India is in the midst of a startup revolution, reshaping the country’s economic and technological landscape at an unprecedented pace. From fintech and healthtech to cloud and artificial intelligence (AI), startups are redefining how businesses operate, consumers engage, and innovation scales.
Across this ecosystem, a new generation of digital-first companies born in India but built for the world is emerging. These firms are steadily gaining valuation by solving complex enterprise challenges, modernising legacy systems, and accelerating the country’s digital transformation.
A company exemplifying this trend is Workmates Core2Cloud Solutions, which has rapidly emerged as one of India’s leading cloud solutions providers. Founded in 2018, few would have imagined that in just 6 years the company would rise from a modest, bootstrapped venture to one of India’s most trusted names in cloud transformation.
Today, the company has over 350 clients and has implemented more than 750 projects. Workmates stands at the forefront of India’s cloud and IT modernisation story, helping enterprises navigate the complex shift to cloud infrastructure, cybersecurity, and GenAI-led solutions.
In a world where digital transformation has become the norm across sectors and industries, the company represents a new generation of Indian technology firms that combine agility, cloud-first thinking, and enterprise-grade delivery with a people-first culture.
The genesis
Workmates was born from a simple yet powerful conviction – that India could build world-class digital infrastructure solutions, not just consume them. The founders – colleagues who had turned into co-dreamers – envisioned a company that would help organisations modernise through the power of the cloud and automation while staying true to human values of trust and collaboration. The name Workmates reflects that ethos, symbolising a culture where every employee, partner, and customer is seen as a ‘mate’ united by purpose.
The journey began with a focus on Amazon Web Services (AWS). Anchored in AWS capabilities, Workmates built a foundation of credibility and capability, even as the pandemic tested the resilience of early-stage enterprises. Rather than slowing down, the company turned challenges into catalysts, navigating uncertainty through relationships, adaptability, and an unyielding focus on client outcomes.
The leadership team reflects a blend of vision, execution, and experience. Co-founder and CEO Kamal Nath brings his experience in organisational transformation, large-scale business expansion, and customer success. Co-founder and Managing Director Basanta Kumar Rana has experience of over 10 years in cloud computing, managed services, and enterprise solutions. Debasish Sarkar, Co-founder and CFO, is a Chartered Accountant with nearly four decades of experience in financial strategy and governance. The team also includes Co-founders Anirban Dasgupta, Strategy and Growth Officer; Anindya Sen, Head of Cybersecurity Practice; and Arunava Mukherjee, Chief Technology Officer.
Together, they, along with the company’s senior management, bring more than 100 years of cumulative experience, having built and scaled technology-led businesses. Their collaborative leadership style and the spirit of ‘mateship’ have shaped Workmates’ identity – a company built on trust, innovation, and long-term relationships.
The promise of the Indian cloud market
India’s cloud services market is on a steep upward trajectory, driven by multiple growth vectors, including rapid digital transformation, the rise of GenAI applications, and the increasing adoption of scalable, secure cloud infrastructure by enterprises. As organisations modernise legacy systems and embrace data-driven operations, demand for specialised cloud partners has surged. Globally, cloud revenue is set to surpass $2 trillion by 2030. Enterprise modernisation programmes, the explosion of GenAI applications, and an urgent need for secure, compliant, and cost-optimised cloud infrastructure drive this rapid growth.
Positioned at the centre of this digital transformation, cloud migration, and enterprise modernisation, Workmates has built a portfolio spanning the full spectrum of services, ranging from assessment, migration, and modernisation to managed services, cybersecurity, GenAI, and data analytics, to deliver tangible business outcomes for clients.
The company has established a strong presence across industries. Its revenue mix reflects diversification and depth, with IT/ITeS contributing nearly 37.41 per cent and FSI/BFSI around 30.40 per cent. This industry breadth helps mitigate concentration risks while demonstrating the company’s ability to tailor cloud solutions to the specific needs of each vertical.
At the core of its value proposition and credibility is its Premier Tier AWS Partner status, the highest level of partnership in the AWS global ecosystem. This gives Workmates access to advanced AWS resources – an advantage that has powered its ascent.
The company’s service mix closely follows the broader industry trend, with cloud assessment, migration, modernisation, managed services, and cybersecurity playing the most significant roles. With an asset-light, annuity-heavy business model, Workmates achieves scalability with predictable revenues through long-term managed service contracts. Its technical depth is validated by multiple AWS competencies, including Migration, DevOps, and Service Delivery, as well as global certifications for quality and compliance.
Headquartered in Kolkata, with delivery centres in Hyderabad and Bhubaneswar and offices across major Indian cities, the company also operates a subsidiary in Singapore, which serves as its base for ASEAN expansion.
“Workmates has always believed in measurable business outcomes,” says Co-founder and CEO Kamal Nath. “Our clients don’t just want cloud migration; they want agility, security, and efficiency that translate into real business value continuously.”
“Workmates was born from a belief that India could build world-class digital and cloud capabilities, not just consume them. As we step into our IPO journey, we see this as more than a financial milestone – it’s a validation of the trust our customers, partners, and teams have placed in us. Our mission remains unchanged: to be at the heart of India’s cloud and GenAI revolution, driving measurable business outcomes and creating value that endures,” adds Kamal.
