Leader in the Large, Resilient and Fast-Growing U.S. Healthcare RCM Market.
A Leading, Specialized End-to-End Platform Servicing the Full RCM Value Chain.
Scalable Suite of AI-led Technology Solutions Powered by Proprietary Platforms and Specialized Tools.
Established Direct Customer Relationships with Large U.S. Healthcare Systems.
Global Delivery Model Delivering Consistent Quality Combined with Cost-Effective Configurable Solutions.
Industry-Leading Financial Profile with Track Record of Growth.
Seasoned Management Team with Deep U.S. Healthcare Expertise.
Consequent to the completion of the Acquisition, our Company is responsible for overseeing and managing our consolidated business operations within and outside of India. Although the AGS business has historically been managed as a single group, this formal consolidation of oversight may present new structural and administrative challenges. We may face difficulties managing and administering an internationally dispersed business and may not be able to achieve operational efficiencies, which could adversely affect our business, results of operations or cash flows.
The Unaudited Proforma Financial Information included in this Updated Draft Red Herring Prospectus-I is not indicative of our future financial condition, results of operations or cash flows.
The U.S. healthcare industry is regulated and if we fail to comply with U.S. federal and state healthcare laws and regulations applicable to our customers' operations, we could incur financial penalties, be required to make operational changes or experience adverse publicity, which could harm our business.
Our revenues are dependent on our ability to maintain and expand existing customer relationships and our ability to attract new customers. As of March 31, 2026, we had 149 customers on a consolidated restated basis. On a proforma basis, as of March 31, 2026, 2025 and 2024, we had 149, 142 and 144 customers respectively. A loss of one or more customers could have an adverse impact on our results of operations, financial condition and cash flows.
We are dependent on our top 10 customers. In Fiscal 2026, 2025 and 2024, revenue from our top 10 customers was Rs. 12,915.31 million, Rs. 10,301.09 million and Rs. 7,519.07 million and accounted for 59.67%, 57.87% and 54.56% of our revenue from operations, respectively, on a proforma basis. The loss of any of these customers could reduce our revenues and may adversely impact our business, financial condition, results of operations, cash flows and prospects.
All of our revenues are derived from U.S.-based organizations in the healthcare industry, and as a result, we are subject to the risks of sector and geographic concentration and any legislative or regulatory changes to the U.S. healthcare industry.
If our security measures or those of our vendors fail or are breached and unauthorized access to our employees, contractors, or customers' data is obtained, our platform may be perceived as insecure, we may incur liabilities, including through private litigation or regulatory action, and our business, results of operations, cash flows and financial condition may be adversely affected.
Our industry is highly competitive, and we may not be able to compete effectively.
Our business is solely focused on the U.S. healthcare industry and our growth depends, in part, on the continued offshore outsourcing of RCM solutions by U.S. healthcare providers. If the dependency of our customers on outsourcing RCM solutions from offshore suppliers like us reverses or the quantum of such outsourcing reduces, our sales could be affected which may adversely affect our business, financial condition, cash flows and results of operations.
Pursuant to an external financing facility availed by our Promoter, BCP Topco, 100% of the equity share capital of our Promoter (held by BCP Asia II HoldCo VIII Pte. Ltd.) is subject to security interest created to secure such external financing facility. In case of an event of default and consequent invocation of security, there may be a change in control, which may adversely impact our business.
