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Swiss GRC eyes 15%-20% revenue from retail market with its India entry

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Mannu Mathew
Mannu Mathew
With over four years of experience, Mannu Mathew specializes in business journalism with a focus on technology, the retail sector, D2C, and E-commerce brands. He is working as the Assistant Editor for India Retailing and Images Retail Magazine.

The Switzerland-based software company has announced its expansion to the Indian market today 

New Delhi: Switzerland-based Swiss GRC, a software company that specialises in risk, governance and compliance solutions has announced its expansion to the Indian market.

Speaking on the sidelines of the India launch event held at the Taj Mansingh Hotel here in New Delhi, Besfort Kuqi, co-founder and chief executive officer (CEO), Swiss GRC told Indiaretailing, “GRC (Governance Risk and Compliance) is critical to having a good company. At present, around 10% to 15% of our client base comes from retail and we will look at the sector in India as well.”

Swiss GRC aims to capitalize on India’s rapid economic growth with 30-40% year-on-year (Y-o-Y) growth.

The company also has set a target of $10 million this year. Kuqi said, “We are already on the way. We started initiatives in our Middle East and Africa business, which will play an important role. We expect a lot of action and volume to achieve in India as well.”

SwissGRC eyes 15%-20% revenue from retail market with its India entry
Besfort Kuqi, co-founder and CEO of Swiss GRC during the India launch announcement

The company specialises in offering solutions in risk management, internal controls management, business continuity, information security, risk management, data protection, audit, compliance, third-party risk, and contract and business process management. It has a presence in Germany, Switzerland, and UAE and is rapidly expanding to other regions as well. Companies like Coop and Valora are some of the retail companies using the services of Swiss GRC.

Adding on the expectations on the revenue end from the Indian retail market, Rajeev Dutt, General Manager MEA & APAC, Swiss GRC said, “There are solid use cases for GRC in retail which if we present to businesses here, it makes a lot of sense. We will be targeting around 20% of revenues to come from retail. We also have a similar share in the global market, and the Indian retail market would be definitely on our Bucket list.”

In addition to retail, the company is in talks with industries like manufacturing, banking, financial services and the insurance sector in India.

On cybersecurity

Speaking about cybersecurity, an area the company operates in, Dutt said Indian companies are more prone to cyberattacks because they lack the required awareness and training.

“You can bring in the best of the tools and systems, but if the user does things which he’s not supposed to do, he is prone to get hit. Data breaches or cyberattacks don’t happen overnight; perpetrators intrude, monitor, and attack.”

Another reason that companies shy away from taking requisite measures is budget constraints. It is also the reason that companies don’t go for GRC.

Training and cost

In India, Swiss GRC is trying to bring GRC within reach with its solutions. It achieves this by doing a configuration change as per the client’s requirements instead of a code change.

The company also shared that it is in the process of setting up good partnerships with local companies that will get trained to offer consulting, implementation and support.

“I have to understand your requirements, implement it as per your requirements, meet your regulatory requirements, put it into that, you start using it. You should get the reports as per your requirements, as per your company’s requirements, and so on. That is where the time-consuming and the training comes into play,” said Dutt.

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