- **lead** - Tomorrow Technologies Global Innovations is a company in the middle of a deliberate reinvention - it was a niche Indian equity-research house for over two decades and is now repositioning itself as a developer and exporter of emerging-technology intellectual property. Originally founded in 1982 and known for years as Chamatkar.net/Chamatkar.com before changing its name to CNI Research Ltd. in 2007, the firm built a reputation by producing proprietary research on small and mid-cap companies - a corner of the market it described as fragmented and poorly covered - and distributing it to over 900 foreign institutional investors through global platforms like Bloomberg and Thomson Reuters. The recurring approach that explains everything else is this: the company creates in-house intellectual property, whether research reports or AI-driven software platforms, and then monetises it through global partnerships and revenue-sharing arrangements, using the cash flows and relationships from one chapter to fund the next. # Business segments Two engines at different stages - a legacy equity-research franchise that still generates the bulk of revenue, and an emerging-technology DevOps and IP business being built through a Singapore-led consortium, with a sportstech partnership as its first live use case. ## 1. Equity research and content: the legacy cash engine **A SEBI-registered research house that produces proprietary reports on overlooked small and mid-cap Indian companies and distributes them globally through blue-chip financial-data platforms, earning revenue from subscriptions, content sales and equity trading.** - **Specialist in the neglected end of the market** - the company focuses on small-cap and mid-cap companies, a segment it says is fragmented, poorly covered by large brokerage houses and characterised by limited information, so it helps promoters unlock the true potential of their stock while giving investors rational decision-making tools. - **Proprietary research is the moat** - all content is created in-house by a team that includes MBAs, CFAs, CAs and economists, and the company describes its research as unparalleled, claiming that competitors “do not have access to quality content and are unable to produce high-quality research from the content available”. - **Distributed through the world’s biggest financial terminals** - reports are placed on global platforms including Bloomberg, Thomson Reuters, Dow Jones Factiva, Capital IQ (a Standard & Poor’s business) and FactSet, reaching over 900 foreign institutional investors through revenue-sharing agreements with these channel partners. - **A track record it publishes monthly** - the company claims a 95% strike rate in calls generated in A-group investment and trading, and states that since the 2008 financial crisis its qualitative research and position-trading calls have consistently generated positive returns, with performance results published monthly on its website. - **Revenue tied to stock-market activity** - over 90% of the company’s revenue has historically come from the Equity segment, meaning the purchase and sale of equity shares, making the business heavily dependent on stock-market conditions. ## 2. Emerging-technology IP and DevOps KPO: the pivot under construction **A global DevOps and knowledge-process-outsourcing business built around developing and monetising intellectual property transferred from a Singapore-led consortium, with the company acting as a dedicated centre of excellence for AI, blockchain and other deep-tech platforms.** - **Paid to develop and operate** - the company acts as a global DevOps KPO for the consortium, receiving compensation at an appropriately determined value for all IPs of consortium companies, and it also offers services to other emerging-tech firms as a global “Emerging Tech DevOps Center of Excellence”. - **Owns whatever it builds** - the company will own all intellectual property it develops, making it, in its own words, “a key player in the emerging technologies domain” rather than merely a contractor for hire. - **Five planned technology platforms** - the company has outlined five strategic business units, all described as planned or early-stage: a multi-sensor sportstech platform, an AI-powered unicommerce bot platform, a corporate asset tokenisation platform, a hardware-based POSless micro-payments platform, and planned M&A of early-stage emerging-tech businesses. - **Early contracts are already live** - the company has contracted for technology platform development services for a blockchain tokenisation framework worth SGD 1,00,000 and technology DevOps services for an AI Recruit Tech Platform worth AED 4,25,000, both for overseas companies. ## 3. Sportstech platform: the first live use case of the new strategy **A sensor-driven, AI-based athletic performance platform operated through a partnership with US-based Joybox Active, where the company earns continuous revenue from all global transactions as the DevOps lead and from all Indian subcontinent deals as the business-development partner.** - **A wearable-tech platform for athletes** - Joybox Active has launched a multi-sensor, multi-axis sportstech platform that provides AI analytics and biomechanical visualisation for aspiring professional athletes, built collaboratively by teams in the US, Singapore, the UAE and India. - **Two revenue streams from one partnership** - the company is the India and South Asia business-development partner for Joybox, earning substantive revenue from deals in the subcontinent, and it also leads DevOps globally for Joybox, earning continuous revenue from all global transactions on the platform. # Group structure and partners **A publicly listed Indian company with a tight board, a newly formed consortium of strategic technology investors as shareholders, and a global distribution network carried over from its research past.** - The company is listed on the Bombay Stock Exchange (BSE: 512018, B category) with a paid-up share capital of 11,48,04,500 shares, and its board consists of five directors - Managing Director Kishor P. Ostwal, one non-executive non-independent director, and three independent directors. - The strategic technology consortium is represented by Singapore-based Seed Factory Pte. Limited, and its members - Seed Factory, Evolution Partners FZC, Mosaiq Mediation LLC and Haitech Solutions Pte Limited - became shareholders in November 2024 through the conversion of optionally convertible debentures issued against the technology transfer. - The company has an associate, Teknopoint Mercantile Company Private Limited, in which it holds a 48.96% equity stake effective August 2024, and it received regulatory approval to incorporate a subsidiary in the Dubai International Financial Centre, though that entity was later voluntarily struck off. - The legacy research-distribution network includes formal channel-partner relationships with Thomson Reuters, Dow Jones Factiva, Capital IQ, Bloomberg, FactSet and several other global financial-information platforms, a network the company built over two decades.