Axis My India plans to invest Rs. 500 crore in tech platform, to connect 25 crore households

According to a top corporate executive, market research firm Axis My India is establishing a digital platform with a focus on two-way communication problem solving with the goal of connecting 25 crore families with it over the next three years. Mr. Pradeep Gupta, the founder and chairman of Axis My India, told PTI that the business expects to invest up to Rs. 500 crore (US$ 67.35 million) in the project, which will be funded through debt and equity dilution.

The company, which was founded in 1998, is recognised for conducting polls during general and Assembly elections, claiming to have reached out to 8.5 crore households.

"Market research includes exit polls and opinion polls. Now, we have a vision to solve the problems of all 25 crore Indian households, which is a lofty goal and, without a doubt, a difficult task.

"By delivering essential information to people and acting as facilitation centres, we are attempting to develop a two-way communication problem-solving platform," Mr. Gupta added.

He claims that the corporation has already begun testing the technology and that the whole platform would be online by December or January.

The company currently employs 1,300 people. In the next three years, it expects to increase staffing to 5,000 people to support operations in all districts.

According to Mr. Gupta, the website would tell people about various benefit entitlements they may have based on their needs, as well as contact information for the office where they may access the benefit. It will also feature public feedback for real-time research.

He claimed that the company is debt-free, with income in the double digits in crores, and that it expects to invest up to Rs. 500 crore (US$ 67.35 million) in developing the platform, which will be raised progressively over the next three years.

"Because the company has never made a loss and our internal accruals are in the high double digits of crores, getting Rs. 500 crore (US$ 67.35 million) will not be a problem for us."

"Our book value-based share price is sufficient to sustain a fund raiser. Within the next three years, we have immediate needs of Rs. 200 crore (US$ 26.94 million) and Rs. 500 crore (US$ 67.35 million). " Mr. Gupta explained.

The company intends to deploy at least five people in each district and handle all operations in-house, with an initial investment of Rs. 5 lakh (US$ 6,735.47) per office.

"Our organisation employs a zero-outsourcing strategy. There is no mention of agents even if we want to buy or rent office space. That is the rule. We will place an advertisement in the newspaper and will not use a broker" Mr. Gupta explained.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.