ECONOMIC OVERVIEW
Indias economy has achieved a remarkable milestone in the fiscal year 2023-24, with GDP growth surpassing 8%. This impressive growth is all the more noteworthy given the global economic landscape, where many major economies are struggling with recessionary pressures. As a result, India has solidi_ed its position as the worlds fifth-largest economy, boasting a total output of US$ 3.7 trillion while cementing its status as a beacon of growth and resilience.
This forecast, endorsed by Indias Chief Economic Advisor and corroborated by RBI and several global rating agencies like Moodys and Fitch, suggests that India is set to maintain its status as the fastest-growing major economy in the world.
This growth has been supported by government capital expenditure and robust domestic consumption. Furthermore, the country stands to gain from the growing global trade and Risks to the growth outlook are now broadly balanced. Potential factors such as political or policy uncertainties, significant spikes in oil prices, inadequate or irregular rainfall, global risk aversion leading to sudden withdrawals of capital flows, heightened external financing costs, and other forms of macroeconomic instability could potentially impede future growth.
investment opportunities as companies explore better options than China.
In March 2024, the inflation rate, measured by the Consumer Price Index (CPI), decreased to 4.85%, reaching a 10-month low, except for high food and beverage prices. In April of the preceding year, inflation had peaked at 7.8%. As of February 2024, credit to micro, small, and medium enterprises (MSMEs) in India had increased by 19.3% to _24.42 lakh crore compared to February 2023. This is despite the end of the Emergency Credit Line Guarantee Scheme (ECLGS) in H1-FY2024, which indicates the sectors underlying growth momentum.
2023-24
8.2
The GST collection for March 2024 was _1.78 lakh crore, the second-highest record level. The GST revenue net of refunds for FY 2024 was _18.01 lakh crore, a 13.4% increase from the previous year. Outlook: The Reserve Bank of India (RBI) forecasts an inflation rate of approximately 4.5% for the entire fiscal year 2025, contingent on an above-normal monsoon. Additionally, with improved capital inflows stimulating private investments and ongoing advancements in supply-side infrastructure, physical connectivity, digital connectivity and financial inclusion, the central bank anticipates a growth rate of around 7% in FY25.
Sources https://economictimes.indiatimes.com/news/ economy/indicators/indias-retail-inflation-eases-marginally-to-4-83-per-cent-in-april/ articleshow/110086018.cms?from=mdr https://www.business-standard.com/economy/ news/indian-economy-likely-to-grow-close-to-8-in-fy24-says-rbi-governor-124030601081_1.html https://www.thehindubusinessline.com/ money-and-banking/semi-urban-rural-regions-comprise-46-msme-loan-originations-in-q2-fy24/ article67896929.ece#:~:text=Also%20read:%20 Policy%20interventions%20needed,entities%20 as%20of%20September%202023. https://www.thehindu.com/business/Economy/ india-to-become-third-largest-economy-with-gdp-of-5-trillion-in-three-years-finance-ministry/ article67788662.ece
FINTECH INDUSTRY
Indias fintech industry has recently experienced a meteoric rise, driven by a potent mix of factors. The surging internet penetration rate and massive underbanked population have created a fertile ground for innovative financial technologies. India boasts a vibrant fintech ecosystem with an adoption rate exceeding the global average. This sector is transforming traditional finance, with digital payments leading the charge. Mobile wallets and UPI (Uni_ed Payments Interface) have revolutionised how Indians transact, fostering financial inclusion.
Beyond payments, lending, wealth management and insurance are witnessing a fintech makeover. Start-ups leverage AI and big data to offer personalised financial products and services, making finance more accessible and convenient.
Indias fintech future thrives on a unique foundation of widespread telecom access, affordable smartphones, universal identity verification, democratised payment systems and a transformative mindset shift, setting a global precedent for sustainable growth.
This comprehensive framework assists and drives the industry forward, positioning India as a unique example for global fintech ecosystems.
Performance in FY24: The fiscal witnessed a surge in digital payments. Reports suggest India crossed 210 trillion digital payment transactions by January 2024. UPI transactions are expected to have surpassed 100 billion by the years end.
India continues to boast one of the highest fintech adoption rates globally, at around 87% compared to the global average of 64%. Moreover, theres a growing focus on using fintech to expand financial services to the underbanked rural population. This includes leveraging technologies like AI and regional language chatbots to bridge the gap. However, VC funding for Indian fintech companies dipped significantly in 2023, dropping 63% compared to the record-breaking figures of 2021.
Despite the funding slowdown, FY24 was a positive year for the Indian fintech industry in terms of user base and digital payment adoption. The industrys focus on innovation, particularly with AI and rural outreach, indicates potential for continued growth. Outlook: The digital lending market is projected to grow around 22%, nearly triple its size by 2030, based on favourable socio-economic factors and timely regulatory measures. Embedded finance, where financial services are seamlessly integrated into non-financial apps, is another emerging trend that will enhance convenience and user experience.
Open Banking APIs (Application Programming Interfaces) and Blockchain technology will facilitate the wider integration of various financial products and services to ensure secure and transparent transactions. At the same time, Artificial intelligence (AI) and big data will be extensively used to personalise financial experiences and offer data-driven insights for making informed financial decisions. The government and regulatory bodies are expected to be more active in establishing robust frameworks to ensure data security, consumer protection, and responsible lending practices. Overall, the Indian fintech industry is poised for a bright future. Increased digital adoption, a growing focus on financial inclusion and continuous technological advancements will propel this sector to heights. By 2030, India has the potential to become a global fintech leader, with a market size exceeding US$ 2.1 trillion.
Despite the optimistic outlook, challenges like data privacy concerns and potential disruptions due to economic downturns must be addressed to ensure sustainable growth.
Sources https://www.khaitanco.com/sites/ default/files/2024-03/KCO%20DLAI%20 FintechRoundUp%20March%202024.pdf https://inc42.com/features/decoding-indias-720-bn-consumer-lending-opportunity/ https://www.investindia.gov.in/sector/bfsi-FinTech-financial-services
ENTREPRENEURSHIP AND THE FINTECH INDUSTRY
The number of new entrants in the Indian fintech industry is surging remarkably, fuelled by technological innovation, a favourable regulatory environment and increasing demand for digital financial solutions.
These start-ups leverage cutting-edge technology such as artificial intelligence (AI), blockchain and big data analytics to revolutionise traditional financial services and address the evolving needs of consumers and businesses alike. One key driver of this kind of entrepreneurship is the widespread adoption of digital payments. With the governments push towards a cashless economy and the rise of smartphone penetration, fintech startups have capitalised on this opportunity to offer convenient, secure and efficient payment solutions.
As a result, mobile wallets, UPI-based payment apps and digital lending platforms have become increasingly popular, empowering millions of Indians to transact seamlessly and access credit instantaneously.
Furthermore, regulatory bodies such as the Reserve Bank of India (RBI) have introduced progressive measures to promote financial
QoQ funding trends for Indian fintech startups
| Period | Funding Amount ($mn) | No. of Deals |
| Q1 2024 | 550.8 | 33 |
| Q4 2023 | 346.7 | 53 |
| Q3 2023 | 476.6 | 33 |
| Q2 2023 | 138.5 | 38 |
| Q1 2023 | 1300 | 56 |
Source https://www.business-standard.com/companies/start-ups/indian-fintech-startup-funding-surges-59-in-q1-cy2024-tracxn-report-124041200695_1.html inclusion, foster competition, safeguard consumer interests and encourage experimentation and collaboration within the fintech ecosystem.
Entrepreneurs in the Indian fintech industry also address niche market segments and underserved demographics, such as micro, small and medium enterprises (MSMEs), rural populations, and unbanked individuals. Thus, by leveraging technology to overcome traditional barriers to financial access and inclusion, fintech start-ups democratise finance and empower previously marginalised communities to participate in the digital economy.
However, entrepreneurship in the Indian fintech industry is not without its challenges.
Intense competition, regulatory 207 compliance requirements, cyber security threats, and access to funding are some hurdles that start-ups must navigate. 2023-24
Report
INDUSTRYS PERFORMANCE AND OUTLOOK
Our entrepreneurial spirit and expansive last-mile network have been instrumental in driving operational efficiency and success. As One of Indias largest network of last-mile retail outlets, Vakrangee Kendra are present in 577 districts and 5444 postal codes, ensuring widespread coverage across unserved rural, semi-urban, and urban markets. This extensive network, powered by advanced technology, allows Vakrangee to deliver a wide range of essential services, including real-time BFSI, ATM, e-commerce, and logistics, thereby promoting financial inclusion in line with government policies. At the heart of our operational excellence is its district-level master franchisee model, which fosters a culture of entrepreneurship and innovation. Local entrepreneurs, serving as master franchisees, are entrusted with the responsibility to manage and expand their district-level Kendra networks. They bring their unique insights, passion, and commitment to drive business growth within their territories. This approach ensures that our services effectively cater to the diverse needs of consumers. Our commitment to operational efficiency extends beyond empowering franchisees. We continue to invest in cutting-edge technology and infrastructure to support our master franchisees, franchisees and our staff. By providing the necessary tools and resources, we enable our network of entrepreneurs to deliver exceptional service and create seamless consumer experiences. This steadfast dedication to innovation and customer satisfaction solidi_es our position as a leader in the phygital market, successfully integrating physical and digital channels.
The turnover and profit/(loss) are on a standalone basis of our Company are given below (in Rs Lakhs):
| Particulars | FY 2023-24 | FY 2022-23 |
| Total income | 21,492.10 | 16,553.88 |
| EBITDA | 2,805.61 | 1,930.44 |
| Profit before tax (PBT), before exceptional | 465.36 | 227.55 |
| Profit before tax (PBT) | 519.80 | 227.55 |
| Profit after tax (PAT) | 386.66 | 60.01 |
Despite the challenges, we have managed to overcome obstacles and achieve commendable performance. We have demonstrated resilience and adaptability by implementing effective strategies to mitigate risks and capitalise on opportunities. By leveraging our entrepreneurial mindset and strong technological capital, we have not only sustained our operations but also delivered stable results. Our master franchisee initiative is going to play a crucial role in strengthening our business model. By empowering and fostering entrepreneurship, this model shall enable us to expand our reach and tap into new markets effectively. Through strategic partnerships with master franchisees, we shall be able to leverage local expertise, resources, and networks, driving business growth and enhancing customer engagement. We have a clear Focus on Market Expansion & to strengthen our First Mover Advantage, we are planning to cover entire 764 districts which is 100% of District coverage across the country through appointing exclusive District level Master Franchisees. We have successfully appointed master franchisees in 437 districts across 28 states across the country. These Master franchisees would provide on-ground operational support to our existing franchisees as well as drive new franchisee acquisition. This would lead to help us scale at a faster pace and expand on a pan India basis. We believe this Master Franchisee initiative is a game changer and strengthens our local field presence and operational control at the ground level. We Plan to achieve 100%
District coverage by March 2025. These new initiatives would help us scale at a much faster pace and thereby achieve our Long Term targets well ahead of targeted timelines. We have introduced BharatEasy App, Indias Super App, a revolutionary mobile platform designed to cater primarily to Rural India. Our goal is to provide a comprehensive range of services to empower the people of rural areas. With the launch of our app, we are thrilled to announce the availability of key services such as Online Shopping, Online Agriculture products, Total Healthcare services, Online Demat Account opening, CIBIL credit score rating services, and Online PAN Card application services.
What sets us apart and gives us a sustainable competitive advantage is our unique ability to tap into the extensive Vakrangee On-Ground Ecosystem. This ecosystem comprises a diverse network of physical stores spread across India, enabling us to offer unparalleled physical assistance to consumers residing in semiurban and remote rural locations. With BharatEasy App, we bridge the gap between digital and physical experiences, ensuring that everyone has access to essential services regardless of their geographical location.
