Fortune 1000 firms.

The AI data infrastructure offerings consist of image and video annotation using bounding boxes, segmentation masks and keypoints, real-time robot teleoperation, remote intervention, AI monitoring, incident triage and egocentric video data capture. There are four commercial models that the company uses, which include fixed fee, transactional, outcomes and hybrid. Fixed fee is the most popular, providing 91.3% of revenues in Q1FY27 compared to 81% in FY24.

The services of the company consist of customer acquisition, customer services, order fulfilment services, payment and collections, customer retention, technical support and digital solutions, in addition to AI data infrastructure services.

Within services, the customer services segment contributed 42.6% of revenues in Q1FY27 and 40.4% in FY26. Customer acquisition services contributed 24.5% in Q1FY27 and 25.8% in FY26. In terms of revenues, the telecom and other utilities vertical is the largest one, contributing 43.5% of revenues in Q1FY27, 47.3% in FY26 and 43.5% in FY25. In FY26, HTT contributed 13.8%, BFSI 13.5%, retail 12.1% and healthcare 13.1%.

It operates four business segments: Latin America, North America, Europe & Africa, and Southeast Asia and offers services in 28 different languages. Its delivery network comprises onshore, nearshore, and offshore locations. Onshore locations include the USA and Canada. Nearshoring takes place in Jamaica, Colombia, El Salvador, and Belize, whereas multilingual nearshoring centres are located in Morocco, Albania, and Kosovo to serve European clients. Its offshore locations include India and the Philippines. Sales offices are located in the UK and Australia. North America provided 79.5% of total Q1FY27 revenues, with the US alone contributing 72.10%. International revenues (ex-India) were 90.06% in Q1FY27, from 76.2% in FY24. The USD-based revenues were 86.8% in Q1FY27, up from 71.2% in FY24.

Acquisition is a key component of the business strategy of the organisation. In 2018, it acquired Ameridial, which helped it enter the US market as well as healthcare CX. In 2021, it acquired Advanced Communications Group to enter onshore telecom and emergency services, and this entity was merged with Ameridial as of December 31, 2022.

In 2022, the company acquired Boomsourcing for proprietary sales technology and lead generation capabilities. In 2024, it acquired Ready Call Centre in Belize for entry into nearshore Latin America as well as S4 Communications in the US for telecom and energy delivery capabilities. In 2025, it acquired Sequential Technology International for telecom, healthcare payer, and energy capabilities; Scribe.ology for healthcare scribing; and Skycom BPO for bilingual capability in Latin America. In 2026, it acquired VA Platinum Offshoring in Australia to enter that market and build capabilities in finance, accounting, and mortgage.

The top five customers have accounted for 40.3% and 42.2% of revenues during Q1FY27 and FY26, respectively, while the top 10 have accounted for 49.8% and 52.1%, respectively. These relationships are long-lasting, with the average tenure of relationships at 13.02 years for the top five customers and 10.31 years for the top 20 customers. The number of live clients has increased from 190 during FY24 to 239 during Q1FY27. The number of clients having annual contributions of more than $3 million has increased from 7 to 11.

The global Customer Experience (CX) market in 2025 is ₹34.54 lakh crore ($360 billion) and expected to be at ₹35.03 lakh crore by 2027. Outsourced CX is the high-growth segment where the share of revenue grows from 27.2% in 2020 to 33.2% in 2025 and 34.5% in 2027 (-2.58% CAGR against -0.23% for in-house). Outsourced digital CX is a very fast-growing segment, growing from ₹1,80,560 crore in 2025 to ₹2,55,850 crore by 2027 (19.04% CAGR). The growth is fuelled by GenAI, automation, multilingual omni-channel needs and the cost- and speed-benefits of outsourcing. Risks are enterprise automation, economic slowdowns, talent scarcity and privacy regulations.

Fusion CX is consistent with these industry trends via its tech-led right-shored delivery approach, with 40+ centres across 14 countries, 28 languages and more than 13,700 employees. Nearshoring 39.9% of Q1FY27 revenue is consistent with the trend of having bilingual, time-zone-aligned service for North American clients. The company is also venturing into gen AI via its subsidiary Omind, which offers proprietary platforms that include Arya, MindVoice, Engage, Mind Workplace and MindSpeech – these align with the demand for AI-assisted agents, conversational AI and accent harmonisation. Also, via Annotera.AI and Roborax.AI, Fusion CX is venturing into emerging adjacencies of data annotation and physical AI. In addition, the company’s diversified vertical offering (telecom and technology, BFSI, healthcare and consumer) and retail), along with its acquisitions of S4 Communications, STI and Skycom BPO, enable it to scale geographically and vertically. Now, Fusion CX Ltd is launching its Initial Public Offering (IPO), which consists of a fresh issue of ₹500 crore and an offer for sale of ₹202 crore. The total issue size is ₹702 crore. Its shares will be listed on the NSE and BSE.

If you are interested in this investment opportunity but unsure how to apply for a Fusion CX IPO, follow these steps.

When the public issue opens for subscription, one can follow this step-by-step guide on how to apply for the Fusion CX IPO on Upstox: