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Affle wins $1 million contract from Singapore govt; shares surge 5%

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NEW DELHI: Shares of ad services provider Affle India surged 5 per cent to hit the upper circuit limit on Wednesday after the company said its subsidiary won a significant contract for a Singapore citizens engagement project.

The total value of the contract is over $1 million or Rs 7.43 crore according to the current exchange rate.

Affle’s mobile marketing platforms will enable interactive surveys for citizens in Singapore to drive the Land Transport Authority‘s objective of building a people-centered land transport system, the company informed.

“We would like to thank LTA as well as all other Singapore government agencies for the opportunity to prove our platforms and our ability to drive meaningful citizen engagements on connected devices. We would also like to thank IMDA for accrediting our platforms and their continued support. These wins are significant validation of our Affle 2.0 verticalization strategy and strengthen our long-term growth trend,” said Anuj Khanna Sohum, Chairman, MD and CEO at Affle.

Affle’s platforms were first accredited by the Infocomm Media Development Authority of Singapore in 2018, and Affle is engaged on six projects across multiple Singapore government agencies as on date.

Shares of the company were up 4.88 per cent at Rs 2,940. The stock is up 86 per cent year-to-date, outperforming all major indices by a wide margin.

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