Indian Railways Catering and Tourism Corporation (IRCTC) has floated a tender to monetise its digital assets. The company pegs revenue potential at Rs 1,000 crore by monetising digital data.
The IRCTC plans to leverage the data assets to increase revenue as well as improve customer experience by monetizing the data of railway passengers, a notification stated.
“The company will sell technical and financial data packets, while taking full care of data privacy. The company to invite bids for consultant by August 29, 2022, and Earnest Money Deposit (EMD) of Rs 2 lakh for bidding,” according to official notification.
The bid will be valid for 180 days and the company has full right to cancel, the notification added.
“The company has a reservoir of huge amount of digital data which opens several opportunities for monetization and it wishes to leverage its data assets and market position to drive strong growth in revenues,” IRCTC said in its tender notification.
“This can be achieved by improving customer experience, expanding the portfolio of products being offered to the customers and/or by developing new business-lines and partnerships,” the notification said.
IRCTC envisages a revenue generation potential of Rs 1000 crore through monetization of its digital assets and wishes to engage a consulting firm to help in identification, design, and development, and roll-out of data monetization opportunities, the notification also stated.
IRCTC has been set up by the Ministry of Railways to professionalize and upgrade railways services with PPP (Public-Private Participation). With the assistance of CRIS, It has launched Online ticketing facility www.irctc.co.in.
IRCTC shares gained nearly 3 per cent to Rs 690 and Rs 690.5 a share on the BSE and NSE intraday during Thursday’s session against a 0.21 per cent fall in the Sensex and Nifty each at around 01:35 PM.