InfoBay AI : Real Profit Growth, An Unverified Client List

The Short Version

INFOBAY AI LIMITED, incorporated in 2016 as Edugorilla Community Private Limited and renamed only recently, had a genuinely strong FY26: revenue more than doubled to ₹107.78 crore, PAT nearly tripled to ₹48.62 crore, and ROE crossed 55%. These figures are corroborated across four independent sources, the company's own balance sheet, its MGT-7A annual return, Priveq's desk data, and the company's own investor deck, and the desk trusts them. What the desk will not extend the same trust to is the story built on top of those numbers. InfoBay now markets itself as an AI training-data infrastructure provider with direct, HQ-level contracts naming Google, Amazon, Meta, and Microsoft. The company's scale, over 200 employees per its own LinkedIn presence, makes that kind of claim plausible on its face, but the desk searched for independent confirmation of the specific named relationships and found none. At Priveq's desk price of ₹3,25,000 per share, implying a valuation of roughly ₹759 crore, the desk is pricing the verified growth story, not the unverified client list, and buyers should hold the same distinction.

The Desk Snapshot

InfoBay AI Limited, formerly Edugorilla Community Private Limited. Figures cross-checked across the company's own filings and Priveq's data.

Net worth of ₹88.05 crore (FY26) is confirmed three separate ways : Share Capital plus Reserves, Book Value per Share × total shares, and the year's increase in Reserves and Surplus against stated PAT.

The Business : From Test-Prep to "AI Infrastructure"

InfoBay AI Limited was incorporated on 23 December 2016 as Edugorilla Community Private Limited, founded by Rohit Manglik and Shashwat Vikram. For most of its operating history, the company built vernacular-language test series and mock exams for students preparing for competitive government job examinations, raising early venture capital on that basis: ₹5.3 crore in a September 2020 pre-Series A round from Auxano Entrepreneur Fund and angel investors led by Venture Garage, followed by a ₹16.5 crore round in mid-2022 led by SucSEED Indovation Fund with participation from Mumbai Angels, Lead Angels, TiE India, and others.

The legal rename to InfoBay AI Limited happened very recently. A share allotment filing dated as late as 3 November 2025 still lists the company under its original name, Edugorilla Community Private Limited, meaning the current name and the current "AI training-data infrastructure" positioning both post-date that filing by only months, not years.

The company's own MCA industry classification remains "other business activities n.e.c.," and its DPIIT startup recognition describes it as a test-prep and competitive-exam coaching business, still operating its original product under the edugorilla.com domain. Its current public marketing describes an entirely different business: expert-verified training data, annotation infrastructure, and evaluation systems for large language models, spanning education, healthcare, conversational audio, and video data, with stated plans to expand into physical AI and defence AI data. Both descriptions can be true of the same company at different points in its life. The desk's job is to be clear about which one the filed financials actually support, addressed below.

Corporate History and Capital Structure

MCA's own PAS-3 allotment filings give a real, priced history of the company's equity, independent of any funding-round press release. Excluding par-value conversions that carry the hallmarks of ESOP exercises (zero premium, small consistent share counts, spread across 2025 and 2026), the priced equity events are :

• 24 May 2019 : 176 shares at ₹6,818.18 per share.

• Four rounds across June 2020 to April 2021, totalling 1,519 shares, all at ₹14,139.27 per share.

• On 19 August 2024, 5,243 Compulsorily Convertible Preference Shares converted to equity at ₹31,819.57 per share.

• On 14 November 2025, a further conversion priced 56 shares at ₹62,035.54 per share.

That is a real, escalating valuation trail : roughly ₹6,800 in 2019, ₹14,100 in 2020-21, ₹31,800 in August 2024, ₹62,000 in November 2025. At Priveq's desk price of ₹3,25,000, that is 5.2 times the November 2025 conversion price, itself less than a year old, a 424% move in roughly ten months. The desk states this plainly because it is the single most important context for reading the current price: whatever else is true about this company, its implied valuation has moved further and faster in the last year than in the five years before it.

The Priced Equity Ladder -

Real per-share prices from the company's own PAS-3 allotment filings with MCA. Face value has stayed ₹10 throughout; no split adjustment needed.

Excludes several 2025-2026 zero-premium conversions at exactly ₹10/share (par value), which carry the hallmarks of ESOP exercises rather than priced rounds. Separately, ~₹15.18 crore was raised via preference shares/CCDs at ₹10,000 face value across four 2022 tranches, a distinct security class not directly comparable to this equity ladder.

Separate from the equity ladder, the company raised approximately ₹15.18 crore via preference shares and convertible debentures across four tranches in 2022, at ₹10,000 face value per instrument, plus a further Pre-Series B CCD tranche in September 2023.

