Vakrangee Limited

Indian technology company

  • BSE: 511431
  • NSE: VAKRANGEE
ISININE051B01021IndustryITESFounded28 May 1990; 33 years ago (1990-05-28)[1]FounderDinesh Nandwana[2]HeadquartersVakrangee House, Plot No. 66, Marol Co-Op. Industrial Estate, Off. M. V. Road, Andheri (E), Mumbai – 400 059[1]
Area served
India
Key people
  • Dinesh Nandwana (Managing Director & CEO)
  • Nishikant Hayatnagarkar (Whole Time Director)
Products
  • e-governance
  • Vakrangee Kendra
  • Vakrangee ATM
Revenue₹40 billion (US$500 million) (2017)[1]₹9.5 billion (US$120 million) (2017)[1]
Net income
₹3.5 billion (US$44 million) (2017)[1]Total assets₹22.7 billion (US$280 million) (2017)[1]Total equity₹20.6 billion (US$260 million) (2017)[1]
Number of employees
1,706 (2017)[1]Websitewww.vakrangee.in

Vakrangee Limited is a technology company based in Mumbai, India that provides banking, insurance, e-governance, e-commerce, and logistics services.[3][4] The company is one of the main providers of the software and equipment for voter id cards and Aadhaar cards.[5]

As per Forbes, the company is the largest single systems integrator for all key government projects in India.[6] As of June 2018, its largest owners included the promoter's family, the government of Singapore, Wellington trust company, Life insurance corporation and Jagdishchander Bansal.[7]

History

Vakrangee limited was founded in Marol Naka, Mumbai 1990 by Dinesh Nandwana, a Chartered Accountant(CA).[8] Though the company commenced its operations as a technology consultancy, it gradually expanded its operations, first in making voter identity cards in 1993, and subsequently as a franchisee for making Aadhaar UID cards in 2010. In July 2017, Forbes India included the company in its "Super 50" list of companies 2017 as it had a market capitalization of more than ₹240 billion (US$3.0 billion).[6][9]

Operations

Vakrangee operates a franchisee network of more than 37,000 centers known as "Vakrangee Kendras" in 16 states of India. These centers undertake a mix of tasks, from voter ids, aadhaar registration, as well as white label ATMs (ATM machines used by different banks).[10] Most of its centers act as "last-mile retail points of sale" and are located in the rural, semi-urban and urban areas that do not have access to technology and often electricity.[6]

Vakrangee also operates e-Governance projects with the Government of India.[10][4][5]

Vakrangee Kendras

As of December 2017, the company operated 44,286 Vakrangee Kendras through a franchisee based model. Each outlet provides a range of services related to the government of India under various e-governance initiatives of the government. These include disbursement of money under Direct Benefit Transfer scheme, pension and basic banking under National Pension System and Pradhan Mantri Jan Dhan Yojana, processing of passports, microinsurance under Atal Pension Yojana, Pradhan Mantri Jeevan Jyoti Bima Yojana & Pradhan Mantri Suraksha Bima Yojana, tax & cess collection,[11] enrollment and issuance of Aadhaar Card, NREGA Job Card, Election Card, Passport, birth, death, domicile and land record certificates among other services.[10]

Vakrangee Kendras also provides various other services like banking by acting as banking correspondent for many scheduled commercial banks and insurance as a corporate agent to some insurance companies, utility bill, mobile & DTH payments,[12] ticketing & logistics, e-learning & certifications, and e-commerce through Amazon.in.[13][14][15][16] The company, licensed by the Reserve Bank of India, operates a network of white labeled Vakrangee ATM centers.[17][18]

e-Governance Projects

Under this segment, Vakrangee delivers IT & IT enabled services to Government of India, various state governments, and Government of Philippines.[19] These projects include collection services, recruitment application processing for government-related services, grievance management services, land records digitization, electoral rolls among others[5]

References

  1. ^ a b c d e f g h "Annual Report 2016-17" (PDF). Vakrangee Ltd.
  2. ^ Company Annual report 2016-2017 (PDF). Mumbai: Vakrangee ltd. 1 September 2017. Retrieved 8 June 2018.
  3. ^ "Vakrangee Limited".
  4. ^ a b "Vakrangee Softwares Ltd". wsj.com. The Wall Street Journal. Retrieved 14 October 2017.
  5. ^ a b c "Vakrangee Ltd. – Company History". business-standard.com. Business Standard. Retrieved 14 October 2017.
  6. ^ a b c "Vakrangee". forbesindia.com. Retrieved 14 October 2017.
  7. ^ "Shareholder pattern (31 March 2018)" (PDF). Company official website. Vakrangee. Retrieved 8 June 2018.
  8. ^ "Super 50 Companies 2017". forbesindia.com. 5 October 2017. Retrieved 14 October 2017.
  9. ^ "Q1FY2017-18 Results Update & Investor Presentation" (PDF). vakrangee.in. Vakrangee Ltd. 30 June 2017. Retrieved 14 October 2017.
  10. ^ a b c "Vakrangee Ltd". in.finance.yahoo.com. Yahoo Inc. Retrieved 14 October 2017.
  11. ^ "Vakrangee Jumps On Plan To Provide GST-Related Services". bloombergquint.com. Bloomberg L.P. 18 April 2017. Retrieved 14 October 2017.
  12. ^ "Vakrangee, IndusInd Bank Tie Up for Bill Payments Services". corporateethos.com. Corporate Ethos. Retrieved 14 October 2017.
  13. ^ "26,000 Vakrangee Kendras Ease Demonetisation Pressure, Push Government's Digital Initiative". telegraphindia.com. The Telegraph. 27 December 2016. Archived from the original on 15 October 2017. Retrieved 14 October 2017.
  14. ^ "Company Overview of Vakrangee Limited". bloomberg.com. Bloomberg L.P. Retrieved 14 October 2017.
  15. ^ "Vakrangee gains on strategic tie-up with Indian Oil Corporation". business-standard.com. Business Standard. 2 March 2016. Retrieved 14 October 2017.
  16. ^ "Amazon's offline thrust to online sales". The Hindu. 21 June 2016. Retrieved 14 October 2017.
  17. ^ "Vakrangee gets white-label ATM licence". thehindubusinessline.com. The Hindu Business Line. 25 January 2014. Retrieved 14 October 2017.
  18. ^ "RBI appoints 3 NBFCs for setting up of white label ATMs". businesstoday.in. The India Today Group. 27 May 2014. Retrieved 14 October 2017.
  19. ^ "Investor presentation (2018)" (PDF). Vakrangee official website. Vakrangee. Retrieved 8 June 2018.