Zicuro

What Zicuro does

Zicuro Technologies Pvt. Ltd. is a Mumbai-based, privately held software vendor that builds an integrated ERP platform for participants in the derivatives market — specifically brokers, trading desks, and banks operating across global exchanges and OTC markets. The platform is structured in three modules: a Front Office trading desk that consolidates access to global exchanges and intermediaries on a single screen; a Mid Office Risk Management System providing real-time consolidated margin, balance, shortfall, and Greeks monitoring with rule-based alerts; and a Back Office accounting and reporting engine offering double-entry, multi-currency, multi-entity ledger support across equity, commodity, and FX cash and derivatives segments, with built-in regulatory reporting formats for multiple jurisdictions. The company is positioned as a comprehensive front-to-back-office replacement for fragmented, manually reconciled trading operations.

The business operates as a subsidiary of the Abans Group, a diversified Indian conglomerate founded by Mr. Abhishek Bansal spanning broking, NBFC, financial services, agri-commodity, warehousing, realty, infrastructure, gold refinery, metal trading, wealth management, and pharmaceuticals. Zicuro's go-to-market is enterprise field sales targeting financial institutions in India and overseas, with an emphasis on the IFSC (International Financial Services Centre) segment. Pricing is custom and not publicly disclosed, consistent with enterprise software licensing on a recurring subscription basis. Its most notable disclosed customer engagement is a 2023 technology partnership with one of India's top three private sector banks for its IFSC banking unit. The team is small — approximately 6 employees — led by Group CTO Shiv Shankar Singh (architect of the BSE BOLT disaster recovery system) and Whole-time Director Rupesh Shah, with senior capital markets expertise concentrated in clearing, settlement, and post-trade processing.

Name

Zicuro

Legal name

Zicuro Technologies Pvt. Ltd.

Website

https://zicuro.com

Company type

Private

Operating status

Operating

Headcount range

1–10 employees

Short description

Zicuro Technologies is a Mumbai-based ERP software vendor for derivatives market participants, offering an integrated front-to-back-office platform covering trading, risk surveillance, and multi-currency accounting for brokers, trading desks, and banks across global exchanges and OTC markets.

Ownership category

akta.pro rank

Product category

Derivatives Trading ERP / Capital Markets Software

NAICS

Securities and Commodity Contracts Intermediation and Brokerage (5231), Custom Computer Programming Services (541511)

SIC

Security & Commodity Brokers, Dealers, Exchanges & Services (6200)

akta.pro primary industry

Multi-Asset Electronic Trading Platforms (FSAFANAH)

akta.pro secondary industries

Treasury & Risk Management Solutions (FX/MM, hedging, TMS integration) (FSABAIAE), Enterprise Risk Management (ERM) (HDADAIAC), Algorithmic Trading & Execution Platforms (FSAFANAN)

Keywords

• Derivatives trading software
• Risk management system
• Multi-asset trading platform
• Post-trade compliance
• Financial ERP software

Headquarters

HQ city

Mumbai

HQ country

India

HQ region

Asia

Offices1 record

Markets served

GTM type

B2B

Offering type

Software

Cost components

Technology or R&D, Personnel, Operations, Marketing or Sales

Revenue model

1. Enterprise Software Licensing: Enterprise ERP software licensing model providing access to trading, risk management, and back-office functions on a recurring subscription basis for derivatives market participants

Go-to-market motion1 record

Distribution channels1 record

Marketing channels1 record

Core offering

Zicuro provides an integrated derivatives trading ERP for institutional market participants, combining a front-office trading desk, a mid-office risk management system (RMS), and a back-office accounting and reporting module into a single platform. The product supports multi-asset derivatives trading and automates post-trade compliance, real-time risk monitoring, and financial reporting. It is targeted at banks, brokers/FCMs, prop trading desks, and asset managers seeking a unified, end-to-end derivatives workflow.

Product overview

Zicuro offers a unified, integrated ERP system for derivatives market participants comprising three core modules: Front Office (Trading Desk) for accessing global exchanges and intermediaries from a single screen; Mid Office (Risk Management System) for consolidated margin/balance monitoring, real-time alerts, and risk surveillance; and Back Office (Accounting & Reporting) for comprehensive multi-currency double-entry ledger, regulatory compliance, and reporting. The system supports multiple asset classes (Equity, Commodity, FX), multi-currency operations, OTC markets, and integrates built-in trading strategies for automated execution. The three modules are designed to work seamlessly together to address pain-points in trading, risk monitoring, and post-trade operations for Brokers, Trading Desks, and Banks.

Differentiator

Problem solved

Functional benefit

Products and services

• Zicuro Integrated Derivatives Trading ERP

Quantifiable outcome

• Saves valuable time and efforts for market participants allowing focus on core business functions

Named customers1 record

Segments3 records

Ideal customer profiles3 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature5 records

Partnerships

One partnership is on record.

• One of India's Top Three Private Sector Banks (Unnamed)coreTechnology or Integration · 28 April 2023Zicuro Technologies was selected as a technology partner by one of India's top three private sector banks for their IFSC (International Financial Services Centre) banking unit. This partnership was covered by The Free Press Journal in April 2023, highlighting Zicuro's role in providing technology solutions for the bank's international financial services operations.

Scale indicators2 records

Recent moves3 records

Expansion highlights4 records

Broad incumbents

• ION Group: ION owns Fidessa, Openlink (commodity trading), and other capital markets platforms covering trading, risk, and post-trade workflows. It is a broad incumbent competing in the same derivatives and treasury technology space as Zicuro.
• Finastra: Finastra offers a broad suite of capital markets, treasury, and banking software, including trading, risk, and post-trade components. It competes with Zicuro in the treasury and capital markets ERP layer, particularly for banks.
• Oracle Financial Services (OFS): Oracle Financial Services provides treasury, risk, and capital markets applications within its broader banking software portfolio. It is a broad incumbent competing in the bank-side treasury and risk ERP space.
• SAP (Banking / Treasury): SAP offers treasury management, risk, and finance applications as part of its broader enterprise suite, including multi-currency and multi-entity accounting. It is a broad incumbent that overlaps with Zicuro's back-office accounting and reporting capabilities for banks.
• FIS (Fidelity National Information Services): FIS provides large-scale capital markets and treasury software, including the Front Arena and other trading/risk platforms used by global banks. It is a broad incumbent with overlapping capabilities to Zicuro's multi-asset ERP.

Direct peers

• Calypso Technology: Calypso provides a cross-asset trading, risk, and processing platform for capital markets, including derivatives, FX, and securities financing. It is a direct peer in delivering an integrated front-to-back-office solution to banks and trading desks.
• Murex: Murex's MX.3 platform is a leading integrated trading, risk, and post-trade processing system for derivatives across multiple asset classes globally. It is the most direct functional competitor to Zicuro's front-to-back ERP for capital markets participants.
• Broadridge Financial Solutions: Broadridge provides post-trade processing, regulatory reporting, and trade communication solutions for capital markets participants globally. It overlaps with Zicuro's back-office accounting, reporting, and regulatory compliance modules.

Emerging players

• Eka Software Solutions: Eka provides a CTRM and commodity trading/risk platform for physical and financial commodity participants, with growing multi-asset capabilities. It is an emerging player competing for the same broker and trading-desk customers as Zicuro in the Asia-Pacific region.
• Quantifi: Quantifi offers derivatives pricing, analytics, and risk management software for structured credit, fixed income, and derivatives. It is an emerging player with functional overlap to Zicuro's risk management and analytics modules.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/zicuro

Revenue estimate

Valuation estimate

Number of profiles

Profiles6 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Zicuro