Intellect Design Arena Ltd proposes to set up Alternative Investment Fund

Chennai, Oct 29 PTI Intellect Design Arena Ltd, a cloud-native, multi-product financial technology company, on Friday said it proposes to set up an Alternative Investment Fund for Rs 1000 million to further pursue its transition from a product company to a fin-tech platform based company.Intellect Design Arena Ltd proposes to set up an Alternative Investment Fund for Rs 1,000 million..

Chennai, Oct 29 (PTI): Intellect Design Arena Ltd, a cloud-native, multi-product financial technology company, on Friday said it proposes to set up an 'Alternative Investment Fund' for Rs 1000 million to further pursue its transition from a product company to a fin-tech platform based company.

''Intellect Design Arena Ltd proposes to set up an Alternative Investment Fund for Rs 1,000 million.. the investment will be set up in Alternative Investment Fund Category -- II and not Category III, as mentioned in the quarterly results...'', the company said in a BSE filing on Friday.

As Intellect integrates and participates in the platform economy with marketplaces and ecosystems, there would be opportunities to collaborate with specific partners who would complement the company's technical and functional expertise, the company said.

''This AIF is meant to make minority investments in such partners to ensure alignment with Intellect's vision to become a world leading fin-tech platform.'', it said.

The investments in the AIF may happen over the next 6 to 24 months based on the opportunities available and identified according to their suitability and the funds would be on needs basis, the company said.

On Thursday, Intellect Design Arena reported net profits at Rs 792 million for the quarter ending September 30, 2021 as against net profit Rs 592 million in the same quarter of last fiscal. Total revenue for the quarter under review recorded a 22 per cent year-on-year growth to Rs 4,521 million.For half year ending September 30, 2021 net profit stood at Rs 1,530 million as against Rs 1,018 million recorded in same period last year.

Revenue during the six month period ending September 30, 2021 grew by 20 per cent year-on-year to reach Rs 8,605 million, the company said.

''Intellect's technologies have driven calibrated and profitable growth over the last eight quarters...we launched two platforms on Cloud this quarter .. Both platforms have helped intellect win six platform deals.. This is the beginning of Intellect's transition from a product company to a fintech platform'', company Chairman Arun Jain said.

On the financial performance, company CFO, Venkateswarlu Saranu said, ''our achievement of 22 per cent growth in two successive quarters with EBITDA growing by 33 per cent is quite satisfying.'' ''We are now a zero debt company, another landmark for a Fintech platform. We are confident of growing over 20 per cent for the current year'', he added.

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