Debasish Sarkar, Co-founder and CFO, Workmates Core2Cloud Solution Ltd, says: “Our growth story has been built on strong fundamentals best reflected in our financial prudence, an asset-light model, and a deep focus on customer value. We have scaled sustainably, which gives us a solid foundation as we enter the next phase of growth. The IPO is not just a capital event for us; it’s an inflexion point to accelerate innovation, expand globally, and strengthen our commitment to long-term value creation.”
“Being a new and bootstrapped company, prudent cash management, transparency, and compliance were very critical to our initial growth and continue to be so,” he adds.
Basanta Kumar Rana, Co-founder and Managing Director, Workmates Core2Cloud Solution, adds: “At Workmates, our journey has been about building trust through execution. Reaching Premier Tier AWS Partner status reflects our team’s agility, depth of expertise, and customer-first approach. For us, every engagement is a partnership that involves not just migrating to the cloud, but also helping clients modernise, secure, and scale with confidence. As we expand across markets, our focus remains the same – creating long-term value through collaboration and innovation.”
Growth and diversified revenue
The company’s competitive moat is reinforced by its ability to combine technical capability with delivery maturity and strategic partnerships. It achieved Premier Tier AWS Partner status in just 6 years and has established itself as one of India’s leading digital transformation players. It was recognised as the AWS Consulting Partner of the Year 2025 – an acknowledgement of its ability to execute large-scale cloud transformation projects with measurable outcomes – and holds seven AWS competencies. Workmates maintains an almost debt-free balance sheet and operates with financial discipline.
Revenues have grown from Rs12.80 crore in FY22 to Rs63.62 crore as of November 2024 (figures not annualised). EBITDA increased from Rs1.75 crore to Rs13.19 crore, while profit after tax rose from Rs1.25 crore to Rs9.45 crore (as of November 2024, figures not annualised), representing a significant three-year CAGR of over 100 per cent. The company maintains double-digit profit margins, and its average return on equity between FY22 and November 2024 is approximately 84 per cent, demonstrating its operational efficiency and capital-light growth model. The company’s earnings per share were Rs9.45 as of 2 November (not annualised), reflecting a significant jump compared to Rs5.35 in FY24 and Rs1.86 in FY23.
The proposed IPO, slated to open in November 2025, will mark the start of a new journey for the company towards becoming a listed entity. The offering positions Workmates as an attractive opportunity for investors seeking exposure to India’s fast-growing digital infrastructure story.
Equally significant is the company’s growing focus on cybersecurity and GenAI. Workmates is among a select group of AWS partners globally to have achieved GenAI competency, giving it an early-mover advantage as enterprises begin integrating AI-driven workflows into their business processes. Its cybersecurity portfolio spans risk management, compliance automation, and enterprise defence. With the significant rise in cybersecurity-related risks and incidents, these areas are gaining importance in India as cloud adoption scales.
As Workmates looks ahead, its growth roadmap centres on expanding its client base, service lines, and global footprint. With a base of more than 350 clients and 750 projects, the company aims to deepen relationships with larger enterprises and penetrate the Fortune 500 and Global 2000 segments. By leveraging its AWS partnership for co-selling opportunities, Workmates intends to position itself as a strategic modernisation partner for global enterprises. Its expertise in financial services, IT/ITeS, healthcare, e-commerce, media, and manufacturing already provides a strong foundation for scaling into other regulated and data-sensitive sectors.
Service expansion is another key pillar of growth. Managed services now contribute a significant portion of revenues, creating annuity-based income streams. The company is also making strategic investments in GenAI and analytics services, helping clients build intelligent applications and automate processes for improved agility. This, combined with its DevOps and cloud-native development capabilities, positions Workmates to address the next wave of enterprise transformation.
Workmates’ international ambitions are also steadily taking shape as the company aims to capitalise on the growing demand for cloud-related services. The company’s Singapore subsidiary anchors its presence in the ASEAN region, while plans are underway to expand into the Middle East, the UK, the US, and Australia. The international strategy aims to capture large enterprise deals, grow the company’s customer base through collaboration with AWS, Red Hat, Commvault, MongoDB and others to co-create solutions, and accelerate growth. These alliances enable the co-creation of solutions that blend cloud, cybersecurity, and AI, while accelerating go-to-market execution.
Laying a strong foundation for this growth is a culture built around four core values: customer obsession, innovation, agility, and trust. These values guide every aspect of Workmates’ operations, from client engagement to internal collaboration. The company employs over 160 professionals across nine offices and delivery centres, emphasising certifications, continuous learning, and an innovation-driven environment.
The company’s long-term growth blueprint, the ‘Growth Playbook 2025-2030', is anchored in customer-centric expansion, bold portfolio evolution, global scale-up, and efficiency-driven value creation. By strengthening relationships with existing enterprise clients, developing differentiated cybersecurity and GenAI offerings, and leveraging its international partnerships, Workmates aims to sustain high growth while maintaining profitability and operational resilience. Its vision is to be the most trusted partner for cloud-led and AI-driven modernisation in India and emerging markets – a goal that aligns seamlessly with the country’s broader digitalisation agenda.
In less than a decade, Workmates Core2Cloud has evolved from a startup experiment into a pivotal player in India’s cloud revolution. Its story mirrors the broader transformation sweeping across Indian enterprises – from experimenting with digital tools to embedding cloud and AI as core business enablers. With a clear strategy, proven execution, and a culture grounded in trust and collaboration, Workmates is well-positioned to lead India’s next phase of cloud-led innovation.