Infollion Research Services IPO (NSE SME) Overview

Infollion Research Services IPO (NSE SME) aims to raise ₹21.45 Crore. The issue price is fixed at ₹80 to ₹82 per share. The IPO consists fresh issue size of 22,24,000 equity shares and offer for sale (OFS) of 3,92,000 equity shares. The shares are intended to be listed on NSE SME, and the initial public offering (IPO) begins on May 29 and ends on May 31, 2023.The minimum lot size is 1,600 equity shares. Infollion Research Services aggregates subject matter experts, independent consultants and freelancers to facilitate their access for short-term expertise to companies, consulting firms and investment funds

IPO opensMay 29, 2025
IPO ClosesMay 31, 2023
IPO Size (Rs.)₹21.45 Cr
IPO Size (shares) 2,760,000 shares
Breakup 2,224,000 shares Fresh issue
392,000 shares OFS
Face Value:₹ 10
IPO Price in Rs :₹80 to ₹82 per share
Minimum Lot1600
Listing AtNSE SME
QIB Quota<= 50% of  Net Issue
NII Quota<= 15% of  Net Issue
Retail Quota<= 35% of  Net Issue
 Lead Manager Holani Consultants
RegistrarLink inTime


Anchor Investors:

  • Incorporated in 2009, Infollion Research Services Limited works in the B2B Human Cloud segment’s specialised market.
  • Infollion aggregates subject matter experts, independent consultants and freelancers to facilitate their access for short-term expertise to companies, consulting firms and investment funds.
  • Infollion offers flexible modes of engagement to reach out to experts on it’s panel. It ranges from a very short and precise phone to almost a few months long project based on pre-determined statement of work and everything in between. Infollion also facilitates a full-time placement of the expert if mutually beneficial and acceptable to the expert and clients.
  • Company’s website is a tech-oriented platform and all Services are rendered to this platform along with the on boarding of the experts who provide services that fulfil the needs of its clients.
  • The company is a tech-oriented marketplace, operating in the B2B Human Cloud segment, catering to on-demand contingent hiring and work arrangements with senior management talent, subject matter experts, and high-ranking, seasoned professionals.
  • Infollion Research Services provide a platform for workers or knowledge providers (gig workers) and employers or knowledge seekers to connect and find synergetic outcomes. Its key clients include top-tier Global Management Consulting firms, renowned Private Equity funds, Hedge funds, and mid-tier Corporates.
  • Infollion Research Services proprietary technology stack and research capabilities empower us to assist its clients in connecting with custom- curated, precise, and vetted subject matter experts. It operates in the premium segment of the gig- economy and is one of the enablers of contingent hiring, temporary workforce management, contracting SOW-employees, high-level independent consultations, knowledge tours, and more.
  • It caters to global hiring requirements for its domestic and international clients. Its mission is to become the largest paymaster of senior management talent in every geography it operates.
  • Company is promoted by first generation entrepreneur Mr. Gaurav Munjal

Infollion Research Services: Financials

Particulars/ Rs. LacsMarch 31, 2023March 31, 2022March 31, 2021
Revenue From Operations3503.092198.461597.01
Profit / (Loss) After Tax557.92340.66207.65
Equity Share Capital746.691.491.49
Net Worth854.361043.12702.47
Earnings per share7.744.562.78
Net Asset Value 21.4413.979.41
Total Borrowings000
Post issue Share Capital969.09
IPO price82
EPS Fy233 5.76
PE Fy23 14.24
Market cap in Lacs7947
Market Cap/sales 2.27
sales cagr48%
net profit cagr64%

