eMudhra, a licensed Indian certifying authority that issues digital signature certificates, expects revenue to grow 30% from last year’s ₹78 crore and plans to enter the U.S. market next year, Kaushik Srinivasan, senior vice-president, strategy, and innovation, said.
“We have already set up a strong market presence in select markets in APAC, Middle East, and Africa,” Mr. Srinivasan said in an e-mail interview. “Next year, we plan to enter the U.S. market.
“We have around 400 large enterprises who are our customers across sectors including 42 banks, several eGovernment departments, private sector enterprises in manufacturing and healthcare. We have issued 40 million certificates,” he added.
Digital transaction management is poised to grow globally into a $30-billion market by 2020, according to Aragon Research, a U.S.-based research and advisory firm.
‘Document as an asset’
Businesses that need the management of digital assets include banks, credit unions, independent lessors and those that leverage mortgages, equipment leases, and vehicle and consumer financing.
“The common critical factor is that, when a document is an asset, it must be closely managed and tracked as a transferable record. By treating all such assets as transferable records, the documents may be used by the business as collateral, sold, or transferred as part of a securitisation to provide cash for business operations,” Aragon Research said in a report.
In India, cybersecurity and paperless transformation, as a result of Digital India, were proving to be big drivers for eMudhra’s growth, Mr. Srinivasan said.
“In the coming year, we expect revenue from smart city projects for IoT security. Blockchain projects are still in pilot stages and as a technology, it will take a few years to go mainstream,” he said.
The Bengaluru-headquartered company, which is licensed by the Controller of Certifying Authorities, has a research and development centre in the city and is building its own campus in the Bangalore IT Park to accommodate 2,000 people. “We currently have 400 people and we plan to grow to 1,000 people in the next 3 years,” Mr. Srinivasan said.
“We had deep penetration in BFSI. Digital transformation is all pervasive and gradually we are seeing a huge interest in education, healthcare, and manufacturing where multiple clients want to move their process paperless. We will plan our focus there,” Mr. Srinivasan said.
“Differentiated customer experience and technology platforms have helped us maintain market leadership. Also, digital certificates need to be bundled with paperless office or authentication solutions for them to be used effectively.
“Given our exclusive focus in this space, we have built strong IP for authentication and paperless office that complement digital certificates and are offered to customers at competitive price points. This helps us compete effectively,” he said.