We are committed to serving all Indians, including remote areas, with financial, social, and digital inclusion. Through the master franchisee model, we empower local entrepreneurs, accelerating our expansion. By 2030, we plan to have 100% Pan India coverage through our Physical Vakrangee Kendra outlet network along with BharatEasy Digital Mobile App. Our target is to reach 3 lakh + outlets along with Minimum 15,000+ ATMs. With this, our plan is to achieve a Revenue target of US$ 1 Billion by 2030 along with a Gross Transaction Value of more than US$ 150 Billion. The entrepreneurial spirit of our master franchisees and Kendra franchisees is further fuelled by solid performance incentives and commissions, which encourage them to strive for excellence and continually raise the bar. By providing performance incentives and commissions, we foster a culture of excellence among our franchisees, motivating them to deliver exceptional services and experiences. This dynamic partnership between our master franchisees and Kendra franchisees fuels our growth and enables us to reach more communities across the country. Together, we are building a network of empowered entrepreneurs who contribute to the economic development and progress of India.
| Particulars | FY 2023-24 |
| Active Transacting Vakrangee Kendras Outlets | 21,653 |
| No. of Kendras offering following services: | |
| BFSI | 21,653 |
| ATM | 6,487 |
| E-Commerce & Other Services | 21,653 |
One of Indias largest network of last-mile retail outlets, Vakrangee Kendra are present in 577 districts and 5444 postal codes, ensuring widespread coverage across unserved rural, semi-urban, and urban markets.
INDUSTRYS
PERFORMANCE AND OUTLOOK
1) E-Governance
We take pride in our role as a catalyst for social, digital, and financial inclusion in India. We plays a significant role in e-governance by leveraging our extensive network of Vakrangee Kendras (VKs) across Pan India. Our Kendras act as last-mile service delivery points, providing a wide range of government services to citizens in remote and rural areas where access to traditional government offices may be limited. Achieving comprehensive socioeconomic growth in a country requires prioritising financial inclusion.
By bridging the gap between government services and citizens, Vakrangee enhances efficiency, transparency and inclusivity in delivering e-governance services, empowering individuals and communities nationwide.
The government, on its part, is leaving no stone unturned to promote financial and social inclusion. The sustained effort towards uplifting India at its roots widens the opportunity landscape for Vakrangee. In 2015, three schemes were introduced to prioritize the wellbeing of citizens by addressing the importance of safeguarding lives and providing financial stability during unexpected events. The government launched PMJJBY (Pradhan Mantri Jeevan Jyoti Beema Yojana) and PMSBY (Pradhan Mantri Suraksha Beema Yojana) as insurance schemes to cater to the financial security of 210 individuals in the unorganized sector, while APY (Atal Pension Yojana) was introduced to address the financial needs during old age. Here are some key highlights of the governments efforts to promote both financial VAKRANGEE LIMITED and social inclusion:
a) Pradhan Mantri Jan Dhan Yojana (PMJDY)
The Pradhan Mantri Jan Dhan Yojana (PMJDY), launched in 2014, is a flagship initiative of the Indian government aiming for financial inclusion. It strives to ensure every household can access at least one basic savings bank account. It goes beyond accounts, promoting access to remittance facilities, credit, insurance and pension products.
The scheme also aims to educate people on managing their finances effectively.
This scheme allows basic savings accounts to be opened with zero balance, eliminating a barrier for the underbanked. Account holders receive a RuPay debit card for secure and convenient transactions. Eligible account holders can avail themselves of an overdraft facility that promotes access to small loans. Additionally, insurance cover for death and hospitalisation is available for PMJDY account holders under specific schemes.
PMJDY has significantly increased bank account penetration in India, particularly in rural areas. It has brought millions into the formal financial system, promoting financial well-being. The scheme facilitates Direct Benefit Transfers (DBT) of government subsidies, ensuring transparency and reducing leakages.
PMJDY continues to evolve in 2024; it holds immense potential to catalyse inclusive growth. The scheme will play a pivotal role in shaping Indias financially secure and prosperous future by bridging the financial divide, empowering individuals and fostering financial literacy.
b) Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY)
The Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) is a government programme revolutionising life insurance in India which is one-year renewable life insurance scheme that provides coverage for death.
Launched in 2015, it offers affordable term life cover to a vast population segment. With a minimal annual premium automatically deducted, it provides financial security to families in case of the policyholders death. The scheme is administered by both public and private sector insurance companies in collaboration with scheduled commercial banks, regional rural banks, and cooperative banks. The government aims to extend insurance coverage to a wider section of the population, particularly the poor and underprivileged, as part of its inclusive growth vision. To be eligible for PMJJBY, individuals must be between 18 and 50 years old and have a bank account. Aadhaar serves as the primary KYC for the bank account. The scheme offers a life cover of Rs. 2 lakhs for the one-year period from June 1st to May 31st, with the option to renew. In the event of the insured persons death, a risk coverage of Rs. 2 lakhs is provided regardless of the cause. The premium for the scheme is Rs. 436 per annum, which is auto-debited in a single installment from the subscribers bank account based on their chosen option by May 31st of each coverage period.
This low barrier to entry makes it ideal for the underbanked, ensuring their dependents are taken care of. Though limited in coverage amount, PMJJBYs ease of access and a_ordability have empowered millions, fostering financial inclusion and peace of mind.
As of 26th April 2023, the cumulative enrolments under the scheme have been more than 16.19 crore, and an amount of Rs13,290.40 crore has been paid for 6,64,520 claims.
Source https://pib.gov.in/PressReleasePage. aspx?PRID=1922622#:~:text=Scheme%3A%20PMJJBY%20is%20a%20one,to%20 enroll%20under%20the%20scheme. c) Pradhan Mantri Suraksha Bima Yojana (PMSBY)
The Pradhan Mantri Suraksha Bima Yojana (PMSBY) is an Indian government scheme launched in 2015 to provide accidental insurance to low-income citizens. For a mere _20 per year, automatically deducted from a bank account, individuals aged 18-70 can receive _2 lakh for accidental death or complete disability.
Partial disability benefits are _1 lakh. This micro-insurance scheme empowers the underprivileged by offering crucial financial support in case of unforeseen accidents, safeguarding their families from financial hardship. Despite a limited coverage amount, PMSBYs a_ordability and ease of access make it a valuable safety net for millions of Indians.
As of 26th April 2023, the cumulative enrolments under the scheme have been more than 34.18 crore, and Rs 2,302.26 crore has been paid for 1,15,951 claims.
Source https://pib.gov.in/PressReleasePage. aspx?PRID=1922622#:~:text=Scheme%3A%20
PMJJBY%20is%20a%20one,to%20enroll%20under%20 the%20scheme
By bridging the gap between government services and citizens, Vakrangee enhances efficiency, transparency and inclusivity in delivering e-governance services, empowering individuals and communities nationwide.
d) Atal Pension Yojana (APY)
The Atal Pension Yojana (APY), launched in 2015, aims to address a crucial challenge – securing retirement for Indias vast unorganised workforce.
This schemes key focus is increasing awareness among the younger gig workers. Targeted campaigns and leveraging technology through mobile apps will encourage early enrolment and a culture of saving for the future.
Additionally, the scheme may introduce flexible contribution options to accommodate the fluctuating income streams often faced by workers in the informal sector.
Technological integration will be a major driver in this scheme. Streamlining the online enrolment process and allowing seamless contribution management through digital wallets will make participation more accessible.
However, ensuring a comfortable retirement income requires further attention. Exploring ways to offer inflation-adjusted returns could mitigate the impact of rising living costs. Expanding spousal benefits would also provide greater financial security for families.
By promoting early planning, leveraging technology and potentially offering improved benefits, the Atal Pension Yojana promises a brighter retirement horizon for millions of Indians in 2024. It can empower them to navigate the golden years with financial security and dignity. As of December 2023, the total enrolment under the Atal Pension Yojana (APY) has crossed six crore, with over 79 lakh enrolments in the current Financial Year. This feat of bringing in the most vulnerable sections of society under pension coverage has been made possible by the untiring efforts of all banks.
Our role: We understand that social security and insurance schemes can be out of reach for many in India. Vakrangee, through its network of kendras nationwide, is making it easier for underserved communities to access these important programmes.
These kendras specialise in helping people enrol in schemes like the Atal Pension Yojana, Pradhan Mantri Jeevan Jyoti Bima Yojana and Pradhan Mantri Suraksha Bima Yojana.
The Companys commitment to simplicity and convenience translates into no-waiting policies issued instantly upon enrollment. Additionally, we leverage secure electronic verification (e-KYC) to eliminate paperwork hassles. Our extensive reach ensures we can serve people even in remote areas, working alongside the governments initiative to make insurance accessible nationwide.
2) Banking
The Indian banking landscape covers a diverse range of institutions, including 12 public sector banks, 22 private sector banks, 46 foreign banks, 56 regional rural banks, 1485 urban cooperative banks and 96,000 rural cooperative banks, alongside co-operative credit institutions.
By October 2023, the country boasted a staggering 15,30,287 micro ATMs. Additionally, there were 1,25,969 on-site ATMs and Cash Recycling Machines (CRMs), along with 93,771 off-site ATMs and CRMs.
In the initial four months of FY23, banks introduced 2,796 new ATMs, a notable increase compared to the 1,486 in FY22 and 2,815 in FY21. The entirety of rural bank account openings now occur digitally. According to BCG forecasts, digital payments will represent 65% of all transactions by 2026.
As of 1st December 2023, the total assets in Indias public and private banking sectors stood at US$1688.15 billion and US$1017.26 billion, respectively. Public sector banks held a significant share of 58.32% of the total banking assets, encompassing public, private and foreign banks.
The Indian banking industry has undergone a remarkable metamorphosis in the last ten years, driven by several factors. Technological advancements, regulatory reforms and a growing emphasis on financial inclusion have reshaped the financial landscape, making it more accessible, efficient and innovative.
One of the most striking changes has been the rise of digital banking. With the help of smartphones and internet penetration into some of the deepest corners of the country, digital solutions have revolutionised the way Indians conduct financial transactions, ushering in an era of convenience and ubiquity.
This digital revolution isnt limited to transactions. Banks are increasingly leveraging technology to offer a wider range of services. Technologies like AI-powered chatbots and cloud computing provide personalised customer support and scalability, while data analytics tailor financial products and services to individual needs.
The rise of fintech has further disrupted the traditional banking model. Fintech start-ups are challenging incumbents with innovative solutions in areas like lending, wealth management and insurance.
Financial inclusion has become a national priority in the last decade. In collaboration with banks, the government has launched several initiatives to bring millions of unbanked and underbanked individuals into the formal financial system.
However, the transformation hasnt been without its challenges. Cybersecurity threats are a growing concern as digital adoption increases. Meanwhile, regulatory frameworks need to evolve alongside technology to stay ahead of emerging threats and maintain consumer trust. Financial literacy remains a challenge, especially in rural areas. Promoting financial literacy initiatives is crucial to ensure that individuals can take full advantage of the expanding financial ecosystem and avoid financial pitfalls.
According to CareEdge Ratings, bank credit growth in India is expected to be between 14 and 14.5% in the FY25. However, S&P Global Ratings predicts that loan growth will be moderated to 14% in FY25 due to the Reserve Bank of Indias (RBI) regulatory actions to control lenders.
We are future ready with a clear focus on building long term sustainable & profitable business model.
? Non-Cash based Banking Offering such as Account Opening, Loan Product, Insurance Services, Fixed Deposits & NPA Recovery ? No dependency on single line of product or services such as ATM or Banking Services.
? Wide portfolio of product & services such as Online Shopping, Total Healthcare
Services, Bill Payments, Online Travel Services, Mobile Recharges, CIBIL Score services, Pan Card Services, Online Opening of Demat & Trading Account Opening Services and many more ? Highest commission in the industry
Our role: Vakrangee delivers comprehensive banking solutions nationwide as a Business Correspondent for leading public-sector and private banks. Our kendras provide seamless, interoperable banking services in real-time, from account initiation, cash transactions, fund transfers, and fixed and recurring deposits to balance inquiries, statement retrievals, Direct Benefit Transfer disbursements, and loan product leads.
Our outlets Operate beyond standard banking hours, its outlets employ paperless, biometric-enabled procedures, facilitating convenient banking services for rural populations with limited educational access. With an extensive network spanning Gram Panchayats and villages, the Companys customers are spared long and cumbersome travel. Furthermore, Vakrangee extends SBM banking services & Karnataka Banking services, featuring free real-time zero-balance account setups, Aadhaar-linked interoperable banking, and attractive interest rates on fixed and recurring deposits, with added perks for senior citizens.
Some of the Companys offerings are listed below.
• Diversified non-cash banking offerings covering account opening, loan products, insurance services, fixed deposits and NPA recovery.
• Mitigation of reliance on a single line of product or service, such as ATMs or banking services.
• A broad spectrum of products and services, including online shopping, comprehensive healthcare services, bill payments, online travel arrangements, mobile recharges, CIBIL score services, PAN card facilitation, online demat and trading account setups, and many others.
• Provision of the highest commissions within the industry.
