Virtual Galaxy Infotech is a product company, not a services shop - it builds and owns the software platforms that run the back-office operations of banks, government bodies, and mid-sized enterprises every day. Founded in 1997 by two engineering classmates from Nagpur, it spent nearly three decades evolving from a regional IT provider into an AI-first, publicly listed technology business whose 13 internally developed platforms have processed over 30 billion transactions. The recurring pattern is product-led growth: build a mission-critical platform for a regulated customer, earn recurring revenue from it, and then cross-sell adjacent modules into the same institution. # Business segments A single integrated platform business serving banks, governments, and enterprises - anchored by a core banking engine that generates the vast majority of revenue, extended by ERP, e-governance, and cybersecurity products that share the same technology backbone and client relationships. ## 1. Core banking and BFSI platforms: the financial operating system for cooperative banks **E-Banker is the core banking system running inside more than 200 cooperative banks and 5,000 branches, processing over 30 billion transactions a year - and it contributes roughly 92% of the company’s revenue.** - **The system of record for a bank** - E-Banker handles everything a cooperative bank does daily: opening accounts with e-KYC, managing deposits and loans, running NEFT/RTGS payments, cheque clearing, regulatory reporting to the RBI, and flagging fraud, all on a single web-based platform with 99.9% uptime and an average transaction time of 10 milliseconds. - **Built for a niche the big players ignore** - the platform is designed specifically for the cooperative banking sector, where compliance with RBI and NABARD rules is non-negotiable and larger core-banking vendors often lack localized expertise; NABARD itself has highlighted VGIL’s record for the highest number of successful implementations among District Central Cooperative Banks in Maharashtra. - **Cross-sold modules deepen the moat** - once E-Banker is live, VGIL sells tightly integrated add-ons: iMIS gives management a real-time dashboard of every branch’s performance, Audit Flux automates internal audit and flags compliance gaps before regulators find them, Transact Core routes every ATM and mobile-banking transaction, and Fin Flow manages treasury and inter-branch fund flows. - **Payments as a second act** - the V-Pay platform plugs those same cooperative banks into India’s full digital-payments stack (UPI, IMPS, NACH, AEPS for biometric cash withdrawals), and then taps the banks’ merchant networks to deploy QR codes and sound boxes to small retailers in semi-urban and rural markets. - **Earns three ways from the same customer** - a one-time implementation fee when the bank goes live, an ongoing SaaS subscription, and annual maintenance contracts; because core banking is mission-critical and painful to rip out, clients stay for years. ## 2. IBS-ERP: industry-specific enterprise software for mid-sized companies **A full-stack ERP suite built for SMEs in sugar, steel, textiles, and other industrial sectors - finance, HR, manufacturing, inventory, and supply chain in one system, sold at a price point mid-sized corporations can afford.** - **Pre-configured for specific industries** - rather than a generic ERP that requires heavy customization, IBS-ERP comes with modules tailored to sugar mills, solvent plants, and textile units, which is why it won the “Best Integrated ERP Solution for the Sugar Industry” award in 2024. - **Sold standalone or bundled** - the CRM module can be bought on its own or integrated with the broader ERP and banking suites, giving VGIL a lighter entry point into a new client. - **Rapid deployment keeps costs down** - the implementation approach is designed for speed, minimizing the disruption and expense that typically make ERP projects uneconomical for smaller firms. ## 3. E-governance platforms: digital infrastructure for public systems **Specialized software for government bodies - from digitizing agricultural auctions to managing forensic autopsies - built project by project, mostly for the Government of Maharashtra.