💼 White Force IPO — HR Startup or Just “Happy” Numbers?

📌 At a Glance

White Force (aka Happy Square Outsourcing Services Ltd) is raising ₹24.25 Cr via a fresh issue on NSE SME. Focused on HR outsourcing — from hiring to payroll to onboarding — this Madhya Pradesh-based tech-HR firm grew fast post-COVID. With EBITDA margins just under 10%, and PAT margin at 6%, the IPO is priced at a P/E of 14.9x post-issue. Hype or hustle? Let’s dissect.

1. 👷 WTF Do They Even Do?

White Force is a tech-enabled HR outsourcing company that offers:

• Recruitment (Biryani resumes from Naukri)
• Payroll Management (Excel + Tally = 💥)
• Onboarding & Staffing (Throwing resumes until someone sticks)

They operate in both India and the US (yep, offshore HR support), and have:

• 4,225 personnel deployed on client sites
• 151 internal staff as of July 2024
• ISO 9001:2015 certification to sound fancy

Their real business? Labour contractor meets HRTech with a Jabalpur zip code.

2. 📈 Financials – Show Me the CTC, Bro

🧠 TL;DR

• 40% YoY revenue growth ✅
• PAT up 34% — but remains single digit