Sources https://www.ibef.org/industry/banking-india https://www.thehindu.com/business/rbi-clampdown-on-lenders-could-moderate-credit-growth-in-2024-25/article67994838.ece https://bfsi.economictimes.indiatimes.com/ news/banking/bank-credit-growth-in-india-expected-at-14-14-5-in-fy25-careedge-ratings/108889245#:~:text=CareEdge%20 Ratings%20estimates%20bank%20 credit,cent%20excluding%20the%20HDFC%20 merger.
3) Insurance
Regarding total premium volumes, it is the 10th largest market globally and the 2nd largest of all emerging markets, with an estimated market share of 1.9%. The rise of the insurance industry in India can be attributed to growing incomes and increasing awareness about the industry.
As of March 2022, the country has 67 insurers, of which 24 are life insurers, 26 are general insurers, 5 are stand-alone health insurers, and 12 are re-insurers.
The sector has witnessed a dynamic shift in the last decade. Fuelled by a growing middle class and rising disposable incomes, demand for insurance products has surged.
Technology has been a game-changer for the sector, with mobile apps and the internet facilitating easy policy purchase and claim settlements. Like the banking industry, insurance companies leverage AI and big data to personalise offerings and assess risks more accurately. Regulatory reforms, like opening the sector to foreign players, have fostered competition and innovation. Previously underserved segments are targeted by the government with micro-insurance schemes like PMJJBY and PMSBY.
Challenges like low insurance penetration and lack of awareness persist, but Indias insurance sector is poised for further growth, aiming to provide financial security to a nation on the move.
During FY24 (until September 2023), non-life insurers experienced a 14.86% year-over-year surge in premium income, reaching 1,43,802 crore (US$ 17.29 billion), primarily driven by robust demand for health and motor policies.
The Indian non-life insurance sector witnessed a 14.86% expansion in the first half of FY24, slightly lower than the 15.30% growth recorded during the corresponding period in the previous year. This growth was fuelled by health insurance, particularly in the group segment, and motor and crop insurance.
According to the Life Insurance Council data, life insurers new business premiums surged to 211,690.65 crore (US$25.38 billion) from April to November 2023.
Additionally, insurance premiums are expected to grow by an average of 9% p.a. (in real terms) over the next decade. India is poised to emerge as one of the fastest-growing insurance markets in the coming decade.
Our role: Vakrangee have partnered with marquee insurance firms nationwide to deliver streamlined and user-friendly insurance solutions to everybody. The Companys endeavours, including paperless insurance processes and immediate policy issuance, propel us as a premier insurance service provider nationwide, specialising in serving rural communities.
Source https://www.business-standard.com/industry/news/insurance-industry-to-grow-at-an-average-rate-of-7-1-in-2024-28-swiss-re-124011600770_1.html https://www.investindia.gov.in/sector/bfsi-insurance https://www.ibef.org/industry/insurance-sector-india
4) ATM
Indias ATM network has gone through an enormous change since its inception. Driven by a focus on expansion and technological advancements, the future of ATMs promises greater convenience and accessibility, specifically for underserved rural areas.
A projected surge of 10,000 new machines heralds significant network growth, bridging the gap between India and other developed nations in ATM penetration. Replacing nearly 40,000 ageing ATMs with upgraded models ensures enhanced security and functionality.
Technology plays a key role in this transformation. Upgradable ATMs offer flexibility to banks, allowing them to adapt these machines into Cash Recycling Machines (CRMs). UPI integration is another exciting development, enabling cash deposits and withdrawals using UPI alongside traditional card transactions.
Improved accessibility remains a central theme, though. The expansion prioritises rural areas, promoting financial inclusion. Additionally, introducing cash deposit functionalities in ATMs has enhanced convenience and potentially reduced reliance on bank branches.
However, challenges remain for the ATMs. Robust cybersecurity measures are crucial to combat emerging threats. Promoting financial literacy, especially in rural areas, empowers users to leverage ATMs effectively. Our role: Vakrangee has set up a network of White-Label ATMs to improve financial accessibility for rural communities. Our kendras provide various financial services, including cash withdrawals, balance inquiries, PIN changes and mini statements.
Furthermore, value-added services such as Aadhaar seeding, card-to-card fund transfers, chequebook requests and mobile banking registration ensure convenient access to financial services in underprivileged markets throughtout the country. The Company has also completed the acquisition of ~79% equity share capital of Vortex Engineering Private Limited from the IFC, Tata Capital Innovation Fund, Aavishkaar India Investors & other Shareholder ("Seller"). The Company is in process for acquisition of another ~14% equity share capital of Vortex Engineering Private Limited from other shareholders of the Company and post-acquisition the total shareholding will increase to ~93%. This is a strategic investment which will help the Company to have a backward integration in place and thereby unlocking future growth opportunities, leverage the cost synergies and technology knowhow.
Source https://bfsi.economictimes.indiatimes. com/news/banking/banks-set-for-big-atm-expansion-in-2024-to-build-on-3-5-expansion-last-year/107107747
5) E-commerce
Indias e-commerce market is a tale of explosive growth and transformation. Fuelled by a rising internet-savvy population, increasing smartphone penetration and affordable data plans, online shopping has become a mainstream phenomenon.
Today, e-commerce giants offer a wide variety of products, from groceries and electronics to fashion and furniture, delivered to even the remotest corners of the country. Easy payment options, including digital wallets and cash-on-delivery, cater to diverse customer preferences.
The rise of social media commerce further fuels this growth. Platforms like Instagram and Facebook Marketplace allow small businesses and individual sellers to reach a wider audience, fostering entrepreneurship and product innovation. Government initiatives like Digital India have also played a crucial role in expanding internet access and bridging the digital divide. However, ensuring robust last-mile delivery infrastructure remains challenging, especially in rural areas. Counterfeit products and data security concerns require ongoing vigilance. Encouraging greater digital literacy among consumers is essential to ensure they can navigate the online marketplace safely and effectively.
Indias e-commerce boom faces a further transformation with ONDC (Open Network for Digital Commerce). This government initiative aims to break the dominance of major platforms, creating a level playing field. In ONDC, small sellers can reach customers directly without relying on specific marketplaces. ONDC fosters competition, wider product selection and potentially lower prices for consumers. Thus, the online marketplace is rapidly transforming how Indians shop, offering convenience, variety and a gateway to a world of possibilities.
Industry experts predict a market size exceeding D 4,400 billion (around US$60 billion) in 2024, reflecting a consistent rise over the past decade. This exponential growth signifies the increasing preference for online shopping among Indian consumers.
Furthermore, the e-commerce user base is expected to reach a staggering 500 million by 2024, driven by rising internet penetration and smartphone adoption, especially in Tier 2 and 3 cities. This wider user base creates a vibrant online marketplace.
Our role: Vakrangee Kendras extends to customers the convenience of assisted online shopping, ensuring product delivery in rural areas. Leveraging the e-commerce model and the BharatEasy Mobile Super App, customers can seamlessly shop online for branded and new-age products and solutions.
Moreover, customers can purchase genuine gold and silver items, including coins and jewellery, with the flexibility of instalment payments over 3, 6 or even 9 months, with the option to cancel orders within the instalment period.
With renowned brands like Augmont and competitive pricing, luxury goods and services are now within the reach of customers across India. Additionally, the Company has launched its proprietary e-commerce platform, Vakrangee e-Mart, offering customers access to a variety of products at affordable and discounted prices. The Company to foray into Sourcing and Distribution of Private label and White Label Products. Vakrangee to launch our own Private label and White label category of products in Consumer and Retail segment. The Company plans to leverage the Vakrangee kendra Franchisee as well as Master Franchisee network for distribution of our own Private label branded E-Commerce consumer and retail products.
In line with its commitment to enhancing accessibility, Vakrangee is launching its Buyer Application on the ONDC platform to provide an e-commerce shopping experience to franchisees and customers in rural markets.
The Company plans to replicate this model on its BharatEasy Super App to offer the ONDC experience directly to customers. Furthermore, it will register as a Seller on the ONDC Seller App to market its services on the BharatEasy Mobile Super App. To streamline and optimise the experience for local sellers near Vakrangee Kendras, the Company will develop a dedicated seller app, enhancing its reach and discoverability across multiple platforms.
Source https://www.forbes.com/advisor/in/business/ ecommerce-statistics/
6) E-health
Indias e-health market is growing rapidly. Fuelled by rising internet penetration and smartphone use, online healthcare services are gaining traction. Telemedicine consultations allow patients in remote areas to connect with doctors virtually, improving access to specialists. E-pharmacies offer convenient home delivery of medicines, saving time and effort. However, ensuring the quality and a_ordability of online consultations, data privacy concerns and bridging the digital divide in rural areas remain a concern. Government initiatives promoting digital health literacy and telemedicine infrastructure pave the way for a more inclusive future.
As technology advances, the Indian e-health market has the potential to revolutionise healthcare access and delivery, empowering millions of Indians. Our role: In response to the increasing demand for e-health services, we have established partnerships with reputable
Our assisted total healthcare services provide invaluable assistance to customers, granting access to telemedicine consultations and authentic medications at discounted rates. It is facilitated by highly skilled telemedicine professionals,including doctors, nurses, dieticians and behavioural health clinicians.
Health-tech market – projected increase by 2030
2022 |
2030 |
|||
| Market size ($ billion) | Penetration (in %) | Market size ($ billion) | Penetration (in %) | |
| Total Digital | 2.7 | 1-2 | 37 | 7-8 |
| Health | ||||
| E-pharmacy | 1.1 | 3-5 | 12 | 12-15 |
| E-diagnostics | 0.5 | 3-5 | 10 | 30-35 |
| Teleconsultation | 0.4 | 1-2 | 3 | 3-5 |
| Surgery | 0.2 | <0.5 | 5 | 3-5 |
| Aggregation | ||||
| Healthcare | 0.3 | 3-5 | 5 | 12-15 |
| Financing | ||||
| Fitness & | 0.2 | <1 | 3 | 3-5 |
| Specialty Care | ||||
Source: Je_eries, RedSeer, UBS Equities, Expert Interviews, Annual Reports, BCG Analysis organisations like DocOnline and Corival Lifesciences / Biogetica. Our assisted total healthcare services provide invaluable assistance to customers, granting access to telemedicine consultations and authentic medications at discounted rates. It is facilitated by highly skilled telemedicine professionals, including doctors, nurses, dieticians and behavioural health clinicians.
Leveraging the Vakrangee Kendra network, customers can conveniently order, pay for and collect prescription and over-the-counter medications and health products. Furthermore, the Company facilitates home blood tests and doorstep delivery of medicines through its extensive partner network.
In its ongoing endeavour to broaden service offerings, the Company has collaborated with Biogetica to provide products that blend traditional and contemporary scientific healing methodologies.
Source: https://economictimes.indiatimes.com/ tech/technology/indias-healthtech-companies-could-generate-37-billion-revenue-by-2030-report/articleshow/104895910.cms?from=mdr
7) Logistics
The Indian logistics market in 2024 is a picture of robust growth driven by a booming economy and an increasingly digital world. Heres a glimpse into its evolution. The e-commerce boom has fuelled demand for efficient and fast logistics solutions, creating a thriving last-mile delivery network.
Indias rise as a manufacturing hub also necessitates efficient freight movement across the country and globally. Investments in infrastructure development like Dedicated Freight Corridors (DFCs) and the Bharatmala project aim to improve connectivity and reduce transportation costs, which are also expected to fuel the logistics and freight market growth. Warehousing and inventory management are becoming increasingly automated, improving efficiency and reducing errors. Moreover, technology start-ups are developing innovative solutions for route optimisation, real-time tracking and transparency across the supply chain. Drones and electric vehicles are also being explored for faster and more sustainable last-mile deliveries, especially in urban areas.
Indias logistics market is poised for further expansion. The sector can unlock its full potential by addressing infrastructure gaps, upskilling the workforce and promoting formalisation. This will support economic growth and empower businesses by providing efficient and cost-e_ective logistics solutions. As India grows, its logistics sector is well-positioned to play a vital role in driving this progress.
The Indian freight and logistics sector is projected to expand at an annual rate of 8.8%, reaching US$ 484.43 billion by 2029, up from US$ 317.26 billion in 2024, primarily driven by technological advancements. Incorporating state-of-the-art technologies and progress in intralogistics, automation, warehousing, and transportation management signifies a pivotal transformation phase for the logistics industry. Our role: Vakrangee is collaborating with logistics giant Delhivery, expanding its courier services and last-mile delivery capabilities through its entrenched and expansive Vakrangee Kendra network. This network ensures convenient and cost-e_ective delivery of goods and services to customers residing in rural and urban areas. Renowned for reliability and customer satisfaction, the Companys logistics services enjoy a solid track record of dependability and trust.
