Protean eGov operates in India and is actively involved in building open digital ecosystems. They have played a significant role in contributing to open-source communities and protocols, particularly in support of ONDC.
In 2023, they achieved top rankings among India's IT-enabled e-governance service providers regarding profitability and operating income.
Protean eGov is recognized as a market leader in delivering essential e-governance services, including TIN management, PAN processing, NPS, and Atal Pension Yojana.
They have successfully implemented and managed large-scale projects, completing 19 projects across seven ministries in India by June 30, 2023.
In their TIN project, Protean eGov handled a substantial volume of e-tax transactions. In 2023, they achieved over 156,000 e-tax transactions per hour. On average, in the three months ending June 30, 2023, they managed more than 4.58 million PAN applications per month.
Their uptime percentage exceeded 99.00% in the last 3 years and the 3 months ending on June 30, 2023.
Protean eGov prioritizes security with a multi-zone and three-tier architecture, robust encryption, dual firewalls for core and perimeter protection, and an intrusion prevention system. It monitors the logs of its firewalls and intrusion prevention system.
As of June 30, 2023, Protean eGov operates a network of 7,121 TIN facilitation centers across 1,652 locations, accepting various statements from taxpayers, including tax deducted at source, tax collected at source, annual information returns, and statements of specified financial transactions.
They expanded their TIN network from 5,956 facilitation centers as of March 31, 2021, to 6,988 as of March 31, 2023. Additionally, Protean eGov extended its reach through partnerships with distribution networks like Nearby Technologies Private, Fino Payments Bank, Vakrangee, and Payworld Digital Services Private..
Protean eGov's reliance on government projects exposes the company to inherent risks. These projects form a significant part of their business, and any issues in dealing with government entities could harm their business, financial health, and overall performance.
Client contracts allow for termination without a specific cause, which could have a negative impact on Protean eGov's revenues and profitability.
The company faces ongoing legal actions, and an unfavorable outcome in these cases could result in financial liabilities and penalties and damage its business, financial stability, cash flow, and reputation.
Protean eGov is involved in major greenfield technology projects of national significance. Any inability to carry out these projects successfully could harm their business, financial condition, results, and cash flow. Moreover, as these projects involve handling sensitive personal data, they may face increased scrutiny from regulatory bodies and the government.
The prices for their e-governance services are determined by recommended or mandatory fees outlined in agreements with Central or State Governments.
Protean eGov's subsidiary, Protean Account Aggregator Limited (formerly known as NSDL e-Governance Account Aggregator Limited), may not have a certain revenue stream from its account aggregation business.
The company has experienced negative cash flows from operating activities in the past and may continue to face similar challenges in the future.