QUADPRO ITES Share price

The Company was originally incorporated as Private Limited Company in the name of “Quadpro Eservices Private Limited” under the provisions of the Companies Act 1956 vide Certificate of Incorporation dated November 03 2010 issued by the Deputy Registrar of Companies Karnataka. Subsequently the name of the company was changed to Quadpro Ites Private Limited on March 24 2021 with certificate of Incorporation pursuant to change of name issued by Registrar of Companies Bangalore. Consequent up on the conversion of the Company into public limited company the name of the Company was changed to “Quadpro Ites Limited” and fresh certificate of incorporation dated April 7 2021 was issued by the Registrar of Companies Bangalore.This very fact awakened the coining of the name “Quad-Pro” signifying Fthe Professionals that infused their expertise experience skills knowledge and connections to form an amalgamation of strategy innovation and efficiency with aclear focus to capture opportunities in the BFSI Industry. The company was Initially Incorporated with fthe promoters and directors on the board namely: S A Athavale D K Chakravarthy S Ramesh and Nandira Biddappa Thimmaiah. The unanimity of the fthe professionals subsequently enabled a meditative undertaking to consolidate the small entities thatwere steered by the promoter directors. This facilitated the congregation of a systematic blueprint to construct and present well-organized resourceful applicable and economical services.The formal incorporation of the company was on 3rd November 2010 whereas the vision and aspiration behind the company originates from 1990 when one of the “Quad Professionals” and the founding Managing Director Mr. S.A. Athavale started a business in Bangalore Karnataka to provide logistics and support services to Citibank. M/s. Citibank N.A. an American bank began its operations in India over a century ago in 1902 in Kolkata and today is a significant foreign investor in the Indian financial market. As promoter-shareholder Citi has played a role in establishing importantmarket intermediaries such as depositories credit bureau clearing and payment institutions.The new policy shook the Banking sector in India completely. Bankers till this time were used to the 4–6–4 method(borrow at 4%; lend at 6%; go home at 4) of functioning. The new wave ushered in a modern outlook and tech-savvymethods of working for traditional banks. All this led to the retail boom in India. People demanded more from their banksand received more. Now with the retail boom in India opportunities rose to a great extent for outsourcing of back-endprocesses. Once the economy of India was liberalized Citibank started expanding their branch network from the existingfthe metro cities to various cities in India like Bangalore Hyderabad Cochin Ahmedabad Pune etc. Citibank pioneeredthe ITES industry in financial services through Citigroup Global Services Ltd. (CGSL). Citibank established the CashManagement Services (CMS) activity for Indian Corporate companies and the entity run by Mr. Athavale was the firstpilot experiment of outsourcing logistics and service support in India. The process involved then was to providefundamental logistics support for their Exclusive Corporate Clients in Bangalore City.By this time in the late 1990s Mr. Athavale started providing further support services to Citibank for their Door-Step Banking Services by executing Cheque Pickup to bring convenient banking to their CMS and Retail Clients. Anotherservice provided at this time was Transaction Processing for the on-line processing of information in discrete units withassurance of the state of the information at the end of the transaction. These services were provided to Citibank for themajority of their branches in the nation at that time. Mr. Athavale had a team of about 20 people and the then entity wasknown as Samarth Financial Services (SFS). Apart from the transaction processing SFS also used to process IPOapplications through computerised listing with 100% reconciliation dividend warrants listing and reconciliation refundorders listing and reconciliation.The banking in India during this time was at a nascent stage and it moved from manual clearing system to MICR clearingaround year 2000. During this time of transition SFS started providing MICR encoding services to not only Citibank butother banks like Standard Chartered Bank Grindlay’s Bank etc. For the first 2 decades i.e. 1990 to 2010 the growth ofSFS was gradual. Then in 2008 the global financial crisis hit the US economy in 2008 which soon converted itself intoa global economic slowdown named the Great Recession both the trade and capital flows were affected. FinancialInstability Banking Stress and Inflation ensued. Then in 2010 when the world was recovering from The Great Recession