Paramotor IPO

Paramotor Digital Technology Limitedparamotordt.com

AnnouncedMainboardFinancial ServicesBSE · NSE

Price band: —
Issue size: ₹1,000 Cr
Lot size: —
Bidding: —
Grey market: —

Market data to 27 Oct 2026. Company figures are as filed, sourced 27 Oct 2026. Every figure’s origin is listed under Sources.

The question this issue poses

In one sentence

Revenue from operations went from ₹112.08 Cr in FY25 to ₹603.15 Cr in FY26, but almost all of the increase is a Rewards and Loyalty line launched in the second quarter of FY26 whose revenue is booked gross — the same year carries ₹393.98 Cr of cost of operation where FY25 and FY24 carried none — so profit after tax from continuing operations rose far more modestly, from ₹24.51 Cr to ₹59.14 Cr, and the issuer says in its own risk factors that this will keep being true. The question a ₹1,000 Cr offer puts to a reader is what a gross-basis top line built in nine months is worth beside a net-basis one that was the entire company a year earlier.

IPOVista score

How this issue scores, and why

Every pillar opens to show the raw metric, the curve it was mapped through, the sub-score and its weight. Disagree with the weighting if you like — the arithmetic is all here.

87Exceptional

IPOVista score

Broadly well-balanced

59% of the scoring model was backed by disclosed data for Paramotor, giving low confidence. Weights for anything missing were redistributed rather than scored as zero.

How this score is built

PillarScoreWeight

Below the line: market sentiment. Capped at 8 of 100 points so a hot grey market can tilt a score but never carry one.

The IPOVista Score is a transparent summary of disclosed fundamentals and issue terms. It is research, not investment advice, and it cannot predict listing performance.

The company

What the business actually does

Founded 2016 · Mumbai, Maharashtra · 33 employees

Paramotor is a Mumbai financial technology company built around three things a consumer never sees as one business: prepaid cards, gift cards and reward points. It acts as programme manager, business correspondent and distribution agent for prepaid payment instruments capped at ₹10,000 that banks and RBI-licensed issuers put their name to, and as a distribution agent for non-reloadable brand gift cards issued by merchants. On top of that sit three branded platforms. SpendPro is a direct-to-consumer spend-management app for holders of those prepaid cards. yayyy.shop is a direct-to-consumer digital gifting marketplace where a user can buy the company's own yayyy Reward Points Card and redeem it against a catalogue of gift cards and prepaid cards. RewardOn is a business-to-business-to-consumer platform that lets corporate customers design, issue and settle reward points through a configurable rules engine against that same catalogue. A fourth line, DevStack, sells custom enterprise software development. The Rewards and Loyalty business was launched in the second quarter of FY26 and DevStack as a dedicated line in the first quarter of FY26. In the June 2026 quarter the filing puts the reward points business at 69.80% of revenue from operations and the platform and service fee line at 5.86%. The company operates only in India, had 33 full-time employees and 14 trainees at 31 August 2026 and no contract labour, and has one subsidiary, Paramotor Giftbrandz Private Limited, incorporated on 8 July 2025.

Three revenue lines on two different accounting bases, which is the single most important thing to understand about the top line. Programme Fees — the prepaid-card programme management and distribution business — are recognised NET, and were effectively the whole company through FY25: ₹32.91 Cr of ₹33.08 Cr of FY24 revenue and ₹112.04 Cr of ₹112.08 Cr in FY25. Reward points and DevStack revenue is recognised GROSS. When the Rewards and Loyalty line launched in the second quarter of FY26 it brought ₹414.23 Cr of gross revenue and, with it, ₹393.98 Cr of cost of operation where FY25 and FY24 carried none at all. Revenue from operations therefore went from ₹112.08 Cr to ₹603.15 Cr while profit after tax from continuing operations went from ₹24.51 Cr to ₹59.14 Cr, and the issuer's own risk factors state that further growth in revenue will not be commensurate with growth in profit for exactly this reason. The business is asset-light and unlevered: no borrowings in any period in the filing, net worth of ₹117.39 Cr at 30 June 2026, and 33 full-time employees. Customers were two until recently — the top two supplied 99.51% of FY24 and 99.63% of FY25 revenue — and the FY26 launch is what broke that, taking the top two to 19.51% of FY26 revenue and the top five to 30.02%.

