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Workmates Core2Cloud Solution Limited is a cloud and digital transformation company specializing in modernizing, securing, and scaling enterprise digital cores. As an AWS Premier Tier Partner, a distinction held by a select group globally, the company delivers a full spectrum of cloud-centric services, including workload assessment, migration, application modernization, and end-to-end managed services. It also integrates third-party cybersecurity solutions and leverages Artificial Intelligence to deliver innovative solutions across diverse industries such as IT/ITES, BFSI, Manufacturing, and E-Commerce.
Nov 11, 2025
Nov 13, 2025
Nov 18, 2025
SME
Closed
69.84 Cr
59.34 Cr
10.5 Cr
₹200 - ₹204
600
The net proceeds from the Fresh Issue are proposed to be utilized for the following objectives:
Prepayment or full/partial repayment of secured loans amounting to up to ₹860.00 crores availed by the company from ICICI Bank to reduce outstanding indebtedness and debt servicing costs.
Funding the incremental working capital requirements of the company with an allocation of up to ₹2,920.00 crores to support business growth, expansion into large enterprise and public sector clients, and manage a larger operational scale.
Utilizing the balance funds for general corporate purposes, which may include strategic initiatives, investments in technology, brand building, and other operational needs to support overall business growth.
8.92
8.05
67.44%
64.61%
60.85%
—
12.85%
17.58%
8.92
Holds the prestigious AWS Premier Tier Partner status, a high distinction validating technical excellence and customer success.
Led by an experienced team of promoters and senior management with deep expertise in IT, cloud, and digital transformation.
Operates on a scalable, asset-light, and capital-efficient business model that supports rapid growth and financial discipline.
Maintains a strong financial foundation with a track record of profitable growth, healthy liquidity, and efficient capital management.
Significant revenue concentration with the top five customers accounting for over 51% of revenue in recent periods.
Heavy reliance on a few key suppliers for products and services, with top suppliers accounting for over 86% of purchases.
Experienced negative cash flows from investing activities in recent fiscal years due to capital expenditures.
Geographical concentration of revenue, with Telangana contributing a significant portion of domestic sales.
Rapid and widespread cloud adoption across Small and Medium Businesses (SMBs) and large enterprises in India.
Increasing demand for application modernization, cloud-native architectures, and digital transformation services.
Potential for expansion into high-growth international markets, including ASEAN, ANZ, and the US.
Growing market for integrated Generative AI and advanced cybersecurity solutions within cloud service offerings.
Intense competition for highly skilled and technical professionals, leading to potential talent shortages and high attrition rates.
The fast pace of technological advancements could render existing services obsolete if the company fails to innovate continuously.
Evolving legal and regulatory landscape in India could introduce uncertainties and compliance challenges.
Economic slowdowns or geopolitical instability may lead to reduced IT spending by clients, adversely impacting demand.
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