Salient Points

  • The gig economy is one of several names used to describe various forms of “gig” work, or small project freelance work. Others include “on demand economy,” “collaborative consumption” and “sharing economy.”
  • A gig economy is a free market system in which organizations hire or contract workers for a short span of time. Simply put, the positions are temporary to meet the company’s requirements by having short- term engagements. Startups like Ola, Uber, Zomato, and Swiggy have established themselves as the main source of the gig economy in India.
  • Human cloud is an emerging segment under gig economy. Businesses working under the Human Cloud are work intermediation models that facilitate work engagements to be established, conducted, and paid via digital platforms. There is typically a direct legal relationship between recruiters and workers which is enabled or fulfilled by the platform. These are different from job boards or social media platforms that may allow recruitment solutions to an extent.
  • The Human Cloud ecosystem is a community that allows you to access and share specialists in the collective network.
  • Enhancing traditional work models, the Human Cloud functions as an online labor market.
  • As per a report by ASSOCHAM in 2020, India constitutes around 40% of the freelance work jobs offered globally, and India’s gig economy is projected to grow at a CAGR of 17% and is likely to hit a gross volume of USD 455 billion by the year 2023. It has been noted by the apex body that India’s Gig Economy is poised to play a crucial role in the overall India Inc’s strategy, it plays an important role in helping businesses and workers to move from unorganized to organized sector. NITI Aayog, the apex public policy think tank of the Government of India, in a recent study dated June 2022 estimated that India had 77 lakh workers engaged in the gig economy in the year 2020-21. The gig workforce is expected to reach 2.35 crore workers by the year 2029-30.
  • The Promoter and Promoter Group shareholding which is collectively 95.00% of the pre- Offer paid-up Share Capital of the Company. Post IPO it shall be 69.62%.
  • Blume Ventures Fund I is selling Up to 3,92,000 out of its holding of 7,85,568 shares. It invested in the company in 2013.
  • Blume Ventures Fund I was a $22 million seed fund that Blume Ventures closed in 2011. The fund invested in over 60 startups, including Purplle, TaxiforSure, Intrcity, Mettl, IDfy, ZipDial, GreyOrange, and Carbon Clean. Blume Ventures Fund I was one of the first seed funds in India, and it helped to pioneer the idea of home-grown micro VCs.
  • The current service line of the company in the US and Western Europe will be expanded by introducing new categories of freelancers and technological development using the net proceeds from the IPO.
 S. No. Business Activity2023-242024-25  Grand Total
AExpansion of current service line in US and Western Europe regions
a.Hiring regional sales heads60.0080.00140.00
  b.Setting up research and delivery team for US time zones  220.00  240.00460.00
 Total (A)280.00320.00600.00
BPex-Panel- Adding new categories of freelancers
a.Hiring business heads35.0045.0080.00
b.Acquisition team for experts, freelancers, consultants90.00175.00265.00
c.Marketing & customer acquisition25.0038.0063.00
 Total (B)150.00258.00408.00
 Grand Total (A+B)430.00578.001008.00
  • As the company expands to foreign shores, its competition shall be with many players such as GLG Networks, Third Bridge, Alpha Sight etc who are already there in these markets and have significant influence.
  • Infollion Research Services business model is highly scalable and can support multiple revenue streams by leveraging the existing framework and technology set-up. It intends to empanel experts from more functions, offer them on-demand to clients for longer-term engagements and eventually move towards full-fledged staffing engagements. These experts are likely to be offered under a different sub-brand or an altogether new marketplace targeted towards specific functions. Company believes this initiative will provide depth to its overall business and help it to cater to a bigger market within the B2B Human Cloud industry of the gig-economy. With corresponding technological developments, among other initiatives, it intends to offer a self-service SaaS platform to help clients find relevant freelancers and execute work orders that are automated.
  • Our expert network member expenses for the FY 2022-23, 2021-22 and 2020-21 was ₹ 1895.30 Lakhs, ₹ 1148.91 Lakhs and ₹ 884.14 Lakhs, respectively, which represented 54.10%, 52.25% and 55.36% of our revenue from operations for the same periods based on restated financial statements.
  • Infollion operates at the premium end of the online staffing market with senior experts being hired for short gigs of a few hours. Over the next 5 years, we intend to add more categories of experts which are specific to certain verticals. We also intend to add mid-premium consultants and freelancers which can be accessed by corporates for relatively longer-term engagements of few days to few months.
  • The company shown steady growth both in its top and bottom lines as well as other financial and operating parameters.
  • Financial KPIs of Infollion Research Services:
Particulars (₹ in Lakhs)202320222021
Revenue from Services (₹ in Lakhs)3,503.092,198.461,597.01
Growth in Revenue from Services  (%)59.34%37.66%
Gross Profit  (₹ in Lakhs)1,607.791,049.55712.87
Gross Margin (%) 45.90%47.74%44.64%
EBITDA  (₹ in Lakhs)705.63442.59271.53
EBITDA Margin  (%)20.14%20.13%17.00%
Profit After Tax  (₹ in Lakhs)557.92340.66207.65
PAT Margin (%) 15.93%15.50%13.00%
RoE (%)42.20%39.03%34.69%
RoCE  (%)43.59%40.77%37.28%
Net Working Capital Days 84178164
Operating Cash Flows  (₹ in Lakhs)246.7851.7187.79

Operational KPIs of Infollion Research Services:

Particulars 202320222021
Total number of calls8,2365,7854,472
New Client POCs Added Each Year1,1329221065
New Experts Added: Domestic11,59510,1806,727
New Experts Added: International5,5583,0392,402
Average Call Revenue (₹ in Lakhs)0.420.380.36
Average Selling Price Per Hour (₹ in Lakhs)0.420.410.38
Average Cost Price Per Hour (₹ in Lakhs)
  • Its PE ratio is 14.2x (fy23 earnings). looks reasonable in view of its performance over the years. There has been a steady growth in revenues, profits, financial parameters, operational parameters over the last few years.
  • I intend to apply in Infollion Research Services IPO. Past performance and prospects in a emerging field look promising to me.
  • SME IPO in general are more volatile and risky.
  • The lead book running manager as well as the market make is Holani Consultants. The last few IPOs lead managed by them have given decent return to the investors. These include names like Shera Energy Limited, Cool Caps Industries Limited, Insolation Energy Limited etc.
  • GMP as reported on social media has been steady and may be more than Rs. 44.
  • Please do your own diligence as SME IPOs are more volatile and risky than mainboard IPOs and need more funds.
  • Standard disclaimer: I am not a SEBI registered analyst and above analysis is for educational purpose only. Iam a postgraduate in engineering & Management . Also Certified in some exams like NISM-Series-V-A: Mutual Fund Distributors Certification, NISM-Series-X-A: Investment Adviser (Level 1) Certification and NISM-Series-X-B: Investment Adviser (Level 2) Examination. This post is my view on the subject matter and is only academic and exploratory in nature. It is not meant to influence investment decisions of investors. I may have bias/vested interest in covered Stock/Mutual Funds/NCD etc. due to my own investment or leaning. Further my understanding of the areas on which I write may be imperfect or incomplete and data could be wrong due to limited time and resources at my disposal. Do check the data from company’s RHP and exchanges before making any decision. Please do your own due diligence as stock market/MF investments have high degree of inherent risk.

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