eMudhra Limited IPO
eMudhra Limited
Rs.14,848
/ 58 shares
Minimum Investment
IPO Details:
IPO date:
20th May to 24th May, 2022
Issue size:
Rs. 413 crores
Listing at:
BSE & NSE
Retail quota:
35%
IPO price:
Rs 243 to Rs 256 per equity share
Minimum lot size:
58 equity shares and in multiples of 58 thereafter
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eMudhra Company Details
eMudhra Limited is the largest licensed Certifying Authority (“Certifying Authority” or “CA”) in India with a market share of 37.9% in the digital signature certificates market space in Financial Year 2021, having grown from 36.5% in Financial Year 2020. (Source: F&S Report)
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The company is engaged in the business of providing Digital Trust Services and Enterprise Solutions to individuals and organisations functioning in various industries. As part its Digital Trust Services, the company issues a range of certificates including individual/organizational certificates, SSL/TLS certificates and device certificates (used in IoT use cases) to build a digital trust backbone.
Under its Enterprise Solutions vertical, the company offers a differentiated portfolio of Digital Security and Paperless Transformation Solutions, complementing its Digital Trust Services business, to customers engaged in different industries. This makes the company a ‘one stop shop’ player in secure digital transformation to provide a wide spectrum of services and solutions from issuance of certificates as a certifying authority to offering identity, authentication and signing solutions.
With more than 50 million digital signature certificates issued since inception, eMudhra caters to all kind of subscribers who use digital signature certificates for income tax return filing, filings with the Ministry of Corporate Affairs (Registrar of Companies), tenders, foreign trade, banking, railways and many other needs. The company works closely with large government and banking customers like the 20+ public and private sector banks and state governments. (Source: F&S Report)
eMudhra is the only Indian company to be admitted as a member of European Cloud Signature Consortium as well as Certifying Authority / Browser Forum, a global forum that governs the use of SSL/TLS certificates and to be accredited to Webtrust, which makes the company’s digital signature certificates directly recognized by browsers across the world allowing them to issue digital signature certificates in many countries. (Source: F&S Report)
The company has a strong digital signature certificate expertise and is the only Indian company to be directly recognized by renowned browsers and document processing software companies such as Microsoft, Mozilla, Apple and Adobe allowing it to sell digital identities to individual/organization and issue SSL/TLS certificates for website authentication globally.
Since the inception of its business, the company has issued over 50 million digital signature certificates through a network of 88,457 channel partners spread across all States and Union Territories in India. The company believes that its competitive advantage stems from an established presence and differentiated product portfolio in the area of digital security and paperless transformation.
The company also provides its solutions and services in overseas regions such as, Americas, Europe, Middle East and Africa and Asia Pacific.
Let us now look at a few competitive strengths and strategies of eMudhra Limited...
Competitive Strengths
+ Largest Licensed Certifying Authority in India: eMudhra is the largest licensed Certifying Authority in India with a market share of 37.9% in the digital signature certificate market space in FY21 having grown from 36.5% in FY20. The company is the only Indian company to be directly recognized by renowned browsers and document processing software companies such as Microsoft, Mozilla, Apple and Adobe, allowing them to sell digital identities to individual/organization and issue SSL/TLS certificates for website authentication, globally. It is also the only Indian company to be accredited to Webtrust which makes its digital signature certificates directly recognized by browsers across the world allowing the company to issue digital signature certificates in many countries. (Source: F&S Report) eMudhra is one of the largest players in the Indian Digital Trust Services market with a market share of 17.8% and enjoys 19.0% market share in the Digital Transformation Solutions market in India for FY21. The company’s relevant experience in the digital secure and paperless transformation industry enabled it in identifying and capitalising the market opportunity offered by the Indian digital certificates market and garner the capabilities of serving all kind of subscribers who use digital certificates for income tax return filing, filings to be made with Ministry of Corporate Affairs filings, tenders, foreign trade, banking, railways etc. (Source: F&S Report) The company’s diverse business operations and leading market position provides it the leverage to serve large government and banking customers, 20+ public and private sector banks and state governments.
+ One Stop Shop Solution Provider in Secure Digital Transformation: Digital Identity and Trust is foundational to the growth of enterprises as they are under ever-increasing competitive pressure to deliver personalized and seamless omni-channel experiences and also focus on secure digital identity and transaction management as a key strategic initiative to provide differentiated experiences. With a view of capitalising this opportunity, eMudhra ventured into the business of providing Enterprise Solutions in the year 2012 to customers engaged in different industries. The company’s Enterprise Solutions is majorly divided into three broad categories viz., eSignature workflow solutions for paperless office (emSigner), authentication solutions (emAS) and public key infrastructure solutions (emCA). As part of these offerings, the company provides capabilities, such as password-less authentication that free users from the challenges and security risks associated with weak and forgotten credentials. As part of its Enterprise Solutions, the company also provides eSignature solutions with global, full service, enterprise delivery capabilities that allows it to cater to paperless transformation of large enterprises with complex enterprise workflows going beyond simple document signing use cases with support for scalability, data security and ease of use. The company believes its dedicated focus on providing unique product capability and features, flexible deployment models to support client data residency needs, and ensuring customer success through local presence will help it grow and expand rapidly in international markets.
