BFSI

Axis My India proposes to invest Rs 500 crore in tech platforms; intends to connect 25 crore households

A top company official declared that market research firm Axis My India promotes a digital platform focusing on two-way communication problem solving to connect 25 crore households with it overhead the next three years.

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Axis My India founder and Chairman & Managing Director Pradeep Gupta reported to PTI that the company has plans to invest up to Rs 500 crore in the project, which will be cultivated through debt and equity dilution. Endowed in 1998, the company is appreciated for conveying surveys during general and Assembly elections. It professes to have reached out to around 8.5 crore households.

Gupta said, “Exit polls or opinion polls are part of market research. Now, we have the vision to resolve the problems of all 25 crore Indian households, which is an ambitious plan and undoubtedly very challenging. We are trying to create a two-way communication problem-solving platform by providing required information to people and act like facilitation centers”. He stated that the company has already begun a trial version of the technology. The full-fledged platform will be operational by December-January.

Currently, the company has 1,300 employees. It plans to mount up the staff strength to 5,000 persons in the next three years to sustain operations in every district. The platform will contribute information to people about multiple benefit entitlement they have based on their need, contact details of the office to access the benefit, and include the insights obtained from the public for real-time research, Gupta told.

He said that the company is debt-free, with higher double-digit revenue in crores, and intends to invest up to Rs 500 crore in raising the platform that will be raised steadily over the next three years. “The company has never made any losses. Our internal accruals are in the high double-digit of crore. Getting Rs 500 crores will not be a big hassle considering our track record. Our share price based on book value is enough to support fundraising. We have immediate requirements of Rs 200 crore and Rs 500 crore within three years,” Gupta further said. The company proposes to station at least five persons in every district and carry out entire operations directly, which it predicts will acquire an initial expense of Rs 5 lakh per office.

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