Emudra limited | can it be indian adobe?

eMudhra works with Governments and Banks across the world on their paperless transformation journey. It has issued over 50mn digital identities and has enterprise customers in over 21 countries that use its identity, authentication and paperless platforms
The Company recently got listed on BSE and NSE on 1 st June 2022
Only Indian Company to be Webtrust accredited Public CA recognized by Adobe, Microsoft, Mozilla & Google, Apple

journey started at 2008

–2 business verticals
Digital Trust Services
Enterprise Solutions.

Vertical-- Digital Trust Services

it has 3 types of Certificate

  1. individual organizational certificate such as signature certificate, encryption certificate code signing, document signer certificate
  2. SSL or TLS certificate such as domain validation, organizational validation and extended validation certificates which protect websites through varying levels of assurances to the end user on the security of the website.
  3. device certificates which secures devices and communication in IoT ecosystems and ensures authenticity and confidentiality of data exchange.

Market Outlook for Digital Trust Services Vertical
the domestic industry for the segment its size is estimated to the tune of approximately Rs. 1,200 crore at the end of FY21and is expected to grow with a CAGR of 16% over the next five years due to increasing adoption of digitalization and support from government policy and eMudhra is well positioned to capitalize on the growing market opportunity.

Vertical-- Enterprise Solutions.
Under Enterprise Solutions vertical we offer a diverse portfolio of digital security and paperless transformation solutions.Our offerings provide identity, authentication and authorization solutions thereby enabling enterprises to secure and managed identities of the consumers, employees, and partners as well as IoT devices. Through this business vertical, we offer three kinds of products

  1. emSigner which offer eSignature workflow solutions or paperless workflow through the use of digital signatures. This is an effective solution to the paper problem faced by organizations and at the same time ensures better customer experience and managing risk governance

  2. emAS through which we offer authentication solutions to enterprises to securely handle online identity and access management. The key features of this product include multi-factor authentication engine, single sign-on integration with LDAP an active directory, advance
    reporting, and many others. These first two offerings are used primarily by eGovernment and banking platforms, various financial institutions and other industries in India as well as internationally.

  3. emCA through which we offer publicly infrastructure solutions. Our clients use this to issue digital signature certificates to individuals, organizations, and devices. Key modules of emCA include certificate lifecycle management, time stamping, certificate revocation list, online certification status protocol, tamper proof login and reporting. The entire solution is robust,standards compliance, scalable and policy driven. EmCA is used again by government agencies and as well as private sector and used case include setting up of various digital signature infrastructure as well as for electric vehicle and smart cities.

Enterprise customer stood at 714

-------///////////////// Q4 fy 22
The Company recently got listed on BSE and NSE on 1st June 2022

Deals won
delivering and an end-to-end data encryption project for a defense force which will have secure key management capabilities.
Company based out of Saudi Arabia is implementing emSigner to deliver paperless transformation using esignatures.

In Europe we have implemented emCA for a leading payments and payments security provider
which allows issuance of digital signature certificates to IoT devices.

As part of our strategic expansion plan we will be setting up additional data centers in India and at various overseas locations which will augment our technological, infrastructure and support our plants of expanding into the overseas markets to drive growth.


Enterprise Solutions contributed 53%
Trust Services stood at 47%

geographical distribution
from India 81%
19% rest
co is Debt free
IPO money 150cr will be used for new product development .

Digital trust break up for
retail 25-30%

retail 30%

In digital signature there is no direct material cost or no direct cost once data center is set up.

Market outlook for Enterprise
The Frost & Sullivan Report and various reports has projected almost that for the enterprises in India around 30% growth and also globally they are projected from almost $11 billion to $26

it takes 3-4 months for execution
for big order like government order it will take till 6 months.

In digital segment repeat customer is around 90%

---------New product launch using blockchain and cryptography.

Digital trust seg: 37-38% market share we have from last 3 year . one player commands 15% share and more 2,3 players command 15% market share.
Enterprise Level only India co to provide there is almost no local competition. the foreign competition there are some deficiencies
for them to enter into India because there they are not allowed to issue the sign or issue the digital

Planning to Expand in USA one emp is hired more 7-8 emp will be hired soon.

----------///////////////// Q1 FY 23 -------------//////
Deals and projects executed this Quarter

Implemented emCA Certificate Life Cycle Management for a large telecom company in Asia Pacific.
Completed rollout of emSigner for end-to-end paperless transformation for a large bank in West Africa for various use cases across retail and corporate banking customers.
Implementing ePassport rollout for a country in middle east using emCA and
allied solutions to comply with ePassport issuances as per International Civil
Aviation Organization
• Implementation of solution for usage and integration of identity backed
digital signatures for a blockchain platform in USA for secure exchange of
• Won deals from Smart Cities in India for digital signature based
authentication for secure user and device access

your retail market, which is 24% market share of your Trust Services 24% is retail. realization isRs. 1,300 Rs. 1,400 per DSC
And your distribution business, which is 75% of the business there, our realization is Rs. 300. Basically our margins are way higher in the retail part.

one project won in USA in Q2 expecting one more order win in USA which could add 1Million dollar per year.

SSL market outlook
Frost & Sullivan did the research, they estimated the India market size itself to be around Rs. 250 crore. The Rs. 400 crore, Rs. 500 crore again, there are three types of certificates. One is a DV certificate, OV certificate, and EV certificate. The OV, EV certificates are much, much sort of higher in terms of their pricing, right? So while there is no exact estimate on the number of websites, as you can see, the number
is fairly large, both in India and globally. And that’s the market that we’re looking to go after immediately in India and then adjoining emerging markets and overtime established, a base for going global.

emSigner new business just started . 25 billion market size.Docusign acheived 2 billion revenue.seems good potential in this business.

Company seems quite expensive to me but may be coz of growth potential it is valued in that way.

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