XED Takes a Major Step Forward as NSE International Exchange Grants In-Principle Approval for India's First GIFT City IPO

MUMBAI, India, Jan. 23, 2026 /PRNewswire/ -- XED, a globally integrated executive education enterprise, has received in-principle approval from NSE International Exchange (NSE IX) for its proposed initial public offering of USD 12 million at GIFT City, marking a significant milestone in the company's journey toward becoming one of the first Indian enterprises to list under India's international financial services framework.

This development represents the second key regulatory milestone following the submission of the Draft Red Herring Prospectus (DRHP) and moves XED closer to its proposed public listing at GIFT City — India's International Financial Services Centre regulated by the International Financial Services Centres Authority (IFSCA).

"The in-principle approval from NSE IX is an important validation of the institutional foundation we have built over the years," said John Kallelil, Founder and Managing Director, XED. "As we progress toward becoming a publicly listed company, our focus remains on governance, transparency, and long-term value creation. GIFT City provides a framework that aligns well with our global footprint and our aspiration to operate to international standards."

XED's Strategic Fit with the GIFT City Framework

XED's decision to pursue a GIFT City listing aligns closely with the company's global operating model and long-term institutional vision. Over the past decade, XED has built a leadership and executive education ecosystem serving senior professionals across 25+ countries, with operational presence spanning India, the Middle East, Southeast Asia, and North America.

The company collaborates with some of the world's most respected academic institutions, including the Saïd Business School, 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, among others.

Rather than following the rapid-scale approach traditionally associated with the education technology sector, XED has pursued a measured, governance-led growth strategy, prioritising institutional credibility, global relevance, and long-term sustainability.

"GIFT City represents India's next chapter as a global financial hub," said Piyush Agrawal, CFO, XED. "Its dollar-denominated framework provides global investors a frictionless, transparent route to participate in India's growth story. For XED, this approval is not just regulatory progress — it is validation of our readiness to operate as a publicly accountable global institution."

"This transaction is a watershed moment — both for XED and for GIFT City," said Abhishek Kaushik, CEO of Global Horizons, merchant banker to the issue. "We see XED as a category-defining issuer for this platform: a globally aligned, governance-driven company accessing investors in a dollar-denominated, tax-efficient, and regulation-light environment. It showcases how India can offer Nasdaq-style access to Indian enterprises without losing regulatory discipline."

Backed by Long-Term Institutional and Entrepreneurial Capital

XED's journey has been supported by a diverse group of investors with deep operating and global market experience. The company's shareholders include Ecosystem Ventures, an established angel investment platform, as well as family offices of prominent entrepreneurs and business leaders. These include the family office of Kunal Shah, founder of CRED; the family office of Pratekk Agarwaal, former Chief Business Officer at BharatPe; and the family office of Pavan Bakeri, Managing Director of the Bakeri Group. The company is also backed by senior finance leaders with extensive international experience.

GIFT CITY — A New Gateway for Global and NRI Investors

The in-principle approval by NSE IX is a critical step in the listing process and reflects the growing maturity of India's offshore capital market ecosystem. GIFT City has been envisioned as India's global financial gateway — enabling Indian companies with international operations to access overseas capital while remaining within an Indian regulatory framework.

For Non-Resident Indians (NRIs) and global investors, the GIFT City platform offers a fundamentally different investment experience compared to traditional domestic listings.

Under the IFSCA framework, eligible investors are able to participate in offerings through a dollar-denominated structure, allowing investments and exits in foreign currency without exposure to Indian rupee volatility.

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