Hyderabad: VSoft Technologies, a Hyderabad-based banking technology solutions and services company has lined up a slew of expansion plans. The company plans to expand its employee headcount in its Hyderabad centre from the current 900 to almost 2,500 in the next one year even as it looks at expanding the centre.
The company began operations in Atlanta in 1996. And Hyderabad centre which was set up during early 2000 had been serving as a development centre.
“As a company which has always been on a growth path, we are looking at raising $30-35 million as soon as possible and most part of it will be used to expand our facility in Hyderabad, new facility in Visakhapatnam and some portion will go into our Rajahmundry expansion as well,” said Srinivas Dronamraju, COO, VSoft Technologies.
The funds will be used to repay vendors and the rest of the funds will be utilised for development activity and preparing the company for an IPO. The company is looking at an IPO in the next 12-18 months and wants to reach Rs 1,000 crore revenue mark by 2020. Demonetisation has kept the company busy helping out banks, taking away two months in the process. Transaction volumes of banks have doubled since November, he added.
The company launched its flagship product Jeb application which lets users receive and pay money instantly using their mobile phones and it is supported by National Payments Corporation of India (NPCI) enabled United Payments Interface (UPI) transaction.
He explains, “Jeb Application’s multi-mode interface, such as physical entry, voice feature and QR code scanner will enable not only the users, but also the merchants to make any kind of money transaction instantly. Mobile wallets are restricted to vendor arrangements but through Jeb, one can pay anyone and anytime. UPI payments can be made using mobile or aadhaar number or by using the user’s virtual address.”
Elaborating further, he said that the Visakhapatnam development centre should be ready to go into production by September 2017 and it will have a capacity to accommodate 1,200 people with an investment of Rs 30-40 crore.
VSoft is implementing its single largest implementation in the State of Odisha. All the cooperative banks in the State are using VSoft’s application. About 17 cooperative banks and nine urban cooperative banks are using its application. A data centre has been set up for this purpose. Also, 2,700 agricultural lending institutions in the State are being digitised so that 54 lakh farmers get benefited. These farmers will be given RuPay cards.
When asked if this can replicated in other States, “Every State needs a dedicated model. We are trying to demonstrate the success in other States. We have also made some progress in Telangana where a pilot project has been carried out. Uttarakhand, Madhya Pradesh and Gujarat also are interested.”
The company began operations in Atlanta in 1996. And Hyderabad centre which was set up during early 2000 had been serving as a development centre. From 2007, the company started selling its products and solutions for the banking sector. Almost 90 per cent of the development for the company happens in India. The company operates one development centre and a data centre in Hyderabad, a facility in Rajahmundry. The company employs 300 in Rajahmundry and about 85-90 in the US. In next two years, the overall workforce will touch 3,000-3,500.
VSoft will come out with a facility in an area of two acres in an IT industrial area in Visakhapatnam, which will house 1,500 people. “We will not be diluting our focus on Hyderabad though these new centres come up in future,” he added.
On the overseas front, the company will take Jeb application to African continent. Currently digital wallets are dominating the transactions. “We see opportunities in Tanzania, Ghana, Ethiopia and Mozambique. We have our footfalls in Latin America, Chile and Carribean Island,” Srinivas informed.
The company is looking at acquisitions globally. Specific geography will not be criteria for future acquisitions but products or solutions that have universal application will drive our decisions.