According to media reports, Trackwizz, a provider of compliance and operational solutions, is in advanced discussions to hold its $50 million initial funding round.
“WestBridge is leading a $50 million round in Trackwizz that is likely to materialize in a few weeks from now,” said one of the sources requesting anonymity. “A couple of investors from India are likely to participate in the round.”
With a focus on anti-money laundering, screening, risk assessment, employee trade tracking, information utility, customer onboarding, and transaction monitoring, Trackwizz will also be a part of the Stanford Seed Transformation Program in 2021. The company focuses on a variety of industries, including banks, NBFCs, asset and wealth management companies, insurance companies, and alternative investment funds.
The business asserts that it provides institutions with cost-effective solutions that enable them to fully control back office and middle office operations as well as critical compliance-related areas like adherence to rules set by the SEBI, RBI, and other statutory bodies like NSE, BSE, etc.
In 2019, the business began to expand internationally, starting with South Africa. The company asserts that more than 100 organizations have used its services, including Reliance, NSE, Standard Chartered, HDFC Bank, and Axis Bank.
Trackwizz increased its scale by 70.7% during FY22, from Rs 24.6 crore in FY21 to Rs 42 crore. Additionally, the company’s profits increased by over 2X, from Rs 7.7 crore in FY21 to Rs 16.4 crore in FY22.
20% of the company’s members (or 69 employees) participated in the employee stock ownership program that was announced the previous year.
Nevertheless, given the challenging market conditions, if the round is approved, it would be one of the largest initial fundings for an Indian startup. Abhishek Ganguly, the departing MD of Puma India, co-founded Agilitas Sports, which last week revealed had raised $52 million in its initial round of funding.