Source https://economictimes.indiatimes.com/industry/ transportation/roadways/indian-logistics-market-to-grow-at-8-8-annually-to-484-43-bn-by-2029/articleshow/108140755.cms?from=mdr
BUSINESS RISKS AND OPPORTUNITIES
Risk Management Framework
As per the requirements of SEBI (Listing Obligation and Disclosure Requirements) Regulations, 2015 and Companies Act, 2013, our Board of Directors adopted a Risk Management Policy (‘Policy). This policy aims to establish a robust framework for identifying and addressing risks in line with regulatory requirements. The objective is to foster sustainable business growth while ensuring stability and proactively identifying, assessing and mitigating business risks. To realise this goal, Vakrangee instituted a systematic and methodical approach to Risk Management, which includes implementing a robust set of decision-making processes concerning risk-related issues. To supervise and evaluate risk management practices throughout the organisation, we have established a dedicated Risk Management Committee. This committee assumes overall responsibility for overseeing and evaluating risk management endeavours.
Our risk assessment methodology follows a structured approach involving risk identification and analysis. Throughout this process, we consider various factors, including threats, vulnerabilities, the likelihood of risk occurrence, potential impact, severity and exposure to different risk scenarios.
The risk management protocols adhere to the guidelines outlined by the RBI for managing risks in banking correspondences and white-label ATM operations and comply with Regulation 21 of SEBI LODR.
Composition of the Board-led Risk Management Committee Through ongoing evaluation, our Board of Directors ensures the efficacy of the Companys risk management framework. Our Department Heads take responsibility for implementing this framework as needed and provide regular updates to the Board and Audit Committee. By integrating forward-looking perspectives with a comprehensive risk management strategy, we aims to effectively identify, address and communicate potential risks while fostering sustainable and resilient business growth.
To ensure comprehensive risk management within our organization, our Board assumes the following responsibilities:? Accountability for establishing, implementing and overseeing our risk management plan.
? Ensuring that all departments and verticals adhere to globally recognised best practices in developing their standard operating procedures (SOPs), aligning with ESG standards and UN-SDGs, and effectively addressing business and legal risks.
? Defining the roles and responsibilities of the Risk Management Committee, delegating the monitoring and evaluation of the risk management plan to the Committee, and allocating any additional functions as necessary.
? Implementation of suitable risk management mechanisms across the organisation.? Engaging Independent Directors to provide impartial perspectives during Board discussions on risk management matters. Their active involvement in making significant decisions ensures the robustness and defensibility of the Companys risk management system and risk profile.
? Maintaining awareness and continuously monitoring the management of strategic risks.? Establishing procedures and controls to mitigate less significant threats, ensuring an appropriate accountability structure to document risk delegation and facilitate effective performance tracking. Additionally, incorporate risk management into board reporting and annual reporting methods.
Convening any requisite board committees to manage and address risks effectively as needed.
By fulfilling these duties, we aims to build a robust risk management framework that fosters business resilience and sustainability.
We have established a Risk Management Committee comprising mostly of members from the Board of Directors. The composition of the Risk Management Committee is mentioned below.
| Sujata Chattopadhyay - Chairperson | |
| Dinesh Nandwana – Member | |
| Committee Risk Management | Dr. Nishikant Hayatnagarkar – Member |
The Committee has easy access to management and pertinent management information. It is mandated to meet at least once a year and may reach out to external experts or consultants as needed.
Furthermore, the Committee annually assesses all policies to verify their alignment with legislative mandates and organisational requisites. Information is offcially communicated to all stakeholders once the risk management committee has assessed risks.
DRIVING ECONOMIC EMPOWERMENT
Besides proactively reducing risks, we have also converted risks into economic prospects that enhanced profitability and benefitted society at large. Our dedication to national service encompasses offering vital amenities such as banking and ATMs across more than 21,000 locations through our Vakrangee Kendras. These business correspondents are crucial in distributing government subsidies to Jan Dhan Account holders in rural regions throughout the country.
EMBEDDING SUSTAINABILITY
Sustainability is deeply integrated into the Companys risk management framework, which aims to establish a structured approach for identifying and mitigating risks. The primary goal of this framework is to facilitate sustainable business growth with stability while adopting a proactive stance in identifying, evaluating and addressing business-related risks.
To effectively manage risks, our Board of Directors, Business heads, and Department heads ensure that all departments and verticals develop Standard Operating Procedures (SOPs) in line with globally recognised best practices. These SOPs adhere to Environmental, Social and Governance (ESG) parameters. They are aligned with UN Sustainable Development Goals (SDGs), ensuring efficient redressal of sustainability concerns and potential business or legal risk mitigation.
Furthermore, we have established a dedicated Board ESG Committee, which focuses on significant environmental, social and governance matters pertinent to our business operations. This committee plays a crucial role in upholding the Companys position as a global leader in ESG performance.
We conducts quarterly reviews to ensure comprehensive analysis and assessments are carried out as needed to thoroughly evaluate major strategy decisions and the implementation requirements of any ESG-related initiatives. Members of the Board ESG Committee are responsible for the following:
? Reviewing Performance and Results of ESG Investor Initiatives: Evaluate the performance and outcomes of significant ESG investor initiatives, surveys and global benchmarks; oversee the implementation of identified initiatives or areas of improvement derived from ESG investor feedback and global benchmarks.
? Considering Emerging ESG Issues: Stay updated on emerging ESG issues and assess their materiality about the Companys long-term value creation, ensuring readiness to address these issues effectively.
? Evaluating Business
Strategy from an ESG Impact Perspective: Actively review and evaluate the overall business strategy, considering its impact on ESG factors to ensure alignment with the commitment to sustainable development.
? Monitoring Sustainable Development Goals (SDGs) Integration: Monitor and review the integration of Sustainable Development Goals into new business strategies or initiatives, ensuring active contribution to global efforts to achieve these goals.
? Assisting in ESG Performance
Evaluation of Senior Management: Support the Nomination and Remuneration Committee in assessing senior management performance from an ESG deliverable perspective, ensuring effective incorporation and driving ESG considerations in decision-making processes.
? Reviewing Progress of GHG
Reduction Initiatives: Actively review the progress of key initiatives implemented by the GHG Reduction Strategy Committee, monitoring efforts to reduce greenhouse gas emissions and contribute to mitigating climate change.
| ? | Oversee the execution of diverse initiatives and pledges regarding environmental sustainability, encompassing performance monitoring, challenge identification and opportunity exploration. |
| ? ENVIRONMENT | Supervise the disclosure of our Climate-Related and GHG Carbon Emissions Disclosures. |
| ? | Partner with the Board Risk Management Committee to evaluate the sufficiency of managements strategy in recognising and addressing environmental risks and opportunities, especially regarding climate-related matters. |
| ? | Oversee the execution of social responsibility and sustainability initiatives or commitments throughout the Company, assessing performance, tackling challenges and pinpointing opportunities for societal influence. |
| ? | Monitor and assess procedures and strategies for building and maintaining relationships with franchisees, customers, suppliers and other vital stakeholders, while comprehending their expectations. |
| SOCIAL ? | Evaluate the efficiency of programmes and strategies that uphold human rights and promote diversity within the Companys operations and supply chain. |
| ? | Collaborate with the Board Remuneration Committee to supervise inclusion, diversity and overall people and culture practices, alongside their associated frameworks. |
| ? | Monitor and evaluate the reputational effects of the Companys business strategies and operations. |
| ? | Confirm the presence of suitable safeguards within our company policies and initiatives to ensure equitable and ethical interactions with third-party capital partners, suppliers and other stakeholders. |
| GOVERNANCE ? | Scrutinise and approve the groups Governance Management Framework for presentation to the Board. |
| ? | Review and approve our Sustainability Performance Pack, Corporate Governance Statement and ESG accomplishments and forthcoming commitments and objectives annually, presenting them to the Board. |
By carrying out these duties, the Board ESG Committee is pivotal in steering the Company towards sustainable and responsible practices that align with investors expectations and global ESG benchmarks.
BUSINESS RISKS
Risks are defined as the impact of uncertainty on objectives, quanti_ed by their consequences and likelihood. They are inherent in all business and administrative endeavours, both internally and externally.
Therefore, managing risks is an ongoing responsibility for every member of an organisation, and risk management, involving formal and systematic approaches, is now part of best practices.
Vakrangee actively leverages opportunities from a dynamic environment to ensure sustained value creation and address risks related to development and stakeholders. The strategies for risk mitigation are grounded in formal and systematic methodologies.
These include comprehensive risk assessments to identify and analyse threats, vulnerabilities and hazards that may jeopardise the Company.
The risk assessment thoroughly examines threats, vulnerabilities and exposure to various risks. Vakrangee has a structured risk analysis and evaluation approach, which encompasses the following steps.
Risk Identification: The initial phase of the risk management process involves identifying potential risks. This entails acknowledging and understanding the existence of risks, followed by describing their potential effects and impacts.
Risk Analysis: The next step is to conduct a thorough risk analysis once risks are identified. This involves assessing the likelihood and consequences of each risk, gaining a comprehensive understanding of its nature and evaluating how it could potentially affect the organisations goals and objectives.
Risk Evaluation: After completing the risk analysis, the magnitude of each risk is determined. This assessment considers the likelihood of the risk occurring and the severity of its potential consequences. Based on this evaluation, a decision is made regarding the acceptability of the risk. If the risk is deemed unacceptable, further actions are taken to develop appropriate strategies for risk mitigation.
Risk Treatment: The risk treatment phase involves evaluating all identified risks and implementing action plans to mitigate them. This includes executing measures to reduce or eliminate risks to acceptable levels. It is essential to focus on minimising negative risks and enhancing and capitalising on identified opportunities.
Risk Monitoring and Review:
Following the implementation of risk mitigation measures, ongoing risk monitoring and review processes are essential. This step involves regularly tracking, examining and evaluating identified risks and their mitigation strategies. By consistently reviewing risks, organisations can ensure the effectiveness of their risk management efforts and make necessary adjustments in response to changing circumstances.
The Board ESG Committee is pivotal in steering the Company towards sustainable and responsible practices that align with investors expectations and global ESG benchmarks.
