Swiss GRC: Swiss GRC to expand into Indian market

European governance, risk and compliance software company Swiss GRC on Tuesday announced its entry into the India market and will offer services at one-fourth of global prices in a bid to capture the Governance, Risk and Compliance (GRC) market in the country, senior executives said.

“Our objective and goal is to be a leading GRC software solution provider in India,” Besfort Kuqi, founder and CEO, Swiss GRC told ET.

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India’s economic growth as well as fast-developing regulatory environment make it a market with a lot of potential, Kuqi said, in addition to the fact that there are few other GRC providers in the market.
The Luzern-headquartered firm provides a unified platform, the GRC Toolbox offers risk management, internal controls management, business continuity management, data protection management and compliance management modules among others.

The company has incorporated in the toolbox Indian regulatory and compliance frameworks such as the data privacy law Digital Personal Data Protection Act, 2023 and the RBI guidelines for IT governance and outsourcing, said Rajeev Dutt, general manager, MEA and APAC.

“We feel India is a virgin market for GRC,” Dutt said, adding that globally, the GRC market is set to hit nearly $120 billion by 2032 growing at about 12% CAGR, according to research.

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The company is in talks with large public and private sector banks as well as manufacturing, telecom, healthcare and retail companies to forge partnerships.“BFSI is a sweet spot for us because that is the industry which is highly regulated and they need solutions and have the budget,” Dutt said.

Swiss GRC will be offering on-premise and private cloud deployment options for the Indian market, which is particularly important for BFSI players and the government, he added. For public cloud, it partners with Microsoft Azure.

It expects to see $10 million in annual recurring revenue in financial year 2024-2025, Dutt said.

On the below-international-level pricing, Dutt said, “Wafer-thin margins is good enough for us for now. The objective is to get customers and not do deals at a loss.”

“Our approach is to be scalable,” Kuqi said, although for larger banking and insurance customers, prices are comparable to European prices.

Artificial intelligence adoption is an emerging factor that could mean more compliance and governance needs for companies going forward, as European companies are seeing after the introduction of the EU AI Act, he added. India could also see this in the future.

Swiss GRC looks to set up a support centre in the country in six months, Dutt said, until which time it is working with channel partners.

“In the future, it will be necessary and required to have some employees here,” Kuqi added.

Swiss GRC was founded in 2016. It originated over 25 years ago as an information security management solution but has evolved to cater to modern corporate governance needs. Its competitors include MetricStream, ServiceNow and RSA Archer.


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