Compliance and operation solutions company Trackwizz has announced that it raised its maiden funding round from WestBridge Capital at a valuation of Rs 900 crore ($108 million).
While Trackwizz did not disclose the size of the round, Entrackr exclusively reported that it was finalising fresh investment from Westbridge in May.
Funds will be primarily used for research & development, particularly artificial intelligence and significantly scale SAAS offerings including launching new products, the company said in a press release.
TSS Consultancy’s tech platform TrackWizz helps financial institutions fight financial crime, and detect malpractices such as money laundering and terrorist financing. The firm’s software suite focuses on banks, NBFCs, asset and wealth management companies, insurance firms, and alternative investment funds, among others.
Currently, it is serving more than 350 financial institutions across India, South Africa and the US with more than 400 team strength. The platform is now used by brokerage firms that generate about 70% of the daily trading volume on both the major exchanges.
It provides its solutions to HDFC securities, Axis Bank, and Zerodha, among others. It also claimed to have become the first regulatory tech company in India to receive direct authorisation to launch business in the GIFT City.
As per Trackwhizz, its revenue has grown by 43% to touch Rs 60 crore in FY23 and has been profitable since inception. According to TheKredible, the company recorded a 70.7% growth in scale to Rs 42 crore in FY22. Its profits also jumped over 2X to Rs 16.4 crore in FY22 from Rs 7.7 crore in the preceding fiscal year (FY21).
