Euphoria Infotech

What Euphoria Infotech does

Euphoria Infotech (India) Limited is a Kolkata-based, BSE-listed IT/ITeS services and solutions company founded in 2002 by Shamba Bhanja, operating with 51–100 employees across India and a wholly-owned Bangladesh subsidiary. Its core business is custom technology solutions delivered primarily to state and central government, public sector undertakings, municipal bodies, transport corporations, universities, and banks — anchored by a Built-Operate-Transfer (BOT) delivery model under which the company designs, builds, operates, and eventually transfers systems to the customer.

The company's product portfolio combines horizontal capabilities — Data Management and Analytics, Artificial Intelligence Solutions, Custom Built ERP, IOT Based Applications, Automated Integration, Business Intelligence, and Multi Cloud Acceleration — with vertical, domain-specific applications including OPTICS (online bus reservation for SBSTC, SKOTCH-awarded), AAWAS (housing/allocation), Valuation Board, West Bengal Centralised Admission Portal, Pouro Griha Samiksha (municipal survey app for 123 municipalities and ~25 lakh holdings), Leasehold to Freehold Conversion App, University Management, Government Recruitment platforms (handling 10–15 lakh candidates/year for 8 consecutive years), Vehicle Tracking, Cold Storage Monitoring, IOT-based Sewerage Treatment Plant Monitoring, and an agent banking platform reportedly generating INR 600–700 Cr in annual business for a single bank in Bangladesh.

The technology stack is full-stack and pragmatic: .NET Core, ASP.NET MVC, Node.js, AngularJS, Python on Microsoft Azure / open-source layers, with Azure SQL, MySQL and MongoDB for storage, and MQTT for IoT telemetry. Revenue is generated through project-based custom development, multi-year BOT and managed services contracts, and recurring maintenance/AMC tied to a stated 95% client retention rate across 100+ clients and 21 years of operations. The company completed its IPO in January 2024 (BOM:544094) and currently operates as a publicly listed entity with periodic SEBI/SCRA filings and an active investor relations function.

Name

Euphoria Infotech

Legal name

Euphoria Infotech India Limited

Website

https://euphoriainfotech.com

Company type

Public

Founded year

2002

Operating status

Ipo

Headcount range

51–100 employees

Short description

Euphoria Infotech is a Kolkata-based, BSE-listed IT/ITeS company delivering custom software, IoT, and AI-enabled platforms primarily to the Government of West Bengal, state PSUs, municipal bodies, transport corporations, universities, and banks under a Build-Operate-Transfer model, with an additional Bangladesh subsidiary serving financial institutions.

Ownership category

akta.pro rank

Product category

IT Services and Custom Government Software Solutions

NAICS

Computer Systems Design and Related Services (54151)

SIC

Services-Computer Integrated Systems Design (7373), Services-Computer Programming, Data Processing, Etc. (7370)

akta.pro primary industry

IT Service Management (ITSM) Platforms (HDAEALAA)

akta.pro secondary industries

ITSM Platform Implementation & Administration (ServiceNow/JSM/BMC/etc.) (BPAEAJAC), IT Asset Management (ITAM) Platforms (HDAEALAD), iBPMS (Intelligent BPM Suites) & Process Automation Suites (HDAEAHAG), ITIL/ITSM Process Consulting & Implementation (BPAEAJAB)

Keywords

• Custom software development
• E-governance solutions
• IoT monitoring platforms
• Built-Operate-Transfer IT services
• Citizen-centric applications

Headquarters

HQ city

Salt Lake City

HQ country

India

HQ region

Asia

Offices2 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Technology or R&D, Operations, Marketing or Sales, Infrastructure

Revenue model

1. Custom Software Development (Project-based): One-time and milestone-based revenue from bespoke software design, development, and deployment for government and enterprise clients across domains including education, transport, banking, telecom, and urban governance.
2. Built-Operate-Transfer (BOT) / Managed Services: Long-term contracts where Euphoria builds, operates, and eventually transfers systems (e.g., OPTICS for SBSTC, government admission portals), generating recurring managed services revenue over multi-year horizons.
3. Maintenance, Support and AMC: Recurring support and maintenance contracts tied to the 100+ deployed solutions and the company's stated 95% client retention rate.
4. Government Tender / Contract Wins: Revenue sourced through government and PSU tenders across state and central entities; tenders and empanelment are the primary GTM lever.

Pricing tiers

Go-to-market motion2 records

Distribution channels4 records

Marketing channels8 records

Core offering

Euphoria Infotech India Limited is an IT/ITeS services and solutions provider that delivers custom-built software and digital platforms to state and central government departments, public sector undertakings, municipal bodies, universities, banks, transport corporations, and telecom operators in India and Bangladesh. Its offerings primarily follow a Built-Operate-Transfer (BOT) delivery model and span citizen-centric applications, ERP, e-commerce, API development, IoT-based monitoring, cloud-based tools, and data management and analytics. The company combines horizontal capabilities (AI, IoT, BI, custom ERP, multi-cloud acceleration, automated integration) with verticalized platforms such as University Management, Government Recruitment, Urban Services, Transport Services, Agent Banking, Cold Storage Monitoring, and Vehicle Tracking.

