Orchasp Ltd is a Hyderabad-based IT services firm that builds custom software for mid-sized companies and government departments - a business that nearly vanished in 2020 when it entered India’s corporate insolvency process, only to be rescued through an out-of-court settlement that cleared its debts and returned control to its original board. Since emerging from that crisis and renaming itself from Cybermate Infotek to Orchasp in 2021, the company has pursued a “Rebuild-Reform-Reinvent” strategy: it continues to earn its living from bespoke application development while layering on digital platforms, domain-specific software products, and IoT solutions - all aimed at the same mid-market customers that larger IT firms tend to overlook. That recurring approach - build deep domain knowledge in a handful of industries, then cross-sell everything from staff augmentation to smart-meter hardware - explains why a company of roughly 40 people maintains a portfolio spanning healthcare, logistics, retail, manufacturing, energy, telecom, railways and government.
Business segments
A single IT services engine that earns its keep through custom software development, then layers on digital platforms, packaged software products and IoT solutions - all sold to the same mid-market and government customers.
1. Custom software development and IT services: the company’s bread-and-butter
Every rupee Orchasp earns starts with writing code for a specific client’s problem - the rest of the portfolio is built on top of the relationships and domain know-how this work creates.
- Six service lines, one sales pitch - the company offers software development, cloud services (Platform-as-a-Service and Software-as-a-Service on subscription), managed services (network security, data backup), IT consulting, help-desk support, and business-process outsourcing, all aimed at mid-sized companies and government units that want a single vendor for end-to-end technology work.
- Paid by the hour, the milestone or the subscription - revenue comes through time-and-materials contracts (billed as work is done), fixed-price projects (recognised by percentage of completion), service contracts (spread evenly over the term), licence sales, and recurring subscriptions, giving the company multiple ways to match how a client wants to buy.
- Talent is the raw material, and it is hard to keep - the company hires fresh graduates from engineering colleges and IT training institutes, puts them through online on-the-job programmes covering technology, business process and presentation skills, then risks losing them to larger corporations that offer higher salaries and employee stock options.
- Sold from Hyderabad and the US - a sales team based in India and America, with additional presence in the UAE, pursues long-term relationships and repeat business, expanding from a first project into adjacent services for the same customer rather than chasing one-off deals.
- Competing from the middle - the company acknowledges it operates in the “mid segment space” and that its size can make it hard to inspire confidence for long-term contracts, pitting it against other small and mid-sized firms for government and large-corporate application-development and outsourcing work.
2. Digital platforms: an “Indus” ecosystem of service marketplaces
Nine online platforms - all branded with the “Indus” prefix - attempt to turn the company’s software skills into recurring platform revenue by connecting service providers with customers in healthcare, logistics, retail, education and more.
- Aggregation, not just software - each platform enrols service providers (with technology support from Orchasp) and registers service receivers (sometimes for a subscription fee), so the company earns by building the marketplace rather than just selling a software licence.
- From truckers to artisans - the logistics platform (induscargo.in) aggregates small and medium fleet operators for less-than-truckload consignments with real-time tracking and online booking, while the handicrafts platform (induscrafts.in) connects Indian artisans directly with global buyers through an online shopping cart.
- Healthcare gets the biggest push - the electronic health-records platform (indusayush.in) was admitted to the Google Play Store in December 2025 and Apple’s App Store in February 2026, and a new US subsidiary (Orchasp Inc) was incorporated specifically to market it and host its mobile app.
- Nine platforms, one brand - the portfolio spans electronic health records, handicraft e-commerce, human-capital management, job profiles, cargo aggregation, B2B retail, healthcare service location, e-learning and content management, all carrying the “Indus” name to build a shared identity.
3. Domain-specific software products: packaged solutions for vertical industries
Alongside custom work, Orchasp sells ready-made software products for healthcare, logistics, retail, government and education - built from the same domain expertise that fuels its services business.
- A hospital in a box - Heal Soft is a complete enterprise hospital-management suite with 18 modules covering appointments, in-patient and out-patient records, billing, inventory, pharmacy, laboratory, HR and financial accounting, designed for clinics and hospitals of any size across multiple locations.
- Fleets, shops and factories - Fleetplus handles real-time vehicle monitoring for companies with large fleets, while RCMS manages retail and wholesale distribution for single outlets or supermarket chains, and a Sugar ERP serves India’s sugar industry.
- Government paperwork, digitised - a suite of products for public-sector clients includes a document management system for paperless government workflows, a purchase-and-contract management tool for tender-based procurement, an asset-management application for tracking remote equipment, and a payroll system for multi-location public-sector units.
- Niche problems, niche products - the catalogue extends to a scholastic incident-reporting system for US public schools (Pupilsoft), a sales-commission automation tool for manufacturing, a medical-representative effectiveness tracker for pharma companies, and a print-order management solution for the printing industry.
4. IoT and Industry 4.0: connected devices for gas and beyond
The company’s most tangible hardware-plus-software offering is a smart meter for natural gas distribution - part of a broader bet on full-stack Internet of Things development for industrial customers.
- A smart meter that shuts off leaks - the flagship IoT product is a regulating station for natural gas that detects leakage and cuts supply instantly, provides real-time consumption data, integrates with centralised billing and SAP systems, and gives consumers access to their own usage information and bill payment.
- Proven on 70 gas sites - in partnership with VectorX Technologies, Orchasp won a contract to supply and install IoT-driven smart-meter devices across 70 CNG and city-gas-distribution sites for Maharashtra Natural Gas Limited, a joint venture of GAIL and BPCL, with Orchasp supplying equipment and VectorX handling implementation.
- Full-stack, from device to dashboard - the IoT practice covers embedded technologies for connected vehicles, predictive-maintenance infrastructure for factories, and AI-driven driver-monitoring apps, positioning the company for the digitisation of vertical and horizontal value chains that defines Industry 4.0.
Group structure and partners
Orchasp operates through a web of subsidiaries and related entities - most of them dormant or facing regulatory action - while a large FCCB conversion has reshaped its shareholder base.
- Two older wholly owned subsidiaries - Cybermate Infotek Limited Inc in the US and Cybermate International in Portugal - have had no operations for years; the company is considering closing the US entity and transferring the Portuguese investment to a new subsidiary.
- A fresh US subsidiary, Orchasp Inc, was incorporated in December 2025 with a proposed capital of USD 10,000 solely to market the Indusayush healthcare platform and host its mobile app on Android and iOS.
- A cluster of related parties - including Orchasp Consulting, Orchasp Securities, CIL Infoserve, Bilwa Infrastructure, Aagama IT Biz Solutions, Aagama Consulting Group, Kora Trading & Contracting, and Waha Al Mesela for Contracting - sit within the company’s orbit.
- All outstanding 1% unsecured Foreign Currency Convertible Bonds were redeemed through conversion into equity shares between July and December 2024, with roughly 14.5 crore shares allotted at Rs.3.85 per share, and 31,95,50,366 shares admitted for dealing on the NSE in February 2025 under the symbol ORCHASP.
- The company carries significant contingent liabilities: income-tax demands of about Rs.16.3 crore under appeal and Enforcement Directorate penalties under FEMA of roughly Rs.111.6 crore pending at the appellate authority in Delhi.