Mumbai: XED, a globally integrated executive education enterprise, has received in-principle approval from the NSE International Exchange (NSE IX) for its proposed XED IPO, a USD 12 million initial public offering planned at GIFT City.
The approval marks a key milestone as XED moves closer to becoming among the first Indian enterprises to list under India’s international financial services framework.
The in-principle approval from NSE IX follows the submission of XED’s Draft Red Herring Prospectus (DRHP) and represents the second major regulatory clearance in the company’s journey towards a public listing at GIFT City – India’s International Financial Services Centre regulated by the International Financial Services Centres Authority (IFSCA).
Commenting on the XED IPO development, John Kallelil, Founder and Managing Director of XED, said the approval reflects the institutional foundation built by the company over the years.
He added that as XED progresses towards its proposed public listing, the company remains focused on governance, transparency, and long-term value creation, with GIFT City offering a framework aligned with XED’s global footprint and international operating standards.
Also Read: MSDE Signs MoU with World Economic Forum to Roll Out Skills Accelerator in India
XED IPO Aligned with GIFT City’s Global Financial Framework
The proposed XED IPO is strategically aligned with GIFT City’s positioning as India’s global financial hub.
Over the past decade, XED has developed a leadership and executive education ecosystem serving senior professionals across more than 25 countries, with operational presence in India, the Middle East, Southeast Asia, and North America.
XED collaborates with several globally recognised academic institutions, including Saïd Business School at the University of Oxford, Cornell University, University of Michigan Ross School of Business, University of Virginia Darden School of Business, Indian School of Business (ISB), and Carnegie Mellon University.
The company has adopted a measured, governance-led growth strategy, focusing on institutional credibility, global relevance, and long-term sustainability rather than rapid-scale expansion commonly seen in the education technology sector.
Also Read: Unbox Robotics Raises $28 Million in Series B Funding Led by ICICI Venture
Piyush Agrawal, Chief Financial Officer of XED, stated that GIFT City’s dollar-denominated structure provides global investors with a transparent and efficient route to participate in India’s growth story.
He noted that the NSE IX approval represents both regulatory progress and validation of XED’s readiness to operate as a publicly accountable global institution.
Abhishek Kaushik, Chief Executive Officer of Global Horizons, the merchant banker to the issue, described the proposed XED IPO as a landmark transaction for both XED and GIFT City.
He highlighted that the listing demonstrates how India can provide globally aligned, dollar-denominated capital market access while maintaining regulatory discipline.
XED Backed by Institutional and Entrepreneurial Capital
XED is backed by a group of long-term institutional and entrepreneurial investors with significant operating and global market experience.
Its shareholders include Ecosystem Ventures, an angel investment platform, along with family offices of prominent entrepreneurs such as Kunal Shah, founder of CRED; Pratekk Agarwaal, former Chief Business Officer at BharatPe; and Pavan Bakeri, Managing Director of the Bakeri Group. The company is also supported by senior finance professionals with extensive international exposure.
Also Read: Cloover Raises $1.2 Billion in Series A Round Led by MMC Ventures and QED Investors
XED IPO: GIFT City Expands Access for Global and NRI Investors
The in-principle approval for the XED IPO highlights the growing maturity of India’s offshore capital market ecosystem.
GIFT City has been envisioned as a gateway for Indian companies with international operations to raise overseas capital within an Indian regulatory framework.
Under the IFSCA regime, eligible global and Non-Resident Indian (NRI) investors can participate in offerings through a dollar-denominated structure, enabling investments and exits in foreign currency and reducing exposure to Indian rupee volatility.
