Nelito Systems, in which Japan's DTS Corporation owns a majority stake, is aiming to more than double its revenues to Rs 200 crore by the end of this decade, betting on the country's digital push. Besides, the company, which provides software solutions to co-operative banks, is looking to offer its IT services outside the country too.
Punit Jain, CEO of Nelito Systems, said that the Indian government's push for technology products to develop the banking system in the rural areas will augment the company's revenues. In fiscal 2016, Nelito reported an operating profit of Rs 6 crore on revenues of Rs 88 crore. Jain added that the company will leverage on DTS Corporation's network to cater to the US and South East Asian markets. He projected that these markets will contribute 20% to overall revenues by 2020.
DTS holds 44.5% stake in Nelito, which started as an IT division of Nelco, a Tata Group company, and became a separate entity in 1995. The Japanese company had acquired the stake from Nelco, Af-Taab Investment (arms of Tata Power) and Sunnynook (a unit of private equity capital firm Intrepid) last month. Tata Power Group reduced its interests in Nelito as it was a small and non-core business for the electricity generator which is currently struggling with its loss-making Mundra plant.
Nelco and Af-Taab Investment now holds 9.95% and 12.30% in Nelito while Sunnynook, co-owned by Cyrus Vandrevala, son of former Tata Power MD Firdose Vandrevala, owns 22.25%.
Sunnynook had bought Nelito's shares from Itochu, a Japanese company, in the early 2000s. Cyrus' younger brother Jerxis Vandrevala and Kersi Gherda, former Tata Power MD, represent Sunnynook on the board of Nelito while P J Nath and Sanjay Dube represent Nelco and Af-Taab respectively. DTS has three members on the board of Nelito.
The Meticulousness of efforts to ensure customer delight by each of the team member during the course of the project is appreciable. - Data Archival Project
Overall we are happy with the services provided by Nelito. The implementation team is sensitive to our support requirements and does a good job.
We are extremely thankful to the whole team who have devotedly committed and created this excellent database. Much of our time was wasted in data retrieval from i link where we were facing lots of issues.
You have given us an awesome product which is superior to our Finacle itself in its display capabilities. The great idea of taking pdf/word/excel option is simply superb. Merging the party code and Finacle CIF and account numbers are another feather in the cap.
We have successfully made Nelito's Fincraft Software for NBFC live in early March for LOS,LMS and Sanjiv Khalkho, Arijit Chakraborty with his team have been very instrumental in making this software live . I would like to appreciate on the turnaround time during the go live phase of the team in getting some of our key requirements done and helping our users to use the software for recording and disbursing all the sales from the software.
In technology side I would like to praise Pramod Navale and Ganesh Khetmalis for in depth knowledge of the product and their technical skills is outstanding. Looking forward for the continued relationship for our next release and whole of 2018.
"We are extremely pleased with the kind of support extended by you and your team for our year end work. Although whole bunch of people worked for making the support seamless from your end, my special thanks to following resources. Anurag, Arpit, Arvind, Pranit, Suraj, Udgran, Nilesh, Leena and Udgrand. Also, thanks to all others who have supported us directly or indirectly at your end."
"For a Bank of our size, this system suffices and is very cost effective. Almost all of the bank’s activities run on the one system. Nelito constitutes a partner more than a supplier and the relationship includes provision of the bank’s underlying technology as well as its Fincraft range of applications."
"The best mix of functionality and technological support and our vision of “Cash Less and Paper Less” work environment for Sonata has come true with our technological partner Nelito. I highly recommend FinCraft Core Microfinance platform and especially integrations with a number of third party services."
"We are happy to use FinCraft Data Archival & Retrieval solution from Nelito Systems; it has given huge ROI in terms of saving revenue by retiring legacy applications. We get all desired reports in a timely manner from the solution."
"Proactive & professionally supportive, technically skilled team."
"My bank is working with Nelito from the last about 9 Years and the services provided by the company may prolong our association."
"Knowledge and service provided to the bank is beyond expectation. And we would definitely engage and recommend solution to others."
"As Vendor strict adherence to process & procedures. Risk Mitigates in Place. Flexible to customer requirements."
"Everything was successfully implemented and tested. The implementation was professionally done in a very efficient and cooperative manner. Migration was very smooth."
Support services provided for Swift is really up to the mark and meets all clients requirement. Kindly keep this ongoing.