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Novus Loyalty Ltd IPO
Novus Loyalty Ltd
₹2,78,000 /2000 sharesMinimum investment
IPO details
Minimum investment
₹2,78,000
Price range
₹139 - ₹146
Lot size
1,000
Issue size
60.15 Cr
Face value
10
IPO document
Subscription rate
Data will be available soon
Schedule
17 Mar 2026
IPO open date
20 Mar 2026
IPO close date
23 Mar 2026
Allotment date
23 Mar 2026
Funds unblock or debit
25 Mar 2026
Tentative listing date
About
Founded in
2011
MD/CEO
Mr. Deepak Tomar
Parent organisation
Novus Loyalty Ltd
Novus Loyalty Financials
Revenue
Total Assets
Profit
All values are in ₹ Cr
Strengths & Risks
Strengths
Risks
The company claims to offer a comprehensive, end-to-end loyalty management platform for mid-sized banks, consumer-facing fintechs, e-commerce platforms, and retail brands. Its solutions include point-based rewards, cashback systems, event-triggered campaigns, purchase-linked promotions, and digital vouchers, which can be deployed through both customizable and ready-to-use program models. The platform is designed to integrate with clients’ existing systems, enabling businesses to run targeted customer engagement programs.
The company claims to have a meaningful presence in international markets, with clients across the UAE, USA, Australia, and Puerto Rico. This global client base indicates its ability to deliver loyalty solutions across different regulatory and consumer environments.
The company derives a significant portion of its business from fintech, finance, and e-commerce sectors, which are among the fastest-growing segments in the digital economy. According to the prospectus, these sectors collectively contribute the majority of its revenue.
The company is promoted by Deepak Tomar and Sweta Singh, who each claim to have around two decades of experience in the industry. The promoters are responsible for overseeing business operations, strategic planning, and expansion initiatives. The prospectus states that their experience helps the company identify market opportunities and guide long-term business strategy.
The company claims to follow structured quality assurance and security practices for its software and loyalty platforms. It holds ISO/IEC 27001:2022 certification for information security management related to IT services such as software development, website development, and mobile application development. Additionally, it claims to be CMMI Maturity Level 3 certified and PCI DSS compliant, indicating adherence to global standards for software development processes and secure handling of payment and customer data.
The company claims to have an internal Quality Assurance (QA) framework that conducts end-to-end testing of its software solutions in both sandbox and production environments.
The company has witnessed a consistent increase in its revenue from operations and profit after tax (PAT). Revenue from operations increased from Rs 59.59 crore in FY23 to Rs 73.29 crore in FY24 and Rs 104.62 crore in FY25. PAT increased from Rs 0.55 crore in FY23 to Rs 2.96 crore in FY24 and Rs 3.58 crore in FY25.
The company derives a substantial portion of its revenue from a few key customers. The top 5 customers contributed Rs 75.57 crore (72.24%) in FY25, Rs 47.15 crore (64.39%) in FY24, and Rs 41.26 crore (69.26%) in FY23. The top 10 customers contributed Rs 95.72 crore (91.49%) in FY25, Rs 63.77 crore (87.09%) in FY24, and Rs 52.99 crore (88.95%) in FY23. Any loss of one or more of these key clients, or a significant reduction in their business, could materially affect the company’s revenue and profitability. Moreover, customer needs may fluctuate over time, and a major customer in one period may not provide the same level of revenue in subsequent periods due to factors such as financial difficulties, mergers, disputes, or changes in business priorities.
The company sells on an order-by-order basis without fixed contracts, allowing customers to cancel or delay orders without notice. This exposes revenue to fluctuations based on customer demand, satisfaction, and market conditions. Sudden changes in buying patterns could materially impact business and profitability.
The company has experienced negative cash flows in past years, including Rs 0.90 crore in FY23 from financing activities, Rs 3.07 crore in FY24, and Rs 1.05 crore in FY25. The company also recorded a negative cash flow from investing activities amounting to Rs 0.79 crore in FY23 and Rs 0.4 crore in FY25. Sustained negative cash flows may restrict the company’s ability to fund capital expenditure, repay debt, pay dividends, or invest in growth without relying on external financing. Insufficient cash generation from operations could adversely impact business operations and financial health.
Several group companies have incurred losses and reported negative net worth in recent years. For instance, Atomiclaunch Solutions Private Limited posted a loss after tax of Rs 0.74 crore and a negative net worth of Rs 0.74 crore for FY24. Zippad Realty Private Limited reported a loss of Rs 0.0016 crore and a negative net worth of Rs 0.017 crore in the same period. Crocky Technologies Private Limited had a profit of Rs 0.018 crore but a negative net worth of Rs 0.10 crore as of March 31, 2024. Continued losses or financial instability in these group companies may adversely affect the company’s reputation and overall business.
The company faces certain outstanding litigation and two criminal complaints against the promoters and directors. While no cases are pending against group companies, any adverse outcomes in these or future legal proceedings could negatively impact the company’s business, reputation, financial position, and operations. Changes in law or unfavourable rulings may require the company to make additional provisions, increasing expenses and liabilities. The company is also exposed to potential legal claims from customers, regulatory authorities, or employees, which could lead to investigations or further legal actions.
The company derives a significant portion of its revenue from the fintech and finance sectors, and this concentration has increased in recent years. These sectors together contributed 50.98% of revenue in FY23 (FinTech: 48.17%, Finance: 2.81%), 45.10% in FY24 (FinTech: 45.10%, Finance: 0%), and 73.98% in FY25 (FinTech: 38.63%, Finance: 35.35%). The dependence has further intensified in H1FY26, where fintech and finance together accounted for 92.07% of revenue (FinTech: 41.57%, Finance: 50.50%). This increasing reliance exposes the company to sector-specific risks; any slowdown, regulatory changes, or reduced spending in these verticals could materially impact revenue visibility and growth.
Application details
For Novus Loyalty IPO, eligible investors can apply as Individual investor.
| Apply as | Price band | Apply range | Lot size |
|---|---|---|---|
| Individual investor | ₹139 - ₹146 | ₹2 - ₹5 Lakhs | 1000 |