Acquisition of QeApps Private Limited

The Company has successfully completed the acquisition of 10,000 equity shares, representing 100% of the fully diluted equity share capital of QeApps Private Limited, for a total consideration of ₹12,00,00,000/- (Rupees Twelve Crores Only). Consequently, QeApps has become a wholly owned subsidiary of the Company.

Details of QeApps Private Limited:

  • Originally incorporated as QeApps LLP (LLPIN: ACC-8887) on September 06, 2023
  • Converted to QeApps Private Limited on May 04, 2025
  • Financial performance:
  • FY 2025-26 Revenue: ₹95 Lakhs
  • FY 2024-25 Revenue: ₹65 Lakhs
  • Business: Technology and software solutions provider specializing in Shopify platform applications with 20+ applications, global presence across 15+ countries, and over 10,000 active installations
  • Industry: Information Technology (IT) and Software Services

The acquisition constitutes a related party transaction as certain members of the Promoter and Promoter Group of the Company were shareholders of QeApps Private Limited. The transaction was conducted at arm's length based on a valuation report by Jigar P. Shah, Chartered Accountant, with requisite shareholder approvals.

Investments in Wholly Owned Subsidiaries

The Company has made additional investments in its existing wholly owned subsidiaries:

1. QeLearn Private Limited (formerly Theia Education Private Limited)

  • Investment: ₹1,00,00,000/- (Rupees One Crore Only)
  • Completion Date: October 16, 2026
  • Financial performance:
  • FY 2025-26 Revenue: ₹123.47 Lakhs
  • FY 2024-25 Revenue: ₹100.66 Lakhs
  • FY 2023-24 Revenue: ₹197.88 Lakhs
  • Business: Ed-Tech company using artificial intelligence to enhance learning processes for students and educators
  • Industry: Ed-Tech

2. QeMFG Private Limited (formerly AQE Techtools Private Limited)

  • Investment: ₹7,00,00,000/- (Rupees Seven Crores Only)
  • Completion Date: October 17, 2026
  • Financial performance:
  • FY 2025-26 Revenue: ₹94.78 Lakhs
  • FY 2024-25 Revenue: NIL
  • Business: Development of cutting-edge digital products including software, web, mobile, and SaaS-based solutions
  • Industry: Information Technology

Since both QeLearn Private Limited and QeMFG Private Limited are wholly owned subsidiaries, these investments do not result in any change in the Company's shareholding percentage.

Funding Source

All transactions have been funded from the net proceeds of the Rights Issue, in accordance with the objects specified in the Letter of Offer dated November 14, 2025, as revised pursuant to the approval of shareholders at the 32nd Annual General Meeting held on September 28, 2026.