The FY25 shareholding pattern, from the company's own MGT-7A annual return, shows promoters holding 68.46% of equity (10,000 shares, two individuals) with no preference-share holding. Preference shares are held entirely by non-promoters: venture capital entities hold 33.02%, individuals roughly 49% combined, body corporates 10.11%, and partnership firms 6.06%. The non-promoter shareholder base grew from 63 to 164 members within FY25 alone, while debenture holders fell from 128 to 4, consistent with the CCD-to-preference-to-equity conversion activity visible in the allotment filings.

FY25 shareholding pattern

From the company's own MGT-7A Annual Return, year ended 31 March 2025.

Non-promoter shareholder count grew from 63 to 164 within FY25 alone; debenture holders fell from 128 to 4 in the same period, consistent with CCD-to-preference-to-equity conversion activity. Net worth stated in this filing (₹36.98 crore) matches the desk's independent calculation from the FY26 Annual Report's comparative balance sheet exactly.

Two secondary-source funding claims are worth flagging as unresolved rather than repeated as fact: total historical funding raised is reported as $6.34 million across 6 rounds by one data provider and $3.36 million across 19 investors by another, a near-2x discrepancy neither primary filing resolves. Separately, a September 2025 transaction reported as "Auxano Capital achieves 5.5x return with EduGorilla exit" was a secondary shareholder-liquidity sale, not a new company fundraise, worth distinguishing since a secondary exit price reflects one buyer's and one seller's agreement, not a company-validated primary round.

FY26 Financial Performance

FY26 revenue grew to ₹107.78 crore from ₹49.70 crore in FY25, more than doubling. PAT reached ₹48.62 crore against ₹16.27 crore the year before, nearly tripling. EBITDA stands at ₹68.71 crore and gross profit at ₹106.51 crore, giving a profit margin of 45.12%. Return on equity is 55.23%.

The desk independently cross-checked these figures rather than take them on trust. Net worth computed from Share Capital plus Reserves and Surplus on the company's own FY26 balance sheet comes to ₹88.05 crore. That figure is confirmed twice more: by Priveq's own Book Value per Share (₹37,700.71) multiplied by the total share count (23,355), which comes to the same ₹88.05 crore, and by the increase in Reserves and Surplus during the year, ₹51.07 crore, which sits close to the stated PAT once minor other comprehensive income items are accounted for. Separately, PAT of ₹48.62 crore is confirmed by EPS (₹20,822.09) multiplied by total shares, which comes to ₹48.63 crore. Four independent reference points, converging within rounding, is real evidence these numbers are reliable.

The company carries no debt: Debt to Equity is 0.00. At Priveq's desk price of ₹3,25,000, that implies a P/E of 15.61, a P/B of 8.62, a P/S of 7.04, and EV/EBITDA of 10.99, each internally consistent with the others on a closing-equity basis.

The Claims the Desk Could Not Verify

InfoBay's own investor materials describe direct, HQ-level contracts with seven named global technology companies: Google (7 repeat orders), Amazon (4 repeat orders), Meta, Microsoft, Alibaba, LG, and Naver, with language citing specific executives by name and title, including a claim that its Microsoft relationship was approved at the level of the company's AI chief and its Amazon relationship at CTO level. The same materials state $17 million in orders executed, a $37 million sales pipeline, an 80%+ gross margin, and a projected path to $400 million in revenue by FY30.

The desk searched directly for independent confirmation of any of these relationships: press coverage, case studies, procurement disclosures, third-party industry reports. It found none. InfoBay's own public website describes its services in general terms without naming any of these seven companies or displaying a client logo. One of the company's own investors describes it, in careful, hedged language, as a company that "positions itself as" a strategic partner to AI labs and Fortune 500 technology companies, phrasing that relays the company's own framing rather than confirming it independently.

A related detail worth stating plainly, since it's now settled rather than open: the company's own investor deck states its headcount at 400, and this is broadly consistent with LinkedIn's own company data, which lists InfoBay AI in the 201-500 employee band with 443 currently associated members, the large majority based in India, concentrated around Lucknow, where the company's R&D center is located. Scale of this kind does not confirm the specific named client relationships, but it does mean the claims aren't implausible on headcount grounds the way a genuinely tiny team's would be.

None of this means the claimed relationships are false. NDA-covered vendor relationships with large technology companies are common in this industry and are rarely independently confirmable from outside. It means the desk is treating the financial performance as verified and the narrative built on top of it as the company's own, unconfirmed account, and pricing accordingly.