RISKS IDENTIFIED AND EVALUATED THROUGH ASSESSMENTS
| Risk | Significance | Mitigation measure | Linkage with capital |
| Changes in Government Policies | Our business is intricately tied to government policies concerning financial inclusion in semi- urban and rural areas of India, among various other factors. It is important to recognise that any modifications or changes made to these government policies have the potential to significantly impact our business operations. | We maintains a proactive stance by engaging extensively with various stakeholders, continuously reviewing and monitoring Indias economic and financial policies, and actively participating in representation within trade bodies. | Financial Social and relationship |
| RAPID TECHNOLOGICAL TRANSFORMATION | As a financial technology company, we provide our services leveraging electronic devices such as computers and printers, as well as advanced technologies including Internet of Things (IoT) and biometric identification. It is important to acknowledge that disruptive innovations within the industry have the potential to significantly impact a companys profit margins. |
We duly acknowledge the utmost significance of adopting a next generation company model in the digital era. In alignment with the governments digital payment agenda and with a strategic vision to seize the opportunity, we have successfully established a Uni_ed Payment Platform capable of handling diverse payment methods including card payments, UPI, AEPS, Aadhaar Pay, and QR codes, among others. This platform empowers our Next-Gen Vakrangee Kendras to efficiently collect payments from our clients through various channels. Notably, we were among the pioneers in leveraging the Aadhaar enabled Payment System (AePS) for banking, allowing us to extend banking services to every citizen of India. Recognizing the inevitability of technological obsolescence, we conduct regular analyses to evaluate the obsolescence of our technological infrastructure. Consequently, we make diligent investments to leverage the most advanced and cutting-edge technologies available. Our procurement strategy considers all legislative requirements and anticipates future upgrades to ensure we consistently utilize the finest technological resources. Moreover, we have also unveiled an online digital platform to provide seamless services to our valued customers from the convenience of their homes. Through this initiative, we have successfully transformed into a distinctive Online-to-O_ine (O2O) platform, offering assistance through our Physical Kendra network in conjunction with a comprehensive range of digital online services. The introduction of our pioneering Telemedicine services marks the commencement of this unique hybrid proposition. We are committed to expanding our service portfolio on this platform to encompass a multitude of offerings. Additionally, we have launched the Mobile Super Apps platform i.e. BharatEasy App, Indias Super App. We are in the process to design and launch our Buyer Application on ONDC platform to provide ecommerce shopping experience to franchisee and customers in rural market. We can replicate the model on our Bharat Easy Super App to provide ONDC experience directly to customer. We will also be registering as Seller on Seller App of ONDC to sell our services which are available on BharatEasy Mobile Super App. We will be developing a dedicated seller app which can provide a streamlined and optimized experience for local sellers near our Vakrangee Kendras. This will improve our reach and discoverability across multiple platforms |
Intellectual Natural Financial |
| Risk | Significance | Mitigation measure | Linkage with capital |
| RAPID INCREASE IN DIGITAL PAYMENT MECHANISMS AND INDIA EMERGING AS A CASHLESS SOCIETY | As the Digital Economy _ourishes, India is rapidly transitioning towards Digital Payment Mechanisms, emerging as a Cashless Society. With the swift penetration of digital payments, traditional cash transactions such as ATM and banking transactions are anticipated to decelerate. Consequently, standalone business models solely reliant on cash transactions, such as White Label ATMs, Banking (AEPS) providers, and Money Transfer providers, may encounter profitability and viability challenges. | We are well-prepared for the future, with a clear emphasis on constructing a sustainable and profitable long-term business model. Non-Cash based Banking Offering such as Account Opening, Loan Product, Insurance Services, Fixed Deposits & NPA Recovery No dependency on single line of product or services such as ATM or Banking Services. Wide portfolio of product & services such as Online Shopping, Total Healthcare Services, Bill Payments, Online Travel Services, Mobile Recharges, CIBIL Score services, Pan Card Services, Online Opening of Demat & Trading Account Opening Services and many more Highest commission in the industry | Intellectual Financial |
| HEAVY DEPENDENCE ON FRANCHISEE MODEL | Although the franchise model facilitates swift expansion, its crucial to recognise its inherent risks. our brand reputation could be at risk in case of unfavourable incidents involving its franchisees. Moreover, franchisees often operate with narrower profit margins, and the potential for legal issues may present challenges to otherwise efficient operations. | In the future, if deemed necessary, we have the option to consider alternative arrangements for our franchisee model. Specifically, we can explore the implementation of revenue- based banking correspondence and the integration of White Label ATMs as potential avenues for growth and expansion. | Human Manufactured Social and relationship Financial |
| LEGAL RISK | Due to the strict adherence to multiple laws and regulations, the Company faces legal risks in case of any non-compliance or violation. | To ensure rigorous compliance with all contractual obligations, our skilled team of specialists and consultants meticulously assess contract-related risks, define responsibilities and pro_ciently mitigate liabilities. | All capitals |
| FINANCIAL REPORTING RISK | Business uncertainty arises from the dynamic nature of laws, regulations and standards governing accounting, corporate governance and public disclosure, including guidelines from SEBI and restrictions on Indian stock market listings. The introduction of new rules, norms and regulations may result in varying interpretations due to their lack of precise clarity. Furthermore, as regulatory and governing bodies issue updated guidelines, their implementation and implications may evolve over time. Consequently, perpetual adjustments to corporate governance regulations can create ongoing ambiguity regarding compliance matters, leading to increased expenses associated with ensuring compliance. |
We upholds strict principles of corporate governance and transparent public disclosure to comply with the continuously evolving landscape of laws, regulations and standards. |
Financial Social and relationship Human |
| Risk | Significance | Mitigation measure | Linkage with capital |
| CORPORATE ACCOUNTING FRAUD | Corporate accounting fraud, often known as accounting fraud, presents a substantial | To mitigate these risks, weemploys a comprehensive set of measures, including the ones listed below. | Financial Social and relationship Human |
risk to a company as it entails the improper use or diversion of funds, overstating revenues, understating costs and engaging in similar deceptive practices. |
?__ A thorough understanding of relevant laws and regulations. | ||
| ?_ Conducting comprehensive risk assessments to identify potential areas of vulnerability. | |||
?_ Enforcing and closely monitoring a code of conduct for key executives. |
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| ?_ Establishing and maintaining whistle-blower mechanisms to encourage reporting of any misconduct. | |||
| ?_ Implementing a well-defined strategy and process for introducing and enforcing new controls. | |||
| ? Strict adherence to internal control practices that discourage collusion and prevent concentration of authority. | |||
| ?_ Employing mechanisms for multiple authorisations and crosschecks for critical transactions. | |||
| ? Meticulously scrutinising management information to detect discrepancies in comparative figures and ratios. | |||
| ?_ Cultivating a supportive environment for internal auditors to ensure effective reporting. | |||
| ?_ Promptly addressing any minor deviations from prescribed procedures and manuals. | |||
| ?_ Implementing a variety of measures throughout the organisation to reinforce risk mitigation efforts. | |||
| These proactive steps aim to safeguard the Company against accounting fraud and ensure the maintenance of robust control mechanisms and adherence to regulatory requirements. | |||
| CYBER RISK | In the present business environment, concerns arise from incidents such as breach of user data privacy, data leakage and cyber-attacks. The proliferation of internet-connected devices not only facilitates data management but also ampli_es the vulnerability and exposure of data to potential risks. |
Process to validate and _lter the inputs received from end-point devices, ensuring the entry of authentic and legitimate data into our systems. ? Implementation of Mandatory Access Control (MAC): We enforce MAC policies to restrict user access to specific tasks and timeframes, enhancing data security by limiting unauthorized access. | Financial Social and relationship Human Intellectual |
? Utilization of digital signatures and asymmetric encryption: We employ standard practices such as digital signatures, regular audits, and hash chaining to maintain data security and integrity. |
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| ? Real-time monitoring of logs: We continuously monitor logs to detect any anomalies, misuse, or abnormal activities, enabling prompt identification and response to potential security breaches. | |||
| ? Data tagging and time stamps: We implement data tagging and time stamps to trace and track unauthorized activities, providing an added layer of security and accountability. |
| Risk | Significance | Mitigation measure | Linkage with capital |
| ? Encryption of data in transit and at rest: We ensure the confidentiality and integrity of data by employing encryption measures for data in transit and within databases. This includes SSL encryption for secure client- server connections and granular encryption for data stored in databases. | |||
| ? Key exchange policy: We have established a robust key exchange policy for managing ATM encryption keys, leveraging Hardware Security Modules (HSM) for secure key storage and complying with industry standards such as ISO, PCI, and DSS. | |||
| ? Anti-skimming card reader installation: To mitigate skimming attacks, we have installed anti-skimming card readers at our ATMs, providing an additional layer of security against such fraudulent activities. | |||
| Through these rigorous measures, we strive to maintain the utmost privacy and security of data, protecting it from potential threats and ensuring the trust and confidence of our stakeholders. | |||
| THEFT OF PHYSICAL ASSETS | Ensuring the security and safety of franchisees and their stores is of utmost importance. It is imperative to prevent any risks related to theft, physical burglary, or damage that could potentially result in loss to the outlet. The ATM holds substantial value as a corporate asset, entrusted to the franchisee on a custodial basis. Consequently, we place significant emphasis on maintaining and safeguarding the ATM asset, recognizing its paramount significance. | We have implemented a comprehensive master insurance plan that provides coverage for all hardware within the Kendra, including ATMs, cash in transit, and cash at outlets, up to a limit of Rs. 10 lakhs. Additionally, we have introduced a unique product that combines ATM maintenance services and insurance. This offering ensures year-round maintenance support for ATMs and extends coverage for any damages to spare components. | Financial Social and relationship Human Manufactured |
We have implemented a comprehensive master insurance plan that provides coverage for all hardware within the Kendra, including ATMs, cash in transit, and cash at outlets, up to a limit of Rs. 10 lakhs. Additionally, we have introduced a unique product that combines ATM maintenance services and insurance.
RISKS IDENTIFIED AND MITIGATED FOR THE CURRENT FINANCIAL YEAR
| Risk identified | Mitigation strategy |
| Adapting to the evolving landscapes in the post-pandemic world and sustaining visibility with the customers | Launch of BharatEasy Mobile Super App platform: To adapt to the changing landscape, we have introduced a unique Hybrid O2O (Online to O_ine) platform, combining physical store assistance with digital online services. This initiative enables customers to seamlessly access various partner services through both physical outlets and the online platform, leveraging the trust and convenience associated with the existing Kendra network. Our online training sessions for franchisees persist, alongside real-time two-way communication with business teams, dedicated district-level master franchisees and relationship managers. Additionally, they have introduced CCTV monitoring systems and a dedicated troubleshoot helpdesk to enhance monitoring and support for franchisees. These measures not only streamline field-level manpower requirements but also enhance franchisee satisfaction, decentralise operational management and improve overall cost efficiency and profitability. As an essential service provider, we have maintained the operation of critical services such as banking and ATMs throughout the pandemic and lockdown periods. This has provided support to franchisees whose core services remained operational, while other services like travel, online shopping, and logistics were affected. |
| Doorstep Banking Facility: In response to the lockdown measures, our Banking Business Correspondents (BCs) offered doorstep banking services to Jan Dhan Account Holders in remote rural areas, with a particular focus on senior citizens and pensioners. | |
| Ensuring the security and safety of the franchisee and their outlet is very important. Therefore, it is essential to address any risks stemming from theft, physical burglary, damage or loss to the outlet. Additionally, the ATM, being a valuable asset for the Company entrusted to the franchisee, requires diligent maintenance and security. Thus, prioritising the upkeep and security of the ATM asset is of utmost importance. | We have comprehensive master insurance policy that covers all hardware within the Kendra, including the ATM machine, cash-in- transit and cash at the outlet, up to Rs. 10 Lakhs. Additionally, ATM maintenance is completely taken care off by a unique offering whereby servicing of the ATM is taken care off by us. |
| The Government of India has placed emphasis on promoting digital payments nationwide. However, not all payment mechanisms, such as QR code and UPI payments, are currently activated within the Kendra network. | We understands the importance of embracing a next-generation business model in the digital era. In line with the governments initiative to promote digital payments, we have effectively introduced a Uni_ed Payment Platform. This platform supports various payment methods, including card payments, UPI, AEPS, Aadhaar Pay and QR codes, among others. This integration enables the Vakrangee Kendras to accept payments from customers through their preferred mode. |
| As pioneers in the Aadhaar-enabled Payment System (AePS) banking system, the Company is dedicated to offering accessible banking services to almost every Indian citizen, including those in remote areas. | |
| Our operations depend on the Governments policies regarding financial inclusion in semi-urban and rural areas of India. | To mitigate the risks associated with potential policy changes, we engage proactively with diverse stakeholders, conducts ongoing reviews, monitors the countrys economic and financial policies and actively participates in representation at trade bodies. Its important to highlight that this risk is considered relatively low, given the Governments increased emphasis on enhancing financial, social and digital inclusion nationwide. These endeavours are crucial for the overall infrastructure and economic advancement of the nation. The Companys business model, aligned with the Governments vision and long-term developmental objectives, positions it to benefit from these initiatives. |
| Therefore, any changes in the policy framework or restrictions placed on transactions could potentially affect the profitability of the business. | |
| Risk identified | Mitigation strategy |
