Mumbai Cash management services company CMS Info Systems is going to foray into gold logistics and collection of retail loan payments as part of its business expansion plan. Read this also: PM Modi continued his attack on Congress in Jetha also, said- Congress, which divides the country in the name of religion, is engaged in appeasement from the first day even after independence…
The company, which is expected to register revenues of over Rs 2,000 crore in FY23, has already operationalized and developed two business lines – bullion logistics and debt collection, and is expected to launch the business commercially soon. CMS, which has seen revenue growth of more than 20% in the last three years, is eyeing growth from new businesses.
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Rajeev Kaul, Executive Vice President and Chief Executive, CMS Info Systems, said, “Bullion is a large and growing sector in India and is becoming increasingly formalized due to government reforms like GST and BIS hallmarking. Our network, risk management framework and operational efficiency provide an integrated solution for the freight logistics segment”.
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For the pilot in bullion logistics, the company has worked with 35-40 customers, including Hindustan Zinc, Muthoot Fincorp, Kalyan Jewelers and MMTC Pump. It has also tied up with Malka Amit and AVA Global to facilitate global storage and distribution of bullion, and is registered with MCX for bullion warehouse services.
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CMS Info Systems also wants to take advantage of the boom in retail lending in the country. Kaul said, “As India experiences higher credit growth, there is a change in consumption behavior which is evolving the lending ecosystem. “Due to the fragmented approach adopted, there is an opportunity for an organized player like us to offer an integrated technology-to-field collection solution and transform the industry landscape just as we have transformed the cash management industry in India.”
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According to Kaul, it has tied up with 14 big banks, non-bank finance companies and small finance banks to pilot this business, which includes credit cards, two-wheeler finance and rural vehicle finance segments.
CMS Info Systems was listed on the stock exchanges two years ago. “Since listing… our revenue growth has been 20%,” Kaul said. He said based on current market visibility and new business wins, the company is confident of delivering in the upper half of its revenue target range of Rs 2,500-2,700 crore in FY2025.
