Regulatory and compliance technology company TSS Consultancy on Monday said it has secured an undisclosed amount in its maiden funding round from private equity firm WestBridge Capital.
The Mumbai-based company raised the funding at a valuation of $108 million (Rs 900 crore).
It will use the freshly infused funds for research & development (R&D) particularly artificial intelligence (AI) and to scale its software-as-a-service (SaaS offerings) by way of launching new products in the areas of financial crime.
Founded in 2008 by Sagar, Sameer and Chandrakant Tanna, TSS Consultancy’s tech platform TrackWizz is a platform aimed at tackling financial crime, money laundering, and terrorist financing. It helps financial institutions detect malpractices such as money laundering and terrorist financing.
“We aim to help financial institutions tackle financial crime with technology and data intelligence,” said Sagar Tanna, founder and chief executive officer, TSS Consultancy.
TSS Consultancy claims to have 350 institutions use its software suite across spaces like Banking, Financial Services and Insurance (BFSI), Non-Banking Financial Companies (NBFC), brokerage firms, insurance companies and payment solutions providers. HDFC securities, Axis Bank, and Zerodha, amongst others are part of its client portfolio.
The firm, which claims to be profitable since its inception, clocked Rs 60 crore in revenue in FY23. At present, the firm’s team strength stands at 400.
Meanwhile, homegrown PE firm WestBridge Capital, which is best known for making private investments in public equities (or PIPE deals) has seen a shift in strategy by pivoting to building a large portfolio of startups.
The firm acquired a majority stake in Wealth India Financial Services Pvt. Ltd which operates the online mutual funds and investment platform FundsIndia.com for an undisclosed amount in August. A few weeks prior to that, it led the $50 million Series B funding round of debt collection-focused SaaS startup Credgenics.