01 — Formation & Services
Origin Story & What They Actually Do
Jun 2016
Incorporated as
Vensysco Infra Private Limited by Vikash Kumar Dubey & Ashish Kumar Dubey. Registered at ROC Kanpur.
Nov 2019
First capital raise: ₹0.99 Cr at ₹10/share. 9.9L shares allotted. Revenue had crossed ₹29 Cr.
Dec 2022
Second allotment: ₹2.5 Cr at ₹10/share (25L shares). Revenue at ₹101 Cr — company scales 3x in one year.
Aug 2024
Name changed to
Vensysco Technologies Limited and converted to Public Limited company.
Feb 2025
Rights issue: 25L shares at
₹36/share (₹10 face + ₹26 premium). Raised ₹9 Cr — first time premium pricing signals growing confidence.
MCA filings classify principal business as Education (97%) and Accommodation (3%) — this reflects their core exam infrastructure operations and a hotel property (Orchard One, Prayagraj) respectively.
Core Business (~97%)
Secure Exam Infrastructure
End-to-end exam delivery for UPSSSC, KPSC, NTA — biometric, CCTV, network, CBT, OMR, command & control
Growth Verticals
AI Surveillance + Cloud + DataCenter
Kumbh/Magh Mela surveillance, GPU infra for IndiaAI Mission, Prasar Bharati OTT, enterprise cloud reselling
02 — Actual Business Model
The "AI Company" Reality Check
A lot of companies wear the AI badge loosely. Here is an honest, layer-by-layer breakdown of what Vensysco actually does:
Layer 1 — Hardware Integrator
Procures GPU servers (likely Nvidia H100/A100 class) and deploys them in data centers under the MEITY IndiaAI Mission empanelment. The margin here is volume-based reselling, not proprietary tech.
Layer 2 — Model Integrator, Not a Model Builder
Their "AI CCTV" uses established open-source computer vision frameworks — YOLO, OpenCV, DeepFace. No proprietary AI model has been built. The value is deployment, tuning, and 24×7 operations — not model research.
Layer 3 — Government Systems Integrator (The Real Moat)
This is where the actual defensibility sits. Canara Bank extended a ₹28 Cr CC limit; ICICI Bank a ₹40 Cr facility — both indicating the banking system trusts their government receivables. Deep relationships in the govt. tender ecosystem are hard to replicate quickly.
Layer 4 — Cloud Reseller
Authorised reseller/partner for AWS, Azure, Salesforce, Snowflake. Provides cloud migration and managed services. Margin-thin but recurring.
Government partnerships confirmed: MEITY, UPSSSC, KPSC, NTA, Prasar Bharati (Waves platform), Kumbh Mela 2025, Magh Mela. Enterprise clients include Merit Track, NSE, TCS, NTPC, ITC, Air India.
Note: FY25 related party expenses total ₹75+ Cr paid to associate companies Ninegrapes (₹42.8 Cr), Starksten (₹18 Cr), and Cyberica (₹14.4 Cr) — all promoter-linked entities. This intra-group routing supports working capital cycles but is a governance point for any outside investor.
Business at a glance
What Vensysco Actually Builds & Sells
Core · ~55% revenue
Secure Exam Infrastructure
End-to-end delivery for UPSSSC, KPSC, NTA. Biometric enrollment, CCTV networks, CBT/OMR centers, real-time command & control. Sticky, recurring government contracts.
Revenue Engine
AI & Surveillance · ~25% revenue
AI-Assisted CCTV + GPU DataCenter
Mass-event surveillance (Kumbh & Magh Mela). GPU infra deployment under MEITY IndiaAI Mission. Uses YOLO, OpenCV, DeepFace — integrator, not builder.
Growth Vertical
Cloud Reselling · ~15% revenue
AWS · Azure · Salesforce · Snowflake
Authorised partner / reseller. Cloud migration and managed services. Enterprise clients: NSE, TCS, NTPC, ITC, Air India. Thin margins but recurring.
Recurring · Thin Margin
Accommodation · ~3–5% revenue
Orchard One Hotel, Prayagraj
Physical hotel asset, likely used partly for exam-related accommodation and operational base near Allahabad / Prayagraj. Non-core to the tech thesis.
Ancillary Asset
Revenue mix (est.)
Exam Infra
AI/GPU
Cloud
Hotel
03 — Shareholding & Funding
Who Owns It & Where the Money Came From
Promoter 1
Vikash Kumar Dubey
50%
29,99,975 shares · Managing Director · Founder
Promoter 2
Aditi Tiwari
50%
29,99,975 shares · Whole-time Director
Public / Others
50 shares held by 5 other shareholders
~0%
7 total shareholders on record
Until FY22, Ashish Kumar Dubey held ~20%. He exited by FY23. The current structure is a tight 50-50 family arrangement with zero institutional, PE, or venture capital presence. Growth has been entirely bootstrapped + bank debt.
Equity Allotment History
Nov 2019
9,90,000 shares at ₹10 — No Premium
Seed-stage capital. Face value only.
₹0.99 Cr
Dec 2022
25,00,000 shares at ₹10 — No Premium
Capital expansion. Revenue had crossed ₹101 Cr by FY23.
