Protean eGov Technologies Ltd. is set to expand its core business at a compound annual growth rate (CAGR) of 10–12%, according to CEO Suresh Sethi. The company, known for its PAN services, pension services, and identity solutions, is now venturing into digital identity and API services, aiming for accelerated growth following recent launches.
Strategic Expansion into Digital Ecosystems
Protean eGov Technologies has traditionally focused on pension and tax-related services, but its footprint is now expanding into agriculture, healthcare, digital commerce (ONDC), and mobility. Sethi emphasized that the company is leveraging multiple open digital ecosystems to drive innovation and market penetration.
PAN Services Continue to Thrive
Despite missing out on the Income Tax Department’s PAN 2.0 MSP bid, Protean remains optimistic about its PAN card services, which continue to grow as the market remains unsaturated. With 35–40% PAN penetration in India, the company sees significant headroom for expansion, particularly as 6–7 crore PAN cards are issued annually. Protean has also improved its market share by 5% over the past year.
Future Growth Prospects
Sethi reassured stakeholders that the PAN 2.0 bid loss does not impact Protean’s existing business model. The company remains committed to strengthening its core services while exploring new revenue streams in digital identity and API-based solutions. With a strong foundation and a diversified portfolio, Protean eGov Technologies is poised for sustained growth in India’s evolving digital landscape.
