Srotaswini Mohapatra
Pune, 6 July 2024
Intellect Design Arena launched the first-ever purpose-driven and ecosystem-focused API-based public procurement platform – iGPX (Government Procurement Exchange). The company is targeting USD 50 million in revenue with a new line of business iDTC.
Composed with eMACH.ai – the largest, most comprehensive and innovative open finance platform – and engineered by the ‘First Principles’ Thinking along with embedded GenAl from Intellect’s own Purple Fabric Al platform, iGPX promises enhanced efficiency, deep transparency, unparalleled inclusivity, vigilant compliance & global sustainability. Intellect Design Arena Ltd is a cloud-native, future-ready, multi-product FinTech company for the world’s leading banking and insurance clients.
According to World Bank analysts, Governments spend an estimated $13 trillion each year on public contracts for goods, services, and public works i.e. 12-20% of the world’s GDP. As much as 25% of that is wasted in inefficient or shortsighted procurement practices. Halting this waste could free up at least $1- $4 trillion a year to put economies on a path toward green, resilient, and inclusive development.
With public welfare at the core, the iGPX seamlessly embeds expert Al agents for governments & public institutions to excel in their core objectives through:
a) Best Price through rich product & services listing, price reasonability algorithms & demand aggregation
b) Reduction in procurement cycle time by up to 95% through 100+ procurement variations, evaluation & consignee options
c) Tailored procurement rules and transparent bidding practices supported with unbiased grievance redressal foster social & economic inclusivity to local sellers, SMEs & other communities.
iGPX is enriched by Intellect’s experience of building and managing one of the largest public procurement marketplaces in the world for 6 years – GeM. When they took over GEM in 2017 the procurement was a platform worth 4000 Crore and when the contract ended in December of last year they surpassed 4 lakh Crores. Intellect completely transformed public procurement in India and now they are expanding these services globally via iGPX.
With pre-built assets like 111 APls and 17 microservices, iGPX drives significant value to clients by providing the ability to compose their signature solution quickly.
Commenting on the launch, Debanjan Kumar, CEO of IDTC said, “Intellect’s launch of iGPX marks a transformative moment in public sector procurement that uniquely derives its growth from all interdependency among all actors in the ecosystem – the Buyers, Sellers, Logistic Providers, Financial Institutions, & others. World Bank has globally acknowledged the need for the private sector to play a much bigger role in the socially and environmentally responsible development of the planet, as an investor but equally as a source of innovation & expertise. iGPX is the exponent of innovation & expertise in public procurement that empowers governments & public institutions across the globe to achieve sustainable, inclusive, and cost-effective procurement practices globally.”
He further added, “At Intellect, we are committed to driving innovation that enhances operational efficiencies and fosters a new era of strategic agility and financial stewardship in public administration. GPX represents our dedication to harnessing cutting-edge Al technologies to deliver measurable impact, enabling governments to navigate evolving regulatory landscapes and achieve significant savings while promoting economic resilience and equitable growth.”
