3i Infotech Consumer Services, a subsidiary of 3i Infotech , will launch a money management software this week, making its first move into the mushrooming personal finance software product market. The market has seen growing interest from both companies and investors considering the rising number of tax payers in the country and broadband subscribers.
The money management software will be called MyMoney and like competition products, will be available on the Software as a Service (SaaS) model. In other words, it will be available over the Internet on a yearly subscription fee of Rs 300. The product will help consumers upload cash, bank and credit transactions; the software can then classify expenses, assets and liabilities and generate reports that analyse expenses.
In February this year, US-based Intuit launched a financial software product called the Intuit Money Manager for a subscription price of Rs 365 a year. And Bangalore-based start up Perfios, amongst the first movers in creating a software solution to manage personal finance, recently raised $2 million.
India has more than 100 million salaried employees and industry watchers believe about 20 million of them could be the early adopters of a personal finance software product.
3i Infotech Consumer Services currently has an electronic tax returns filing product Taxsmile and digital signature certificates service eMudhra.
The consumer services subsidiary was launched in 2008. Last fiscal, it contributed Rs 17 crore to its parent?s kitty. MD and CEO of Consumer Services Ravi Jagannathan said it could take up to three years more for the subsidiary to contribute meaningfully to the parent firm’s top line.