Vedavaag Systems is a last-mile citizen-services engine that turns government schemes and financial inclusion mandates into a physical network of assisted-service touchpoints across rural India. Founded in 1998 in Hyderabad and listed on the Bombay Stock Exchange since 2009, the company started as an e-governance specialist and has spent over two decades layering new services-banking, insurance, education, e-commerce, and now IoT and solar infrastructure-onto the same field-presence model. Its recurring approach is simple: build a disciplined, audit-ready network of centres where rural citizens already walk in every day, then keep adding products those citizens need, earning a fee or commission on each one. # Business segments Two engines that feed each other-a financial-inclusion network that generates the footfall and cash flow, and a project-based technology-integration business that builds on the same government-relationship muscle. ## 1. Financial inclusion and citizen services: the network that everything else rides on **A network of over 4,400 assisted-service points across 18 states processes banking, insurance, pension and e-commerce transactions for more than three million rural households, earning a fee on every interaction.** - **Banking where banks are not** - Vedavaag acts as a National Business Correspondent for State Bank of India, Bank of Baroda, Baroda UP Bank and Punjab National Bank, running Customer Service Points that open accounts, handle cash deposits and withdrawals, and process money transfers, Aadhaar-enabled payments and bill payments on behalf of the banks. - **Government schemes pay the bills** - the centres enrol citizens into PMJDY (over 55 crore beneficiaries nationally), PMSBY, PMJBY and Atal Pension Yojana, turning policy mandates into a steady transaction flow that the company earns a fee on. - **Footfall creates cross-selling shelf-space** - with an average daily footfall of over 75,000 visits across the network, the same centres sell insurance (as an IRDAI-certified corporate agent for SBI General and SBI Life), facilitate Demat accounts and mutual funds through Angel One, and offer assisted e-commerce for kirana, household goods and pharmaceuticals via an ONDC-integrated platform and a tie-up with PharmEasy. - **Rural by design** - roughly 80% of the CSPs are in rural India, with Bihar alone contributing ₹30 crore of the segment’s revenue in FY24, followed by Jharkhand, Uttar Pradesh and Andhra Pradesh, so the network sits exactly where formal financial infrastructure is thinnest. - **Discipline as the moat** - the company tightened e-KYC hygiene, anti-money-laundering controls and grievance turnaround time through standard operating procedures and joint monitoring with partner banks, making the network audit-ready for public-sector principals who value compliance above all. ## 2. System integration and IoT: project-by-project technology delivery for government and enterprise **Large, lumpy contracts-a ₹92-crore women’s-safety IoT rollout for Andhra Pradesh, a ₹72-crore railway CCTV deployment, a ₹38-crore SD-WAN order from Mexico-turn the company’s government-relationship skills into technology execution.** - **ABHAYAM is the flagship** - Vedavaag is supplying, installing and commissioning 100,000 IoT devices in autorickshaws across Andhra Pradesh under the Nirbhaya framework, with real-time location tracking, emergency response integration and a five-year maintenance contract worth ₹31 crore on top of the ₹61-crore supply-and-installation piece. - **AI-on-the-edge for safety** - the in-house V-DAMS product uses computer vision to track driver gaze, head position and pupil dilation, issuing real-time alerts for drowsiness and distraction; a Pro variant feeds a command control centre, and a related Patient Activity Monitoring System does the same job for hospital wards. - **Solar is the newest leg** - in FY26 the company entered renewable-energy infrastructure with a ₹55-crore order to supply 20-watt solar street-light fittings in Bihar, plus a separate ₹23-crore five-year support-services order, both from the same counterparty. - **Railways and international networks** - a memorandum of understanding with IRIS Global covers IP-based video surveillance across 1,002 railway stations in seven states at an estimated ₹72 crore, while a ₹38-crore order from a Mexican entity covers SD-WAN installation, configuration and three years of managed services run out of an Indian Network Operating Centre. - **PACS automation fills a niche** - subsidiary VSL Data Systems is the exclusive implementation partner for Intellect Informatics’ UNITE ERP, having already automated over 1,500 Primary Agricultural Credit Societies in Telangana and Uttarakhand, with a national opportunity of roughly 68,000 more PACS backed by a central-government budget. # Group structure and partners **A holding company with four wholly owned subsidiaries, each carved out to hold a separate licence or service line, and a partnership roster anchored by India’s largest public-sector banks.** - The four wholly owned subsidiaries are VSL Datasystems (PACS automation), Vedavaag Edutech, Vedavag Common Service Centres (insurance corporate agency and solar support services), and Vedavaag Financial Services (business correspondence and collections). - A fifth entity, Vedavaag Kiya Ecommerce (51% subsidiary for agri-produce marketplace), ceased to be a subsidiary during FY25. - The company holds a token investment of ₹1 lakh in the Business Correspondent Resource Council, a Section 8 company. - Key operating partners are State Bank of India, Bank of Baroda, Baroda UP Bank and Punjab National Bank on the financial-inclusion side; Electronics Corporation of India, BEL and BSNL on the government-technology side; Intellect Informatics for PACS software; Angel One for investment services; and PharmEasy for healthcare e-commerce. - The Managing Director, J. Murali Krishna, is a JBIMS alumnus who previously led IT at Indian Express and ITW Signode; the Promoter, JSR Durga Prasad, is a fellow chartered accountant with over 35 years of experience including a stint at BHEL.