Mobilise App Lab IPO

Inception and Corporate History

Mobilise began its journey in 2013 as a Limited Liability Partnership (LLP) under the name Mobilise App Lab LLP. The original focus was on education ERP solutions, addressing operational inefficiencies in schools and colleges.

Key evolution milestones:

Locations and Infrastructure

The company operates an asset-light SaaS model, relying on cloud infrastructure and proprietary software platforms rather than physical manufacturing facilities.

Products and Services Offered

Mobilise provides modular, subscription-based ERP and enterprise software solutions, primarily to B2B clients.

Product Portfolio

Indian IT & SaaS Industry Overview

Mobilise operates within the Indian IT-BPM and SaaS ecosystem, which is one of the fastest-growing technology markets globally.

According to the Dun & Bradstreet (D&B) Industry Report commissioned for the IPO:

Key Industry Growth Drivers

• Enterprise digital transformation

• Cloud-based SaaS adoption

• Government-led digitisation

• Increasing ERP adoption by SMEs

• Demand for automation & analytics

Regulatory Landscape

The IT & SaaS industry is governed by:

• Companies Act, 2013

• SEBI Regulations (for listed entities)

• IT Act, 2000

• Data protection and cybersecurity norms

• GST on SaaS subscriptions

Industry Outlook

• Shift from on-premise to cloud ERP

• Higher SaaS penetration in education & healthcare

• Growing demand for integrated platforms

• Increased focus on data security & compliance

Core Business Model

Mobilise follows a B2B SaaS subscription-based revenue model, offering customisable ERP platforms to institutions and enterprises.

Value Chain Positioning

Target Customers

As of the RHP date, EDUPro alone serves institutions with over 34,000 students.

Applicable Regulations

Compliance Status

• Regular statutory filings

• Peer-reviewed financial statements

• Internal audit and compliance framework in place

Key Business Risks

Operational & Financial Risks

• Skilled manpower dependency

• Cloud infrastructure costs

• Working capital pressure

• Regulatory changes in data protection

Promoter Details

Promoter Contribution

• Over a decade in enterprise software

• Direct involvement in product evolution

• Long-standing client relationships

• Strategic decision-making authority

Mobilise App Lab Limited operates with a simple and focused group structure, which is typical for SaaS and SME IT companies. This structure helps maintain operational clarity, cost efficiency, and governance transparency.

Group Structure Overview

Key Insight:
Mobilise does not operate through multiple subsidiaries or SPVs. All product development, sales, implementation, and support activities are carried out directly by the listed entity, reducing complexity and related-party risk.

Board of Directors

Mobilise’s Board comprises promoter directors and independent directors, as mandated under the Companies Act and SEBI SME Listing norms.

Key Managerial Personnel (KMP)

Management Strengths

• Promoters have hands-on involvement in product design and delivery

• Lean management structure supports faster decision-making

• Experienced finance and compliance professionals ensure regulatory discipline

Mobilise follows governance practices applicable to SME-listed IT companies and has implemented the required statutory committees.

Board Committees

Governance Highlights

• Independent directors on key committees

• Defined internal financial controls

• Periodic internal and statutory audits

Litigation Status

As per the RHP, there are no material litigations or regulatory proceedings involving:

• The company

• The promoters

• The directors

Investor Note:
Absence of material litigation is a positive governance indicator, especially for an SME IT issuer.

Mobilise holds all necessary approvals and registrations required to operate its SaaS business lawfully.

Key Licences and Approvals

Restated Financial Performance (₹ in Lakhs)

Financial Performance Analysis

• Revenue CAGR driven by SaaS subscriptions and institutional onboarding

• Strong operating leverage as fixed development costs scale

• Increasing net worth due to retained profits

Mobilise operates with low financial leverage, reflecting its asset-light SaaS business model.

Borrowing Profile (₹ in Lakhs)

Observations

• No heavy dependence on bank debt

• Borrowings mainly for working capital

• Low interest burden supports profitability

Cash Flow Summary (₹ in Lakhs)

Interpretation

• Core business generates operating cash

• Investing cash flows relate to product enhancement

• Minimal reliance on external financing

Key Financial Ratios

Management Perspective

Management believes the company is well-positioned to benefit from:

• Increasing SaaS adoption

• ERP digitisation in education and SMEs

• Demand for cloud-based integrated platforms

Strategic Focus Areas

Objects of the Issue

Strategic Rationale

• Strengthen product platforms

• Scale customer acquisition

• Build long-term recurring revenue base

• Improve brand visibility post listing

IPO Pricing Methodology

The IPO of Mobilise App Lab Limited is being conducted through a 100% book-building process in accordance with SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018. The final issue price will be determined based on investor demand within the specified price band.

Key Valuation Factors Considered

Indicative Peer Valuation Context

Investor Insight:
Mobilise’s valuation reflects its high-margin SaaS model, strong promoter involvement, and scalability, rather than physical asset ownership.

Equity Share Capital Details

Capital Structure Overview

Note:
Since the issue is a pure Fresh Issue, the entire IPO proceeds will be received by the company.

Expected Post-Listing Shareholding

Key Takeaways

• Promoters retain management control

• Adequate public float for SME liquidity

• No institutional investors at IPO stage

Mobilise App Lab Limited has adopted a conservative dividend policy, aligned with its growth-oriented SaaS business model.

Dividend Policy Framework

Investor View

• Not a dividend-yield stock in the near term

• Retained earnings likely to fund growth

• Suitable for long-term capital appreciation

Tax Implications for Resident Individuals

Other Categories

• NRIs & FPIs: Subject to DTAA benefits

• TDS applicable on dividends

Mobilise engages in limited related party transactions, primarily involving promoter remuneration and routine business dealings.

Nature of Related Party Transactions

Governance Controls

• Transactions conducted at arm’s length

• Approved by Audit Committee

• Fully disclosed in financial statements

IPO-Related Agreements

Business-Critical Contracts

IPO Structure Summary

Investor Reservation

Shareholder Rights

Minority Shareholder Protection

• Independent directors

• SEBI disclosure requirements

• Statutory audits

Mandatory Disclosures Summary

Mobilise App Lab Limited is a high-margin, asset-light SaaS company with:

• Strong recurring revenue model

• Rapid revenue and profit growth

• Low debt and high ROE

• Promoter-led execution

• Clear IPO use for product scaling

This IPO is most suitable for growth-oriented SME investors seeking exposure to India’s SaaS and enterprise digitalisation theme.