Seshaasai: From humble beginnings to an IPO

Mumbai-based transactional print specialist Seshaasai Technologies, a name long associated with the BFSI sector’s shift to digital infrastructure, is preparing to list on the Indian bourses. The Securities and Exchange Board of India has cleared the company’s INR 1,000-crore initial public offering, marking a significant milestone in its three-decade journey from print to platform.

A decade ago, during an MMS industry meet, founder-director Pragnyat Lalwani recalled Seshaasai’s modest launch in 1993 — a small operation delivering transactional print services. Today, the company has grown into a technology provider with 12 locations across India, serving over 150 financial institutions with secure data, compliance, and customer communication platforms.

The IPO comprises a fresh issue of INR 600-crore and an offer for sale of up to 7,874,015 equity shares.

Seshaasai closed FY24 with revenue from operations of INR 1,558.26-crore, up 35.9% from INR 1,146.30-crore in FY23. Gross profit rose to INR 570.35-crore, marking a 42.2% jump. The company’s current valuation stands at USD 5.49-million.

Industry observers note the firm’s growth aligns with the increasing digitalisation of India’s BFSI sector, where regulatory changes and consumer demand are driving adoption of AI-powered compliance and customer engagement tools. Seshaasai’s offering extends beyond printing into IoT, smart document workflows, and enterprise digital infrastructure — capabilities that resonate with banks and insurers under pressure to streamline legacy systems.

Further underscoring its market relevance, The Economic Times named Seshaasai one of the Best Tech Brands in the BFSI sector for the fourth consecutive year in 2024. The recognition supports its positioning as a Make in India technology exporter as it sets its sights on expansion into Southeast Asia.

While the official IPO launch date is awaited, institutional interest has been reported as strong. The next phase will test Seshaasai’s ability to deliver shareholder value while balancing innovation with scale in a highly competitive and regulated space.