₹2.50 Cr
Feb 2025
25,00,000 shares at ₹36 (₹10 face + ₹26 premium)
Rights issue. First time premium — implies company self-valued at ₹216 Cr at issue date.
₹9.00 Cr
Total equity raised (all rounds combined): ₹12.49 Cr. Zero external investor money. Every rupee of growth beyond this came from operations and bank credit lines.
04 — Financials
The Numbers That Matter
Revenue FY25
₹201 Cr
↑ 82.5% YoY
Net Profit FY25
₹16.1 Cr
↑ 153% vs FY24
EBITDA Margin
13.7%
↑ from 10% in FY24
Net Margin
8%
Best ever in company history
Return on Equity
38.2%
Peer median: 18.4%
Total Debt
₹33 Cr
D/E ratio: 0.8x
Revenue Growth Trajectory
| Parameter (₹ Cr) |
FY22 |
FY23 |
FY24 |
FY25 |
| Net Revenue | 42.5 | 101.4 | 110.0 | 200.8 |
| EBITDA | 2.1 | 6.5 | 11.0 | 27.5 |
| Net Profit | 0.47 | 3.39 | 6.37 | 16.08 |
| Total Equity | 4.72 | 10.61 | 16.97 | 42.06 |
| Long-term Borrowings | 11.93 | 8.08 | 4.94 | 13.64 |
| Short-term Borrowings | 0 | 2.62 | 18.15 | 19.78 |
| Trade Receivables | 39.5 | 82.2 | 66.7 | 96.7 |
| Debtor Days | 339 | 296 | 221 | 176 |
| Revenue Growth % | 119% | 138% | 8.5% | 82.5% |
| EBITDA Margin % | 4.9% | 6.4% | 10.0% | 13.7% |
| Net Margin % | 1.1% | 3.3% | 5.8% | 8.0% |
Material cost was ₹158 Cr in FY25 — 79% of revenue — confirming the heavy pass-through nature of the business. Gross margins are thin; profitability comes from scale and operating leverage.
Cash Flow Alert — FY25
Operating Cash Flow: −₹54.76 Cr (Deeply Negative)
Revenue looks stellar at ₹201 Cr but operations are burning cash. Two culprits: ₹38.7 Cr inventory build-up (nil in FY24) and ₹96.7 Cr trade receivables (176 debtor days). Government clients are notoriously slow payers.
Financing Activities Bridged the Gap: +₹17.7 Cr
The rights issue (₹9 Cr) and fresh bank borrowings kept the company afloat. Closing cash: ₹10.9 Cr vs ₹26.3 Cr in FY24 — a significant drawdown.
05 — Key Risks & Red Flags
What the Numbers Don't Say Upfront
Active NCLT Insolvency Case — Apr 2026
Sai Educare Pvt. Ltd. has filed a petition against Vensysco at the National Company Law Tribunal (Case 108/JPR/2026, last heard Apr 6, 2026). Vensysco has also counter-filed (Case 87/JPR/2025). This is a B2B payment dispute — resolution pending. Not existential, but watch closely.
CARE Rating 'D' on ₹75 Cr Bank Facilities (July 2024)
'D' rating implies actual or near-certain default. The company did not accept this rating (listed under "Unaccepted Ratings"). Facilities were subsequently restructured — ICICI Bank (₹40 Cr, Oct 2024), Tata Capital (₹10 Cr, Dec 2025).
Related Party Transactions: ₹75+ Cr (37% of Revenue) in FY25
Ninegrapes Integrated Services (₹42.8 Cr) + Starksten Consultants (₹18 Cr) + Cyberica Net Technologies (₹14.4 Cr). All classified as associates and linked to the promoter group. Any outside minority investor must scrutinize the terms of these transactions carefully.
EPFO Payments Consistently Late
Provident fund contributions for 100+ employees paid after due date across multiple months in FY24–25. Indicates ongoing cash flow tightness at the operational level.
Multiple GST Late Filings
"Filed After Due Date" instances across several GSTINs — most notably the primary Noida GSTIN. Operational compliance gaps suggest management bandwidth is stretched thin with rapid growth.
Clean Auditor Reports — Three Consecutive Years
FY23, FY24, and FY25 audits by Siddiqui & Co. (Prayagraj) carried zero qualifications, reservations, or adverse remarks. A positive signal at the statutory level.
Analyst Verdict
Vensysco is a real business with real revenues — not an AI hype play. But the "AI company" branding is clearly aspirational rather than earned. The core engine is government exam infrastructure, which is sticky, recurring, and hard to replicate quickly.
The genuine moat is operational depth in government contracts — physically setting up exam centers, deploying CCTV networks, running biometric verification at scale, managing real-time command & control for mass examinations. That is not easy to copy overnight.
The single biggest concern is negative operating cash flow of −₹54.76 Cr on ₹201 Cr revenue. A company growing this fast while burning operational cash will need fresh capital within 12–18 months — either another rights issue or expanded bank lines.
Real Revenue ✓
Improving Margins ✓
Govt. Relationships ✓
Negative OCF ✗
Related Party Risk ✗
No Exit Visibility (Unlisted)