TSS Consultancy lands maiden investment from WestBridge Capital
Mumbai-based TSS Consultancy has roped in an investment from private equity, at a valuation of Rs 900 crore.
Established in 2008, TSS Consultancy is an IT consultancy dedicated to the financial services industry. The firm specialises in the financial crime segment, advising banks, insurers, payment groups and other financial institutions on how to monitor and curb financial crime risks, and comply with national and international regulation.
According to the company website, TSS Consultancy has around 400 staff serving over 350 institutions across India. The technology solutions and consulting firm also supports customers in South Africa and the United States.
“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, know your customer, terrorist financing and insider trading,” said Sagar Tanna, co-founder and CEO of TSS Consultancy (the other co-founders are Sameer Tanna and Chandrakant Tanna).
That mission has now been handed a considerable boost following an investment from WestBridge Capital, a private equity group with over $7.5 billion of capital across investment funds in India and Mauritius.
Speaking on the investment, Deepak Ramineedi, Partner at WestBridge Capital, said: “We are excited to partner with TSS Consultancy 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.”
With the funds, TSS Consultancy will invest in its SaaS offerings (including its award-winning AML-focused Trackwizz platform), the launch of new products in niche areas of financial crime, and scale its team.
The further growth ambition comes on the back of already steep growth – in the last 12 months, TSS Consultancy hiked its revenues by 43%.
The deal is TSS Consultancy’s maiden round. Terms of the transaction have not been disclosed.
