Thomson Reuters launches app with database of 1.8 mn unlisted Indian firms

The product is targeted towards large- and mid-cap companies and financial institutions and ensure effective risk management

Thomson Reuters said it has made available a database of over 1.8 million Indian private companies to help global corporations and financial institutions to gather insights and help devise their strategies for India while ensuring effective risk management and regulatory compliance.

"We have always been known for our trusted data and content across the financial market. In recent times we noticed a lot of specific customer needs out there. Wizcorp has been built specifically to help the Indian market with Indian private company data," said Pradeep Lankapalli, Managing Director, Thomson Reuters, South Asia.

The India-specific product Wizcorp is available for Thomson Reuters existing customers and also offered an application programme interface (API) for third parties who can subscribe the country-specific data.

Through this platform, Thomson Reuters customers will get access to comprehensive information and deep insights on Indian private companies’ business information, profile, directors, financial intelligence including historical data, legal intelligence, creditworthiness, market cap and details of associated firms, which can bolster multiple workflows for their business. The data, which has been sourced from regulatory and other credible bodies, can also be updated on demand to reflect all changes on a real-time basis.

"We are providing a lot of depth to a content which we believe will enable good solid decision making based on facts and data. This should benefit the overall health of the market as well," added Lankapalli. The platform was developed in partnership with Bluevine Technologies.

For investment banking company which invests in these private companies, such data can be used to monitor the financial growth and risk monitoring of these companies, he added.

"While we traditionally had a small amount of information available to some of the vendors. Financial information may be available from a few sources but we also bring information on legal proceedings, loans etc.," Bharat Rathod, Market Development Lead- Financial, South Asia, Thomson Reuters.

Wizcorp is targeted towards large and mid-cap companies who would want to get detailed information on private companies and clients they are engaging with, he added. Fund managers, corporate merger, and acquisitions, financial companies etc are among the various roles and use cases for the database which can also be provided via APIs to other private analytic systems.

The app will be subscription based or usage based on different use cases said Lankapalli. Thomson Reuters Eikon is an open platform solution for consuming real-time and historical data, enabling financial markets transactions and connecting with the financial markets community. The Wizcorp app will be available within the open Eikon app suite.

Thomson Reuters is already in talks of POCs for the product with a number of large financial institutions across the country. The financial service providers hopes to strengthen their position in capital markets through this offering said Lankapalli.