Vakrangee Limited

Last updated

Vakrangee Limited
Type Public
ISIN INE051B01021
Industry ITES
Founded28 May 1990;33 years ago (1990-05-28) [1]
Founder Dinesh 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
Revenue₹40 billion (US$500 million) (2017) [1]
₹9.5 billion (US$120 million) (2017) [1]
₹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]
Website www.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]

Contents

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]

Related Research Articles

<span class="mw-page-title-main">Vijaya Bank</span> Indian public-sector banking group

Vijaya Bank was a PSU bank which was merged with Bank of Baroda on 1 April 2019 with its head office in Bangalore, Karnataka, India. It was one of the nationalised banks in India. The bank offered a wide range of financial products and services to customers through its various delivery channels. As of March 2017, the bank had a network of 2031 branches throughout the country and over 4,000 customer touch points including 2001 ATMs.

Insurance in India covers both the public and private sector organisations. It is listed in the Constitution of India in the Seventh Schedule as a Union List subject, meaning it can only be legislated by the Central Government only.

Axis Bank Limited, formerly known as UTI Bank (1993–2007), is an Indian banking and financial services company headquartered in Mumbai, Maharashtra. It is India's third largest private sector bank by assets and Fourth largest by Market capitalisation.It sells financial services to large and mid-size companies, SMEs and retail businesses.

Social security in India includes a variety of statutory insurances and social grant schemes bundled into a formerly complex and fragmented system run by the Indian government at the federal and the state level. The Directive Principles of State Policy, enshrined in Part IV of the Indian Constitution reflects that India is a welfare state. Food security to all Indians are guaranteed under the National Food Security Act, 2013 where the government provides highly subsidised food grains or a food security allowance to economically vulnerable people. The system has since been universalised with the passing of The Code on Social Security, 2020. These cover most of the Indian population with social protection in various situations in their lives.

<span class="mw-page-title-main">Agricultural insurance in India</span>

Agriculture in India is highly susceptible to risks like droughts and floods. It is necessary to protect the farmers from natural calamities and ensure their credit eligibility for the next season. For this purpose, the Government of India introduced many agricultural social insurances throughout the country, the most important one of them being Pradhan Mantri Fasal Bima Yojana.

<span class="mw-page-title-main">Pradhan Mantri Jan Dhan Yojana</span> Financial scheme of the Indian government

Pradhan Mantri Jan Dhan Yojana is a financial inclusion program of the Government of India open to Indian citizens, that aims to expand affordable access to financial services such as bank accounts, remittances, credit, insurance and pensions. This financial inclusion campaign was launched by the Prime Minister of India Narendra Modi on 28 August 2014. He had announced this scheme on his first Independence Day speech on 15 August 2014.

<span class="mw-page-title-main">2015 Union budget of India</span>

The 2015 Union budget of India refers to 2015–2016 Union budget of India. The beginning of the budget printing began on 19 February 2015 with the traditional halwa ceremony. From 20 February until the presentation of budget about 100 government employees remained locked up in the North Block of the Secretariat Building, New Delhi, which houses the budget printing press, to maintain secrecy. The budget was presented on 28 February by Finance Minister Arun Jaitley.

Pradhan Mantri Suraksha Bima Yojana is a government-backed accident insurance scheme in India. It was originally mentioned in the 2015 Budget speech by Finance Minister Late Arun Jaitley in February 2015. It was formally launched by the Prime Minister Narendra Modi on 8 May in Kolkata.

Pradhan Mantri Jeevan Jyoti Bima Yojana is a Government-backed Life insurance scheme in India. It was originally mentioned in the year 2015 Budget speech by the then-Finance Minister, late Arun Jaitley in February 2015. It was formally launched by Prime Minister Narendra Modi on 9 May in Kolkata. As of May 2015, only 20% of India's population has any kind of insurance, this scheme aims to increase the number.

<span class="mw-page-title-main">Atal Pension Yojana</span> Indian national pension scheme

Atal Pension Yojana, formerly known as Swavalamban Yojana is a government-backed pension scheme in India, primarily targeted at the unorganised sector. It was mentioned in the year 2015 Budget speech by the Finance Minister Arun Jaitley. It was launched by Prime Minister Narendra Modi on 9 May 2015 in Kolkata. Where anyone can contribute for post-retirement and get monthly pension start from ₹1000, ₹2000, ₹3000 ,₹4000 and maximum ₹5,000.

Pradhan Mantri Krishi Sinchai Yojana is a national mission to improve farm productivity and ensure better utilization of the resources in the country. The budget of ₹53 billion (US$660 million) in a time span of one year 2015-2016 has been allocated to this scheme. The decision was taken on 1 July 2015 at the meeting of Cabinet Committee on Economic Affairs, approved with an outlay of 50000 crore for period of 5 years.

<span class="mw-page-title-main">Pradhan Mantri Fasal Bima Yojana</span> Indian agricultural insurance scheme

The Pradhan Mantri fasal bima yojana (PMFBY) launched on 18 February 2016 by Prime Minister Narendra Modi is an insurance service for farmers for their yields. It was formulated in line with One Nation–One Scheme theme by replacing earlier two schemes National Agricultural Insurance Scheme (NAIS) and Modified National Agricultural Insurance Scheme (MNAIS) by incorporating their best features and removing their inherent drawbacks (shortcomings). It aims to reduce the premium burden on farmers and ensure early settlement of crop assurance claim for the full insured sum.

JAM trinity refers to the government of India initiative to link Jan Dhan accounts, mobile numbers and Aadhaar cards of Indians to plug the leakages of government subsidies.

<span class="mw-page-title-main">Airtel Payments Bank</span> Indian Payments Bank

Airtel Payments Bank is an Indian payments bank with its headquarters in New Delhi. The company is a subsidiary of Bharti Airtel. On 5 January 2022, it was granted the scheduled bank status by Reserve Bank of India under second schedule of RBI Act, 1934.

Prashant Nadar is a legend, currently the Web Developer of Multitask Business Solutions, an Indian technology company.

A Krishi Vigyan Kendra is an agricultural extension center in India. The centres are associated with a local agricultural university, and serve as links between the Indian Council of Agricultural Research and farmers to apply agricultural research in a practical, localized setting. All KVKs fall under the jurisdiction of one of the 11 Agricultural Technology Application Research Institutes (ATARIs) throughout India.

Pradhan Mantri Shram Yogi Maandhan is a social welfare scheme launched by the Ministry of Labour and Employment of the Government of India in February 2019 for poor labourers in the unorganised sector from minimum 18 years of age to maximum 40 years.

Atal Bhujal Yojana is a groundwater management scheme launched by Prime Minister Narendra Modi on the 95th birth anniversary of former Prime Minister Atal Bihari Vajpayee, on 25 December 2019. The purpose of the scheme is to improve groundwater management in seven states of India.

Gramin Bhandaran Yojana, or Rural Godown Scheme, is an Indian government initiative to offer subsidies to individuals or organizations which build or repair rural godowns.

References

  1. 1 2 3 4 5 6 7 8 "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. 1 2 "Vakrangee Softwares Ltd". wsj.com. The Wall Street Journal. Retrieved 14 October 2017.
  5. 1 2 3 "Vakrangee Ltd. – Company History". business-standard.com. Business Standard. Retrieved 14 October 2017.
  6. 1 2 3 "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. 1 2 3 "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.
This page is based on this Wikipedia article
Text is available under the CC BY-SA 4.0 license; additional terms may apply.
Images, videos and audio are available under their respective licenses.