and India’s Economy was speeding up along with stimulus packages from governments and substantial foreigninvestments the need of a pervasive corporate company with a Pan-India presence to provide logistics and process support was immensely felt and Quadpro E Services was born by consolidating and merging of small entities run by thefounding directors of Quadpro E Services Private Limited i.e. Mr S A Athavale and Mr. Nandira Biddappa Thimmaiah.Mr. Nandira Biddappa Thimmaiah’s entity was based in Mysore providing support services to banks and financial institutions in India and with the incorporation of Quadpro Mr. Nandira Biddappa Thimmaiah has moved base Quadpro’sHead Office in Bangalore. Mr. Nandira Biddappa Thimmaiah has been the instrumental force in setting up the networkof branches and associate partners in the entire southern region of India for Quadpro ITeS Limited. He conductedperiodical and consistent market research in order to identify the best opportunities which could be seized with theresources of Quadpro this enabled the addition of new services to the mix. Upon conducting market segmentationanalysis Mr. Nandira Biddappa Thimmaiah was able to penetrate deeper into the customer base of Quadpro as well asacquire new clients by analysing their profitability and allocating new and improved marketing and delivery channels.During this time various processes and business from other competitors was transferred to Quadpro. As the credibility ofQuadpro grew from the ground level it started expanding into different geographical territories. Geographic expansionhelped Quadpro to gain access into new markets and talent pools which greatly reduced costs and most importantly builta robust pipeline to fuel the company's future growth. A large number of new clients were acquired around this time aswell as existing relationships were intensified. The connections and dealings of Quadpro grew by getting into contactwith people that shared Mr. Nandira Biddappa Thimmaiah experience and various new businesses started during thistime.As the year 2011 commenced Magnetic Ink Character Recognition (MICR) - Clearing system was prominent across various centres across India and the company Quadpro developed an in-house software application called “QUAD QUICK” to provide Cheque Processing Activity via MICR for ICICI Bank. Furthermore Quadpro also became the partner for ICICI Bank for their Branch Cheque Pickup activity in Bangalore. In early 2011 Bharti Airtel Limited launched their 3G services in India along with numerous attractive plans offers which boosted the customer base of Airtel. ICICI Bank procured the opportunity of being the banking partner of Airtel. Consecutively Quadpro was awarded the mandate of collection and processing for Airtel via ICICI Bank in the entire Tamil Nadu state and Pondicherry region.The process involved clearing of cheques from the Airtel Drop boxes followed by the processing of those cheques in thein-house developed application and finally the deposition of the said cheques into the bank branches. The Turn-AroundTime (TAT) of this entire activity was less than 24 hours. The cheques were collected and processed on Day-0 and thendeposited on Day-1.It is important to understand the most valuable customers as it helps focus the efforts to increase sales however diversification is an equally important aspect. Quadpro diversified its customer base and expanded into a new sectornamely the Healthcare Sector as well as the Insurance Sector. Through the development of fresh strategic partnerships and network Quadpro got associated with healthcare companies. Quadpro is an authorized partner for dispatch activityof customer health cards. Quadpro will bring pre-printed cards from Vidal Healthcare Private Limited to the office modifying them precisely into the prescribed measurement requirements of the client laminating them into cards packing them and dispatching to the customer.By the year 2012 India reached a revolution that redefined human life in a radically new way namely the IT revolution.With the widespread adoption of 3G internet connectivity started reaching the majority of the Indian population. The ITrevolution started to grow in a flash and new-fangled technologies opened up a host of other exciting possibilities. Inlight of this revolution The Reserve Bank of India (RBI) launched the implementation of the Cheque Truncation System(CTS). Truncation is defined as the process of stopping the flow of the physical cheque issued by a drawer at some pointby the presenting bank en-route to the paying bank branch. In its place an electronic image of the cheque is transmittedto the paying branch through the clearing house along with relevant information like data on the MICR band date ofpresentation presenting bank etc. Cheque truncation thus obviates the