It was impossible for me to figure out their business…for the last three year(as long as I checked) they have been investing Rs. 40 to 80 cr in servers and software which seems strange to me.
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Seems to be a perfect money laundering plot.
Wonder why were Bachchans so hooked to this stock ?
I had a small position in this only because it’s the only listed player in this space from India.
It could have been a huge cash machine only if the promoters were honest.
Disc: Exited long back
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I disliked his speech. He pitched that making 1 cent per transaction is certain way to make billions. That 1 cent loss on each transaction can make him poor too. But he talked in sure and certain way to pitch his company. If market making is so certain then Bank/lenders will ask more money for lending so instead of 1 cent/transaction they will ask 1 cent/ 2 transactions.
Disc: Not invested.
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Now, this article seems to suggest that Stampede Capitals investments in Longfin Corp is INR 800 Cr!
The 2017 Annual report has mentioned that Stampede has a subsidiary by name Longfin Ltd St Vincent. Guess after listing it is known as Longfin corp.
Also, Longfin has a new service line - Ziddu.com, related to crypto currencies, which has taken the stock from 5$ to 60$ in no time!
All this makes me wonder why is Usha Meenvalli selling her stake in the company?
Will the Northgate episode repeat again?
Disc: Invested only tracking position.
Found an article on Longfin Corp & Mr Venkat Meenvalli’s opinion too!
Game Over I think
https://seekingalpha.com/article/4179295-longfin-corp-going-bankrupt-stock-heading-zero-soon
Short stay at NASDAQ. Company is now delisted and trades on OTC / PINK
SEC has filed an amended complaint against Longfin and Meenavalli. Provides interesting details about how they generated revenue
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