What makes it hard to copy

The filing's own framing is an ecosystem rather than a product: prepaid cards, gift cards and reward points sold through platforms the company owns end to end, so that a user who buys a yayyy Reward Points Card redeems it inside the same catalogue the corporate RewardOn customer funds. It discloses a user retention rate — transacting users in a year who had also transacted the year before — of 99.00% in FY26, 87.98% in FY25 and 98.48% in FY24, and it says it has no directly comparable listed peer in India.

Where the revenue comes from

Share of revenue by business line, latest full year

Rewards and Loyalty (reward points)68.7%
Programme Fees (PPI programme management and distribution)25.6%
Platform Fee / Service Fee (DevStack)5.8%

Hover or focus a segment for its share and what it covers.

Where it operates

Registered office1
Laxmi Plaza, Laxmi Industrial Estate, Andheri West, Mumbai (leave and license from promoter Sonia Pankaj Asher)
Corporate office1
Parinee I, Shah Industrial Estate, off Veera Desai Road, Andheri West, Mumbai
Additional offices2
Sushma Infinium, Zirakpur, Mohali, Punjab (leave and license from promoter Rahul Anand and Jyoti Anand) · Cosmo Plaza Mall, Zirakpur, Mohali, Punjab (12 shared seats)

Markets served

India

Who runs it

Sonia Pankaj AsherExecutive Chairperson and Whole-time Director · since 2016Promoter and promoter selling shareholder, and a director since the company's incorporation on 4 November 2016. Bachelor's degree in commerce from the University of Mumbai; over 24 years in banking and payments, previously with Global Payments Asia-Pacific India, HSBC and Standard Chartered Bank. Responsible for strategy and long-term growth.
Rahul AnandManaging Director · since 2016Promoter and promoter selling shareholder, and a director since incorporation on 4 November 2016. Over 17 years of experience in management consulting, e-commerce and digital payments; previously a director of Dreamland Innovative Solutions. Runs business operations.
Kunal SharmaNon-Executive Director · since 2025Director since 22 September 2025 and himself a shareholder, with 38,760 equity shares or 0.10% of pre-offer capital. Over 15 years in real-estate sales and strategy through his proprietorship Kunal Realty. One tax proceeding is outstanding against him.
Meeta Sanjay MukherjeeIndependent Director · since 2026Director since 21 January 2026. Over 26 years in branch administration, banking operations and client relationships, previously with HSBC and Standard Chartered Bank.
Prasanna Babanrao LoharIndependent Director · since 2026Director since 21 January 2026. Over 20 years across IT, banking and innovation; external expert at Union Bank of India's Innovation Centre, formerly head of innovation at DCB Bank and chief executive of Block Stack.
Suman Naresh SabnaniIndependent Director · since 2026Director since 14 February 2026. Over 30 years in operations and client relationships, previously with HSBC. Also an independent director of GMR Power and Urban Infra and several of its subsidiaries.
Jayesh Suryakant ModiChief Financial Officer · since 2025With the company since 1 December 2025. More than 35 years of experience; master's in financial management from the Jamnalal Bajaj Institute of Management Studies.
Nehal Ramniklal ShahCompany Secretary and Compliance Officer · since 2026With the company since 19 January 2026. Associate member of the Institute of Company Secretaries of India since 2013.

The company on paper

Legal name: Paramotor Digital Technology Limited
IncorporatedThe legal entity is often incorporated years before the brand you know, and may have traded under another name first: 4 Nov 2016
CINCorporate Identity Number — the unambiguous handle for looking this company up at the MCA: U74999MH2016PLC287408
Sector: Financial Services · Fintech — prepaid card programme management, digital gifting, rewards and loyalty
Employees: 33
Registered office: 433, 4th Floor, Laxmi Plaza, Laxmi Industrial Estate, New Link Road, Andheri West, Mumbai 400 053, Maharashtra, India
Statutory auditorWho signed the restated financial information: Chokshi & Chokshi LLP, Chartered Accountants
Promoters: Sonia Pankaj Asher, Rahul Anand
Promoter holding, pre-issue: 98.9%
Website: paramotordt.com

The numbers

Financial performance

Revenue has compounded at 327.0% a year across the 3 reported financial years.

Revenue and profit

Figures in ₹ crore, as reported in the prospectus. Interim quarters are not annualised.

Revenue
Profit after tax

Margin trend

Profit and operating margin as a percentage of revenue

Net margin
EBITDA margin

Net worth and borrowings

At each period end, in ₹ crore. Gearing below each period is borrowings over net worth, from these same figures.

