Hyderabad: VSoft Technologies, an IT-enabled solutions provider for financial institutions, is targeting revenues of Rs 300 crore in the upcoming financial year even as it closed last year with Rs 200 crore revenues. Apart from expanding its focus in India operations, the Hyderabad-headquartered company is looking at establishing offices in Philippines and Malaysia after setting up an alliance in Middle-East.
The company, which has operations in the US and Latin America apart from India, is also looking at having 2,000 employees by end of financial year 2019-20 from its current headcount of 1,400 employees worldwide. In terms of client base, the company offers its services to over 1,000 customers in the US and 200 customers in India and going ahead it is targeting to add five to six commercial and international banks per year.
“Our India operations contribute about 30 per cent to our total revenues. While this number will stay intact, we will be looking at expanding our operations across other countries and we will establishing our base in Philippines and Malaysia by end of this financial year,” said Murthy Veeraghanta, chairman, VSoft.
About a year ago, the company was successful in digitizing the three-tier cooperative credit structure in Odisha. As part of the project, the company deployed its software ROOTS through Odisha State Cooperative Bank thus in return helping 2,700 Primary Agriculture Credit Societies (PACS). This software, according to Veeraghanta, helped the farmers withdraw money through Kissan Credit Card from any ATM and also reduced in lowering the time taken to sanction loan to farmers.
“The software eliminated the huge paper work process and also led to huge transparency benefits. While the farmers get their loans sanctioned in just few days compared to month-long waiting period previously, the software also helped in finding the correct loan defaulters,” Veeraghanta said.
Going ahead, the company plans to implement the software in the State of Telangana and hopes that the State with its farmer-friendly initiatives and digital focus will adopt the software in no time.