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Workmates Core2Cloud IPO
Workmates Core2cloud Solution Ltd
₹2,40,000 /600 sharesMinimum Investment
Workmates Core2Cloud IPO Details
| Bidding dates | Minimum investment | Lot size | Price range |
|---|---|---|---|
| 11 Nov ‘25 - 13 Nov ‘25 | ₹2,40,000 | 600 | ₹200 - ₹204 |
| Issue size | IPO doc | Tentative allotment date | Tentative listing date |
|---|---|---|---|
| 69.84 Cr | RHP PDF | 14 Nov ‘25 | 18 Nov ‘25 |
About Workmates Core2Cloud
Founded in
2018
MD/CEO
Mr. Basanta Kumar Rana
Parent organisation
Workmates Core2cloud Solution Ltd
Strengths & Risks of Workmates Core2Cloud
Strengths
Risks
The company is information security management certified under ISO/IEC 27001:2022 and ISO 9001:2015 (quality management systems). The company has also achieved 7 AWS competencies and has a range of AWS certificates.
The company has been recognised as an AWS Premier Tier Services Partner. The company states that this achievement reflects its strong technical expertise, consistent customer success, and proven capability in delivering advanced cloud solutions. The company also believes that for clients, this status provides confidence that they are working with a trusted partner who adheres to AWS’s highest standards for innovation and service quality.
The company claims to have built lasting partnerships across various industries by offering dependable service, customised cloud solutions, and timely project delivery. The company further states that the relationships are further strengthened through regular communication, senior management involvement, and direct team support. This client-centric approach fosters trust, encourages repeat business, and opens opportunities for cross-selling and up-selling services across regions and service lines.
The company operates with a flexible delivery model that is not limited by industry or geography. Its cloud and digital services apply to multiple sectors, including BFSI, healthcare, manufacturing, media, IT/ITeS, education, and government. The company states that this broad applicability has resulted in a well-diversified customer base and reduced dependency on any single industry or region.
The company claims to follow a cloud-driven, asset-light model that allows rapid scaling while maintaining cost efficiency and financial discipline. The company states that its ability to quickly onboard clients, deliver quality projects, and manage expenses effectively has supported consistent and profitable growth.
The company states that its continuous investment in sector-specific capabilities and partnerships with independent software vendors (ISVs) has strengthened Workmates’ position as a reliable partner for cloud innovation. It further states that such strategic initiatives enhance the company’s expertise and relevance across industries.
The company has witnessed a consistent increase in revenue from operations and profit after tax (PAT). Revenue from operations increased from Rs 28.95 crore in FY23 to Rs 53.22 crore in FY24 and Rs 107.64 crore in FY25. PAT increased from Rs 1.86 crore in FY23 to Rs 5.35 crore in FY24 and Rs 13.93 crore in FY25.
The company’s top 5 customers accounted for Rs 30.69 crore (51.69 percent) of the company’s total revenue as of August 31, 2025, and Rs 54.92 crore (51.02 percent) in FY25, Rs 28.26 crore (53.09 percent) in FY24 and Rs 11.04 crore (38.15 percent) in FY23. The top one customer accounted for Rs 11.22 crore (18.90 percent) of the company’s total revenue as of August 31, 2025, and Rs 22.28 crore (20.70 percent) in FY25, Rs 9.14 crore (17.17 percent) in FY24 and Rs 5.56 crore (19.21 percent) in FY23. The company does not have any exclusive agreements with any of the clients, and a loss of any one of them could adversely affect the company’s operations and financial condition.
The company’s supplies are heavily dependent on its top supplier. This supplier accounted for Rs 32.67 crore (83.55 percent) of the company’s total purchases as of August 31, 2025, and Rs 67.27 crore (93.40 percent) in FY25, Rs 33.33 crore (97.81 percent) in FY24, and Rs 18.94 crore (97.67 percent) in FY23. Any disruption in supplies from this top supplier could adversely affect the company’s business and finances.
The company’s solutions are technologically advanced and require specialised expertise for proper implementation and operation. Its ability to offer a wide range of services depends on collaborations with technology partners and other associates. While these partnerships help deliver innovative solutions, their continuity cannot be guaranteed. Any disruption in these relationships could affect the company’s ability to meet customer requirements, maintain operational efficiency, and sustain financial performance.
The company’s operations are highly dependent on cloud-based services. Any disruption in cloud infrastructure could affect its ability to source materials from suppliers, deliver services to customers, or increase operational and transportation costs. Such disruptions may have an adverse effect on overall business operations.
The company experienced negative cash flows from investing activities, amounting to Rs 14.79 crore in FY25, Rs 3.92 crore in FY24 and Rs 0.18 crore in FY23. If cash outflows continue to exceed inflows, the company may face liquidity challenges in the future.
The company derives maximum revenue from Telangana. The state accounted for 22.88 percent of the company’s total revenue as of August 31, 2025, and 25.84 percent in FY25, 21.11 percent in FY24, and 22.48 percent in FY23. Any disruption in this region could negatively impact the company’s financial health.
The company has experienced a consistent increase in its trade receivables. It increased from Rs 4.16 crore in FY23 to Rs 5.34 crore in FY24, to Rs 24.65 crore in FY25 and Rs 39.67 crore as of August 31, 2025. The percentage was particularly high as of August 31, 2025, mainly due to increased sales toward the end of the period. The delay in collections may affect cash flow and working capital management.
A significant portion of the company’s revenue comes from clients based in India. Any slowdown or decline in the Indian economy could directly impact its financial condition, business stability, and overall results of operations.
The company’s directors, promoters, and group companies are involved in certain legal proceedings, including criminal and tax-related cases. Any adverse judgments in any of these cases could be detrimental to the company’s business prospects.
As of August 31, 2025, the company’s total secured financial indebtedness amounted to Rs 8.67 crore. Any failure to service or repay these loans can harm the company’s operations and financial position.
Workmates Core2Cloud Financials
*All values are in Rs. Cr
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Application Details of Workmates Core2Cloud IPO
| Apply as | Price band | Apply Range |
|---|---|---|
| Individual investor | ₹200 - 204 | ₹2 - 5 Lakh |
For Workmates Core2Cloud IPO, eligible investors can apply as Individual investor.