Net worth
Total borrowings

Profit against cash generated

Profit after tax and net cash from operating activities, in ₹ crore. The figure under each period is cash generated per ₹100 of profit.

Profit after tax
Operating cash flow

Above 100% the business collects more cash than it books as profit. Persistently below it, growth is being funded out of working capital.

The price

Valuation

Ratios as disclosed in the prospectus, calculated at the upper end of the price band. P/E is always shown on post-issue earnings so issues stay comparable with each other.

P/E at the band, post-issue

Not priced yet

No price band has been fixed yet, so there is no multiple to quote

Median P/E of its named peers

81.8×

3 listed companies the prospectus names itself

What you pay

Earnings and sales behind one share, and the multiple the band asks for them.

EPS, pre-issue (FY26): ₹15.23
EPS, post-issueNot disclosed, so computed from FY26 profit after tax and the disclosed share count — this is the figure the multiple above is built on: ₹15.23
Price / sales: —
Net asset value per shareBook value behind one share — a floor, not a target: ₹24.12

What it earns on what it has

Returns and margins on FY26. These are the figures that say whether the multiple above is deserved.

Return on net worthAs disclosed in the prospectus, on its own formula — Indian issuers define RoNW on average net worth, not closing.: 63.1%
Return on capital employed: —
EBITDA margin: 13.0%
Net margin: 9.8%

What it owes

Gearing at the latest balance-sheet date.

Debt to equityComputed as total borrowings over net worth attributable to owners, from this record’s own balance sheet.: 0.00×

Valuation against listed peers

P/E against operating margin

The peer table does not carry both a P/E and an operating margin for enough companies to plot.

The terms

How the issue is structured

70% of the money raised is fresh capital that goes to the company; the rest goes to shareholders selling down.

Fresh issueNew shares — proceeds go to the company: ₹698 Cr
Offer for saleExisting shares — proceeds go to the selling shareholders: ₹302 Cr
Total issue size: ₹1,000 Cr
Shares offered in the OFS: —
Pre-issue shares outstanding: 3,88,20,384
Employee discount: —

Who the shares are reserved for

Share of the net offer set aside for each investor category

Select a category to see who bids in it and how allotment works there.

Percentages are of the net offer, which excludes any employee or shareholder reservation.

Use of proceeds

Stated objects of the fresh issue, largest first

General corporate purposes, capped at 25% of the gross proceeds of the Fresh Issue — amount not quantified in the prospectus

Hover or focus an object to see whether that spending grows the business or repairs the balance sheet.

100% of the quantified proceeds is earmarked for growth; the rest repairs the balance sheet or is unallocated.

Who owns it before the issue

7 holders of record. Percentages are of pre-issue paid-up equity, as stated in the offer document.

Pre-issue. The offer document leaves the post-issue column to be filled at the prospectus stage, so it is not shown here.

Demand

What the market is bidding

Subscription is hard exchange data. Grey-market premium is not — it is an unofficial quote, shown because readers want it and labelled because it deserves the label.

Subscription by category

Cumulative bid multiples

No dates have been set yet, so bidding has not opened.

Grey market premium

Unofficial over-the-counter sentiment

No grey-market quotes have been recorded for this issue.

Work it out

What this means for one application

Three calculations, each stating the assumption it rests on.

What one application costs

Shares are applied for in whole lots at the cut-off price. The full amount is blocked in your bank account under ASBA, not debited, until allotment.

The lot size and price band are not fixed yet, so there is nothing to calculate.

Odds of getting an allotment

When the retail category is oversubscribed, SEBI requires a lottery for the minimum lot. Every application has the same chance, whatever its size.

Retail subscription figures are not available yet, so there is nothing to estimate from.

What the grey market implies

Arithmetic on an unofficial quote. The grey market has no clearing house and no obligation to settle — this is sentiment made numeric, not a forecast.

No grey-market quote has been recorded for this issue.

Our read

The case for and against

Grounded only in figures disclosed in the prospectus. This is analysis, not a recommendation.

