Protean eGov Technologies:
Protean eGov, established in 1995 in India, is an Information Technology solutions firm that specializes in developing and deploying expansive, groundbreaking technology solutions with a strong focus on national importance. Through its extensive cooperation with the government, the company has successfully built a resilient digital public infrastructure and introduced inventive, citizen-focused e-governance solutions.
Established in 1995 as a depository, Protean eGov has since been at the forefront of executing pivotal technology infrastructure initiatives nationwide. Operating within India, Protean eGov is deeply engaged in the development of open digital ecosystems, making substantial contributions to open-source communities and protocols, with a notable focus on supporting ONDC.
Protean eGov’s Managing Director – Mr. Suresh Kumar Sethi
Protean eGov’s Remarkable Success in India’s E-Governance Landscape:
- In 2023, Protean eGov became one of the top e-governance service providers in India when it comes to making money and profits.
- They are known for offering important e-governance services like managing TIN, processing PAN, NPS, and Atal Pension Yojana.
- Protean eGov has successfully completed 19 major projects across seven Indian ministries by June 30, 2023.
- In their TIN project, they handled a lot of e-tax transactions. In 2023, they managed over 156,000 e-tax transactions per hour on average. From March to June 30, 2023, they handled more than 4.58 million PAN applications per month.
- Their systems have been up and running more than 99.00% of the time in the last three years, including the three months up to June 30, 2023.
- Protean eGov takes security very seriously, using strong protections like a multi-zone and three-tier architecture, powerful encryption, dual firewalls for inner and outer protection, and a system to stop intrusions. They keep an eye on the records from these systems.
- As of June 30, 2023, Protean eGov has a network of 7,121 TIN facilitation centers in 1,652 locations. These centers accept different tax statements from people, including tax deducted at source, tax collected at source, annual information returns, and statements of specific financial transactions.
- They’ve grown their TIN network from 5,956 facilitation centers as of March 31, 2021, to 6,988 as of March 31, 2023. They also reached more people through partnerships with distribution networks like Nearby Technologies Private, Fino Payments Bank, Vakrangee, and Payworld Digital Services Private.
Risk Factors and Challenges Faced by Protean eGov:
- Protean eGov’s heavy reliance on government projects makes the company susceptible to inherent risks. Since these projects are a significant portion of their business, any difficulties in dealing with government entities could adversely affect their business, financial stability, and overall performance.
- Client contracts allow for termination without a specific cause, which has the potential to negatively impact Protean eGov’s revenue and profitability.
- The company is currently dealing with ongoing legal actions, and unfavorable outcomes in these cases could lead to financial liabilities, penalties, and harm to their business, financial stability, cash flow, and reputation.
- Protean eGov is actively engaged in major greenfield technology projects of national importance. Failing to execute these projects successfully could have adverse effects on their business, financial situation, results, and cash flow. Furthermore, as these projects involve handling sensitive personal data, they may face increased scrutiny from regulatory bodies and the government.
- The pricing of their e-governance services is determined by recommended or mandatory fees specified in agreements with Central or State Governments.
- Protean eGov’s subsidiary, Protean Account Aggregator Limited (formerly known as NSDL e-Governance Account Aggregator Limited), may not have a guaranteed revenue stream from its account aggregation business.
- The company has faced negative cash flows from operating activities in the past and might encounter similar challenges in the future.
Protean eGov IPO: Pre-Apply and Subscription Details:
The Protean eGov IPO is offering shares worth Rs 490.33. If you pre-apply, you can request to buy these shares two days before the official subscription period begins. Once the IPO bidding starts, your order will be placed on the stock exchange. Within 24 hours of the bidding period opening. The Protean eGov IPO will be open for subscription from November 6 to November 8, 2023. Each lot of Protean eGov IPO consists of 18 shares. The date when shares will be allocated for the IPO is November 13, 2023. To check the status of your allotment in the Protean eGov IPO, you can visit the registrar’s website.
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