Protean eGov Tech shares surge 6% as firm secures ₹100 crore work order; all you need to know

In its exchange filing, the company said it has been awarded a prestigious and strategically significant work order valued at approximately ₹100 crore on June 9, 2025, by the Bima Sugam India Federation (BSIF) through the RFP process.

BSIF, a not-for-profit entity led by key stakeholders of the Indian insurance ecosystem, governs Bima Sugam – an ambitious digital public platform envisaged as a unified, nation-scale marketplace for insurance products and services.

The company, the filing said, has won this RFP through due process, and under the terms of this work order received subsequently, the company shall serve as the technology solution provider for end-to-end development, implementation, support and maintenance of the Bima Sugam Marketplace, platform integrations and marketplace protocols.

"This engagement further strengthens Protean’s role as a trusted technology partner in India’s Digital Public Infrastructure (DPI) journey, building on our legacy of enabling critical citizen-centric digital systems at national scale," the filing added.

This order win is significant and a big positive for Protean eGov Technologies, as the company's shares took a heavy beating after the company lost the bid proposal for the PAN 2.0 project in May. Regarding this development, the company, in its investor presentation for Q4 FY25 and FY25 earnings, said that its existing mandate from the Income Tax Department, received in 2003, covers the processing and issuance of PAN cards.

"This primarily involves collecting applicant data — whether for new PAN cards or updates — and securely transmitting that information to the ITD. ITD undertakes the allotment of the PAN number, while we do the PAN Card processing and issuance. Therefore, this appears to have limited or minimal impact on our ongoing PAN processing and issuance services under the existing mandate from ITD," the statement read.

Commenting on FY25, Suresh Sethi, Managing Director & Chief Executive Officer, said, “FY25 has been a year of resilience and progress, highlighted by steady performance, new product launches, and strategic wins. We achieved significant market share growth in our Tax Services vertical, while Pension Services maintained strong momentum, delivering robust double-digit growth for the year."

The CEO added, "The company secured mission-critical population-scale mandates contributing to the next phase of Agristack, strengthening the Central KYC stack, and developing a national BUDS (Banning of Unregulated Deposit Schemes) registry for CERSAI."

About Protean eGov Technologies

Protean eGov Technologies is a financial technology company headquartered in Mumbai, specialising in digital public infrastructure (DPI) and e-governance solutions. It was formerly known as National Securities Depository (NSDL) and underwent a demerger to separate its depository business.