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Joint service center sees IPO

NEW DELHI: It bills itself as a government sponsored company not known to many and generates financial transactions valued at approximately Rs 6,000 crore every month including through the facilitation of personal bank accounts.
The Common Service Center (CSC) – which operates around 4.5 lakh digital enablement, retail and e-commerce shops in the hinterland that are privately managed by external non-governmental partners, so-called “village entrepreneurs or VLEs” – generated transactions valued at nearly Rs 59,000 crore in 2020-21 and is on track to exceed Rs 70,000 crore this fiscal year, said CEO Dinesh Tyagi.
Originally started as an outreach platform for promoting digital initiatives and rolling out government programs in rural areas and small towns, the CSC units are quickly becoming a platform that leading banking and insurance companies such as HDFC (a shareholder), FMCG companies rely on like Adani Wilmar, Pepsi and Coke and even automakers like Tata Motors and Renault.
Spurred on by rapid transaction growth, CSC is now looking to enter the capital markets and raise funds through the IPO, Tyagi said, promoting the company as the broadest-reach platform in rural India. “While we haven’t got confirmed reviews yet, we should easily be unicorn and be a billion dollar company,” Tyagi told TOI, adding that fundraising is likely to happen by March next year.
“The funds would be used to support our expansion, set up a corporate office and expand the CSC infrastructure.” golden share ”in the unity, which gives it effective control. CSC was founded around 2006 and has grown from 80,000 centers in mid-2014 to over 4.5 lakh units.

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