White Force IPO: HR Waale Bhi Multibagger Ban Gaye Kya?

🧐 At a Glance

White Force (Happy Square Outsourcing) is bringing a ₹24.25 Cr SME IPO with a solid 62% ROE, rapid profit growth, and a scalable HR outsourcing model across India and the US. But will this recruitment firm attract listing gains… or regret letters?

1. 🪝 Introduction with Hook

HR tech startup. SME IPO. ROE of 61.97%.

Wait… what? How did your office’s recruitment agency suddenly become a high-margin machine? Well, White Force isn’t just hiring interns and mispronouncing names on onboarding calls. It’s now a ₹88 Cr valuation SME firm trying to IPO at a P/E of ~15x — and hopes you’ll say “yes” without an HR round.

But should you click “Apply”?

2. 🧳 Business Model (WTF Do They Even Do?)

White Force is the brand name for Happy Square Outsourcing Services Ltd, which is:

✅ An ISO-certified HR outsourcing company
✅ Doing recruitment, payroll, onboarding, and staffing
✅ Active in India + US, with 4,225 deployed personnel
✅ Employing a “third-party HR plug-in” model: clients outsource workforce ops to them
✅ Tech-based workflow, but not full SaaS – still service-heavy

Also, they’re not shy about scale:
They claim to work with diversified industrial verticals, from IT to logistics, and target both long-term contracts and temp staffing.

3. 💰 Financials Overview – Profit, Margins, ROE, Growth

Let’s skip HR jargon and get to HR money: