Maverick Simulation Rs. 125.5 Cr Fundraise Explained

TL;DR

• Maverick Simulation proposes to raise exactly Rs.125.5 crore through Series-B CCPS and 10 equity shares issued at Rs. 3,118 per security.

• Paragon Partners Growth Fund II will invest Rs. 74,99,88,130, VantEdge Partners LLP Rs. 38,49,95,050, and Inviga Healthcare Fund I Rs. 11,99,99,348.

• Maverick also proposes to acquire 100% of Voxel-Man GmbH for Rs. 2,59,99,97,306, paid entirely by issuing 8,33,867 Maverick equity shares to promoter-director Anuj Chahal.

• The transactions bring institutional capital and advanced virtual-surgery technology.

Introduction

Maverick Simulation Solutions Limited is prepared for their extraordinary general meeting (EGM) on October 3, 2026. Shareholders will vote on an institutional fundraise, a promoter-loan conversion, the acquisition of Voxel-Man GmbH through a share swap, a higher borrowing limit, changes to Series-A CCPS conversion terms and board appointments.

The headline proposal combines Rs. 125.5 crore of fresh institutional capital with a roughly Rs. 260 crore acquisition. But the two transactions are structurally different. The Series-B issue brings cash into Maverick, while the Voxel-Man purchase is a non-cash share swap that expands the equity base.

This distinction matters. The fundraise could support product development, expansion and inorganic growth, whereas the acquisition could add virtual reality, robotics and haptic surgical-training technology. At the same time, the Voxel-Man deal is a related-party transaction because Anuj Chahal is a Maverick director and the 100% shareholder of Voxel-Man.

What Does Maverick Simulation Solutions Limited Do

1. Maverick develops medical-training and simulation solutions that allow healthcare students and professionals to practise procedures in controlled, repeatable environments. 

2. Its portfolio covers foundational task trainers, high-fidelity simulation systems and surgical simulators, while its New Delhi manufacturing facility is supported by in-house research and development infrastructure.

3. The company says it has more than 40 products and builds several simulators in India. Its disclosed project footprint includes more than 100 active installations across over 60 institutes, including installations at AIIMS Bhopal, AIIMS Rishikesh, AIIMS Bathinda and AIIMS Deoghar.

4. Maverick’s FY25 headline financials show revenue of Rs. 136.3 crore, EBITDA of Rs. 64.2 crore and profit after tax of Rs. 47.8 crore. 

5. The sharp growth is notable but the referenced research article also reports year-end customer receivables of about Rs. 105 crore with cash conversion and working capital discipline key things to watch.

Fundraising at a Glance

The fundraise of Maverick Simulation will largely be based on a preferential private placement. It will involve 4,02,486 Series-B compulsorily convertible preference shares (CCPS) and 10 equity shares. Each security has a face value of Rs.10, issue price of Rs.3,118 including securities premium of Rs. 3,108.

The exact proposed raise is Rs.1,25,49,82,528, commonly rounded to Rs.125.5 crore. The valuation report has been prepared by a registered valuer, Bizvalis OPC Private Limited. It is based on a discounted cash flow method. The idea is to determine the issue price with the valuation date relevant as 19 August 2026.

All figures in the table are taken from the EGM notice. 

Also Read: Mavericks Simulation Acquiring Neosim AG For 58 Cr.

Who Is Investing?

Three investors are participating, with Paragon Partners Growth Fund II accounting for nearly 60% of the total issue proceeds. VantEdge Partners LLP is the second-largest subscriber, while Inviga Healthcare Fund I supplies the remaining investment.

The individual and total amounts reconcile at the Rs. 3,118 issue price.

 Source:02-EGM-Maverick.pdf

Use of Proceeds for Maverick Simulation Solution Limited

Maverick states that the proceeds will be used for business growth, general corporate purposes, inorganic expansion and the development of products, services and technology. The wording gives management flexibility rather than assigning fixed amounts to specific projects.

That flexibility can help a fast-growing business respond to opportunities, but shareholders will need to track deployment after the allotment. The key question is whether the capital improves operating cash generation and product scale or is absorbed by working capital and acquisition-related spending.

Maverick Simulation fundraise Series-B CCPS Terms

The Series-B instruments are not equivalent to ordinary equity on day one. They offer contractual and economic protections that rank ahead of Series-A CCPS and equity shares in specified circumstances.

• Ordinary conversion: One Series-B CCPS is initially convertible into one equity share at the Rs. 3,118 conversion price, subject to adjustment.

• Tenure: 20 years minus 1 day from allotment

• Dividend: 0.001% per annum on the issue price, non-cumulative, payable only if declared and approved.

• Participation: Non-participating beyond the preferential dividend, except through conversion or applicable contractual elections.

• Liquidation preference: The higher of the investor’s subscription amount or its fully diluted pro-rata entitlement, paid ahead of Series-A CCPS and equity holders on a non-participating basis.

• Conversion trigger: Optional conversion is available to holders; compulsory conversion occurs by the end of the tenure or immediately before the relevant filing for a qualified IPO.

• Anti-dilution: The conversion ratio may adjust for dilutive issuances and capital reorganisations.

The most consequential transaction-specific provision protects the investors against dilution caused by the Voxel-Man acquisition. The mechanics of the Series-B conversion are designed to leave their total pre-tranche percentage after both the 2% and 98% Voxel-Man tranches, subject to applicable law.

Voxel-Man Acquisition

Maverick proposes to acquire all 100 ordinary shares of Swiss-incorporated Voxel-Man GmbH from Anuj Chahal. The total consideration specified in the main resolutions is Rs. 2,59,99,97,306, paid through 8,33,867 new Maverick equity shares issued at Rs. 3,118 per share; no acquisition cash is proposed to be paid.

Source:02-EGM-Maverick.pdf

What Voxel-Man Adds

1. Voxel-Man designs virtual simulators for surgery, dentistry and ultrasound education. Its systems use virtual reality and robotics to provide visual, sound and haptic feedback, enabling users to repeat procedures, receive automated skills assessments and train without specimens or disposable physical models.

2. Its products include ENT simulation for temporal-bone and sinus surgery, dental preparation training and sonography simulation. 

3. The platform also supports the use of CT or CBCT scans and can generate printable 3D models in certain applications.

4. Strategically, the combination could broaden Maverick from physical and high-fidelity medical simulation into specialist virtual surgical training. 

5. Maverick could potentially pair local manufacturing and distribution with Voxel-Man’s software, haptics and international installed base, though successful integration, cross-selling and localisation still need to be demonstrated.

Amortising loan

1. Alongside the cash fundraising and the Voxel-Man share swap, Maverick also plans to convert part of an unsecured promoter loan into equity. 

2. The notice says that Anuj Chahal has an outstanding loan of Rs.13.05 crore and is proposing to issue 41,853 equity shares at Rs. 3,118 each, discharging ~Rs. 13.04 crore of that liability without a cash outflow.

3. The two figures differ by Rs. 2,696, meaning the proposed share issue does not mathematically extinguish the entire stated loan balance. 

4. This should not be presented as a Rs. 13.05 crore cash infusion because it is a balance-sheet conversion for non-cash consideration.

Capital Structure Impact

The EGM notice reports a fully diluted base of 57,27,952 shares before the promoter-loan conversion. Once 41,853 shares are issued against the loan, the reported base increases to 57,69,805 and promoter holding to 69.45% from 69.67%.

The notice mentions 61,72,291 shares and promoter holding of 65.13% after Series-B issue. However, adding both 4,02,486 Series-B CCPS and Paragon’s 10 equity shares to 57,69,805 produces 61,72,301, indicating that the notice’s total omits the 10 new equity shares.

Series-A CCPS Change

The EGM also proposes changing the Series-A CCPS conversion ratio to 1:1.45, meaning every 100 Series-A CCPS will convert into 145 equity shares. Maverick previously issued 3,53,658 Series-A CCPS at Rs. 1,640 each to Anuj Chahal, Kanika Chahal, Sunil Tomar, Ram Kumar Verma and Sumit Chahal.

