Coinsilium Group Limited (LON:COIN) has hailed progress from Indorse, a company in which it holds a 10% stake, following an agreement where India’s largest media house invested up to US$6.5mln in the firm.
Coinsilium, which advises and invests in early-stage blockchain ventures, added that Singapore-based Indorse, which uses blockchain to verify people’s skillsets, had also set up a UK subsidiary with sales representation to act as a “springboard” for expansion into the European and US markets.
The operational update flagged Indorse's work with India's Times Group on seven print campaigns in the Economic Times newspaper that produced several “meaningful leads” from Fortune 100 and Fortune 500 companies.
Elsewhere, Indorse had secured a “substantial” long-term project in Singapore for its 'upskilling' solution, used to assess data scientists, with the Oversea-Chinese Banking Corporation as well as delivering assessment services for a blockchain ‘hackathon’ organised by Rolls Royce.
Indorse had also optimised a distinct set of product lines and a scaleable revenue model, with “strong growth and robust pipeline” of small and large enterprise clients across Singapore and India.
Eddy Travia, Coinsilium’s chief executive, said it was “gratifying” to see Indorse’s progress, adding that going forward they expected the company’s “rapid growth trajectory” to be reflected in the valuation of its own investment.