What works

Revenue from operations compounded hard: ₹33.08 Cr in FY24, ₹112.08 Cr in FY25, ₹603.15 Cr in FY26, with the June 2026 quarter alone at ₹252.77 Cr against ₹20.92 Cr in the same quarter a year before.
It has been profitable throughout. Profit after tax from continuing operations was ₹4.94 Cr in FY24, ₹24.51 Cr in FY25 and ₹59.14 Cr in FY26, with ₹23.81 Cr in the June 2026 quarter, and the disclosed return on net worth is 49.77%, 70.96% and 63.14% across the three years.
There is no debt. The restated balance sheet carries lease liabilities but no borrowings at any of the three year-ends or at 30 June 2026, and net worth stood at ₹117.39 Cr on that date against total assets of ₹153.91 Cr.
Customer concentration broke open in FY26. The top five customers were 99.51% of FY24 revenue and 99.96% of FY25, but 30.02% of FY26 and 30.11% in the June 2026 quarter; the top two fell from 99.63% to 19.51%.
Transacting users went from 18,248 in FY24 to 43,269 in FY25 to 1,575,830 in FY26, and the company discloses a user retention rate of 99.00% for FY26.
The model is asset-light. There are no manufacturing facilities, 33 full-time employees and 14 trainees at 31 August 2026, no contract labour, and four leased offices across Mumbai and Zirakpur.
The statutory auditors recorded no qualification, reservation, adverse remark or emphasis of matter on the financial statements for any period covered by the filing.

What to weigh against it

Margins moved the other way from revenue. The EBITDA margin disclosed for FY26 is 12.96%, against 31.48% for FY25 and 21.43% for FY24, and the June 2026 quarter is 12.90%. The PAT margin runs 14.93%, 21.87%, 9.80% and 9.42% across the same four periods.
Two of the three business lines are months old. DevStack became a dedicated line in the first quarter of FY26 and had five customers at 30 June 2026; Rewards and Loyalty launched in the second quarter of FY26 and had six corporate customers on RewardOn in the June 2026 quarter and five in FY26. Rewards and Loyalty was 69.80% of revenue in that quarter.
Operating cash flow turned negative. It was ₹6.78 Cr in FY24, ₹27.81 Cr in FY25 and ₹27.91 Cr in FY26, then minus ₹46.30 Cr in the June 2026 quarter, with other current assets rising from ₹17.87 Cr at 31 March 2026 to ₹112.81 Cr at 30 June 2026 and cash falling from ₹52.40 Cr to ₹3.25 Cr.
More than half of the net proceeds — ₹355.00 Cr of a ₹698.00 Cr fresh issue — is earmarked for customer acquisition, retention and brand promotion, spending the company's own risk factor describes as not creating tangible assets.
The prepaid-card business is dependent on third parties whose licence it operates under: the company is a programme manager, business correspondent and distribution agent for instruments capped at ₹10,000 that banks and RBI-licensed issuers actually issue.
Gift-card supply is narrow. At 30 June 2026 the company relied on three gift-card aggregators and three gift-card dealers for the catalogue its Rewards and Loyalty users redeem against.
Revenue per transacting user fell as the base grew — ₹18,125.82 in FY24, ₹25,901.92 in FY25, ₹3,827.49 in FY26 — because the new lines monetise very differently from the old one.
The offer is made under Regulation 6(2) of the SEBI ICDR Regulations because the company does not satisfy Regulation 6(1)(a). At least 75% of the net offer must go to qualified institutional buyers and not more than 10% is available to retail individual bidders; if the 75% is not allotted, the whole subscription is refunded.
Both promoters are selling. Sonia Pankaj Asher and Rahul Anand each offer up to ₹151.00 Cr, ₹302.00 Cr of the ₹1,000.00 Cr offer, against a certified weighted average cost of acquisition disclosed as negligible for her and ₹0.30 a share for him.
Two of the four offices are licensed from the promoter side: the registered office from Sonia Pankaj Asher at ₹0.105 million a month and the Zirakpur office from Rahul Anand and Jyoti Anand at ₹0.15 million a month.
The documents evidencing certain educational qualifications of Rahul Anand, promoter and Managing Director, are not traceable, and the filing therefore omits them.

