IRCTC digital data monetisation plan: Company to hold talks with KPMG today; bids invited till August 29

IRCTC digital data monetisation plan: Indian Railway Catering and Tourism Corporation (IRCTC) is likely to discuss with KPMG, an advisory services firm, to take forward its digital asset monetisation plan on Monday, a Zee Business report said quoting sources. IRCTC pegs a potential revenue of Rs 1,000 crore by monetising digital assets.

According to Zee Business sources, “The tender and consultant appointment process will continue, as the Ministry of Railways has already discussed the proposal of digital asset monetisation with Ministry of Law and Justice and Ministry of Electronics and Information and Technology.”

The national transporter, sources said, will not take any decision in haste and may likely to delay the process till the new IT (Information and Technology) law is passed for implementation. However, it added that the company will continue to have discussions with the consultant on digital asset monetisation plan and the proposed ventures till then.

IRCTC in a notification on August 18 had floated an e-tender for the appointment of a consultant for digital data monetisation. “IRCTC is a reservoir of a huge amount of digital data which opens several opportunities for monetization,” the notification issued by the company read.

IRCTC in its objective section of notification had said that it has plans to leverage the data assets to increase revenue as well as improve customer experience.

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

The company had said 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.

Shares of IRCTC slumped over 4 per cent in the early morning trade on Monday to Rs 704 and Rs 703.2 per share on the BSE and NSE, respectively, as compared to 0.86 and 0.88 per cent fall in the BSE Sensex and Nifty50.