India Infoline (IIFL) is one of the leading players in the Indian financial services space. IIFL offers advice and execution platform for the entire range of financial services covering products ranging from equities and derivatives, commodities, wealth management, asset management, insurance, fixed deposits, loans, investment banking, gold bonds and other small savings instruments. IIFL owns and manages the website, www.indiainfoline.com, which is one of India’s leading online destinations for personal finance, stock markets, economy and business. IIFL caters to a customer base of about a million customers over a variety of channels - online, telephone and branch network.
Netmagic implemented a turnkey IT operations setup to manage physical infrastructure, virtual environments, and applications for India Infoline.
For a company with varied interests in the financial services space with offerings ranging from equity research, equities, derivatives and commodities trading to loan products as well as investment banking, it is necessary that it optimally maintains its IT backbone.
After a hugely successful IPO in 2005 and in the face of growing business load of reliably servicing over a thousand branch offices nationwide and nearly a million clients, India Infoline felt the need to streamline its IT infrastructure. All this had to be done while keeping intact the flexibility and agility that enabled IIFL to get here in the first place.
IIFL also wanted to redirect the focus of precious human capital towards its core business, instead of the running, maintenance and upgrading of its IT operations. Thus, the company decided to avail the services of a managed IT hosting service provider who could provide it with a robust, scalable, and a highly available IT infrastructure and manage it for them 24x7.
India Infoline (IIFL) evaluated its options and finally chose Netmagic Solutions as their managed IT hosting service provider.
Says Sankarson Banerjee, Chief Information Officer, IIFL Ltd, "We have been with Netmagic for a very long time. Both companies have grown together from start-ups. Netmagic enabled our growth by providing us with good reliable service, flexibility, scalability at good prices."
He further adds, "We had 2-3 rounds of solution discussions with Netmagic’s team. One thing where Netmagic scores very well is that they a deep understanding of the brokerage business in India. They have worked with many brokerages and understand the functioning of exchanges, brokers and their specific requirements. Our requirements were very business specific and Netmagic understood them perfectly so it was very easy to have a solution conversation with them. Some of these conversations take a long time because the underlying technology has to be experimented with. It has been a very good experience with Netmagic."
Netmagic streamlined IIFL’s existing IT infra resources and provided a turnkey solution for automated centralization of all IIFL’s key client applications including database management, network management, server management, security management, trading application management, project and vendor management.
"Our experience with Netmagic has been very positive. We have had a very good experience with the people we have interacted with and are satisfied with the level of service we have received from them,"says Sankarson Banerjee, Chief Information Officer, IIFL Ltd
This is evident in the way the relationship between India Infoline and Netmagic has progressed. When India Infoline needed to upgrade its trading software and move its broadcast servers to cloud, which runs at its peak during trading hours, and ran on 70 odd servers, it turned to Netmagic for support. India Infoline took ten days to migrate around 54 broadcast servers to the cloud with help from Netmagic Solutions, as against the almost six weeks timeframe required to provision a server in-house.
"For the success of cloud computing in our enterprise environment, it was essential to ensure that both the versions of our trading application ran fine during migration. It was a tough call when it came to procuring 70 more servers to run the new application in parallel," says Sankarson Banerjee, Chief Information Officer, IIFL Ltd.
Since it was not possible to buy 70 additional servers, Banerjee settled on using Netmagic's cloud computing service. "We must have been one of the first companies in India to run production servers on the cloud," says Banerjee. The project started off with the migration of two servers. Since the performance of broadcast servers is time sensitive, there were doubts about the Netmagic cloud's performance capabilities. Scalability issues were also concerns, when it came to auto scaling. Another concern for India Infoline revolved around backups of data on the cloud. Discussions with Netmagic’s engineering team helped alleviate India Infoline’s concerns around performance, data backup, scalability and high availability of their IT infrastructure.
Recently, India Infoline has added 35-cloud service more instances at Netmagic’s datacenters for scalability of trading applications. Netmagic has also ensured application level redundancy (N+1) with load balancing across separate locations (Cloud and Private virtualized grids). This has led to an assured uptime and high availability for India Infoline’s portal as well as their applications.
Netmagic’s turnkey IT services plan took care of all IIFL’s IT infrastructural and automation needs. Netmagic was able to bring down physical server requirement at IIFL to a mere 30% by effectively scaling and streamlining the company’s existing IT infrastructure. Understanding IIFL’s need for assured uptime, Netmagic seamlessly automated all of India Infoline’s IT environments keeping the mission critical and dynamic nature of the client’s business in mind. The virtualization and centralization of all key client application not only meant that management would be easier and more efficient, but by handling all of its IT operations through its turnkey solution Netmagic was able to free up valuable human capital for India Infoline to focus and utilize for core business functions.
"With Netmagic’s support we have been able to expand very fast, much faster than if we had to manage our own servers. We have been able to get scalability on-demand on fairly short notices. We have been able to experiment with technologies like Cloud, which we would not have been able to as in-house skills would have been a problem. We have been able to keep our costs under control because of Netmagic. With Netmagic as our partner, we have been able to gain reliability in business, which would have been difficult to manage internally," says Sankarson Banerjee, Chief Information Officer, IIFL Ltd