need to move the physical instruments acrossbank branches other than in exceptional circumstances for clearing purposes. This technology came with its advantagesas it sped up the process of collection of cheques resulting in better service to customers reduced the scope of loss ofinstruments in transit lowered the cost of collection of cheques and removed reconciliation-related and logistics-relatedproblems thus benefiting the system as a whole. Quadpro recognized the relevance of IT products and services andexpanded its IT team to work on a project of developing its own proprietary product for serving CTS. Once the projectwas completed a new software QuadQuick was invented. This project was aimed at Small and Medium sized Banks.During the period of 2012 to 2016 Quadpro expanded its horizons to various other territories of Southern India whilealso covering major cities like Hyderabad Chennai Cochin Mangalore and Mysore. Quadpro expanded its presence byopening offices in Chennai Hyderabad and Cochin with multiple seating capacity. By the year 2013 Quadpro established a network of over 300 partners in the 4 southern states of India namely Karnataka Andhra Pradesh Tamil Nadu and Kerala. Among other services this network was developed to provide Cash Management Support Services to numerous esteemed institutions in the BFSI segment like ICICI Bank Yes Bank Kotak Mahindra Bank ING Vysya Bank Deutsche Bank and Royal Bank of Scotland. During this time Quadpro was also awarded the CMS processing for Telecom and Credit Card Pre-Payment Process for the entire states of Karnataka Kerala as well as for the Mumbai City for Citibank. The process included Dropbox Cheque clearance Cheque Processing and Cheque Deposition.Quadpro had been strategically promoting its ultramodern CTS software Quad Quick. As the product was one of its kindit was appreciated by a number of banks. Hence the aforementioned consortium of banks appointed Quadpro for end-toend CTS Clearing as well as for logistical services.In the face of increased competition for attention on digital channels technology companies in the B2B sector struggledto reach the right decision makers in banks to increase their sales funnels. The ability to connect with these decisionmakers regarding the contemporary subject of CTS could have a dramatic impact on the success of Quad Quick. Quadpropredicted this and maximised its marketing initiatives by coming-up with a strategy that would have the most potentialto engage decision makers by demonstrating that they understood the challenges faced by bankers wherein they had todeal with multiple vendors for multiple services. Hence Quadpro became a unique solution where it signed a NationalPartnership Agreement for both sales and service with Burroughs Inc. USA for promoting their CTS Cheque Scanners.Now the avenues to publicise Quad Quick CTS Software amplified as we were providing both specialised hardware aswell as software. This fuelled the nation-wide marketing drive of Quadpro and made its national presence inevitableover in Bangalore Quadpro concurrently won the mandate for deploying Quad Quick for providing CTS Clearingservices to another consortium of Co-Operative Banks.In the year 2017 two of the Founder directors viz. D K Chakravarthy and S Ramesh departed from the company. Laterin 2017 Quadpro set foot in the city of Mumbai by setting-up a remarkable office with fully-equipped seats advancednetwork infrastructure and in-house data centre. The workstations were utilised to provide pre-payment processingservices for Telecom companies like Vodafone and Airtel as well as Citi Credit-Card through the mandate awarded byCitibank. Furthermore Quadpro started the CMS Cheque Processing activity for Kotak Mahindra Bank and Yes Bankfor Mumbai and multiple Southern States.During the year 2018 another feather was added in Quadpro’s Cap. A new business was signed with Federal BankLimited to cater their CMS and Logistics activities in South India as well as Mumbai City. The process involved collecting the cheques from their branches in Mumbai Bangalore and Chennai and bringing them to the Processing-Hub of Quadpro at these three cities respectively for processing. The cheques would then go under technical scrutiny. This technical scrutiny was performed via a new method namely the fthe eyes method where each unique information on the fthe corners of the cheque would be examined. The cheques would then be processed and the data file and image file would be uploaded to their CTS application through a Secured File Transfer Protocol (SFTP).The landmark opportunity was achieved by Quadpro when we were awarded the RFP (Request for Proposal) from Bankof Baroda for being their exclusive partner for Door-Step Banking Services (DSBS) Cash Management Services (CMS)and allied services for their southern grid