WestBridge Capital invests in TSS Trackwizz at Rs 900 crore valuation

Regulatory tech platform Trackwizz has raised an undisclosed sum from WestBridge Capital in its maiden investment round, at a valuation of Rs 900 crore.

The funds will be used for research and development, with a focus on artificial intelligence (AI), the firm said in a statement. It also intends to significantly scale up its software-as-a-service (SaaS) offerings, including TrackWizz Screenzaa, and bring in new products in niche areas of financial crime.

As the software suite of financial technology and compliance firm TSS Consultancy, Trackwizz works with more than 350 financial institutions, including banks, brokerage firms and payment solution providers, across India, South Africa and the US. It helps them tackle financial crime with a risk-based approach by detecting malpractices and terrorism financing, among others.


Its clients include HDFC Securities, Axis Bank and Zerodha.

“As India walks towards becoming a $5 trillion economy, the government has been proactive about uprooting unlawful financial activities from our systems,” said Sagar Tanna, CEO, TSS Consultancy. “We believe protecting our financial systems and complying with the law of the land is crucial. Our mission is to help every financial institution and empower financial soldiers to fight financial crime with cutting-edge technology and data intelligence with reasonable investments in the area of money laundering, KYC, terrorist financing and insider trading.”

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.”

TSS Consultancy reported a 43% year-on-year revenue growth for 2022-23 to Rs 60 crore. It has also become the first regulatory technology company to get a licence to do business in GIFT city, the company said in its statement.

The company has been profitable since inception and claims to have the only India-made anti-money laundering software with a curated watchlist combined with transaction monitoring and regulatory reporting.