AccelerateBS India Limited IPO

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AccelerateBS India Private Limited is a globally recognized Digital Technology Services provider, serving an impressive array of both B2B and B2C companies with diverse, boutique technology services.

They offer a comprehensive suite of services that includes Digital Technology Services, DXP (Digital Experience Platforms) Consulting, Implementation Services, custom software development, and consulting services, along with managing various digital projects.

The company is highly proficient in creating robust, scalable software systems tailored to meet the specific needs of their clients across industries.

Notably, they have developed significant expertise across industry-leading DXP platforms such as Crownpeak, Optimizely, Contentful, and Strapi.

The company showcases end-to-end capabilities across these platforms, encompassing Front-end, Middleware, Backend, DXP layers and crafting custom integrations with products like Salesforce, Marketo, Brightcove, Adobe Omniture, and SAP Commerce.

Additionally, AccelerateBS boasts full stack Microsoft and Node-based capabilities and engages in building state-of-the-art decoupled builds utilizing API-first and microservices-based architectures.

The firm has substantial experience working with regulated industries, including Insurance, Financial Services, Pharma, and Healthcare, illustrating its ability to navigate complex regulatory landscapes.

The company exhibits mastery in front-end builds using popular frameworks like React, Angular, and Blazor.

AccelerateBS also undertakes the development of Cognitive/AI-based applications such as custom Chatbots, Voice bots, and offers WCAG Testing and Remediation as a service, demonstrating its forward-thinking approach.

Initially established as a partnership firm “M/s. Accelerate Business Solutions” in May 2011, the company transitioned to a private limited entity in September 2022, showing a positive evolution in its business structure.

Led by the experienced hands of Mr. Keyur Dipakkumar Shah and Mr. Kunal Arvind Shah, AccelerateBS leverages their 15+ years of experience in software development and Digital Technology related services.

The firm holds significant partnerships and is a listed solution/service partner with industry titans like Crownpeak Technology, Inc., Denver, USA, Contentful, Germany, and Optimizely, London.

As of January 2023, the company stands tall among the nine solution partners of Optimizely and the four partners of Crownpeak in India, evidencing its competitive position in the market.

With an impressive legacy as one of the oldest and experienced Crownpeak practices in India, the company is also a proud member of the Magnet Network.

The ISO/IEC 27001:2022 and ISO 9001:2015 certifications of AccelerateBS India Private Limited validate its commitment to maintaining high standards in its Digital Technology Services, custom software development, and consulting services.

Objects of the AccelerateBS India Limited IPO:

The Company proposes to utilize the Net Proceeds from the Fresh Offer towards funding the following objects: i. Long-Term Working Capital Requirements; ii. General corporate purposes.

AccelerateBS India Limited IPO Details:

Open Date: Jul 06 2023
Close Date: Jul 11 2023
Total Shares: 632,000
Face Value: ₹ 10 Per Equity Share
Issue Type: Fixed Price Issue IPO
Issue Size: 5.69 Cr.
Lot Size: 1600 Shares
Issue Price: ₹ 90 Per Equity Share
Listing At: BSE SME
Listing Date: Jul 19 2023

Promoters And Management:

i. Mr. Kunal Arvind Shah, aged 38 years, is the Promoter, Chairman and Managing Director of the Company. He was partner in the erstwhile partnership firm. He holds Masters’ degree in Computer Science from New Jersey Institute of Technology, New Jersey, USA and a Bachelors’ Degree in Engineering from University of Mumbai. He has an experience of around 15 years in the Digital Technology Services Industry with track record of building strong Technology, Operations and Delivery capabilities. ii. Mr. Keyur Dipakkumar Shah, aged 38 years, is the Promoter and Wholetime Director of the Company. He was partner in the erstwhile partnership firm. He has completed Masters’ degree in Computer Science from New Jersey Institute of Technology, New Jersey, USA in 2008 and completed Bachelors’ Degree in Engineering from University of Mumbai in 2006. He has an experience of around 15 years in technology, quality and digital marketing having worked with companies like Motorola and Atlas Medical on various roles in his previous stint. iii. Ms. Ishani Kunal Shah, aged 38 years is the Executive Director of the Company. She holds a Masters’ Degree in Computer Application from Indira Gandhi National Open University, Bachelors’ Degree in Computer Application from The Maharaja Sayajirao University of Baroda and is a Sun certified Programmer in the Java 2 Platform 1.4. She is a software professional with an understanding of the software development lifecycle including understanding of the agile practices with a focus on delivering best in class software systems aligned to the customer needs

