Fintech startup Samco Securities establishes first R&D Centre in Chennai

Financial technology startup Samco Securities Ltd has set up its first research, analytics and development centre here, at an outlay of Rs 20 crore, a top official said Wednesday. The Research and Development Centre set up at the famous Old Mahabalipuram Road (IT Corridor) would focus on building products that can hand-hold customers and automate their investment process.

The products would be built using machine learning and artificial intelligence for customers. "India is a recognised technology innovation hub with highly-sought after engineering talent.. the Research and Development Centre in Chennai is a step towards accelerating our R&D initiatives," company Founder-CEO, Jimeet Modi told reporters here.

"The investment made by SAMCO in the Research and Development Centre in Chennai is a reflection of our commitment towards accelerating our innovation. The Centre will work towards innovation in three aspects -- people, processes and product. The centre will also house a team which will maintain existing product lines", Samco Securities, Chief Technology Officer, Pratik Adani said. The Research and Development Centre would have more than 10,000 square foot space to accomodate nearly 200 engineers. The Mumbai-based company had raised USD 7.5 million (Rs 49 crore) in a Series B funding round from existing promoters and London-based investment management firm Bay Capital Investment Partners.

(With inputs from agencies.)