Reg-tech firm TSS raises maiden round from WestBridge
1 min read 11 Sep 2023, 05:18 PM ISTThe funds will be used for research and development, particularly artificial intelligence and to scale its SaaS offerings
PremiumNew Delhi: Regulatory tech company TSS Consultancy has raised its maiden round from WestBridge Capital. While the funding amount has not been disclosed, the company said the investment came at a valuation of ₹900 crore.
The funds will be used for research and development, particularly artificial intelligence and to scale its SaaS offerings, including the launch of new products, the Mumbai-based company stated.
TSS Consultancy’s tech platform TrackWizz helps financial institutions fight financial crime, money laundering, terrorist financing etc. The firm’s software suite focuses on banks, NBFCs, asset and wealth management companies, insurance firms, and alternative investment funds, among others.
Currently, it works with more than 350 financial institutions, including banks, stock brokers, stock exchanges, hedge funds across India, South Africa and the US with over 400 team strength.
TSS -- which has also become the first reg-tech company to obtain a licence to do business in the International Financial Centre (GIFT City) -- has grown its revenues by 43% in the last 12 months. The company’s topline (revenue) is ₹60 crore. Some of its clients are HDFC Securities, Axis Bank, and Zerodha.
Deepak Ramineedi, partner at WestBridge Capital, said, “We are excited to partner with Trackwizz as they expand their market leadership by enhancing their suite of robust and innovative products in a fast-growing compliance market, a top-of-mind space for both financial institutions and governments globally."
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