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Bengaluru-headquartered eMudhra, a digital trust and cybersecurity company, has found itself at the centre of a controversy after a flaw in its key-generation process led to weak cryptographic keys being issued for eight of its intermediate certificate authorities, raising concerns about the trustworthiness of its digital certificates.
eMudhra Ltd is a digital trust and cybersecurity company that provides digital identity, authentication, certificate lifecycle management, and paperless workflow solutions to enterprises and government organisations. IT firm 3i Infotech launched eMudhra in November 2008. The company was licensed as a Certifying Authority by the Controller of Certifying Authorities (CCA), Government of India, in the same year under the Information Technology Act, 2000, enabling it to issue digital certificates.
For FY26, eMudhra reported total income of ₹713.2 crore, up 35.1 per cent year-on-year, while net profit rose 26.2 per cent to ₹110 crore. International revenue grew 38.7 per cent during the year, reflecting the company’s expanding overseas footprint.
In the first quarter of FY27, enterprise solutions accounted for about 65 per cent of revenue and grew about 50 per cent year-on-year, driven by demand in India and international markets. Trust services contributed around 15 per cent of revenue, while services accounted for the remaining 20 per cent.
Business Expansion
Over the years, eMudhra has expanded beyond digital trust services into enterprise cybersecurity, developing proprietary platforms such as emSigner for digital signatures and paperless workflows, SecurePass for identity and access management, and CertiNext for certificate issuance and lifecycle management. Its offerings also include emSign, a public key infrastructure (PKI) framework that allows organisations to issue and manage digital certificates for users and devices.
eMudhra competes with global players across its digital trust and cybersecurity businesses. In digital trust services, its competitors include US-based DigiCert, Entrust, and Sectigo, and Belgium-based GlobalSign in the SSL/TLS certificate market. DigiCert, Entrust and GlobalSign also compete in digital signature and IoT device certificates.
eMudhra faces competition from Microsoft, IBM, Okta, Saviynt, Thales and Broadcom in identity and access management. In public key infrastructure (PKI), its competitors include Thales, HID Global and Keyfactor in hardware, and Entrust, Nexus Group, Keyfactor and DigiCert in software. In certificate discovery, it competes with DigiCert, Sectigo, and Venafi, while Google and Amazon Web Services are competitors in cloud infrastructure.
In paperless transformation and workflow solutions, its competitors include Adobe, OneSpan, DocuSign, Alpha Trust and Switzerland-based WISeKey.
The company’s promoters include eMudhra, which is promoted by V. Srinivasan, its Executive Chairman, and members of the Srinivasan family, including Kaushik Srinivasan, co-founder and whole-time director, Arvind Srinivasan, director, and Mythili Srinivasan.
V Srinivasan is a chartered accountant. Kaushik, who joined eMudhra in 2015, studied computer engineering and networking information systems in the US and is a CFA charterholder. Before joining the company, he worked at UBS Wealth Management and as a quantitative analyst at Trafelet Delta Funds, a New York-based hedge fund.
He also served as domain coordinator for e-government at the United Nations Centre for Trade Facilitation and Electronic Business (UN/CEFACT). Arvind began his career in investment banking at UBS before moving to Barclays Capital, where he worked in treasury and commodities in the US. He holds a master’s degree in finance from the University of Michigan and an MBA from the University of Oxford’s Saïd Business School. The promoters also include Taarav PTE Limited, a Singapore-based enterprise in which the promoter group exercises significant influence.
eMudhra has around 850 employees and offices in Bengaluru, Mumbai, New Delhi, Chennai and Salem.
The company went public in 2022, listing its shares on the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE). eMudhra was listed at an issue price of ₹256 per share, following an IPO that raised ₹412.8 crore and was subscribed 2.72 times.
Shares of eMudhra plunged nearly 20 per cent to close at ₹345.25 on Thursday after the government announced the formation of a special team to investigate a security incident at the digital certification company.
Shares Slide
The stock’s decline on October 22 followed a 34 per cent fall over three consecutive sessions, reducing the company’s market capitalisation to around ₹2,695 crore from approximately ₹4,000 crore, eroding over ₹1,300 crore in market value.
The company has pursued international expansion through acquisitions and product development, strengthening its presence in the US and European markets while deepening its reach across the Middle East, Africa and Asia-Pacific.
As per the company’s FY26 annual report, India accounted for 36 per cent of the company’s revenue, followed by North America at 34 per cent. Europe contributed 12 per cent, while the Middle East and Africa accounted for 11 per cent and Asia-Pacific for the remaining 7 per cent.
In FY26, eMudhra acquired a stake in Germany-based Cryptas International GmbH, marking an expansion into German-speaking European markets, including Germany, Austria, Switzerland, and Liechtenstein. The company also strengthened its international presence through earlier acquisitions, including Ikon Tech Services and Two95 International in the US. The company also expanded into Central Asia by establishing an office in Kazakhstan.
As of March 2026, eMudhra had 13 subsidiaries across India and overseas markets. It serves customers in more than 35 countries, including over 1,000 large enterprises and Fortune 100 companies, across sectors such as banking, government, defence, telecommunications, healthcare and manufacturing. The company has issued more than 100 million digital certificates.
Published on October 22, 2026
