Nasdaq Likely To Pick Up 15-20 Per Cent Stake In Netfinex.Com

According to company sources, Nasdaq is currently doing a due diligence study of the project and may pick up a 15-20 per cent stake in NetFinEx.com. NetFinEx.com, sources said, has a brick and click revenue model and is likely to be fully operational in the next 3-4 months.

The Rs 100-crore SSI Ltd is also believed to be talking to a couple of strategic international investors besides Nasdaq to take equity position in NetFinEx.com, sources said. "Nasdaq or the big ticket investors will add significantly to the credibility and acceptance of the financial portal in the market," they said. There are already several personal finance portals such as Sify's walletwatch.com, paisapower.com, myiris.com, indiainfoline.com, etc.

 

The development work of NetFinEx.com is already in progress with about 50 website developers from 3rd Agenda on the job. 3rdagenda.com, a website development company was acquired by SSI Ltd early this year. The NetFinEx.com portal development itself would have gross billings of about Rs 2 crore, sources said.

It is gleaned from top company sources that NetFinEx.com is planning to set up a Vsat (very small aperture terminal) network spanning the country to support the portal effort. The company would also be tying up with various financial intermediaries including banks and institutions in the personal finance segment to create simultaneously a huge physical network.

NetFinEx.com also planned to create a huge network of private investment brokers and consultants who would be the dotcom's registered authorised agents, sources said. These agents, through their personal contact and network would drive traffic and customers to NetFinEx.com, sources said.

The NetFinEx.com brand will be promoted both in the physical and Internet medium through concerted marketing and advertising efforts, sources said. The sources said that marketing and ad spends were being finalised.

SSI Ltd already has a joint venture with Nasdaq for developing software for securities market in Europe. "It is an extension of our existing relationship with Nasdaq," sources in the company said.