In Startup50 2016: For building a fintech company specializing in making multi-asset trading platforms for global financial markets, serving 50 financial institutions in over 10 countries.
Founders: Kunal Nandwani (In Pic), Ashish Grover, Harwinder Sidhu, Mayank Mathur
Chandigarh-based uTrade Solutions, a fintech company, provides online and mobile trading platforms for retail brokers; algorithmic trading software for institutions and proprietary traders along with comprehensive risk management solutions. The company’s vision is to enable smarter trading by constantly serving the needs of market through its innovative low latency trading platforms that ensure better price discovery, market liquidity and increased efficiency in order execution.
The venture was seed funded to the tune of US $1 million by Hong Kong based Axis Capital, besides family and friends of co-founders and has a team of 65 members.
The company expects to grow at a rate greater than 100 per cent year-on-year over the next 3 years on account of geographic expansion as well as increased product adoption in existing markets.
According to the founders, uTrade posted revenues of over US $2 million in 2015-16. By 2020, it is targeting annual revenues of US $20 million, by maintaining a profit margin of approximately 60 per cent.
The company provides global market access to over 50 financial institutions in over 10 countries, facilitating over US $10 billion worth of trades on a daily basis.
It has adopted a subscription license model (charging per user per month) or an enterprise pricing model and plans to transition to a ‘per trade’ model, as well as an on-cloud / SaaS model once there is regulatory approval and client adoption.
- uTrade launched India’s first blockchain technology empowered solution for Clearing and Settlement of contracts for financial markets called uClear. Adding to its blockchain catalogue, it has launched a KYC Platform – ‘KYChain’ and a Digital Document Issuance and Verification Solution ‘HashDegree’.
- It has successfully leveraged open source technology to make multi asset trading platforms.
- Foreseeing the increase of Algo/High Frequency Trading (HFT) in the emerging markets of the world, the venture has built solutions that enable institutional traders to reap benefits of low latency.