Vakrangee Limited , a leading technology-driven company focused on building India's largest network of last-mile retail outlets, has reported mixed financial performance for the second quarter. The company's results show a decline in revenue but improvements in certain operational aspects.

Financial Highlights

Vakrangee's Q2 results demonstrate a year-over-year decline in revenue:

The company's standalone revenue from operations decreased by 2.8% compared to the same quarter last year. The consolidated revenue showed a slight increase from the previous quarter, rising from ₹6,883.83 to ₹6,907.96.

Operational Performance

Vakrangee's operational highlights for the quarter include:

• The company operates primarily through Vakrangee Kendra services.
• It also maintains an ATM products/services segment.
• Vakrangee granted 20,00,000 new stock options under its ESOP Scheme 2014 to eligible employees during the quarter.

Strategic Decisions

The Board of Directors made a significant decision during the quarter:

• Approval was given to withdraw the company's in-principle application for preferential allotment of 35,00,000 warrants convertible into equity shares.

Future Outlook

While specific growth targets were not mentioned in the provided update, Vakrangee's focus appears to be on:

• Maintaining its Vakrangee Kendra network
• Continuing operations in the ATM segment
• Employee retention and motivation through stock options

The withdrawal of the warrant application may indicate a shift in the company's capital raising or expansion strategies.

Vakrangee's Q2 performance reflects a challenging period with revenue decline, but the company continues to adapt its strategies in India's evolving digital and financial services landscape.

Vakrangee Limited , a leading last-mile distribution platform, has announced a strategic partnership with SBI General Insurance Company Limited to expand access to comprehensive insurance products across rural and semi-urban areas in India. This collaboration aims to drive insurance penetration in underserved regions, offering a wide range of general insurance solutions through Vakrangee's extensive network of Kendras.

Expanding Insurance Reach

The partnership will enable Vakrangee Kendras to offer various general insurance products, including:

• Motor insurance
• Health insurance
• Home insurance
• Travel insurance
• Personal accident insurance

This initiative is particularly focused on providing financial protection to citizens in Tier 4 to Tier 6 towns and villages, where access to such services has been limited.

Empowering Rural India

Mr. Vedant Nandwana, Managing Director of Vakrangee Limited, expressed enthusiasm about the partnership, stating, "Through this collaboration, our extensive Vakrangee Kendra network will now be able to offer a comprehensive range of general insurance products to every corner of the country. By making insurance accessible and affordable at the grassroots level, we aim to empower families across Bharat with financial protection, security, and peace of mind against life's uncertainties."

Vakrangee's Extensive Network

Vakrangee Kendras are exclusive, branded outlets that provide a diverse range of services, including:

• Banking
• Insurance
• Assisted e-commerce
• E-governance
• ATM access
• Healthcare services

With over 83% of its outlets located in Tier 4 to Tier 6 locations, Vakrangee is well-positioned to significantly enhance the reach of general insurance solutions to some of India's most remote and underserved regions.

About the Partnership

• Vakrangee Limited is registered as a Corporate Agent (IRDAI Reg. No: CA0249) of SBI General Insurance Company Limited.
• The collaboration aligns with Vakrangee's vision of delivering a "one-stop solution" for essential needs and its brand promise – "Ab Poori Duniya Pados Mein" (Now the whole world is in your neighborhood).
• SBI General Insurance, one of India's fastest-growing private general insurance firms, brings its legacy of trust and security to this partnership.

This strategic tie-up between Vakrangee and SBI General Insurance represents a significant step towards financial inclusion and protection for rural and semi-urban India, making comprehensive insurance products more accessible to millions of underserved customers.