The Desk View

Priveq's desk price for InfoBay AI Limited is ₹3,25,000 per share, implying a valuation of approximately ₹759 crore, 15.61 times FY26 earnings. The financial performance behind that multiple is real and well-corroborated: profit nearly tripled in a debt-free business with a genuinely improving margin profile, confirmed across four independent calculations rather than one company's say-so.

The desk's price reflects that verified performance, not the seven named hyperscaler relationships the company's marketing leads with. Those claims may be entirely accurate; the desk simply has no way to confirm them, and a valuation built on unconfirmable enterprise relationships carries a different risk profile than one built on audited, cross-checked financials, even when the multiple looks similar on paper. The other fact worth holding alongside the price: this valuation has moved 5.2 times higher than the company's own most recent internal share conversion price, set less than a year ago. The one variable that would most change this view: independent confirmation, one way or the other, of the named enterprise client relationships. Until that exists, the desk prices the business it can verify and treats the rest as the company's own claim.

FAQs

What is the InfoBay AI Limited unlisted share price today?

• Priveq's live desk price is ₹3,25,000 per share as of the date noted at the top of this piece. Desk prices move; talk to the desk for the current quote before any transaction.

Is InfoBay AI Limited the same company as EduGorilla?

• Yes. InfoBay AI Limited was incorporated in 2016 as Edugorilla Community Private Limited and was renamed very recently, with company filings still showing the original name as late as November 2025.

Does InfoBay AI Limited really work with Google, Amazon, Meta, and Microsoft?

• The company's own investor materials claim direct, HQ-level contracts with these companies and others. The desk searched for independent confirmation, press coverage, case studies, third-party reports, and found none. This does not mean the claims are false; it means they are currently unverifiable from outside the company.

Why did InfoBay AI's valuation increase so sharply?

• The company's own internal share conversion price rose from roughly ₹62,000 per share in November 2025 to Priveq's current desk price of ₹3,25,000, a 424% increase in about ten months. This tracks the company's reported FY26 revenue and profit growth, though the pace of the re-rating is itself worth noting.

Is InfoBay AI Limited planning an IPO?

• No DRHP filing has been found for InfoBay AI Limited as of this piece's publish date.

What We Can And Cannot Stand Behind

• Primary-sourced and verified directly, cross-checked across multiple documents : FY26 and FY25 revenue, PAT, net worth, and EPS figures, confirmed independently four separate ways across the company's balance sheet, its MGT-7A annual return, and Priveq's own derived ratios. The full priced equity allotment history from 2019 through November 2025, sourced from the company's own PAS-3 filings. The FY25 shareholding pattern, from the company's own MGT-7A. The company's original incorporation as Edugorilla Community Private Limited and the recency of its rename.

• Indicative or derived, labeled as such : The ₹759 crore implied valuation and all multiples (P/E, P/B, P/S, EV/EBITDA) are Priveq's own arithmetic on the stated desk price.

• Could not be confirmed, flagged as open : The claimed direct contractual relationships with Google, Amazon, Meta, Microsoft, Alibaba, LG, and Naver, sourced entirely from the company's own investor materials and not independently verifiable by the desk despite a direct search. The exact total historical funding raised, given a near-2x discrepancy between two third-party data providers. FY26 order-book or forward revenue figures beyond what the company's own projections state.

Talk to the desk: WhatsApp +91 82874 66698 | support@priveq.in | View InfoBay AI Limited on the Priveq Marketplace

Disclaimer : This piece reflects Priveq India's (Priveq Investech Private Limited, Priveq.in) own research, based on primary filings, regulatory disclosures, and the company's own audited financial statements and investor materials as detailed above. It is not investment advice, and does not allege any wrongdoing, misstatement, or violation by InfoBay AI Limited; the verification gaps noted in this piece reflect the limits of independently available information, not an assertion that any company claim is false. Priveq Investech Private Limited is not registered with the Securities and Exchange Board of India (SEBI) as a stock broker, investment adviser, or research analyst. This piece is independent desk research and commentary, not "research" as defined under the SEBI (Research Analysts) Regulations, 2014, and should not be construed as investment advice from a SEBI-registered entity. Priveq transacts as a named counterparty in the unlisted shares discussed here, including InfoBay AI Limited, and may hold or deal in these shares before, during, or after publication; our commercial interest and the views in this piece sit in the same place, and should be weighed accordingly. Desk prices are indicative, subject to change without notice, and should be confirmed directly with the desk before any transaction. Unlisted securities are illiquid, carry a high risk of loss, and may be difficult to value or sell; prices move sharply and without notice. Readers should independently verify all figures against the company's own filings and consult qualified financial and legal advisors before transacting. Past performance and price appreciation referenced here are not indicative of future results.