eMudhra Ltd

"On behalf of the Board of Directors, I am pleased to present eMudhra's Annual Report and Audited Financial Statements for the Financial Year 2022-23"

Mr. V Srinivasan

Executive Chairman, eMudhra

The past year has been a very important year in eMudhra's journey towards growth, & innovation in the Identity and Digital Trust industry. We have evolved from being a small player in the Digital signature Industry to a public listed organization renowned for providing end-to-end solutions and services across Trust Services, Signing Solutions, and Digital Identity. The successful IPO highlights the growing importance of our offerings to a rapidly evolving technology environment that continues to power the future.

As organizations are becoming more aware and building preventive measures around management of vulnerabilities, computing capacities are constantly being enhanced, and the consumer demand for digitization that is 'easy to use' is on the rise, eMudhra's portfolios are more relevant than ever in helping organizations survive and scale in this new business environment. In fact, 'Zero-trust' principles are becoming commonplace where organizations work on a 'no trust by default' basis. At the core of zero-trust principles lie the necessity to establish trusted digital identities, authenticate and manage identities and access, and the need for establishing accountability for legally binding actions taken by employees; all of which are areas where we are formidably well positioned.

On our solution portfolio front, over the course of the year, we have been proactively working towards readying our PKI portfolio to enable resistance in the Post Quantum Cryptographic world. We have simplified our Indian Digital Signature platform. Through eMudhra One, we have allowed for a user-friendly co-existence of personal and professional identities, digital signatures, and eSign services all in a single app and web interface. We recently launched our Certificate Lifecycle Management platform which already boasts some noteworthy clients.

On the eSignature Workflow side of things, emSigner continues to grow in more markets, with more marquee clients, and more functionalities as we evolve. From powering pharmaceutical use cases, to facilitating retail PoS, 'Buy Now Pay Later' schemes, emSigner has grown in maturity and relevance across industries. 'emSigner for Banks' is also further evolving as we continue to acquire leading Banks in the International markets. eMudhra is also now the only entity to support all forms of eSign in India. This, paired with our eStamping portfolio and easy integration and technical adoption methodologies give us tremendous competitive edge to compete locally and internationally.

From a Business Development perspective, our business in India has reasonably grown. In BFSI, we see traction across our signing solution portfolio. Our government reach has further deepened with some sizeable engagements both, directly, and through key partners with long term relationships built on trust.

Our positioning as a dominant player in the Digital Signature market continues to remain in-tact, with strong support and operations capabilities and easy and convenient channels and platforms on mobile and web. Our end-to-end eSign, eStamping, and Workflow platform, paired with our aggressive sales approach positions us well in capturing the digital wave in the BFSI sector in India.

International markets have seen a robust growth of 141% this year. We received our eCSP License to operate as a CA in Kenya. We implemented a large-scale retail lending use case with a popular retail chain in North America. We have acquired some marquee clients and key partners in Indonesia and continue to service more PKI use cases in Europe. Our Middle East & Africa Business prospects continue to grow. More Banks are interested to leverage emSigner for the enterprise-wide digitization programs, while the prevailing banking clients are continuously working with us to entrench emSigner more deeply in their processes across various departments.

International business now accounts for 35.8% of eMudhra's revenues against 19.1% last year. The popularity of the brand is growing year on year across the globe as we start to emerge as a serious industry player. Our thought leadership activities, community & ecosystem engagement, omni-channel marketing approach, and most importantly, the efforts put in over the past decade are bearing fruit.

The Company has achieved an overall revenue growth of 38.3%.

In summary, FY 2022-23 has been a great year for eMudhra with tremendous learning and development at all levels of the organization. We were recognized as a 'Great Place to Work' by the Great Place to Work Institute. The team has brought out the best of themselves to help us grow our business and our brand. I am thankful to their hard work, competency, and humility which has helped us get to where we are today.

I want to thank our shareholders, employees, board members and other stakeholders for their trust in eMudhra and their continued support.