| As the Digital Economy continues to evolve, India is swiftly moving towards becoming a cashless society, witnessing a substantial rise in the adoption of digital payment methods. Consequently, traditional cash transactions, including ATM and banking transactions, are anticipated to decline. This transition presents profitability and viability challenges for standalone business models solely dependent on cash transactions, such as white label ATMs, exclusive banking (AEPS) providers and exclusive money transfer providers.Top of Form | We are prepared for the future with a clear focus on establishing a sustainable and profitable long-term business model. We have expanded offerings beyond cash-based banking by incorporating non-cash services such as account opening, loan products, insurance services, fixed deposits and NPA recovery. The Companys business model is diversified and not reliant on a single line of product or service, such as ATMs or banking alone. We maintains a broad portfolio of products and services, including online shopping, comprehensive healthcare services, bill payments, online travel services, mobile recharges, CIBIL score services, PAN card services, online demat and trading account opening, and more. Additionally, we also offer the highest commission rates in the industry. |
| The rapid advancement of technology has the potential to disrupt existing business models, impacting the Companys profit margins as new cost-e_ective and disruptive innovations emerge. | |
| We acknowledges the inevitability of outdated technology and continuously evaluates it. Investments are directed towards adopting the most advanced technology available, reflecting the Companys commitment towards staying at the forefront of technological advancements. Its procurement policy takes into account both regulatory requirements and the potential for future upgrades, ensuring the integration of state-of-the-art capabilities. | |
| While the franchisee model facilitates rapid expansion, it also entails certain risks. The reputation of the brand may be compromised if any individual franchisee encounters reputational damage. Moreover, franchisees typically operate with narrower profit margins, and legal issues can disrupt operational efficiency. | In the future, if deemed necessary, the Company has the flexibility to explore alternative franchise models. One potential option is to implement revenue-based banking correspondence and integrate white label ATMs as alternative arrangements to mitigate potential risks and ensure sustained growth. |
| Legal risk pertains to the potential for a Company to face legal action due to non-compliance with laws and regulations governing its operations. | Given our obligation to conduct business within the boundaries of the law, it is susceptible to legal risk exposure. To address this risk, the we rely on a team of seasoned professionals and advisors who diligently assess the risks associated with contracts, determine our obligations as per relevant laws, limit liabilities under contracts, and take necessary measures to ensure compliance with all contractual commitments. |
| This comprehensive approach aims to mitigate legal risks and uphold adherence to legal requirements. | |
| The evolving landscape of laws, regulations and standards concerning accounting, corporate governance, public disclosure, SEBI rules and Indian stock market listing regulations bring uncertainties for companies. These newly enacted or revised regulations may lack clarity and be open to misinterpretation. Moreover, their practical implementation may evolve over time as regulatory and governing bodies offer additional guidance. | We are unwavering our commitment to maintaining high standards of corporate governance and public disclosure. Through diligent adherence to evolving laws, regulations and standards in these areas, we strives to effectively tackle these challenges and mitigate associated risks. |
| As a result, ongoing uncertainties regarding compliance matters and increased compliance costs due to the continuous revisions in corporate governance standards may emerge. | |
| Accounting fraud or corporate accounting fraud are business scandals arising out of Misusing or misdirecting of funds, overstating revenues, understating expenses etc. | We addresses this risk by certain means as mentioned below. |
| ? Familiarising itself with applicable laws and regulations. | |
| ? Conducting thorough risk assessments. | |
| ? Enforcing and monitoring a code of conduct for key executives. ? Establishing whistle-blower mechanisms. | |
| ? Implementing a strategy and process for introducing new controls. | |
| ? Adhering to internal control practices that prevent collusion and concentration of authority. | |
| ? Implementing mechanisms for multiple authorisations of key transactions with cross-checks. | |
| ? Scrutinising management information data to identify discrepancies in comparative figures and ratios. | |
| ? Cultivating a supportive environment for internal auditors to report any instances of non-adherence to procedures and manuals, no matter how minor, and implementing a variety of other measures throughout the organisation. |
| Risk identified | Mitigation strategy |
| Increasing concerns for user data privacy, data leakage and number of cyber-attacks are the reason for rising attention to the question of data security, which became more relevant in the recent years. The increasing number of devices connected to the Internet not only creates more data but also makes it more vulnerable and not very well protected. It is expected that security analytics costs will raise up. Thus, it is critical to keep up with latest trends in the field of data security. | Privacy and data security are paramount to us , and we have consistently strives to protect data through the following methods. |
| ? Validation and _ltering of end-point inputs: We ensures the use of authentic and legitimate endpoint devices, which serve as the entry point for genuine and valid data into their system. | |
| ? Implementation of Mandatory Access Control (MAC): They enforce strict controls that limit each users access to predefined tasks within specific timeframes. | |
| ? Digital signatures using asymmetric encryption: To enhance data security, Vakrangee adheres to standard practices such as regular audits and hash chaining. | |
| ? Real-time monitoring of logs: Continuous monitoring of logs allows the Company to promptly detect any anomalies, misuse or abnormal activities, enabling timely intervention. | |
| ? Data tagging and enforced time stamps: Data tagging and time stamps facilitate tracing and identification of unauthorised activities. | |
| ? Encryption: Encryption is crucial for maintaining data confidentiality and integrity. They utilise encryption techniques during data transit and while data is at rest in databases. Secure Socket Layer (SSL) encryption is employed to establish secure connections between clients and servers, ensuring that only trusted computers can access the encrypted data. | |
| ? Granular data encryption: Vakrangees data encryption practices include encrypting data within the database, implementing access control measures, masking sensitive data and enforcing stringent authorisation policies. They regularly update security patches to ensure optimal protection. By employing granular data encryption, the Company aims to safeguard data even in the event of a system breach. | |
| ? Key Exchange policy: Wehave established a key exchange policy for managing ATM encryption keys. Hardware Security Modules (HSMs) are used to facilitate key life-cycle management, including key generation, distribution and injection. Our tamper-evident and tamper-responsive servers are equipped with secure cryptographic devices for key storage. Additionally, We comply with industry standards such as ISO and PCI DSS to ensure comprehensive data security. | |
| Fraudsters may place skimmers at ATMs to illegally capture customer card details and PIN information. | To combat such threat, anti-skimming card readers have been installed at all Vakrangee ATMs, offering protection against skimming attacks. |
We have implemented a well-established process to monitor and identify any emerging risks, which include the following points.
RISK MONITORING TOOL
Granular Auditing: We comprehensively analyses network logs to detect and efficiently identify potential cyber-attacks or malicious activities. Data Provenance: We prioritize the classification of data, recognizing the importance of understanding its origin to ensure accurate data origin identification, authentication, validation, and access control.
PERIODIC AUDIT
Audits serve as a disciplined documentation process that consistently assesses operational compliance with established policies and standards, guaranteeing adherence to regulatory requirements.
TRAINING MANAGEMENT
We have extensive training programmes aim to ensure effectiveness and promote continuous learning and improvement. These programmes are delivered through various mediums and cater to staff, ATM custodians and banking operators.
SURVEILLANCE
We have implemented closed-circuit surveillance (CCTV) systems across our Kendras, enabling round-the-clock ATMs and monitoring of banking operations. Additionally, our Kendras are staffed during business hours to enhance security further. Upon successful monitoring and identification of risks, the Risk Management Committee promptly notifies the Managing Director and/or Compliance Officer, detailing the identified risks and proposing appropriate mitigation measures. These findings are subsequently communicated to the Board of Directors during the next Board Meeting. In the event of critical and significant risks, the Board is promptly notified for further deliberation and to seek their insights on necessary mitigation steps.
2) Business Opportunities
Vakrangee Kendra as a Long-Term Sustainable & Profitable Business Model:
The rapid expansion of the digital economy in India fosters the adoption of digital payment mechanisms, resulting in a transition towards a cashless society. As digital payments become more prevalent, there will be a decline in cash transactions such as ATM and banking transactions. This presents challenges for standalone business models that solely depend on cash transactions, such as White Label ATMs or exclusive Banking (AEPS) providers. We have strategically positioned ourselves to build a long-term sustainable and profitable business model that aligns with the evolving digital landscape. Our offering includes a range of non-cash based banking services, such as account opening, loan products, insurance services, fixed deposits, and NPA recovery. Importantly, we have diversified our product and service portfolio beyond a single line of offerings, such as ATM or banking services.
Our wide range of products and services includes online shopping, total healthcare services, bill payments, online travel services, mobile recharges, CIBIL score services, PAN card services, online demat and trading account opening services, and much more. Additionally, we offer the highest commission rates in the industry.
LAUNCH OF DIGITAL VAKRANGEE KENDRA
We have introduced a mobile super app-based business platform called BharatEasy App, known as India ka Super App. Through this platform, we have already activated key services such as online shopping, online agricultural products, total healthcare services, online demat account opening, CIBIL credit score services and online PAN card application services.
Our digital super app capitalises on the extensive physical store network of Vakrangee, referred to as the Vakrangee On-Ground Eco-system, which provides physical assistance, particularly in semi-urban and rural remote areas. This distinctive proposition, known as ‘phygital, seamlessly integrates digital and physical assistance, enabling rapid scalability of the Companys digital channel while reducing costs associated with customer acquisition, physical assistance, order fulfilment and return management.
Furthermore, leveraging our physical presence, enhances customer interaction, reinforces brand recall, and elevates service experience and customer trust. We are benefitted from strong brand recall, access to our existing customer base, and a well-established network of 21,653 outlets. This bolsters our digital initiatives while fortifying our competitive position in the market.
LEVERAGING THE ONDC PLATFORM
We are in the process to design and launch our Buyer Application on ONDC platform to provide ecommerce shopping experience to franchisee and customers in rural market. We can replicate the model on our Bharat Easy Super App to provide ONDC experience directly to customer. We will also be registering as Seller on Seller App of ONDC to sell our services which are available on BharatEasy Mobile Super App. We will be developing a dedicated seller app which can provide a streamlined and optimised experience for local sellers near our Vakrangee Kendras. This will improve our reach and discoverability across multiple platforms.
Our Performance Highlights
This section explores the organisations outstanding performance during the fiscal year 2023-24. It is a testament to our steadfast commitment to excellence and unwavering pursuit of growth and success. The top highlights are key achievements, milestones and notable outcomes that have defined our journey throughout the FY2023-24. Here is an insightful look into the exceptional highlights of the our performance, showcasing our dedication, resilience and remarkable progress.
Performance of our Vakrangee Kendras
1. FINANCIAL PERFORMANCE
Our extensive network of 21,653 Vakrangee Kendras has exhibited strong performance, providing convenience and inclusivity to underprivileged and underserved individuals throughout India. The outcomes of our committed efforts and perseverance are evident in the performance results across our product offerings.
During the fiscal year 2023-24, our ATMs facilitated over 45 million transactions, amounting to a gross value of more than Rs. 118 billion. Additionally, our banking services recorded around 84 million transactions, with a gross value of Rs. 43 billion during the reporting period. These impressive figures highlight our unwavering dedication, sincerity, and endurance in fulfilling our mission. Looking ahead, we anticipate further growth as we estimate that our Gross Transaction value will surpass US$150 billion annually by 2030. Embracing a neo-bank model, we are transitioning towards a more cost-e_ective approach, enabling us to reach every corner of India.
| S. No. | Particulars |
FY 2023-24 | Remarks |
| 1 | DebtorsTurnover (%) | 3.53 | The percentage of ratio indicates the number of times we collect our average accounts receivable balance during a specific period. It is assumed that the entire revenue from operations represents total credit sales, fewer sales returns and allowances. The ratio between the average trade receivables and the revenue from operations is considered. |
| 2 | Inventory Turnover (%) | 0.38 | It is a financial metric that measures the number of times we sell and replenish our inventory within a given period. The percentage of ratio between the revenue from operations and the average inventory between the beginning and end of FY 2023-24 is taken. The net sales are considered in this regard. |
| 3 | Interest Coverage Ratio (%) | 160.34 | The percentage of ratio represents our ability to cover our interest expenses with our operating earnings. |
| 4 | Current Ratio (%) | 85.70 | The percentage of ratio measures our ability to meet our short-term liabilities with our short-term assets. We are in a good position as we have more current assets than current liabilities,suggesting a relatively healthy liquidity position. |
| 5 | Debt Equity Ratio (%) | 10.58 | It is a financial metric that compares our total debt to our shareholders equity. |
| 6 | Operating Profit Margin (%) | 30.59 | For the computation of the ratio, EBIT is taken without considering the exceptional items |
| 7 | Net Profit Margin (%) | 2.11 | The ratio represents the percentage of revenue that remains as profit after deducting all expenses and taxes. |
| 8 | Return on Net worth (%) | 3.39 | The net profit for the FY has increased, leading to a greater return on net worth, which is calculated by taking into consideration the ratio between the net profit and the shareholders equity. The ratio measures our profitability in relation to our shareholders equity. |
* The above figures and calculations are on a standalone basis.
During the fiscal year 2023-24, our Company achieved a total income of Rs. Rs. 18,551.31 lakhs, with an EBIDTA of Rs. 2,805.61 lakhs. The PAT for the year amounted to Rs. 386.66 lakhs, and the EPS (basic) for the face value of Rs. 1 was Rs. 0.01 in FY 2023-24.
2. MANUFACTURED CAPITAL
We have made significant progress in our mission to extend services to every corner of the country, ensuring accessibility for all. Our extensive presence in remote areas, combined with the evolution of our services, has driven growth in financial, digital and social inclusion. By adopting the Unique Hybrid Model, we have seamlessly integrated physical and digital platforms, enhancing accessibility and convenience for our customers.
Additionally, we have expanded our reach by establishing 21,653 active transacting Vakrangee Kendras across 31 States and UTs. Moreover, the appointment of Master Franchisees in 437 Districts across 28 States has strengthened our operations, providing essential support to existing franchise outlets and facilitating new acquisitions.
