Seshaasai Technologies Ltd Company Summary

Seshaasai Technologies Ltd Summary

Seshaasai Technologies Limited was originally incorporated as Seshasai Business Forms Private Limited as a Private Limited Company, dated September 17, 1993 issued by the Registrar of Companies, Mumbai. Pursuant to the Scheme of Arrangement dated February 8, 2024, Company was converted from a Private Limited Company to a Public Limited Company and the name was changed to Seshaasai Business Forms Limited dated October 14, 2024. The name of the Company was further changed to Seshaasai Technologies Limited and a fresh Certificate of Incorporation consequent upon Change of Name dated November 25, 2024 was issued by the RoC.Seshaasai Technologies is a technology driven multi-location solutions provider offering payments solutions and communications and fulfilment solutions catering primarily to the banking, financial services and insurance (BFSI) industry, with data security, and compliance at the core of solutions. It offer Internet of Things (IoT) solutions to diverse set of customers across industries. The business verticals comprise Payment Solutions, Communication and Fulfilment Solutions and IoT solutions. The Company offer a range of payment enabling instruments on Indian and well recognized global payment schemes such as, debit cards, credit cards, pre-paid cards, mass transit cards and cheques. It also develop merchant QR codes that enable digital payment transition onto the Unified Payment Interface (UPI) at the point of sale. The Company offer secured omni-channel communication solutions that are technology centric, delivery format agnostic such as print, interactive portable document format (PDF) sent via email and text messages. Various solutions include insurance policy documents, financial and portfolio statements, direct mailers, notices, customised communication documents, utility bills, loyalty communication, customised gifting collaterals and marketing campaigns that can be sent as scheduled, triggered or automated reminders with an audit trail to meet the regulatory requirements. The Communication and Fulfilment Solutions service the network of branches and offices of BFSI customers through their units situated at strategic location. IoT Solutions manufacture and supply radio frequency identification (RFID) with services including the customization of firmware and hardware, the design and manufacture of RFID automation hardware, and the deployment of an IoT middleware platform that integrates seamlessly with customer systems.A Scheme of Arrangement was implemented between the Company, Seshaasai E-Forms Private Limited, Qupod Technovations Private Limited and their respective shareholders and creditors before the National Company Law Tribunal, Mumbai in 2024. Under this Scheme of Arrangement, the BPO business undertaking (including data entry, data processing, data verification, payout processing etc.) of Seshaasai E-Forms Private Limited, as an ongoing concern were merged into Qupod Technovations Private Limited and subsequently Seshaasai E-Forms Private Limited amalgamated its core business i.e. secure communications, smart payments including manufacturing of contactless payment cards with the Company. The objective of the Scheme of Arrangement was broadly for segregating and unbundling the BPO business of Seshaasai E-Forms Private Limited into a new company, Qupod Technovations Private Limited and amalgamate its core business with the Company and the Scheme became effective from March 13, 2024 filed with the RoC. As consideration for the aforementioned transfer and vesting of the BPO business undertaking of Seshaasai E-Forms Private Limited into Qupod Technovations Private Limited, 11 fully paid up equity shares of Rs 100 each of Qupod Technovations Private Limited were allotted for every 100 equity shares of Rs 100 each held by the equity shareholders in Seshaasai E-Forms Private Limited. Pursuant to demerger of the BPO business undertaking of Seshaasai E-Forms Private Limited into Qupod Technovations Private Limited, Seshaasai E-Forms Private Limited alongwith its core business amalgamated with the Company as a going concern. As consideration for the aforementioned merger, 147 fully paid up equity shares of Rs 100 each of the Company were allotted for every 1 equity share of Rs 100 each held by the equity shareholders in Seshaasai E-Forms Private Limited. The Company is planning to raise funds from public through IPO by issuing 7,874,015 Equity Shares of face value of Rs 10 each through offer for sale aggregating to Rs 600 Crore through fresh issue.