A small group of professionals formed an Information Services Company*
The company was formed in October 1995 with a vision to produce high quality, unbiased, independent research on the Indian economy, business, industries and corporates.
*The company was originally incorporated as Probity Research and Services Pvt.Ltd. The name of the company was later changed to India Infoline Ltd.
The quality gets recognition
The quality of this research soon resulted in a client list that read like a who's who of Indian business and finance, from Hindustan Lever To Tatas, from Crisil to McKinsey, from SBI to Citibank.
Onwards and upwards!
We launched our research products – Probity 200 Company Reports, followed Economy Probe, Sector Reports covering Pharmaceuticals, Information Technology, Oil & Gas and FMCG among others. Leading FIIs, brokers, banks and companies were immediate subscribers.
The launch of www.indiainfoline.com
Up popped a crazy idea – if all this research were to be available free on the internet, the number of users could well leap straight from hundreds to millions. We took the plunge and thus www.indiainfoline.com was born! CDC(now Actis) was the first private equity firm to invest US$1mn.
Launched online trading through www.5paisa.com
This was the year we became one of the pioneers of online trading, with the launch of 5paisa.com, a paradigm shift, with full service brokerage at 0.05% when the industry was at 1-1.5%. We received growth capital from Intel and others in this year of 'dot-com euphoria'.
Dot com bust- and preparations for better times!
The 'internet bubble' burst with a vengeance and funding just vanished. We persevered, nevertheless, with laying the foundations of our distribution business, becoming India's first Corporate Agent for Insurance, tying up with ICICI Prudential Life Insurance.
Difficult year – Survive without losing focus
There was global gloom. The internet bubble burst, the economy witnessed a slowdown and the stock market was paralysed by the Ketan Parekh scam. We conserved resources, focused on survival and avoided any distractions, which were away from our core competencies i.e. financial services.
Trader Terminal – Our proprietary software to revolutionize online trading
Convinced that technology was game changer, we launched the 'Trader Terminal', a pioneering technology that we built over 3 years, shall we call it retail investor's Bloomberg. The product became an instant hit and remains sought after even to this date.
Our commodities license
We were again at the forefront to offer commodities broking to retail investors. A coincidence may be, but this was when our magical linkage between transactional and advisory expertise began.
Our Maiden IPO – the tipping point
Listing on the NSE and BSE gave impetus and momentum to expansion, scaling up and funding. It was again full steam ahead. The IPO was at Rs15.2(adjusted for split) and shareholders have received Rs15.7 by way of dividend. The price was Rs60.65 as at FY13 end.
Commenced our lending business
This was another major move for our group – from fee-based to fund-based business. From a modest beginning with all processes and controls, the NBFC was later to become the most dominant business line.
From retail to wholesale – Institutional Equities begins with a bang
A high profile institutional team from the then leading foreign brokerage house joined us in what was a first deal of its kind in the Indian broking industry, making IIFL the port of first call for FIIs and Mutual Funds.
Launched IIFL Private Wealth Management
IIFL Wealth’s business model, in contrast to the traditional industry's practice of driving revenues through distribution and commission, focuses on advisory fees as core income, ensuring alignment of interests with those of our clients. Meanwhile, we transitioned from a corporate agent to insurance broking.
Our first global investor conference, Enterprising India, held in 2009-10, received an overwhelming response. It was attended by 450 fund managers, 67 corporates and thought leaders like Jim Walker, David Bloom and Brahma Chellany among others.
IIFL became the first Indian broker to register on the Colombo Stock Exchange. In the same year, IIFL received in-principle approval for membership of the Singapore Stock Exchange.
The Launch of IIFL Mutual Fund
We incorporated the IIFL Asset Management company, and in doing so, ensured our coverage of the entire gamut of financial services.
Announcing the Real Estate Fund
A debt and equity linked investment instrument, this fund's focus is on affordable residential segments in the top seven cities in India. The maiden fund raised Rs5bn, as testimony to customer's trust.
The biggest AIF and all time high income and profits
We launched AIF raising Rs6.28bn, the largest AIF fund in India, till date. Over the years, our business model has been de-risked and is no longer dependent on cyclical capital markets. Reported all time high income of Rs26.65bn and PAT of Rs2.79bn.
Set up advisory services for succession and estate planning in IIFL Wealth Management
We created a niche by providing bespoke solutions in areas of succession planning, asset protection and administration services integrated with its family office proposition.
Our consolidated income was at Rs 36.7 billion and profit after tax stood at Rs 4.5 billion for the financial year ended March 31, 2015.
Backed by marquee institutional investors
Fairfax Group belonging to the reputed global investor Mr. Prem Watsa of Canada invested INR 13,414 million (US$ 202 million) by secondary purchase of IIFL Holdings shares through an open offer.
CDC Group plc, the United Kingdom’s development finance institution, invested INR 10,050 million (US$ 150 million) in NBFC subsidiary, India Infoline Finance Ltd.
General Atlantic, leading global growth equity firm, invested INR 9,038 million (US$ 134 million) in IIFL Wealth Management Ltd through fresh issue of equity shares and additionally INR 1,591 million for acquisition of shares from employees of IIFL Wealth.