How Study At Home and LeminAi Are Powering a BSE SME Listing Story
How Study At Home and LeminAi Are Powering a BSE SME Listing Story
Keywords: Meta Tech Ventures Limited IPO · Meta Tech Ventures DRHP · Meta Tech Ventures Prospectus · Study At Home IPO · LeminAi IPO · BSE SME Listing
Every few years, a company quietly builds two businesses under one roof and then steps into the public markets with a story worth reading twice. Meta Tech Ventures Limited — the company behind the well-known edtech brand Study At Home and the fast-scaling communication-technology platform LeminAi — is now preparing exactly that step: a proposed Initial Public Offer (IPO) and listing on the BSE SME platform.
Meta Tech Ventures Limited is a next-generation technology company operating across the EdTech and SaaS-Tech sectors. It is a recognised Meta Tech Partner (Meta being the parent company of Facebook, Instagram and WhatsApp) and a Google RBM Partner, and it is actively expanding its presence in the AI technology domain. The company owns the Study At Home brand in EdTech and the LeminAi brand in SaaS-Tech. It derives a significant portion of its revenue from India, and also serves customers in Brazil, Indonesia, Cambodia, the UAE and the U.S. — a global footprint reflected in the export earnings disclosed in its restated financials.
If you have been tracking upcoming SME IPOs, this is one Draft Red Herring Prospectus (DRHP) worth putting on your reading list. Here is a plain-English walk through who the company is, what the restated financials show, and what the proposed IPO looks like.
From a Varanasi classroom-on-a-screen to a two-engine tech company
Meta Tech Ventures Limited began life in December 2018 as Study At Home Private Limited, an online education venture built on recorded video lectures, e-books, test series and mobile-based learning for students and working professionals across India. Over the years it grew into a recognisable digital-learning brand, delivering content through its apps, its website and a large YouTube-led library.
In 2024, the company added a second engine. It launched LeminAi, a SaaS and CPaaS communication-technology platform offering WhatsApp Business API services, RCS messaging, workflow automation, chatbots and AI-assisted customer engagement. LeminAi is positioned in one of the fastest-moving corners of business software — the layer that lets brands actually talk to their customers at scale.
The corporate identity evolved alongside the business. The company was renamed Meta Tech Ventures Private Limited in November 2025 and converted into a public limited company — Meta Tech Ventures Limited — in February 2026 (CIN: U62099UP2018PLC111042), setting the stage for its proposed SME IPO.
So today, one company runs two divisions:
- Study At Home — an edtech platform for online, professional and skill-development learning.
- LeminAi — a SaaS / AI-assisted communication platform for customer engagement and workflow automation.
The number that tells the story: LeminAi overtook the classroom
Here is the detail that makes the Meta Tech Ventures IPO interesting rather than routine. In just its second full year, LeminAi became the larger of the two businesses.
Based on the restated financial statements (₹ in lakhs):
| Revenue from Operations | FY 2023-24 | FY 2024-25 | FY 2025-26 |
|---|---|---|---|
| Study At Home | 542.26 | 821.16 | 656.06 |
| LeminAi | — | 189.31 | 831.19 |
| Total | 542.26 | 1,010.47 | 1,487.26 |
LeminAi went from a standing start to roughly ₹8.31 crore in revenue in FY 2025-26 — now the majority of the company's top line. That is the kind of mix-shift that changes a company's growth profile, because IT and communication services typically carry higher margins than content sales.
What the restated financials actually show
The restated financial information in the Meta Tech Ventures DRHP has been examined by the company's peer-reviewed statutory auditor and prepared in line with the Companies Act, 2013, SEBI ICDR Regulations and the ICAI Guidance Note. Here is the three-year picture (₹ in lakhs, restated):
| Particulars | FY 2023-24 | FY 2024-25 | FY 2025-26 |
|---|---|---|---|
| Revenue from Operations | 542.26 | 1,010.47 | 1,487.26 |
| EBITDA | 62.59 | 248.17 | 688.74 |
| EBITDA Margin | 11.54% | 24.56% | 46.31% |
| Net Profit (Restated) | 10.17 | 123.54 | 417.64 |
| Net Worth | 555.60 | 679.14 | 1,087.88 |
| Return on Net Worth | 1.83% | 18.19% | 38.39% |
| EPS – ₹ (post-bonus, restated) | 0.16 | 1.99 | 6.66 |
A few things stand out from these historical, audited figures:
- Revenue nearly tripled over two years, from about ₹5.42 crore to ₹14.87 crore.
- EBITDA margin expanded from roughly 12% to over 46%, reflecting the higher-margin LeminAi mix and operating leverage.
- Restated net profit rose from ₹0.10 crore to ₹4.18 crore across the same period.
