Trackwizz, a provider of compliance and operational solutions, has revealed that WestBridge Capital provided its initial round of funding at a valuation of Rs 900 crore ($108 million).
Although Trackwizz withheld the amount of the round, it was exclusively revealed in the media that it was finalizing new funding from Westbridge in May.
According to a press release from the company, funds will primarily be used for research and development, particularly artificial intelligence, and to scale up SAAS offerings, including the introduction of new products.
WestBridge Capital provided its initial round of funding to Trackwizz, a company that offers compliance and operational solutions, at a valuation of Rs 900 crore ($108 million).
Trackwizz hid the round’s dollar amount, but it was exclusively revealed in the media that it had signed a new funding agreement with Westbridge in May.
The funds will primarily be used for research and development, especially in the area of artificial intelligence, and to scale up SAAS offerings, including the introduction of new products, according to a press release from the company.
According to Trackwhizz, the company has been profitable since inception and its revenue increased by 43% to reach Rs 60 crore in FY23. TheKredible claims that in FY22, the company’s scale increased by 70.7% to Rs 42 crore. Additionally, its profits increased by over 2X, from Rs 7.7 crore in FY21 to Rs 16.4 crore in FY22.