Financials of AccelerateBS India Limited IPO:

A. Balance Sheet
Particular (In Lakhs) Mar-20 Mar-21 Mar-22 10MFY23
Equity Share Capital 53.05 102.46 111.03 322.53
Reserves 0 0 0 9
Borrowings 0 24 45 89
Trade Payables 22 16 29 35
Other Liabilities 51 39 15 44
Total Liabilities 72 79 90 169
Net Block 43 40 34 112
Investments 0.01 0.01 0.01 0.01
Total NC Assets 43 40 34 112
Receivables 35 0 17 95
Cash & Bank 14 66 56 165
Other Assets 33 75 93 130
Face value 10 10 10 10
B. Profit & Loss Statement
Particular (In Lakhs) Mar-20 Mar-21 Mar-22 Mar-23
Sales 485 450 352 407
Employee Cost 279 271 227 238
Other Expenses 105 112 81 66
Other Income 9 2 3 11
EBITDA 110 70 48 113
EBITDA Margin 22.63% 15.47% 13.51% 27.85%
Depreciation 6 7 7 9
Interest 5 0 3 5
Profit before tax 99 62 38 99
Tax 30 19 12 28
Net profit 68 43 26 71
NPM (%) 13.85% 9.41% 7.28% 17.02%
C. Cash Flow Statement
Particular (In Lakhs) Mar-20 Mar-21 Mar-22 10MFY23
Cash From Operating Activity
Profit From Operation 109 69 47 94
Receivable -35 35 -17 -39
Payable 18 -6 13 -11
Loans And Advances 0 0 0 0
Other WC Items -4 7 -28 -24
Working Capital Changes -20 35 -32 -75
Direct Taxes 0 30 19 27
Net Cash Inflow from Operating Activity 89 75 -4 36
Cash from Investing Activity
Fixed assets purchased -3 -4 -2 -27
Investments purchased 0 -50 -6 0
Investment sold 0 0 0 56
Net cash inflow from investing activities -3 -54 -8 29
Cash from Financing Activity
Proceeds from shares -14 7 -17 35
Proceeds from borrowings 0 24 21 10
Repayment of borrowings -71 0 0 -22
Intrest paid fin -5 0 -2 -4
Net Cash Flow -4 52 -10 84

Comparison With Peers:

Name of the Company Revenue (In Crore) PAT (In Crore) EPS ( in Rs) P/E CMP Mcap (In Crore)
AccelerateBS India Limited 4.0 0.7 3.30 27.21 90 19.3
Happiest Minds Technologies Limited 1333 216 14.73 66.9 986 14475
Persistent Systems Limited 8,351 921 120.52 39.8 4,839 36,985
Kellton Tech Solutions Limited 917 -127 -13.14 15.6 72 695
Saksoft Limited 666 82 7.76 41.7 324 3,420
CG-Vak Software & Exports Limited 77 12 23.58 15.4 364 184
* All the Data is as per FY23.

Lead Manager of AccelerateBS India Limited IPO:


Registrar of AccelerateBS India Limited IPO:

  1. Bigshare Services Private Limited

Company Address:

AccelerateBS India Limited Office 604, Quantum Tower, Off S.V. Road, Ram Baug, Malad West, Mumbai – 400 064 Phone: +91 96536 51592 Email: Website:

Discussion on AccelerateBS India Limited IPO:


    There is no growth in the business in the last 4 years. So, clear avoid.

    The downward trend in revenue and the Offering for Sale (OFS) in the Small and Medium Enterprises (SME) sector often signal negative developments. Coupled with the promoter’s decision to sell the business at a market cap of 18 crores, this may suggest a lack of confidence in future growth prospects. Additionally, the asking Price-to-Earnings (P/E) ratio exceeds 30, which is quite high. Despite being in operation for a decade, the company’s revenue has not reached a notably high level. These factors combined may raise some concerns

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