+ Technology Certifications, Accreditations and Membership In International Bodies: eMudhra is a registered certifying authority with the Controller of Certifying Authorities and is the only Indian company to be admitted as a member of European Cloud Signature Consortium as well as Certifying Authority/ Browser Forum, a global forum that governs the use of SSL/TLS certificates. It has obtained a variety of accreditations, security/compliance certifications which it maintains on an ongoing basis for example, Webtrust Accreditation to provide services as a public certifying authority globally and list its digital signature certificate roots with renowned browsers. All the services provided by the company under trust solutions, are compliant with the quality standard of ISO 9001 and are certified by the applicable certification body. Further, the company’s cloud offerings are compliant with SOC2 Type 2 and its eSignature workflow solutions, emSigner is listed on the SAFE Identity Qualified Product List (QPL).
+ Diverse, Longstanding and Growing Customer Base: The company services marquee customers through its Digital Trust Services and Enterprise Solutions and has been able to form a portfolio of renowned customers in private as well as in public sectors, including, Infosys Limited, Hindalco Industries Limited, Mashreq Bank, Baud Telecom Company, Cholamandalam MS General Insurance Company Limited, Thales DIS CPL India Private Limited, Larsen & Toubro Infotech Limited, DB Schenker, JSW Steel Limited, Bharti AXA Life Insurance Company Limited, TATA Consultancy Services Limited, etc. The company works closely with large government and banking customers, 20+ public and private sector banks and state governments. It has been identified and ranked amongst the ‘20 Most Promising Tech Solution Providers for Government & Public Sector- 2019’ by CIO Review India. As of Dec 31,2021, the company’s Enterprise Solutions was used by 10 out of top 10 banks, 6 of top 10 automotive companies and 19 out of top 20 companies amongst the top 500 ranked companies in India by Economic Times in FY20. It also has longstanding relationships with its top five clients, and therefore evolved as a strategic leader in the digital signature certificates market. Revenue from operations from the company’s top five enterprises represented an increase from 12.14% in FY19 to 23.67% in FY20. Retail customers grew from 58,872 as of March 31, 2019 to 115,905 as of March 31, 2021. Further, its enterprise customers grew from 249 as of March 31, 2019 to 518 as of March 31, 2021.
+ Experienced Promoter, Board of Directors and Senior Management Team: The company’s management team’s collective experience and deep knowledge of the digital trust, security and transformation space allows it to maintain its position as a leader in the digital signature certificates market. The management is the driving force behind the company’s vision, mission, culture, and focus on customer success. eMudhra’s business is customer-driven. Its experienced promoters and a qualified senior management team has helped it offer high standards of customer service and support to end customers across Enterprise Solutions and Digital Trust Service business. Venkatraman Srinivasan, the company’s promoter and Executive Chairman was an early pioneer in the information technology industry and devised its company’s go-to-market strategy and business model, and has over three decades of experience in the industry, in which we operate. Further, he is a board member of European Cloud Signature Consortium, Chairman of Asia PKI Consortium and was the Chairman of India PKI Forum for a period of six years. The company is also supported by its senior management team that has a significant expertise in the markets it serves and in developing similar businesses. The company’s board comprises personnel with experience in various industries and functions including technology, finance, law and human resources, to support cross-functional business model. Beyond the senior management team, the company is focused on attracting and retaining the strongest talent at all levels throughout the organization. In addition, eMudhra believes the strength and entrepreneurial vision of its Promoters and senior management has been instrumental in driving the company’s growth and implementing its strategies.
Key Strategies
Here are a few strategies eMudhra Limited has for its business:
Capitalize on industry opportunities in India and maintain leadership in Indian Trust Services market and as a ‘one stop shop’ player in secure digital transformation
Leveraging existing data centre infrastructure and setting up new data centres in overseas locations
Enhance solution offerings to tap growing needs of digital transformation
Grow presence in overseas markets
Expand share of revenues among existing customers and broaden partner network and customer base
eMudhra Limited Financials
And finally here’s a look at key financials of eMudhra Limited...
Revenue from operations
Particulars (in Rs. million)
Particulars (in Rs. million)
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Top eMudhra Limited IPO FAQs
The eMudhra Limited IPO has an issue size of Rs 413 crore. The IPO opens for subscription on 20th May, 2022, and ends on 24th May, 2022.
The allotment dates are yet to be announced.
Link Intime India Private Limited is the registrar for this IPO
The dates are yet to be decided.
You can read more about eMudhra Limited and its IPO from the company’s red herring prospectus (RHP) here.
