About eMudhra Limited

Incorporated in 2008, eMudhra has evolved into a one‑stop provider for secure digital transformation under a zero‑trust paradigm, spanning identity, authentication, digital signatures, remote signing, SSL/TLS, device certificates, IAM/MFA, and data protection, with renewed quality certifications and recognitions during the year.

• Products/services: Key offerings include emSigner (paperless workflows), Signer Gateway, CertiNext, emCA (trust services and private CA), emAS (authentication/MFA), eMsign Hub (certificate issuance and private CAs on cloud), eSign V2/V3, SSL/TLS, device and individual/organisation certificates, IAM/SSO/PAM, and emSafe for data at rest; server‑side APIs and on‑premise/managed delivery are available.

• Operating geographies: Global presence with subsidiaries across Mauritius, Middle East & Africa (DMCC and Kenya), Americas (USA), APAC (Singapore), Europe (Netherlands BV), and Indonesia; the Company is growing in the USA, with European operations yet to scale and data centre equipment shifted from Netherlands to the USA to align with demand.

• Subsidiaries: Direct subsidiaries include eMudhra Technologies Limited; eMudhra Consumer Services Limited; eMudhra MU Ltd; eMudhra DMCC (owns 100% of eMudhra Kenya Ltd); eMudhra Inc (USA) which owns 51% of Ikon Tech Services LLC and owned 86.8% of TWO95 International Inc during the year; eMudhra Pte Ltd; eMudhra BV; and PT eMudhra Technologies Indonesia; a new US subsidiary, CertiNext Inc., was incorporated on January 30, 2025 through eMudhra Inc.

• Key milestones (FY 2024–25): Acquisition of TWO95 International Inc (agreement on June 28, 2024 for 100% for USD 10.1 million); acquisition of Sendrcrypt Technologies Inc (approved July 30, 2024; concluded August 13, 2024; later amalgamated into eMudhra Inc effective July 31, 2024, with Delaware approval on September 10, 2024); incorporation of CertiNext Inc on January 30, 2025; strategic shift of European data centre equipment to the USA to serve US customers; international revenue increased by 57.5% year‑on‑year in FY 2024–25.

eMudhra Limited Business Segment

• Portfolio segmentation (trust services and enterprise solutions): The Company reports trust services (certificate issuance to humans, websites, devices; remote signing; eSign) and enterprise cyber solutions (emSigner, IAM/MFA via emAS, data security via emSafe, emCA/CertiNext private CAs, APIs and managed services) as an integrated “secure digital transformation” suite; standalone segment disclosures are provided in the consolidated financial statements per Ind AS 108.

• Geographic performance split: The year was marked by strong international expansion, with international revenue rising 57.5% and US revenue improving due to Ikon Tech and TWO95 integrations; Europe is yet to take off commercially, and infrastructure has been re‑deployed to the USA;

eMudhra Limited Key Management

• Venkatraman Srinivasan — Executive Chairman.

• Venu Madhava — Whole‑time Director.

• Ritesh Raj Pariyani — Chief Financial Officer.

• Johnson Xavier — Company Secretary and Compliance Officer.

Latest Updates on eMudhra Limited

• Acquired TWO95 International Inc (USA) for USD 10.1 million; agreement signed June 28, 2024.

• Acquired Sendrcrypt Technologies Inc (USA) for USD 3 million through eMudhra Inc; closed on August 13, 2024; amalgamated into eMudhra Inc effective July 31, 2024 with Delaware approval on September 10, 2024.

• Incorporated CertiNext Inc (USA) on January 30, 2025 as a wholly owned subsidiary of eMudhra Inc to sell digital certificate products.

• International revenue increased by 57.5% in FY 2024–25, with stronger US contribution; European data centre equipment shifted to the USA to support demand.

• QIP proceeds of Rs 1,930.01 crore were fully utilised by March 31, 2025 toward product development (PQC, FHE, Mobile PKI), working capital for eMudhra Inc, inorganic growth, and general corporate purposes; earlier IPO proceeds of Rs 1,521.95 crore were fully utilised by March 31, 2024 per stated objects.

• RD milestones: Developed three products—Post‑Quantum Cryptography, Fully Homomorphic Encryption, and Mobile PKI; plans to add GenAI features to emSigner, Remote Signing, EMCA, and build a Data Privacy Stack.