Easy to miss in the prospectus

The three-year series changes basis mid-way. FY24 and FY25 are standalone; FY26 and the June 2026 quarter are consolidated, following the incorporation of the subsidiary Paramotor Giftbrandz Private Limited on 8 July 2025. Growth rates measured across that break are not strictly like-for-like.
Revenue recognition differs by line and it drives the headline. Reward points and DevStack revenue is recognised gross; Programme Fees is recognised net. FY26 therefore carries ₹393.98 Cr of cost of operation against nil in FY25 and FY24, and the filing's sixth risk factor states outright that future percentage increases in revenue will not be commensurate with increases in profit after tax.
The profit figures used in this record are profit after tax from continuing operations, which is the base the issuer's own EPS, RoNW and margin disclosures use. Including discontinued operations, profit after tax was ₹5.36 Cr in FY24, ₹24.61 Cr in FY25 and ₹59.12 Cr in FY26.
Earnings and net asset value per share are stated after a bonus issue of 3,523 equity shares for every one held, approved by shareholders on 7 November 2025 and the board on 11 November 2025. FY25 and FY24 per-share figures are restated for it, which is why FY24 EPS reads ₹1.27 on a share capital that was then ₹0.11 million.
The reservation split shown here is the filing's wording, not a fixed allotment: not less than 75% of the net offer to qualified institutional buyers, not more than 15% to non-institutional bidders and not more than 10% to retail individual bidders, under Regulation 32(2). The non-institutional portion is itself split one-third to applications above ₹0.20 million and up to ₹1.00 million and two-thirds above ₹1.00 million. An employee reservation sits outside the net offer and is a placeholder in the filing.
A pre-IPO placement of up to ₹139.60 Cr is permitted at the company's discretion before the red herring prospectus is filed with the Registrar of Companies. If it happens, that amount comes off the ₹698.00 Cr fresh issue, and it cannot exceed 20% of the fresh issue.
The industry sizing, growth rates and competitive positioning throughout the filing come from a Frost & Sullivan report the company exclusively commissioned and paid for.
The peer set is the issuer's own, and it states it has no directly comparable listed peer: Pine Labs, Zaggle Prepaid Ocean Services and Capillary Technologies India, with P/E ratios computed on NSE closing prices of 12 October 2026 running from 16.20 to 159.82 and an arithmetic average of 85.93. Their FY26 returns on net worth, 1.91%, 9.86% and 5.12%, are an order of magnitude below the issuer's 63.14%, which is partly the unlevered, asset-light balance sheet and partly the small net worth those returns are measured on.
Return on net worth is computed by the issuer on CLOSING net worth, as its own note states. The separate Return on Equity key performance indicator, computed on average total equity, is 92.26% for FY26 against the 63.14% return on net worth, and 22.56% for the June 2026 quarter.
Outstanding litigation is small but present: two tax proceedings against the company involving ₹0.28 Cr, of which ₹0.277 Cr is an income-tax order for FY2021-22 under appeal, and one tax proceeding involving ₹0.087 Cr against Kunal Sharma, a non-executive director. There are no criminal or regulatory proceedings against the company, its promoters or its directors.
The company had 33 full-time employees and 14 trainees at 31 August 2026 against FY26 revenue of ₹603.15 Cr. On a gross-basis top line that ratio is a function of the accounting as much as of productivity.
For the Regulation 6 eligibility test the filing computes net tangible assets of ₹79.30 Cr, operating profit of ₹77.11 Cr and net worth of ₹93.65 Cr for FY26, against ₹9.85 Cr, ₹6.87 Cr and ₹9.92 Cr for FY24.
The shareholding table here carries the seven holders the filing gives a percentage for. Three more — Kushan Sharma with 2 shares and Pritha Kakkar and Joginder Lal Gulati with 1 each — are shown as negligible against a pre-offer capital of 3,88,20,384 equity shares. Promoters hold 98.94% and the promoter group a further 0.90%.

Straight from the filing

Read it yourself

Every figure on this page comes out of these. Go and check them.

Served by the issuer, the exchange or the regulator — never a copy hosted here, so what you open is the filing itself.

The paperwork

Who is running the issue

Lead managers: Motilal Oswal Investment Advisors Limited, Equirus Capital Limited
RegistrarAllotment status is checked on the registrar's own site: MUFG Intime India Private Limited

How these figures were checked

Reconciled to Paramotor's own prospectus and to exchange disclosures, then cross-checked against 1 other independently published compilation of the same filing. Where a stated ratio disagreed with the line items it should come from, the disagreement was settled against the prospectus itself.

The prospectus is the authoritative document. Check anything that matters against it before you act.

At a glance

Board: Mainboard
Opens: —
Closes: —
Allotment: —
Lists: —
Revenue (FY26): ₹603 Cr
Profit (FY26): ₹59.14 Cr

Timeline

Tap a step for what it means. Dates are as disclosed in the prospectus and can move.

On this page

IPOVista publishes research and data compiled from public filings and exchange disclosures. Nothing here is investment advice, a recommendation, or an offer to buy or sell any security. Figures can contain errors and sources can be stale — verify against the prospectus before you act, and speak to a SEBI-registered adviser. Investing in securities carries risk, including loss of capital.