** - **Digitizes physical marketplaces** - E-APMC runs the entire workflow of an Agricultural Produce Market Committee: recording which commodities arrived, conducting computerized auctions, settling payments to traders, and collecting market fees, deployed across multiple APMCs in Maharashtra. - **Brings chain-of-custody to forensic departments** - E-Autopsy is an end-to-end digital system for government medical colleges that tracks a body from receipt through autopsy scheduling, examination records, digital evidence management, and medico-legal report generation. - **Wins work through government empanelments** - VGIL is empanelled with ITI Limited, UPDESCO, RailTel, TCIL, and several other public-sector entities, which qualifies it to bid on tenders and provides a pipeline of project opportunities. - **World Bank-funded credentials** - the company has executed four large internationally funded projects, including the Maharashtra Agriculture Competitiveness Project, demonstrating the compliance and quality standards required by multilateral funders. ## 4. Cybersecurity and conversational AI: protection and automation as a service **A security operations center delivered as a subscription, plus a multilingual conversational AI platform that can replace call-center layers - both sold back into the same banking and government client base.** - **SOC-as-a-Service for smaller institutions** - Cyber Sentinel (also called V-SOC) provides 24/7 threat detection, log monitoring, intrusion detection, and compliance reporting, so a cooperative bank or government department gets a full security operations center without hiring a dedicated team or building its own infrastructure. - **AI that speaks Indian languages** - Virtual Vaani, launched on 03 October 2025, is a conversational AI platform that handles customer queries, automates routine service interactions, and provides voice-based banking guidance across voice, SMS, WhatsApp, and web chat, with the ability to handle both inbound and outbound calls and integrate with UPI and bill-payment gateways. # Technology infrastructure and shared services **Every product runs on a common in-house technology stack - from the captive data center in Central India to the 204-person development team - giving VGIL full control over its IP and the ability to cross-deploy engineers across platforms.** - **Owns its core infrastructure** - the company operates its own data center and supplements it with colocation capacity from an availed data center infrastructure facility, running on a stack that spans Oracle and PostgreSQL databases,.NET and Java Spring, and analytics tools like Python, Tableau, and Power BI. - **Certified for enterprise and government work** - VGIL holds ISO 9001, ISO 27001 (information security), and ISO 20000 (IT service management) certifications, which are table-stakes requirements for banking and government contracts. - **Building a dedicated technology campus** - a 10-acre facility under development at the MIHAN SEZ in Nagpur, funded with roughly Rs. 34 crore from the IPO, will serve as the export delivery hub and house expanded R&D capabilities as the workforce scales from 350+ employees to 500 employees. # International business **The same banking and payments platforms, exported to Africa and the GCC - a small but high-margin business managed by a dedicated international director, with platforms already pre-integrated into local mobile-money and telecom ecosystems.** - **Pre-integrated for African markets** - VGIL’s products already have deep API connections to African mobile, telecom, and money vendors, which cuts implementation time and localization cost when entering a new country. - **Winning multi-year government and bank deals** - recent contracts include a USD 1.1 million, 48-month software deployment for Botswana Development Corporation and a USD 550,000 mobile-wallet and QR-payment solution for a Zimbabwean partner, both covering design, implementation, and multi-year maintenance. - **World Bank track record opens doors** - five completed World Bank projects, including SMART and NACP, provide a credential that matters when bidding for internationally funded government work. # Group structure and partners **A founder-led company listed on the NSE SME platform in May 2025, with the two promoters holding roughly two-thirds of the equity and a board that blends technology domain expertise with senior banking-industry experience.** - **Founders run the business day-to-day** - Avinash Shende serves as Chairman and CFO, Sachin Pande as Managing Director and CTO, together bringing over 60 years of combined technology and domain experience. - **Board includes veteran bankers** - non-executive director Asit Oberoi is a chartered accountant who previously headed transaction banking at Bank of America, Standard Chartered, Fidelity, and Yes Bank, providing the industry credibility that matters when selling to financial institutions. - **Two associate companies in the group** - Virtual Galaxy Fintech Private Limited and Paynext Private Limited are related parties with which VGIL has material transactions; in early 2026 the board increased the approved limit for these related-party dealings. - **Promoters increased their stake** - a preferential issue of warrants to promoter and promoter-group entities in February 2026, convertible at Rs. 159 per share, was designed to raise up to roughly Rs. 20 crore and would lift promoter holding from about 65% to nearly 67%.