Market research firm Axis My India is developing a digital platform with focus on two-way communication problem solving to connect 25 crore households with it over the next three years, a top company official said. Axis My India founder and Chairman & Managing Director Pradeep Gupta told PTI that the company has plans to invest up to Rs 500 crore in the project which will be raised through debt and equity dilution.
Founded in 1998, the company is known for conducting surveys during general and Assembly elections through which it claims to have reached out to around 8.5 crore households.
“Exit polls or opinion polls are part of market research. Now, we have a vision to resolve problems of all 25 crore Indian households, which is an ambitious plan and no doubt very challenging as well.
“We are trying to create a two-way communication problem solving platform by providing required information to people and act like facilitation centres,” Gupta said.
He said the company has already started a trial version of the technology, and the full-fledged platform will be operational by December-January.
Currently, the company has 1,300 employees. It plans to scale up the staff strength to 5,000 persons in the next three years to support operations in every district.
The platform will provide information to people about various benefit entitlement they have based on their need, contact details of the office to access the benefit and include the insights received from the public for real-time research, Gupta said.
He said that the company is debt-free, with higher double-digit revenue in crores, and plans to invest up to Rs 500 crore in building up the platform that will be raised gradually over period of the next three years.
“The company has never ever made any losses. Our internal accruals are in the high double digit of crore. For us, to get Rs 500 crore will not be a big hassle considering our track record.
“Our share price based on book value is enough to support fund raise. We have immediate requirements of Rs 200 crore and Rs 500 crore within three years,” Gupta said.
The company plans to deploy at least five persons in every district and carry out entire operations directly which it estimates will incur an initial expense of Rs 5 lakh per office.
“Our company operates on a zero outsourcing model. Even if we want to buy or rent office space, there is no mention of agents. That’s the policy. We will advertise ourselves in the newspaper and there is no broker involved,” Gupta said.