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Protean eGov Technologies loses key PAN 2.0 project
Protean eGov Technologies serves as the Central Recordkeeping Agency for the National Pension System (NPS) and the Atal Pension Yojana (APY), and provides identity services such as Aadhaar eKYC and online PAN verification.
Protean had participated in the Request For Proposals (RFP) bid for the said project. (Image source: CNBCTV-18)
Shares of Protean eGov Technologies Ltd. tumbled on May 19, 2025, following the Income Tax Department’s decision not to select Protean for its significant technology revamp project, known as PAN 2.0. This project involves a comprehensive overhaul of the Permanent Account Number (PAN) systems, including design, development, implementation, operations, and maintenance.
In its exchange filing on May 18, Protean highlighted that the IT Department had issued a notice requesting proposals and inviting bids for the selection of a Managed Service Provider (MSP) for design, development, implementation, operations, and maintenance of its PAN 2.0 project. The company had participated in the Request For Proposals (RFP) bid for the said project.
"In our understanding, this is a project for technology revamp which includes design, development and other aspects of PAN systems at the income tax department and at present, it appears to have limited or minimal impact on our ongoing PAN processing issuance services under the existing mandate with the Income Tax Department," the company said in the statement.
Protean has been a key player in India's digital public infrastructure, particularly in tax services. As of Q1 FY25, the company held a 54% market share in PAN issuance. The loss of the PAN 2.0 contract raises concerns about the company's future revenue streams and its position in the market, as PAN services contribute 50% to the company’s revenue.
Beyond tax services, Protean operates in pension services and identity services. It serves as the Central Recordkeeping Agency for the National Pension System (NPS) and the Atal Pension Yojana (APY), and provides identity services such as Aadhaar eKYC and online PAN verification.
While Protean has no promoter shareholding, lenders like Canara Bank, Bank of Baroda, Punjab National Bank, Axis Bank, and State Bank of India own stakes in the company. Meanwhile, the majority of the public shareholding in Protean eGov Technologies is held by small retail shareholders.
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