Mumbai-based regtech company TrackWizz, a subsidiary of TSS Consultancy, has secured an undisclosed investment from WestBridge Capital, valuing the firm at INR 900 crore. The funds will be utilized for research and development and to expand its software-as-a-service (SaaS) offerings, including the introduction of new products in specialized areas of financial crime.
Founded in 2008 by Sagar, Sameer, and Chandrakant Tanna, TSS Consultancy serves as a financial technology and compliance partner for institutions such as banks, stockbrokers, stock exchanges, hedge funds, and other financial entities. TrackWizz, its software product suite, aids the finance industry in combating financial crime, money laundering, and terrorist financing, among other challenges.
TrackWizz offers a curated watchlist, transaction monitoring, and regulatory reporting, making it an anti-money laundering (AML) solution. Under its AML offering, the platform assists both small and large institutions in preventing or reporting money laundering activities using a risk-based approach.
TSS Consultancy claims profitability since its inception and reported a revenue growth of 43% in the past 12 months. The firm also stated that TrackWizz is used by brokerage firms responsible for around 70% of the daily trading volume on major exchanges.
The company boasts a client base of over 350 firms, including prominent names like Zerodha, HDFC Securities, ICICI Securities, Kotak 811, NSE, Bajaj Finserv, and Edelweiss.
According to figures from Tofler, TSS Consultancy reported INR 47 crore in revenue for FY22, with a net profit of INR 16 crore for the year, representing a 100% YoY increase.
India’s regtech market size is projected to reach $19.5 billion by 2026, with a compound annual growth rate (CAGR) of 20.8%, according to a report by IBEF. TSS has also secured a license to operate in the International Financial Centre (GIFT City), making it the first regtech company to do so. As a member of the Financial Action Task Force (FATF), India enforces stringent anti-money laundering regulations, and businesses are required by law to share suspicious information with the Financial Intelligence Unit (FIU) under the Ministry of Finance when they suspect customers of engaging in suspicious transactions.
By FCCT Editorial Team
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