Stock Report

HCKK Ventures Diversifies into IT Software Development & Marketing

Posted On : 2023-07-10 15:14:23( TIMEZONE : IST )

HCKK Ventures Limited, a prominent listed entity on the Bombay Stock Exchange (BSE), known for its specialized consultancy services across diverse sectors such as logistics, telecommunications, and education, has announced a strategic entry into the IT software development and marketing domains to augment its market presence and diversify its offerings.

Underlining the company's strategic intent, Mr. Apurv Bhargava, Managing Director, HCKK Ventures Ltd, emphasized the importance of branching out into IT software and related technology businesses. "This move is integral to adapting to the swiftly evolving business environment and stimulating company growth. The potential of these sectors, citing technological advancements and the escalating global demand for software solutions, "said Bhargava. Further, he revealed that the company plans to capitalize on the thriving software-as-a-service (SAAS) market by developing, marketing, and trading software under both SAAS and perpetual license models, signifying the company's shift towards a more technology-focused business model.

In addition, HCKK Ventures also held an agreement with a leading technology provider to collaborate on marketing and support for compliance-related aspects like GST, eInvoice, Digital Signature, XBRL, etc. This collaboration will operate on a revenue-sharing basis. Moreover, the company is considering establishing a corporate office in Mumbai to attract highly skilled and competitive employees, which will boost operational capabilities and provide a strategic advantage in terms of access to the talent pool.

HCKK Ventures reported impressive results for the first quarter ended June 30th, 2023. The company demonstrated significant growth, with Q1 total revenue reaching INR 16.08 Lakhs, nearly tripling from INR 5.61 Lakhs in the corresponding quarter of the previous year. Additionally, gross profit skyrocketed to INR 5.66 Lakhs, compared to INR 1.09 Lakhs for the same period in the previous year.