IRCTC plans monetisation of digital data, aims to generate Rs 1,000 crore additional revenue

Indian Railways Catering and Tourism Corporation (IRCTC) has floated an e-tender for the appointment of consultant for digital data monetisation. According to the notification issued by the company, IRCTC is a reservoir of huge amount of digital data which opens several opportunities for monetisation. IRCTC said that it has plans to leverage the data assets to increase revenue as well as improve customer experience.

IRCTC provides ticketing, catering and tourism services for the Indian Railways. Approximately 80 per cent of the total ticketing is done through IRCTC.

The last date for tender submission is August 29. Bidders will have to deposit an Earnest Money Deposit (EMD) of Rs 2 lakhs.

IRCTC, through the monetisation of its digital assets, expects to generate Rs 1,000 crore in revenue. For this, IRCTC said that it wishes to engage a consulting firm to study, analyse and review all data related to public facing and vendor applications, websites of all Indian Railways, PSUs & other units to provide a road map, effective monetisation business strategies for monetisation of digital data.

For the study of monetisation of digital data, the consultant will be provided with the details of applications and the data collected from applications of Indian Railways. The consultant will study among others the digital data systems which generate behavioural data like the flow of passengers across the origin-destination (O-D) pairs, class of journey, frequency of journey, travel time, booking time, age group and gender, payment mode, booking modes etc.,

The consultant will also advice the national transporter on how to monetise data available at all levels of the organisation as well as undertakings under the Ministry of Railways while staying within the existing laws and Supreme Court judgements. 

Meanwhile, IRCTC share price on Thursday gained over 7 per cent to close at Rs 723 apiece on the NSE.