Mumbai-based e-governance solutions provider, Protean eGov Technologies, plans to redefine its business mix, with MD and CEO Suresh Sethi projecting new businesses to contribute 20-25% to revenue over the next two to three years.

Sethi listed four new verticals: ONDC (e-commerce), finance or data stack, global cloud and InfoSec services.

Sethi elaborated on Protean’s role in Digital Public Infrastructure (DPI), particularly through the ONDC initiative and Agristack collaboration with the central government.

“In the area of e-commerce and mobility, which is ONDC, we are witnessing promising growth,” he noted.

One of the company’s novel initiatives, Protean Life, aligns with sustainability and corporate social responsibility (CSR) by bringing together service seekers and providers on an open network.

Sethi highlighted Protean Life’s role in bridging the fragmented ecosystem, describing it as “a platform enabling discovery and connection within the fragmented landscape.”

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In July-September 2024 (Q2FY25), Protean reported a revenue of ₹219 crore, and a profit after tax of ₹28 crore.

“Our core businesses, especially in tax and pension, have shown solid growth quarter-on-quarter,” Sethi said.

Protean has also seen gains in market share to 55% from 51% last year.

The pension segment, in particular, has been buoyed by the recent launch of NPS Vatsalya, a scheme by the Pension Fund Regulatory and Development Authority (PFRDA) designed for minors.

Over 25,000 accounts were opened within the first month.

For the second half of FY25, Protean expects to maintain its profit margins in the 14-15% range.

The company, which has a market capitalisation of ₹7,388 crore, has seen its shares rise 109% over the last year.

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