Gearing itself up for cross-border expansion, eMudhra is making an investment of Rs 40 crore into the setting up of its all-encompassing centre in Bengaluru. The 1.5 lakh sq feet centre is scheduled to begin operations by March 2019.
The company is present in Sri Lanka, Nepal, Mauritius and the UAE, apart from India, which still claims 85-90% of its market. While it has its eyes set on entering the US in about one-and-a-half years, the digital signature provider will mark its entry into Cambodia, Bangladesh, Myanmar, and about five African countries in FY2017-18.
In an interaction with DH, eMudhra Executive Chairman V Srinivasan said, “We are looking at expanding into neighbiouring countries, but with the government’s digitisation agenda, there is huge scope for digitisation and going paperless in India itself. What we see now is just the tip of the iceberg.”
The company has witnessed its revenues quadruple over the last three years due to increased consumer uptake. Even two to three years down the line, as the company expands it geographic presence, India will contribute to as much as 50% of the revenues, he said. “However, if we are able to crack the US market, this ratio may tilt,” he claimed.
The company offers digital signatures in two formats — esign and conventional digital signature — the former witnessing a growth of one million users on a monthly basis and the latter witnessing up to 60% growth on a yearly basis. “The infrastructure for digital signatures is in place, but the awareness of its benefits is very low, especially at a decision-making level.
A focused attempt is required to ensure better reach,” he said. With payments banks, mutual fund houses, brokerage houses and ecommerce companies comprising the larger portion of its user-base, the company wants to push digital signatures and paperless transactions for customer onboarding in the banking industry, employee onboarding for corporates and prescription management in the healthcare industry.
“As of now, digital signatures are being used mostly for online money transfers, but we want to enable routine transactions like customer onboarding in a paperless manner, wherein applications and verfications can be done by linking it to the consumer’s Aadhaar number,” he said, adding that the banking space is the one with “most potential to attain end-to-end digitisation with full legal validity”.
The company is working closely with SBI, ICICI Bank, and Axis Bank, alongside government entities including IRCTC, Ministry of Corporate Affairs, Income Tax Department and Goods and Services Tax Network, among others.
