New Delhi: It calls itself a government-promoted company, which not many are aware of, and conducts financial transactions of over Rs 6,000 crore every month, including personal banking settlement facilities.
NS common service center (CSC) – which operates about 4.5 lakh digital-enabled, retail and e-commerce outlets in hinterlands, privately managed by third party non-government partners called ‘village-level entrepreneurs or VLEs’ Goes – Transactions worth around Rs 59,000 crore are generated. in 2020-21, and is on track to cross Rs 70,000 crore in this fiscal, CEO Dinesh Tyagi has said.
Initially started as an outreach platform to take digital initiatives and take government programs forward in rural areas and small towns, CSC entities are rapidly transforming into a platform that can be supported by companies like HDFC (one shareholder). Accessed by top banking and insurance companies. FMCG companies like Adani Wilmar, Pepsi and Coke and even auto makers like Tata Motors and Renault.
Tyagi said that buoyed by the rapid growth in transactions, CSC is now aiming to tap the capital market and raise funds through the IPO route, positioning the company as a platform with the strongest reach in rural India. by stating. “While there is no confirmed valuation yet, we should easily get a unicorn status, and be a billion-plus company,” Tyagi told TOI. Funds are likely to be raised by March next year.
“The funds will be used to support our expansion, set up a corporate office and expand the CSC infrastructure.” According to Tyagi, CSC is currently a government-controlled entity under the IT ministry, who says the central government has only a ‘golden share’ in the entity, which gives it effective control. CSC was established around 2006, and has grown from 80,000 centers to 4.5 lakh units in mid-2014.
NS common service center (CSC) – which operates about 4.5 lakh digital-enabled, retail and e-commerce outlets in hinterlands, privately managed by third party non-government partners called ‘village-level entrepreneurs or VLEs’ Goes – Transactions worth around Rs 59,000 crore are generated. in 2020-21, and is on track to cross Rs 70,000 crore in this fiscal, CEO Dinesh Tyagi has said.
Initially started as an outreach platform to take digital initiatives and take government programs forward in rural areas and small towns, CSC entities are rapidly transforming into a platform that can be supported by companies like HDFC (one shareholder). Accessed by top banking and insurance companies. FMCG companies like Adani Wilmar, Pepsi and Coke and even auto makers like Tata Motors and Renault.
Tyagi said that buoyed by the rapid growth in transactions, CSC is now aiming to tap the capital market and raise funds through the IPO route, positioning the company as a platform with the strongest reach in rural India. by stating. “While there is no confirmed valuation yet, we should easily get a unicorn status, and be a billion-plus company,” Tyagi told TOI. Funds are likely to be raised by March next year.
“The funds will be used to support our expansion, set up a corporate office and expand the CSC infrastructure.” According to Tyagi, CSC is currently a government-controlled entity under the IT ministry, who says the central government has only a ‘golden share’ in the entity, which gives it effective control. CSC was established around 2006, and has grown from 80,000 centers to 4.5 lakh units in mid-2014.
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