We have been able to assert our presence even in various troubled areas and Tribal and Aspirational districts, enabling the Company to deliver high-quality services to underserved areas of the country. Within these districts, Vakrangee has established a network of 4,684 outlets. More than 83% of Tier IV, Tier V, and Tier VI locations are covered by our geographical footprint, distributed throughout 31 states, 571districts and 5,444 postal codes.
ISO 9001:2015 is a globally recognised standard that emphasises the implementation of effective Quality Management Systems (QMS). Since 1998, ISO 9001 certification reflects our continuous commitment to excellence and meeting customer needs. We prioritise delivering the highest quality services and fostering a culture of continuous improvement to exceed customer expectations.
In addition, we also adheres to ISO 20400 standards. As an ISO 20400-certified organisation, we recognises the importance of sustainable procurement and has adopted a structured approach to our practical implementation. This internationally recognised standard is valuable for integrating sustainability considerations into procurement processes.
It is important to note that ISO 20400 does not impose specific requirements on suppliers or serves as a means to evaluate their sustainability performance. Instead, it enables us to enhance our sustainable practices and contribute to a more responsible and ethical supply chain.
3. HUMAN CAPITAL
At our organization, we have established a culture of inclusivity, continuous improvement and equal opportunities for all employees. Emphasising collaboration, teamwork and entrepreneurial spirit, we encourages employees to leverage their strengths, engage in innovative thinking and provide the necessary tools and resources to excel in their roles.
Recognising the crucial role of employees as key stakeholders, the organisation prioritises their professional development and growth by regularly investing in enhancing their knowledge and skills. With a dedicated workforce of over 212 individuals,we demonstrates unwavering dedication to our employees.
Our investment in human capital has yielded positive outcomes, including increased productivity, enhanced employee loyalty and heightened motivation within the workplace. By valuing and empowering employees, we fosters an environment that cultivates their potential and facilitates the realisation of a shared vision.
As a signatory of the UNGC, we endorses the ten principles outlined by the United Nations Global Compact on human rights, labour, environment and anti-corruption. Aligned with these principles, the organisation integrates these ideals into our Companys strategy, culture and daily activities. The main drivers of value for human capital at our organization include the following points.
1. Organisational Culture: We aims to cultivate a meaningful work environment with continuous engagement, fair resolutions, merit-based decision-making, equal treatment and transparency in decision-making processes.
2. Technological Leverage: We prioritises harnessing technologies, process automation, and launching innovative digital projects to manage field operations and business activities efficiently.
3. Human Rights: Our commitment to human rights involves strict adherence to labour laws, raising employee awareness, providing equal employment opportunities, fostering a harassment-free workplace, ensuring health and safety, and establishing a robust grievance mechanism.
4. Diversity and Inclusion: Discrimination based on various factors is strictly prohibited. We actively promotes diversity and inclusion through recruitment, mentorship and talent retention initiatives.
5. Gender Equality: We prioritises gender equality through initiatives like pay equity, promoting pay transparency, offering bonuses and flexible work schedules, and ensuring equitable employee increments.
6. Targeted Recruitment: The recruitment process focuses on selecting the finest talent from diverse backgrounds nationwide, exemplifying the Companys commitment to providing equal opportunities.
7. Mentorship: Mentorship programmes guide employees in their professional journeys, complemented by comprehensive training covering ISO certifications and behavioural aspects.
8. Training and development: Our employees undergo comprehensive training programs, covering areas such as ISO certifications, induction processes, and behavioural aspects.
9. Talent Retention: Many employees have been dedicatedly associated with our organization, as evident from our average voluntary attrition rate of permanent employees at 2.4% in FY 2023-24.
10. Employee Satisfaction: We actively executes various engagement initiatives, conducts surveys and provides in-house services to enhance employee satisfaction.
11. Health and Safety: In our commitment to promoting health and safety, we have implemented several initiatives, such as the Employee Assistance Program, practical well-being support, yoga classes, fire safety measures, and emergency drills. drills. 12. Grievance Redressal: We have assembled a team of qualified professionals dedicated to addressing grievances from all our stakeholders.
4. SOCIAL AND RELATIONSHIP CAPITAL
In the domain of Social and Relationship Capital, our focus is establishing meaningful engagement with stakeholders to understand their expectations fully. We have nurtured trust-based relationships with various key stakeholders, including franchisees, master franchisees, customers, business partners, local communities, shareholders, suppliers and government or regulatory bodies.
The Companys strategic shift involves harnessing technologies, implementing process automation and launching innovative digital projects as novel approaches to efficiently manage field operations and day-to-day business activities.
Transparency is our cornerstone principle, and we have consistently endeavours to foster cooperation and maintain strong relationships with our stakeholders. To underscore the organisations commitment to building robust connections, we have implemented various policies such as the Sustainable Sourcing Policy, Green Procurement Policy, Corporate Social Responsibility Policy, Political Involvement Policy and Shareholder Engagement Policy.
These policies serve as tangible manifestations of our dedication to cultivating strong relationships and attaining a structured framework to adapt to the diverse requirements of its stakeholders.
Shareholders
We engaged with shareholders through a variety of channels, including conference calls, regular business updates via press releases, roadshows, analyst meetings and its Annual General Meeting. Additionally, we have recorded and uploaded these sessions on its website for easy access and reference.
Franchisees
? We fosters rural entrepreneurship, promotes employment generation and facilitates skill development initiatives.
? Doorstep Banking was launched, primarily catering to senior citizens and old-age pensioners.
? Total Healthcare Services offers professional medical consultations by doctors, reducing the need for physical consultations.
Suppliers/Vendors
We have evaluated four suppliers based on their social and environmental impact. Additionally, the Company conducted regular meetings and internal audits to monitor its performance regarding Environmental, Social, and Governance (ESG) requirements.
Customers
Our primary focus has been on establishing a sustainable business model that facilitates financial, social and digital inclusion for Indians.
Government and Regulatory Authority
We do not have direct relationships with government bodies,
? however, we own a license from the Reserve Bank of India to set up and manage White Label ATMs. We are the 4th largest ATM operator in
To demonstrate our dedication to fostering robust social and relationship capital, we have attained several ISO certifications that underscore our commitment to diverse facets of responsible business practices.
rural India. Tie-ups with nationalised banks to function as Corporate Business Correspondents.
? We are member of prominent industry bodies such as CATMi, BCFI and NPCI, which are widely acknowledged entities in the country.
Local Community
? The Company sponsors activities like marathons to encourage employees to participate, promoting the importance of an active lifestyle.
? The organisation operates a multi-speciality hospital in the heart of Kota, providing various treatments on a non-profit, no-loss basis. These treatments include cardiology, neurology, urology, general surgery, gynaecology, orthopaedics and gastroenterology.
? In FY 2023-24, wecontributed Rs. 26.80 lakhs towards CSR initiatives.
To demonstrate our dedication to fostering robust social and relationship capital, we have attained several ISO certifications that underscore our commitment to diverse facets of responsible business practices. These certifications encompass the following list.? ISO 26000:2010 Social Responsibility Management System showcases our commitment to sustainable development and surpassing legal compliance requirements.? ISO 37001:2016 Anti-bribery Management
System emphasises our dedication to conducting business with transparency, ethics and integrity.
? ISO 45001:2018 Occupational Health and
Safety Management System, confirming our endeavours to create and uphold a safe and healthy work environment.
? ISO 20400:2017 Sustainable Procurement
Management System, highlighting our stringent sustainable procurement practices.
5. INTELLECTUAL CAPITAL
As a growth-oriented and innovative company, we persistently endeavours to enchance our services. Even amidst the challenges posed by the pandemic, we remain committed to bridging the gap between rural and urban populations through our last-mile services. As we continue to invest in cuttingedge technologies, we remain dedicated to providing unwavering assistance to both new and existing franchisees, propelling their performance to new heights. Some of the key highlights of FY 2023-24 were –We are certified in the relevant ISO standard certifications, ensuring we have proper systems and processes to run our operations.
? ISO/ IEC 27001:2013 Information Security Management System protects sensitive data of our Company and our customers. ISO 27701- Privacy Information Management System, which ensures the enforcement of compliance with mandatory regulatory, internal compliance, best practices, legal and ethical requirements along with the need for managing risk.
? ISO 20000-1:2011 – IT Management System benefits us with improved IT service management, reliable IT services with reduced downtimes, minimal risk of errors, lower costs, time-saving and increased customer confidence.
? ISO 22301- Business Continuity Management
System specifies the requirements for a management system to protect against, reduce the likelihood of, and ensure that the organisations business recovers from disruptive incidents.
? We have trained all the employees and 21,653 franchisees in advanced technologies.
? As a result of strengthening data security in our operations, we faced 0 instances of a data breach in our corporate office and outlets. ? 100% of franchises are using IoT, along with all 6,487 ATM Franchisees.
? 100% of franchisees are using electric surveillance.
? Introduced contactless payment in Next-Gen Vakrangee Kendras.
? With the introduction of Artificial Intelligence and Natural Language Processing, we have revolutionized our services by enabling advanced data analysis, personalized customer interactions, and automated processes, leading to enhanced efficiency and customer satisfaction. Our Chatbot Conversational Interface and Designs utilize advanced Natural Language Processing to understand and respond to text chat in a contextually appropriate manner, enhancing communication efficiency.
? We have implemented Virtual Assistance to provide users with an immersive spatial experience, allowing them to engage with our services as if they were physically present. ? Through the Internet of Things, we enable the seamless connectivity and remote control of smart devices, enhancing convenience and control for our customers.
? By use of Blockchain technology, we ensure secure and transparent transaction recording and asset tracking within our business network. Through our utilization of Big Data and data analytics, we delve deep into large and complex data sets to extract valuable insights and make informed predictions. We have also embraced Augmented Reality (AR) and Virtual Reality (VR) technologies, allowing customers to virtually experience our products and services before making a purchase, eliminating the need for physical availability.
6. NATURAL CAPITAL
Growth with environmental stewardship
We firmly believe that success is not solely measured by financial achievements but also by the the positive impact we create on the world around us. As part of our commitment to sustainable practices and environmental stewardship, we have established the National Capital Chapter, a dedicated initiative focused on driving positive change for both our organization and the planet. Our commitment to doing better goes beyond mere compliance with environmental regulations. We actively seek opportunities to implement sustainable practices, conserve resources, and protect the environment. By embracing renewable energy sources, optimizing waste management systems, and integrating eco-friendly technologies, we aim to minimize our ecological impact and promote a greener future.
Impact of initiatives
Environmental impact reduction is integral to ourbusiness model, guided by well-defined corporate policies prioritising environmentally conscious practices.
? As part of our Go-Green Initiatives, we have introduced paperless ATMs, eliminating the need for paper and reducing waste.
? Biometric-enabled paperless banking at Vakrangee Kendras has significantly decreased paper consumption and waste.
? Expansion of the Vakrangee Kendras in rural areas has minimised travel distances for customers and stakeholders, reducing fuel consumption and greenhouse gas emissions.? Our corporate offices adhere to Green Building principles, incorporating energy-e_cient design, rooftop solar panels for renewable energy, and sustainable practices using recycled materials.
? To encourage eco-friendly commuting, we have incentivises carpooling, vanpooling, biking, and public transit among its employees.
? By utilising existing infrastructure for our Kendras, we mitigates greenhouse gas emissions, biodiversity disturbance, fuel consumption, land clearing and water usage associated with construction.
? Clean drinking water facilities are available at all the Kendras, particularly benefitting rural areas and reducing reliance on plastic bottles.
? Our waste management practices prioritise circularity, recycling and eco-friendly disposals, including substituting plastic drinking water bottles with glass bottles for office meetings.? Actively working to reduce greenhouse gas emissions, we have adopts renewable energy, leverages technology, digitalises transactions and promotes energy-e_cient practices.
? We have obtained ISO certifications for Environmental Management Systems, Sustainable Procurement Management Systems, Greenhouse Gas Emission Management and Energy Management Systems, underscoring its commitment to environmental stewardship.
3) Business Outlook – Our Corporate Strategy
We have synchronized our sustainability endeavours with the sustainable development goals set by the United Nations. These goals serve as a blueprint for advancing a brighter future by blending physical and digital transformation, thereby nurturing inclusivity in India. Our aim is to efficiently execute these objectives and tackle global issues such as poverty, inequality, climate change and environmental degradation while striving for prosperity, peace and justice. Our environmental, social and governance (ESG) initiatives framework is designed to foster the holistic sustainable development of the economy as a whole. We integrate ESG practices into our core business processes to promote sustainable development. Our goal is to promote financial and digital literacy among the underserved and unserved populations in rural and urban areas of India. By physically and digitally reaching out to these communities, we act as a major equalizer, bridging the gap between the financial, social, and digital inclusion of urban and rural India. We strive for financial inclusion by supporting government financial schemes and social inclusion efforts such as PMJDY (Pradhan Mantri Jan-Dhan Yojana) and social security insurance schemes. We provide universal access to banking, insurance, and pension plans, along with facilitating the direct transfer of subsidies through the Direct Benefit Transfer system.
