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TrackWizz records 45% growth in scale in FY23

  • May 23, 2024
  • By Team TheKredible
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Compliance and operation solutions company Trackwizz’s revenue soared to touch Rs 61.3 crore in the fiscal year ending March 2023. This was a 45% growth from the preceding fiscal’s Rs 42 crore.

The Mumbai headquartered firm helps financial institutions fight financial crime and detect malpractices such as money laundering and terrorist financing.

While the firm generated over 97% of its total revenue from operations, it also witnessed the number rising over 42% from FY22’s Rs 42 crore.

Set up by Sagar Tanna and Sameer Tanna, TrackWizz’s software suite focuses on banks, NBFCs, asset and wealth management companies, insurance firms, and alternative investment funds, among others.

In FY23, employee benefits turned out to be the leagltech platform’s major expense taking up over 69% of the overall expenditure of the fiscal.

Depreciation and advertising costs totaled to about 5% and close to 2% each respectively. The firm’s overall expenditure spiked 28% to Rs 31.7 crore from its preceding fiscal’s Rs 24 crore.

The 2007 founded company raised an undisclosed amount in its Seed round last September. While founders Sagar Tanna and Sameer Tanna held over 45% of the company’s shares each, over 7% was kept as the ESOP pool.

The SaaS based platform generated profits amounting to Rs 22 crore in FY23, a 34% surge from FY22’s Rs 16 crore. At positives, both its EBITDA and ROCE improved to 50.79% and 55.12% respectively.