Vakrangee soars on Canara Bank partnership

Vakrangee rose 7.05% to Rs 31.27 after the company announced a strategic partnership with Canara Bank.

This collaboration aims to expand banking services to underserved and unbanked communities in the East Zone.

Under the agreement, Vakrangee will act as a Corporate Business Correspondent (CBC) for Canara Bank. The company's extensive network of Kendras will now offer a wide range of banking services, including account opening, deposits, withdrawals, loan repayments, and more. This initiative is expected to significantly enhance rural banking infrastructure and bridge the financial inclusion gap.

Additionally, Vakrangee Kendras will facilitate the enrollment of citizens in various social security schemes and provide Aadhaar-related services.

Vakrangee Kendras are branded outlets providing banking, insurance, ATM, e-commerce, e-governance, and healthcare services. With a strong presence in Tier-4 to 6 locations, Vakrangee empowers customers in remote areas to access essential banking services.

Vakrangee is a leading Last Mile Distribution Platform with a strong physical and digital presence across India. It provides a range of essential services, including banking, insurance, ATM, e-governance, e-commerce, healthcare, and logistics, to underserved markets. Its "Vakrangee Kendra" outlets and "BharatEasy" mobile app offer convenient access to these services.

The companys consolidated net profit jumped 64% to Rs 0.69 crore while net sales increased 27% to Rs 65.25 crore in Q2 FY25 over Q2FY24.

The company's board will meet on Saturday, 21 December 2024 to consider raising funds through various modes.

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