Mantra Softech plans to develop an integrated device system
Ahmedabad based Mantra Softech (India) Pvt Limted is today one of the the fastest growing company in the biometric and RFID (radio-frequency identification) market with a growth rate of 50 per cent compared to the annual growth rate of the industry at 18 per cent in the country.
“The global market of the RFID detection systems is $30 billion annually. Last year, our company’s turnover was Rs 200 crore and we are hoping it to grow as there is a large market in India as well as developing countries,” said Hiren Bhandari, the Founding Director of Mantra.
According to Mantra officials there is only 5 per cent penetration of the total market as it’s a growing industry. “The entire security industry is to the tune of Rs 25,000 crore, of which biometrics consists of only Rs 1,500 crore. Mantra leads the industry with almost 50 per cent of the market,” said Bhandari.
Mantra is also the pioneer of Aadhar and its biometric devices are currently being used by the Indian government for social welfare schemes and also by the telecom and banking sectors for KYC purposes. The company is also developing an integrated device system based on fingerprint biometrics and behavioural biometrics, he said.