operations. During this time Quadpro acquired another NACH MandateProcessing assignment from an NBFC (Non-Banking Financial Corporation) in Bangalore named Capital Float. NBFCshad come a long way in terms of their scale and diversity of operations and were beginning to play a critical role infinancial intermediation and promoting inclusive growth by providing last-mile access of financial services to meet thediversified financial needs of less-banked customers. The sector also showcased examples of many non-traditionalplayers leveraging technology to adopt tech-based innovative business models. Quadpro apprehended the advent and theinfluence of NBFCs in India and apart from Mandate Pickup and Processing Quadpro also provided a facility of Storagefor such processed Mandates to the NBFC.Simultaneously in late 2018 ICICI Bank made the decision to move away from the decentralised module of CTS CMSClearing Process to a Centralised module in Karnataka and Kerala state. Quadpro’s Head Office is one of the centreswhere the centralised CTS CMS Clearing Process takes place. In this process the infrastructure is as per the bank’sstandards and even the internet lease-line is provided by the bank 1:1 for logging into their server for processing ofCheques. By the year 2018/2019 Quadpro was handling over 50 Million transactions per annum and providing servicesto multiple Nationalised Banks Leading Private Banks Multinational Foreign Banks and Co-operative banks all overIndia.Quadpro’s Management team had a dream of driving existing business and bringing in a new dimension to the growth ofthe company. Looking at the previous endeavours of Mr. N B Thimmaiah and his tireless striving towards making Quadpro one of India’s leading ITeS Company the management team took a unanimous call in a Board Meeting to appoint Mr. N B Thimmaiah who was formerly Director/Co-Founder as the new Managing Director of the company w.e.f. 2nd April 2018. Mr. Thimmaiah being a young entrepreneur and well acquainted with BFSI clients was the most suitable person to take charge of the legacy of Quadpro and take it to new heights. Mr. S A Athavale and Mr. Sham Bharadwaj opted to retire from their active business roles. This gave Quadpro an opportunity to bring in a new Investor/Partner and join hands with Mr. N B Thimmaiah to drive the business forward. At that time Mr. Thimmaiah got connected with Mr. Sambasivan Srinivasan and Mr. Richard Michael Falcao who had collectively started a private limited company in the name of Scymes Services Private Limited. Scymes Services Private Limited had comprehended that their vision could get materialised by a collaboration with Quadpro. Hence after Scymes Service Private Limited bought the stakes from Mr. S A Athavale and Mr. Sham Bharadwaj and became the 70% stake holders of Quadpro.In 2020 the majority shareholder Scymes Services Pvt. Ltd. decided that they wanted to concentrate and build their ownline of business and wished to sell out their stakes. Whereas in the mean-time a company called Airan Limited (listed onNSE India) which is engaged in IT and ITeS Provider had been consolidating across India. They had been expanding therange and reach of their services by acquiring the businesses of their competitors through the means of mutual business transfer agreements. The founder of Airan Limited Mr. Sandeep Agrawal is a veteran in the line of business for 30+ years and has strategic relationships with banking non-banking and financial institutions across and beyond India. While Mr. N B Thimmaiah was considering exploring a new and dynamic partner in propelling the already established Quadpro Mr. Sandeep Agrawal on the other hand was on a consolidation drive of their competitors in India. Quadpro being in the same segment as Airan Limited was also acknowledged by Mr. Sandeep Agrawal. Finally the interests and goals of both Mr. N B Thimmaiah and Mr. Sandeep Agrawal aligned and they could see a bright future ahead and planned the growthstory of Quadpro afresh. Hence after careful due diligence Airan Limited acquired Quadpro in March 2021 and becameits dominant stakeholder at 70%. As Quadpro became a part of Airan Group of Companies several processes got extended to Quadpro as well including but not limited to the Biometric KYC activity for Kotak Mahindra Bank’s online platform Kotak 811 E-KYC for Amazon Pay India and Loan Document collection and processing for Lending Kart India. As the services provided by Quadpro changed over time: In April 2021 Quadpro E Services Private Limited was reborn asQuadpro ITeS Limited.At present Airan Limited is holding 75.90 % stake of Quadpro ITeS Limited.MAJOR EVENTS :2010- Incorporation of the company as Quadpro E Private Limited2021- The company become subsidiary of Airan Limited (Company listed on National Stock Exchanges of India Ltd.)