63 Moons Technologies, formerly Financial Technologies (India), said it would commercialise its intellectual property rights (IPRs) and move towards expanding its horizons beyond finance-led verticals to becoming a technology-led enterprise. In a communication to shareholders, Venkat Chary, chairman, said the company had the foresight of creating disruptive ventures to help businesses globally.
“We’ll surge ahead in our mission to become one of the biggest technology enablers and disrupters for the next-generation innovations of our country across multiple impact sectors.”
The company plans to use its technology expertise to develop an ecosystem of 108 new ‘Indian digital disrupters’ in retail, education, healthcare, agriculture, environment, infrastructure, and space sectors, among others.
The company will leverage and build its existing IPRs to partner, nurture and mentor those who want to use the company’s IPRs in creating high-value companies. Prashant Desai, managing director and CEO, said The company’s plan to further the growth has been curtailed by the ongoing legal challenges. “Subject to legal challenges being overcome, 2017-18 could be a year to look forward to from that perspective,” said Desai.
“It would not be improper to state that despite no money trail being established to our company after three years of investigation by all the investigative agencies, the company continues to be singled out for all the adverse actions,” he added.
The member technology business has now settled down and despite the ongoing challenges, the company continues to focus on client servicing and new product development.
Member technology business is a critical part of the financial market ecosystem with leadership from ODIN (retail and institutional broking trading platform), STP Gate (messaging for institutions), and Risk Solutions (risk solutions for central Banks such as Reserve Bank and institutions like NABARD).
The company hired senior talent and trimming the team to enhance efficiency and productivity. The firm, which was asked not to sell/create third-party rights on any assets including cash and bank balances by the Economic Offences Wing of Mumbai Police, said it has gross liquid funds of Rs 2,300 crore. Net liquid funds, after squaring off a $77-million debt, would be 1,800 crore.
