Vakrangee Ltd Share Price – NSE  / BSE

IT - Software, Small Cap

Vakrangee announced that an Extra Ordinary General Meeting (EGM) of the Company will be held on 15 January 2025.

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This collaboration aims to expand banking services to underserved and unbanked communities in the East Zone.

Under the agreement, Vakrangee will act as a Corporate Business Correspondent (CBC) for Canara Bank. The company's extensive network of Kendras will now offer a wide range of banking services, including account opening, deposits, withdrawals, loan repayments, and more. This initiative is expected to significantly enhance rural banking infrastructure and bridge the financial inclusion gap.

Additionally, Vakrangee Kendras will facilitate the enrollment of citizens in various social security schemes and provide Aadhaar-related services.

Vakrangee Kendras are branded outlets providing banking, insurance, ATM, e-commerce, e-governance, and healthcare services. With a strong presence in Tier-4 to 6 locations, Vakrangee empowers customers in remote areas to access essential banking services.

Vakrangee is a leading Last Mile Distribution Platform with a strong physical and digital presence across India. It provides a range of essential services, including banking, insurance, ATM, e-governance, e-commerce, healthcare, and logistics, to underserved markets. Its Vakrangee Kendra outlets and BharatEasy mobile app offer convenient access to these services.

The company’s consolidated net profit jumped 64% to Rs 0.69 crore while net sales increased 27% to Rs 65.25 crore in Q2 FY25 over Q2FY24.

The company's board will meet on Saturday, 21 December 2024 to consider raising funds through various modes.

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The company will consider the proposal for raising of funds by way of rights issue, warrants, preferential issue including a qualified institutions placement or through any other permissible mode and/or combination thereof as may be considered appropriate, by way of issue of equity shares or any other eligible securities, subject to all such regulatory/ statutory approvals as may be required including the approval of shareholders of the company.

Vakrangee has become India's leading last mile distribution platform, offering a comprehensive physical and digital ecosystem across the country. Their services include real-time banking, financial services, ATM facilities, insurance, e-governance, e-commerce (including healthcare services), and logistics. With a focus on rural, semi-urban, and urban markets, Vakrangee is driving financial, social, and digital inclusion for the Indian population.

The company’s consolidated net profit jumped 64.3% to Rs 0.69 crore in Q2 FY25 as compared with Rs 0.42 crore in Q2 FY24. Net sales increased 26.6% YoY to Rs 65.25 crore in Q2 FY25.

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Vakrangee will hold a meeting of the Board of Directors of the Company on 21 December 2024.

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