Novus Loyalty IPO

Novus Loyalty builds and runs loyalty and rewards programmes for other companies' customers. Its clients are enterprises in fintech, finance, e-commerce, banking, FMCG and real estate, in India and overseas, that hire Novus rather than build retention programmes in-house. The platform supports point-based rewards, event-triggered campaigns, cashback, purchase-linked promotions and digital vouchers, sold either as ready-to-use programme models or customised builds. Novus also handles the reward end itself, buying digital vouchers and providing redemption services, so it supplies both the software and the rewards customers redeem. The company was incorporated in 2011 as Clavax Technologies Private Limited, a software services firm, and has since shifted towards onboarding clients on its own proprietary platform instead of taking third-party implementation projects. It had 50 employees as of 31 January 2026.

Revenue is what clients pay to run programmes plus the rewards Novus supplies, and most of it is pass-through. For the six months to 30 September 2025, revenue from operations was Rs 71.41 Cr against Rs 30.69 Cr of digital-voucher purchases and Rs 20.50 Cr of redemption-service cost, while employee benefit expense was only Rs 2.07 Cr. That mix keeps margins thin: EBITDA margin was 10.91% in H1 FY26, 5.44% in FY25 and 6.57% in FY24. The structural constraint is customer concentration — the top five clients were 74.85% of revenue in H1 FY26 and the top ten were 91.49% in FY25, with FinTech at 41.57% and Finance at 50.50% of H1 FY26 revenue.