GVP Infotech is an Indian technology company that was rescued from insolvency and rebuilt around a simple idea: government and public-sector institutions need someone to run their IT systems, and that work is steady if you can win the contracts. Founded in 2011 as Fourth Dimension Solutions, the company collapsed into a court-supervised resolution process in 2019 and emerged in late 2020 under new promoters who cleaned up the balance sheet, changed the name, and set out to add a financial-technology licence to the existing government-IT franchise. The recurring pattern is that GVP bids for tendered operations-and-maintenance work - whether running a BSNL customer-service centre or settling a merchant’s card payment - where the contract specifies the fee and the customer is an arm of the state or a regulated entity. # Business segments Three engines at different stages - a government-IT services core that carries the company, a handful of outsourced telecom-service-centre contracts that extend it, and a newly licensed payment-aggregator platform that is still being built. ## 1. Technology solutions and IT infrastructure: the government-contracting backbone **The company wins tenders to supply, install and run IT systems for public-sector bodies, then earns fees for the hardware, software and ongoing support - a project-and-maintenance model where the client is the government.** - **End-to-end IT for government clients** - it provides IT goods, e-governance services and telecom solutions, bundling everything from equipment supply to operations outsourcing so that a department gets a single vendor for its technology stack. - **Experience is the credential** - the company has a track record of executing multiple government IT contracts, which matters because public tenders are won on technical qualifications and past performance, not just price. - **Cloud-first, mobile-first internally** - its own applications run on the public cloud and employees use cloud collaboration tools, giving it a working template for the kind of migration and remote-access projects it sells to clients. - **Clean-up from the past** - legacy receivables from the pre-resolution era, including a Rs. 110.02-crore claim against Minosha India (formerly Ricoh India) that was settled with a Rs. 90,02,25,224 write-off, and arbitration over a terminated Rajasthan government contract, have been largely ring-fenced so they do not choke the current business. ## 2. Operations outsourcing: running BSNL’s customer-service centres **The company bids for one-year contracts to staff and operate BSNL’s walk-in customer centres in small cities and towns, billing monthly based on the transactions handled.** - **Tendered, transaction-based contracts** - each award is a fixed-term agreement (typically one year, sometimes extendable) where revenue depends on the volume of customer transactions processed at the centre, so costs are largely variable. - **Geographic clusters in northern and central India** - the contracts are spread across BSNL’s administrative areas: Alwar in Rajasthan, Gwalior and Morena in Madhya Pradesh, Aurangabad in Maharashtra, and Raipur in Chhattisgarh, giving the company a presence in multiple telecom circles without a single-site concentration. - **Low-barrier extension of the core skill** - running a BSNL front office uses the same operational discipline as running an IT helpdesk, so the company can bid for these contracts without building an entirely new capability. ## 3. Arthpay: a licensed payment aggregator under construction **The company holds an RBI licence to collect, aggregate and settle digital payments for merchants - online, in-store and across borders - but the platform is still being built and is currently loss-making.** - **The licence is the scarce asset** - the Reserve Bank of India granted in-principle approval in December 2022 and a final online aggregator licence in January 2024, then upgraded it in December 2025 to cover physical point-of-sale and cross-border payments, making GVP one of a limited set of regulated aggregators. - **A net-worth gatekeeper** - the RBI requires the company to maintain a minimum net worth of Rs. 25 crore by March 2026 and to launch the cross-border and physical-payment services within six months of the December 2025 licence, so the clock is ticking on both capital and execution. - **Investment ahead of revenue** - costs for IT infrastructure and business development in the payment-aggregator vertical have so far outstripped the revenue it generates, meaning the segment is a drag on earnings while the platform is being stood up. - **A banking correspondent toehold** - the company was appointed as a corporate business correspondent for Rajasthan Marudhara Gramin Bank, which gives it a rural banking-services channel that could feed transaction volume into the payment platform once it scales. # Group structure and partners **The company is a standalone entity with no subsidiaries, controlled by a single promoter trust, and listed on the NSE’s small-company Emerge platform.** - **Promoter-controlled, no group companies** - Mr. Dhaval Mistry holds 86.98% of the shares as trustee of Linkstar Trust, and the company has no subsidiaries, joint ventures or associates, so all operations sit inside one legal entity. - **Born from a resolution plan** - the current ownership stems from the 2020 insolvency resolution, where Linkstar Infosys Private Limited and Mr. Mistry jointly submitted the plan that was approved by the NCLT, and the old management exited. - **Listed on NSE Emerge** - the shares trade under the symbol GVPTECH on the exchange’s platform for small and medium enterprises, which carries lighter listing requirements than the main board.