The Kundomal & Co. group owns and manages a diverse portfolio of businesses in a variety of industries. Over the years, the group’s activities have expanded beyond its core business of financial services to include four additional pillars: technology, agriculture, property, and healthcare. The group’s core philosophy is based on sustainable development and providing the best service possible.
Featured in Investor’s Mag, 21th Edition, June 22 – Aug 22
With a presence in three other countries and its headquarters in Mauritius, the Kundomal & Co. group now comprises seven companies that operate independently under the supervision of its CEO and management team. Clients interact with the group through established brands such as Capital Horizons, Gulf Management Services, Riskpro Global, IgKnight, Agrilys, and Atelier de Vie.
“With Loyalty, Innovation, Impact and Agility as part of its values which are today imbibed within all the businesses of its portfolio, Kundomal & Co. became today an inspiration within the entrepreneurial ecosystem and keeps forging itself every step of the way. Sustainable development has been a priority and an inspiration in every business decision we have made, every investment we have made, the solutions we have developed, and the business practices we have adopted. In today’s ever-changing world, where nations face the daunting task of rebuilding their economies due to the global health crisis with the Covid-19 pandemic, in addition to dealing with social and environmental challenges, we believe that embedding environmental, social, and governance (ESG) criteria as part of our corporate strategy has become even more important in managing risks and returns adequately, while ensuring that we build resilient systems for the future. Our ESG standard allows our clients to effectively assess not only the group but its subsidiary companies’ resilience, adaptability, long-term sustainability, and capacity for growth in a holistic manner, paving a path for all of our stakeholders to be part of our decision-making process”, says CEO, Shaan Kundomal.
Capital Horizons is an award-winning boutique provider of financial services with 10 years’ experience in cross-border structuring and corporate management duly licensed and regulated by the Financial Services Commission of Mauritius. The company serves international clients operating in Fund Management, Fintech, Real Estate, Oil & Gas, merchant shipping, and mining. “Our acquired knowledge is at the disposal of our clients to help them attain their investment’s goals in the context of an ever-changing regulatory environment”, says Daroona Moothoosamy, Head of Business Development. She explains that “Capital Horizons also set up a corporate affairs division under its legal and compliance functions to assist companies now desirous of embedding greater Environmental, Social and Governance (ESG) principles within their organisational functions. Innovation & Excellence have always been part of the company’s philosophy. At Capital Horizons, we believe that we advise, support & accompany at each step. It is more than just finance”, says Daroona Moothoosamy.
Gulf Management Services
Gulf Management Services has been established to manage a portfolio of clients with corporate ownership structures across multiple jurisdictions within the United Arab Emirates. The core services within GMS include corporate, tax, accounting, fund administration, and private client services. Gulf Management Services is also a Master Agent & Registered Agent for RAK ICC & RAKEZ, respectively. “With a well-established network across foreign markets, our corporate services team and experienced professionals are ideally positioned to assist and are committed to providing our clients with our best approach and pragmatic solutions to their business needs”, Daroona Moothoosamy tells Investor’s Mag.
RiskPro Global is an independent compliance and regulatory service provider based in Mauritius with a view to expand to the United Arab Emirates. With its dedicated team and specialists, RiskPro Global provides a single window for its clients’ international regulatory compliance and reputation management needs; thereby allowing its clients to focus on their core business while knowing that they have a strong partner by their side who will design, implement, manage, review, and maintain a robust compliance framework and culture within their organisations.
IgKnight Ltd is the local partner and representative of NEC, which provides cybersecurity, public safety, health, and energy solutions to protect businesses and the public environment from threats ranging from cyber-attacks to health concerns such as epidemics with a combination of technology, experience, and experts. IgKnight is also the exclusive importer and distributor of Kodak Alaris (an expert in data management and digitisation) in Mauritius. “At IgKnight, we create unmatched safety and security coverage with greater cost efficiency and increased presence to deter and detect potential threats to your environment”, says Darshinee Annah, Chief Operating Officer.
Atelier De Vie
Atelier De Vie was conceptualised to provide the highest quality of care in both medical and aesthetic services, driven by a multi-talented team who came together to enrich the lives of others. “With a diverse group of specialists in the field of IV & gene therapy, we have established this facility to encompass a unified medical and aesthetics service offering within Mauritius. Our vision is to become an exemplary health care facility which provides a multidisciplinary approach to health, beauty and wellness in Mauritius and to deliver the highest quality of care and the greatest level of customer satisfaction”, Darshinee Annah reveals.
Agrilys is the agricultural arm of Kundomal & Co., pioneering the future of sustainable and smart food production in Mauritius with the objective of positioning the country at the forefront in terms of hydroponic technology. Based in the northern part of the island, Agrilys is producing lettuces (icebergs), cherry tomatoes, beef tomatoes, and herbs through world-class soilless hydroponic systems.
These systems use an integrated artificial intelligence (AI) tool to monitor and take action on the ongoing needs of the crops. The AI not only caters the supply of the right amount of nutritious water while at the same time oxygenating and boosting the natural plant growth processes that are required. The systems are also automated to filter and sterilise, cool or heat, boost immunity and fertilise the plants. The AI does not only cater to the most optimal growth of the plants but also reports, records, and alarms the users constantly on the life cycle of the plants.
The automation of hydroponic farming ensures that the fertilisers & nutrients placed into the water are conserved in the hydroponic tank, which eliminates the potential for the kind of nutrient loss that can occur with soil-based growing methods. “We believe that this computerised measuring, monitoring, alarming, control, and management hydroponic system will bring a revolution to the traditional way of farming in Mauritius, at the same time providing the island with nutrient-rich, pesticide-free, and high-quality vegetables”, explains Johan Jenel, Farm Manager at Agrilys.
While the farm required a lot of investment, it was quite a blow when the CWA refused Agrilys water connection despite being on an agricultural land parcelling project. “The vision of ensuring food security by the government is laudable, but unless the commitment is across the board, the vision will never be implemented. Another example has been the onerous cost of electricity connection, which increased our expenses by half a million, for an electricity throughput which is not stable and continuous (vital for our technology). As a private sector player, we found solutions and sourced water through water tankers and have begun the process of drilling a borehole and looking at backup sustainable electricity generation”, says Rachna Gungadin, Director, Agrilys.
In today’s market reality where companies are facing such global complexity of adaptation and mitigation and with the pandemic that has acted as a wake-up call, at Kundomal & Co. “We have seen a growing need and desire to make future sustainable choices for our growth. We have also noticed similar outlooks among our clients when it comes to their finances. We have heard and understood the wish of investors to re-evaluate traditional investment approaches, considering the facet of sustainability, which has moved with time from the side-line to the forefront. Nowadays, investors tend to direct their capital towards companies that provide solutions to environmental or social challenges and monitor the extent to which their investments are generating positive social or environmental impacts alongside their financial returns, which is why at Kundomal and Co., we believe that it is high time to put the world on a sustainable path!”, says Shaan Kundomal.