- The company is debt-free — no term loans or working-capital borrowings across any of the three restated years, so there is no finance cost dragging the P&L.
- It also earns in foreign currency, with export sales of ₹87.02 lakhs in FY 2025-26.
These are restated historical results, not forecasts. Past performance does not indicate or guarantee future results, and every investor should read the full risk factors before deciding.
Meta Tech Ventures IPO details: DRHP, prospectus and the proposed BSE SME listing
Here is what is publicly disclosed in the offer documents so far:
- Type of issue: SME IPO of equity shares, proposed for listing on the BSE SME platform.
- Face value: ₹10 per equity share.
- Proposed issue price: ₹77 per equity share (as set out in the restated Statement of Capitalization).
- Proposed fresh issue: 16,81,600 equity shares amounting to ₹12.95 crore at the proposed price.
- Offer for Sale: 4,19,200 equity shares amounting to ₹3.22 crore at the proposed price.
- Post-issue shareholders' funds: approximately ₹23.83 crore (as adjusted with the proposed issue).
- Promoters: Raj Kumar Agrawal and Megha Agrawal.
- Statutory auditor: M/s Goel Vinay & Associates, Chartered Accountants (peer-reviewed).
Before the offer opens, the company files its Draft Red Herring Prospectus (DRHP) with SEBI and the exchange; the final Prospectus carries the confirmed price, dates and lot size. Anyone genuinely considering the IPO should treat the DRHP and Prospectus as the single source of truth — the blog you are reading is only a starting point.
Valuation
At the proposed offer price of ₹77 per share, against a restated FY 2025-26 EPS of roughly ₹6.56, the issue is priced at only about 11.7 PE and about 15.7 times on a post-issue basis — with a pre-money valuation of approximately ₹48.3 crore and a post-money valuation of about ₹64.5 crore.
Why this IPO is drawing attention
Investors who follow SME IPOs tend to look for a small set of signals. On the strength of the restated numbers, Meta Tech Ventures Limited checks several of them:
- Two complementary brands — an established edtech business in Study At Home and a high-growth communication-tech platform in LeminAi.
- A genuine growth curve, with revenue, EBITDA margin and restated profit all rising over three years.
- A clean, debt-free balance sheet with positive operating cash flows.
- A structural tailwind — WhatsApp Business API and RCS messaging are becoming default channels for how businesses reach customers, which is precisely LeminAi's arena.
None of this is a recommendation to apply. It is a description of why the story is being talked about. The right way to act on interest is to read the offer document and, ideally, take advice suited to your own financial situation.
Important risk factors (read before you apply)
SME IPOs carry specific risks, and a balanced view matters:
- Concentration and dependence: A large share of recent revenue comes from the newer LeminAi vertical, which depends on third-party platforms (such as messaging APIs) and could be affected by policy, pricing or platform changes outside the company's control.
- Short track record for the new vertical: LeminAi has only two full years of operations; historical growth may not continue at the same pace.
- SME-segment liquidity: Shares listed on the SME platform can be less liquid and more volatile than main-board listings, and trade in fixed lots.
- Promoter concentration: Promoters hold a significant majority of the equity.
- General market risk: IPO investments are subject to market conditions; there is no assurance of listing gains, and the value of your investment can go down as well as up.
The DRHP contains the complete, detailed "Risk Factors" section. Please read it in full.
How to read the offer document and apply
- Read the DRHP / Prospectus once filed — available on BSE SME website, and the company's site.
- Check the confirmed details — final price band, issue dates, lot size and minimum application, which are set in the Prospectus.
- Apply through ASBA / UPI via your broker or bank once the issue opens.
- Consult a SEBI-registered advisor if you are unsure whether this IPO fits your goals and risk appetite.
The Bottom Line
Meta Tech Ventures Limited is entering the public markets as a two-brand technology company: Study At Home giving it an edtech foundation, and LeminAi giving it a fast-growing, higher-margin communication-tech engine — all on a debt-free base with a rising three-year financial trajectory. Whether the Meta Tech Ventures IPO deserves a place in your portfolio is a decision only you (and your advisor) can make, using the DRHP and Prospectus as your guide.
Keep an eye on the offer documents for the confirmed dates of the proposed BSE SME listing — and read every page before you apply.
Disclaimer: This article is for information purposes only and does not constitute investment advice, an offer, or a solicitation to buy or subscribe to any securities. Any investment in the Meta Tech Ventures Limited IPO should be made solely on the basis of the information contained in the company's Draft Red Herring Prospectus and Prospectus filed with the stock exchange. Investments in securities market are subject to market risks; read all the offer documents carefully before investing. Past performance is not indicative of future results. All financial figures are drawn from the company's restated financial statements.