Product overview

Euphoria Infotech (Euphoria Infotech India Limited) is an IT/ITeS services and solutions company that delivers high-end software primarily under a Built Operate & Transfer (BOT) model. Its portfolio combines horizontal capabilities (Data Management and Analytics, Artificial Intelligence Solutions, Custom Built ERP, IOT Based Applications, Automated Integration, Business Intelligence, and Multi Cloud Acceleration) with vertical, domain-specific products: University Management, Govt Recruitment, Urban Services, Transport Services, Agent Banking, Cold Storage Monitoring, Vehicle Tracking System, West Bengal Centralised Admission Portal, Pouro Griha Samiksha, Leasehold to Freehold Conversion, Livestock eCommerce, Valuation Board, IOT based Online Monitoring of Sewerage Treatment Plant, AAWAS, and the IOT Dashboard. Together these horizontal offerings underpin the domain products, which are largely citizen-centric government and enterprise applications used by West Bengal state bodies, transport corporations, municipalities, universities and financial institutions.

Differentiator

Problem solved

Functional benefit

Brands

• Pouro Griha Samiksha: A PWA-based survey app used by 123 Municipalities of West Bengal for property/holding data collection (around 25 lakh holdings).
• AAWAS

Products and services

• Data Management and Analytics
• University Management System
• OPTICS Online Reservation System
• West Bengal Centralised Admission Portal
• Agent Banking Platform
• Cold Storage Monitoring
• Vehicle Tracking System
• Leasehold to Freehold Conversion App
• Pouro Griha Samiksha (Municipal Survey App)
• IoT-based Online Monitoring of Sewerage Treatment Plant
• Livestock eCommerce
• Valuation Board Platform
• AAWAS
• IoT Dashboard
• Government Recruitment Platform

Quantifiable outcome

• INR 600-700 Cr. per year in business enabled for a single bank's agent banking platform
• +6 more outcomes

Named customers9 records

Segments7 records

Ideal customer profiles4 records

Technology focussed Yes

API detail

Has API

Yes

API docs

API detail

Core technology

AI maturity

App detail

Integration5 records

AI capability9 records

Feature9 records

Partnerships

Four partnerships are on record, tiered flagship regional extension, flagship enterprise customer / co-development, core sector partner (transport) and core sector partner (recruitment at scale).

• Euphoria Infotech (BD) Pvt Ltdflagship regional extensionStrategic or Co-development PartnerGroup subsidiary operating from Al Razi Complex, Purana Paltan, Dhaka, Bangladesh (Phone: +880 2551 11651). Provides Euphoria Infotech's geographic footprint into Bangladesh, enabling local delivery and customer engagement across the border.
• Government of West Bengalflagship enterprise customer / co-developmentStrategic or Co-development PartnerLargest single customer and strategic collaborator; co-developed and deployed flagship platforms including AAWAS, Valuation Board, Leasehold to Freehold Conversion, Centralised Admission Portal, OPTICS (via SBSTC), and other e-governance systems.
• South Bengal State Transport Corporation (SBSTC)core sector partner (transport)Strategic or Co-development PartnerState transport corporation partner for the OPTICS Online Reservation System, recognised with a SKOTCH award from the Government of West Bengal.
• West Bengal Police Recruitment Board (WBPRB)core sector partner (recruitment at scale)Strategic or Co-development PartnerLong-term partner for large-scale online recruitment platforms handling 27 Lakh candidates in a single drive and 10-15 Lakh candidates per year for 8 consecutive years; testimonial from the Chairman is on record.

Scale indicators13 records

Recent moves7 records

Expansion highlights6 records

Broad incumbents

• Infosys: Large Indian IT services incumbent that competes for the same government e-governance, BFSI and large-scale citizen-facing platform tenders that Euphoria bids on, but at far greater scale and geographic reach.

Direct peers

• Cyient: Mid-cap Indian IT services and engineering firm with government and utility-sector digital work; comparable in IoT, data and government-flavored service lines.
• Cybertech Systems and Software: Small Indian IT services company serving government, utilities and enterprise with custom application and e-governance work; closest size and segment match to Euphoria.
• 3i Infotech Limited: Small-cap Indian IT services and enterprise software vendor with BFSI and government customers; comparable in scale, geography and project-based delivery model.
• Mastek Limited: Mid-cap Indian IT services company with a strong government, healthcare and BFSI focus; comparable to Euphoria in vertical specialisation and project-based delivery, though substantially larger.
• Zensar Technologies: Mid-cap Indian IT services firm with digital and application services for government and BFSI; comparable in custom application delivery and government vertical exposure.
• R Systems International: Small-mid Indian IT services company with custom software development and government/enterprise clients; comparable in delivery model and scale band.
• Ramco Systems: India-based enterprise software and IT services firm with vertical ERP and government/cloud offerings; comparable in domain focus on citizen-centric and ERP applications, though larger.
• Datamatics Global Services: Small-to-mid Indian IT services and BPM firm with government and enterprise automation work; similar size band and BOT/managed services orientation to Euphoria.
• Newgen Software Technologies: Indian enterprise content management and BPM software vendor with strong government and BFSI customer base; comparable in government vertical and platform-led delivery.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks6 records

Key highlights6 records

Customer concentration

• Xtwitter.com/editorx
• Facebookfacebook.com/euphoriainfotech
• LinkedInlinkedin.com/company/euphoria-infotech-i-private-limited

Revenue estimate

Valuation estimate

Number of profiles

Profiles6 records

Subsidiaries1 record

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Euphoria Infotech