Adgully Exclusive | Edenred's target is to attain a CAGR of 40%: Sandeep Banerjee, MD & CEO

When Accor Services changed its name to Edenred, earlier this year, it had certain goals to fulfil.

With its operations in 40 countries and being the world leader in prepaid service vouchers with Ticket Restaurant, Ticket Alimentation, Ticket CESU, Childcare Vouchers, Ticket Car, Ticket Clean Way, Ticket Compliments, Kadeos, etc., Edenred is aiming to hit the $200 mn mark by year end.

And for this they are leaving no stone unturned to achieve their goal.

Edenred entered the Indian market in 1997 with Meal Vouchers & Cards, Gift Vouchers and Rewards & Loyalty Solutions and has become a major player providing services to corporate clients and public institutions

Edenred is the world's leading issuer of prepaid services delivering solutions in the areas of employee and public benefits, rewards and loyalty and expense management.

Ask Sandeep Banerjee, MD & CEO, Edenred and he would tell you that after their strong presence in Tier I cities for the last 13 years, they would now look to move to new destinations and would like to become the preferred work-Life benefits, rewards & loyalty solutions provider for its corporate customers.

"In India we wish to attain a CAGR of 40 per cent for the next five years and become the preferred work-Life benefits, rewards & loyalty solutions provider for all our corporate customers.

"We will try to achieve the goal by constant innovations and introducing new products and services, building brand equity, expanding into newer geographies and undertaking strategic alliances, partnerships and key acquisitions," Banerjee says.

And in order to expand, Banerjee knows that Edenred need to work with various public institutions and government to enter into Tier II and Tier III cities. "In future we look forward to working with public institutions and government bodies of various states in India through our offering called Ticket Service- public social programs. Also in the employee benefits space in tier-II and tier-III cities we plan to reach out through partners or associates, who already have an existing relationship with the companies.

"In these cities the companies are fairly smaller in size and appreciate a personal touch hence our movement in these cities will be leveraged through our existing relationships.

Banerjee knows that he Edenred constantly needs to outthink its competitors to stay ahead of the pack.

"We have continuously innovated with the launch of several new products and features which companies in this space are yet to even think of.

"With a powerful product portfolio ranging from meal vouchers, meal cards, several variants of gift vouchers to our suite of rewards & loyalty solutions, we are uniquely positioned as India's foremost in work-life benefits, rewards & loyalty solutions," he says.

"Today, Edenred is the world's largest "pure play' issuer of B2B prepaid service vouchers and in India, Accentiv' is India's no 1 in Rewards & Loyalty solutions. This puts us in a very powerful position much ahead of our competition,' he explains.

Besides this they are also targeting the Public Social Programs space. Together with government, Edenred aims to deliver food and education. "We have already launched a pilot program in Delhi called the School Choice Voucher in association with the Centre for Civil Society. This program helps the girl child seek education from a school of her choice," he explains.

"Besides this, Edenred is one of the five private sector companies who is on the board of the India Country Co-ordinating Mechanism (CCM) which works along with the Global Fund against deadly diseases like AIDS, Tuberculosis and Malaria.

"In areas of Food, we are in advanced stage of talks with a few State Governments to work with them on PDS projects which will help keep the loopholes of the current system in check and ensure that the food benefits reach the intended beneficiary," he adds.

With already having an array of products, Edenred is working on new platforms. "We are working on straddling new voucher delivery platforms such as electronic, internet, mobile, IVR, etc. We have a formal innovation program that runs successfully in the organization, whereby employees can send in their innovative ideas and these are formally evaluated, implemented and recognized," Banerjee explains.

Edenred is also looking for crucial tie-ups to help them in their cause.

"Edenred believes in partnerships and alliances. A manifestation of this is our JV with Mastercard in Europe towards creation of Prepay Solutions.

"In India as well, we are exploring strategic alliances with technology partners that will enable us to offer end to end solutions in the spaces we operate. This benefits the end users through availability of wider solutions, catering to both urban and rural needs," he says.

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