We are committed to ensuring the accessibility of our services and aims to reach out to over 3 lakhs+ outlets along with a minimum of 15,000 ATMs. We aim to establish Indias largest distribution channel based on a franchise model, focusing strongly on rural areas. We estimate that our Gross Transaction value will exceed US$150 billion annually by 2030. This growth will result in substantial revenue and profitability due to our asset-light franchise-based business model, which leverages operating efficiency. As a result, our Cash Adjusted Return on Capital will experience significant improvement. In addition to our commitment to financial, digital, and social inclusion, we actively foster an entrepreneurial spirit to drive the growth of businesses. Our envisioned objective remains the establishment of a comprehensive presence in every District and Postal code across the nation, ensuring convenient access to essential services within close proximity or through digital means. Through the introduction of innovative concepts and cutting-edge technology, we aim to solidify our position as Indias leading retailer while facilitating universal financial, digital, and social inclusion. At the core of our innovative business strategy and extensive store network lies a strong emphasis on promoting entrepreneurship. We recognize the importance of empowering individuals and businesses to thrive and succeed. By offering a diverse range of services all under one roof, we create a conducive environment for entrepreneurs to establish and expand their ventures. Our goal is to nurture a vibrant entrepreneurial ecosystem that not only caters to the everyday needs and convenience services of our customers but also serves as a catalyst for their business growth.
Through our comprehensive range of offerings and strategic support, we inspire and encourage individuals to embrace entrepreneurship, fostering an environment that promotes innovation and economic development. By providing aspiring entrepreneurs with the necessary resources, mentorship, and opportunities, we aim to empower them to tap into global markets and maximize the benefits of financial, digital, and social inclusion. As we continue to evolve as the preferred destination for customers seeking everyday products and services, we are committed to instilling an entrepreneurial mindset, where customers associate our motto of "Sab Kaam Ek Dukaan" or "Now, the Whole World is Nearby" with the limitless possibilities and growth potential that entrepreneurship offers.
The "Vakrangee Effect": adopting economic, social and governance aspects
Utilizing the phygital model that combines physical and digital presence, has played a pivotal role in financially empowering a significant portion of society that was previously excluded from mainstream economic progress. We have aligned our corporate growth plan with the principles of sustainable development and responsible business practices. Collaborating with the government and corporate sector, we strive to promote financial, social, and digital inclusion in rural areas of India.
Our target is to reach 3 lakh + outlets along with Minimum 15,000+ ATMs.
Our mission entails seamlessly integrating these goals into our overall strategy and business operations, while addressing global challenges such as poverty, inequality, climate change, environmental degradation, prosperity, peace, and justice. Joining forces with a global network comprising over 9,500 businesses and 3,000 non-profit organizations, we are dedicated to creating a more sustainable future.
Enhanced participation of individuals will provide crucial support to industrialization, agriculture, and the expansion of the market for products and services. Consequently, by ensuring the financial and social inclusion of a significant segment of society that contributes to over half of Indias GDP, we can further bolster and invigorate the Indian economy. We refer to this phenomenon as "The Vakrangee Effect." As a company, we consistently engage in strategic planning, with a focus on organic business growth Our target is to reach 3 lakh + outlets along with Minimum 15,000+ ATMs. With this, Our plan is to achieve a Revenue target of US$ 1 Billion by 2030 along with a Gross Transaction Value of more than US$ 150 Billion. In addition to our ongoing efforts, we have re-appointed Master Franchisees in 437 Districts across 28 States nationwide. These Master Franchisees play a crucial role in providing on-ground operational support to our existing franchisee outlets and spearheading the acquisition of new franchisees. Our aim is to achieve comprehensive District coverage, reaching 100% of all Districts, by March 2025.
This strategic step allows us to strengthen our operational capabilities and ensure seamless support for our franchisees across the country. By leveraging the expertise and local presence of our Master Franchisees, we enhance our ability to deliver quality services and expand our network of Vakrangee Kendra outlets. Ultimately, this initiative reinforces our commitment to fostering financial, digital, and social inclusion while driving sustainable business growth.
Driving Performance through Entrepreneurship
This year, we are placing a strong focus on fostering entrepreneurship through the implementation of our master franchisee model. Building upon the success of our previous initiatives, we have appointed Master Franchisees in 437 Districts across
28 States throughout the country. This strategic move aims to provide on-ground operational support to our existing franchisee outlets and drive the acquisition of new franchisees.
By empowering entrepreneurs at the district level, we aim to accelerate growth, strengthen our operational management, and enhance scalability. In our pursuit of creating an inclusive India, we recognize the importance of nurturing an entrepreneurial spirit. Through our master franchisee network, we empower local entrepreneurs to manage and grow their Kendra networks within their respective districts. This approach capitalizes on their unique insights, passion, and dedication to effectively address the diverse needs of our customers. By fostering entrepreneurship, we not only drive business growth but also contribute to the socio-economic development of the communities we serve.
To incentivize and motivate our master franchisees and Kendra franchisees, we offer performance-based incentives and commissions. These rewards encourage excellence and create a culture of continuous improvement. Our master franchisees play a vital role in ensuring operational compliance, providing active support to existing franchisee outlets, and driving the expansion of our franchisee network. By leveraging their expertise and local presence, we aim to achieve comprehensive district coverage across the nation, targeting 100% coverage by March 2025.
This focus on entrepreneurship and our master franchisee network allows us to scale rapidly and achieve our long-term targets ahead of schedule. It fuels innovation, efficiency, and accelerated growth throughout our organization. By fostering an entrepreneurial mindset and providing the necessary support and incentives, we create an environment that encourages our franchisees to thrive, resulting in the overall success of our phygital network.
Through our commitment to entrepreneurship and the entrepreneurial spirit of our master franchisees and Kendra franchisees, we are driving performance, accelerating growth, and shaping a more inclusive India. Together, we are confident in achieving our vision of ensuring access to global markets and enabling financial, digital, and social inclusion for every Indian.
BUILDING A MORE INCLUSIVE SOCIETY
Promoting Social Inclusion
Skills Enhancement: Our business approach prioritizes the facilitation of skills enhancement. We actively recruit individuals from diverse backgrounds and provide them with comprehensive training to develop their skill sets, resulting in significant achievements. Furthermore, we encourage these employees to obtain essential certifications, thereby enhancing their technological capabilities in delivering Aadhaar and Banking Services.
Job Creation: Our business model revolves around a robust franchisee system. In addition to generating employment opportunities within our company, each franchisee is required to employ a minimum of 1 to 2 local resources. This approach leads to the creation of more job prospects and financial security within the community. The ripple effect of our unique business approach significantly contributes to employment generation in society. E-Governance: Social inclusion plays a crucial role in empowering citizens by providing them with a distinct identity, recognizing their presence, and enabling the government to effectively reach out to local communities for the administration of various welfare programs. It also fosters financial inclusion and enhances accessibility to loans, thereby promoting economic empowerment and upliftment.
Promoting Financial Inclusion
We facilitate the provision of essential banking and insurance services, ensuring accessibility for individuals across the country. Moreover, we enable the direct transfer of government subsidies into the bank accounts of citizens through the Direct Benefit Transfer (DBT) scheme. By extending financial inclusion to a broader segment of the population, encompassing a significant portion that contributes to more than half of the nations GDP, we have the potential to further expand and enrich the Indian economy.
Digital Empowerment for All
We are actively working to extend digital literacy and accessibility to the lower strata of the socioeconomic pyramid. Our efforts revolve around bridging the gap and connecting unserved and underserved rural and urban citizens throughout India. To achieve this, we offer biometric-enabled banking services, assisted e-commerce facilities, and a range of digital services and e-governance solutions at our Kendras. Through our technologically advanced platform, integrated with the Core Banking Systems (CBS) of multiple banks, we provide real-time and interoperable banking access. To ensure nationwide accessibility, we have established online platforms that enable consumers from every corner of the country to access a wide range of services conveniently.
Addressing Inequalities
One of our primary objectives is to minimise disparities and bridge the gap between Indias urban and rural populations. Under the theme "Ab Poori Duniya Pados Mein" (Now, the Whole World is Nearby), we have introduced Next-Gen Vakrangee Kendras. Our innovative approach involves establishing "One Stop Shop Digital Convenience Stores" that offer goods and services at the same price, simultaneously, and with equal quality to both urban and rural populations. We have also made significant strides in serving regions characterized by Left Wing Extremism (LWE), tribal communities, and aspirational districts. Through our initiatives, we aim to reduce inequalities, enhance access to essential services, and foster equitable development across diverse areas of the country.
Facilitating Productive Work and Economic Growth: We are dedicated to offering individuals suitable opportunities to engage in productive, stable, and fairly compensated work. Our network of franchisees plays a vital role in generating local employment by hiring individuals from the community. Moreover, we provide certification and training programs in essential areas such as banking, insurance, and UIDAI, equipping individuals with the necessary skills to thrive in their roles.
"Embracing Convenience at Your Doorstep" – Empowering Rural India through Seamless Services: With around 1.3 billion Indians residing in rural areas, accounting for approximately 65 percent of the nations population, our mission is to connect and unite Indias rural communities under the umbrella of financial, social, and digital inclusion through our Next-Gen Vakrangee Kendras. These Vakrangee Kendras have emerged as pivotal consumer hubs within the rural economy. We are committed to continually enhancing the services offered by our Vakrangee Kendras to effectively cater to the unique needs of rural India.
Recognizing the distinct requirements of the rural population, we employ a tailored strategy that acknowledges the differences between rural and urban areas. Supported by the Indian governments push for digital payments, we strive to transform our stores into comprehensive one-stop shops, offering a diverse range of goods and services. By embracing a phygital transformation, blending online and physical store experiences, we aim to create an inclusive India. Our focus is on seamlessly integrating digital and traditional platforms, providing rural communities with access to the convenience they deserve.
Harnessing the Power of Entrepreneurship for Financial Inclusion and Economic Growth
Building upon the success of Government-backed financial inclusion initiatives, every Indian family now benefits from owning a bank account and gaining access to a debit card. The expansion of banking services in rural areas has been significantly facilitated by the Direct Benefit Transfer (DBT) program. As digital platforms become more accessible, there is a growing demand for digital banking alternatives across the nation.
Our Kendras have played a pivotal role in empowering rural markets by providing access to digital and financial services. Leveraging cuttingedge technologies such as Aadhaar enabled Payment Systems (AePS), e-KYC, interoperability, and real-time banking transactions, our valued customers benefit from seamless and efficient financial solutions. As corporate agents, we collaborate with multiple insurance companies to offer comprehensive coverage, including life, general, and health insurance. To enhance convenience and reduce the need for extensive travel to access essential services, we have established a widespread network of ATMs through our Kendras. This local presence enables
Under the theme "Ab Poori Duniya Pados Mein" (Now, the Whole World is Nearby), we have introduced Next-Gen Vakrangee Kendras. Our innovative approach involves establishing "One Stop Shop Digital Convenience Stores" that offer goods and services at the same price, simultaneously, and with equal quality to both urban and rural populations.
communities to conveniently withdraw cash within their neighbourhoods, providing a much-needed financial resource.
As a technology-driven retailer, we offer a diverse range of services under one roof, including e-commerce, online healthcare, telemedicine, and online travel reservations. While rural citizens may indirectly access modern services, we understand the challenges associated with the limited availability of products in rural areas, often due to transportation costs and logistical barriers. In line with our mission as the largest equalizer within the franchise-based, multi-service retail network, we are committed to fostering entrepreneurship. By nurturing entrepreneurial spirit and creating opportunities for local individuals, we empower aspiring entrepreneurs to join our network as franchisees, further driving financial inclusion and economic growth. Through our Vakrangee Kendras, we provide aspiring entrepreneurs with the platform and support to establish and operate their own successful businesses, thereby contributing to the local economy and serving the needs of underserved segments of society. By integrating entrepreneurship with financial inclusion initiatives, we aim to create a holistic ecosystem that fosters economic empowerment, elevates rural communities, and paves the way for a more inclusive and prosperous India.
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