This adjustment matters because fully diluted ownership should reflect the revised conversion entitlement rather than simply treating every Series-A CCPS as one equity share. Investors comparing headline equity counts should therefore use the company’s fully diluted disclosures carefully.

Implied Valuation

Applying the Rs. 3,118 issue price to the notice’s fully diluted share counts produces the following indicative equity values. These are transaction-price calculations, not audited enterprise valuations, and they do not adjust for debt, cash or the Series-B top-up mechanism.

The implied price-to-earnings multiple is around 40 times at post-Series-B valuation of around Rs. 1,925 crore and FY25 PAT of Rs. 47.8 crore. The referenced research also places the August-September 2026 unlisted-market indication at around Rs. 2,320-Rs. 2,375 per share, making the Rs. 3,118 institutional issue price roughly 31%-34% higher.

Conclusion

The Maverick Simulation fundraise is a major institutional-capital event: the company proposes to raise nearly Rs. 125crores at Rs. 3,118 per security from Paragon Partners Growth Fund II, VantEdge Partners LLP and Inviga Healthcare Fund I. 

Alongside it, Maverick plans to acquire Voxel-Man for Rs. 259crore through a share swap, convert Rs. 13,04,97,654 of promoter debt into equity and secure shareholder authority for borrowings up to Rs. 800 crore.

The industrial logic is understandable. Maverick’s Indian manufacturing and medical-simulation portfolio could complement Voxel-Man’s VR, robotics and haptic surgical-training platform.

Yet the ultimate investment assessment depends on information not present in the notice,especially Voxel-Man’s financial performance, the full valuation assumptions, acquisition milestones and the final diluted share count after Series-B protection.

For existing and prospective unlisted shareholders, the Rs.3,118 institutional price is an important benchmark, not a standalone buy signal. Instrument rights, liquidity, governance, cash conversion, related-party safeguards and post-transaction dilution must all be considered before drawing a valuation.

FAQs

What is the size of Maverick Simulation fundraising?

Maverick proposes to collect exactly Rs. 1,25,49,82,528 or around Rs. 125.5 crore, through 4,02,486 Series-B CCPS and 10 equity shares.

What is the issue price?

Each Series-B CCPS and equity share in the institutional issue is priced at Rs. 3,118, comprising a Rs. 10 face value and Rs. 3,108 securities premium.

Who are the proposed investors?

The proposed investors are Paragon Partners Growth Fund II, VantEdge Partners LLP and Inviga Healthcare Fund I. Their exact investments are Rs. 74,99,88,130, Rs. 38,49,95,050 and Rs. 11,99,99,348, respectively.

When is Maverick’s EGM?

The EGM is scheduled for 3 October 2026 at 4:00 PM IST, subject to the details stated in the company notice.

What is Maverick paying for Voxel-Man?

The main resolutions value the acquisition at Rs. 2,59,99,97,306. Maverick proposes to issue 8,33,867 equity shares at Rs. 3,118 each as full non-cash consideration.

Why is the Voxel-Man deal a related-party transaction?

Anuj Chahal is a Maverick director and owns 100% of Voxel-Man. He will transfer Voxel-Man to Maverick and receive newly issued Maverick shares as consideration.

Will Maverick pay cash for Voxel-Man?

No. The acquisition consideration is proposed to be paid entirely through Maverick equity shares in two tranches.

When will the Voxel-Man acquisition be completed?

The first 2% tranche is proposed after satisfying relevant conditions precedent. The remaining 98% tranche is proposed to close on or before 31 October 2027.

How much equity dilution is expected from the Series-B issue?

The EGM notice states expected dilution of 6.52% upon conversion of the Series-B preference shares. Further dilution may arise from the Voxel-Man share swap and the adjustment mechanism used to preserve the Series-B investors’ collective percentage.

What happens to promoter ownership?

The notice reports promoter ownership of 69.45% before the proposed transactions, 69.67% after the promoter-loan conversion and 65.13% after the Series-B issue. The referenced analysis estimates promoter-group ownership at about 69.28% after both Voxel-Man tranches, before allowing for the Series-B top-up mechanism.