Exclusive: Trackwizz in talks to raise $50 Mn led by WestBridge

Compliance and operation solutions company Trackwizz is in advanced stage talks to hold its maiden funding round to the tune of $50 million, two sources aware of the development told Entrackr.

“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.”

Trackwizz, also a part of the Stanford Seed Transformation Program in 2021, specializes in anti-money laundering, screening, risk rating, employee trade tracking, information utility, customer onboarding, and transaction monitoring. The firm focuses on banks, NBFCs, asset and wealth management companies, insurance firms, and alternative investment funds, among others.

The company claims to offer cost-effective solutions which help institutions in getting complete control of the back office and middle office-related functions, as well as crucial compliance related areas like adherence to regulations by SEBI, RBI, and other statutory bodies like NSE, BSE, etc.

The firm also expanded in the international market in 2019 starting with South Africa. The firm claims that more than 100 institutions such as Reliance, NSE, Standard Chartered, HDFC Bank and Axis Bank have been using its services.

Trackwizz declined to comment on the story while queries sent to WestBridge on Thursday did not elicit any response until the publication of the story.

Trackwizz recorded a 70.7% growth in scale to Rs 42 crore during FY22 as compared to Rs 24.6 crore in FY21. The company's profits also jumped over 2X to Rs 16.4 crore in FY22 from Rs 7.7 crore in the preceding fiscal year (FY21).

Last year, it announced an employee stock ownership program in which 20% of the company members (69 employees) took part.

That said, if the round goes through, it would be one of the largest maiden fundings for an Indian startup in current tough market conditions. Last week, Agilitas Sports, co-founded by outgoing Puma India MD Abhishek Ganguly, announced its maiden fundraise of $52 million.