Bangalore: India, already known as the world’s back office, is now emerging as a big market for such services as its economy matures and the global economy slows down.
The opportunities of business expansion in the domestic market have even made US-listed Indian firms such as Genpact Ltd and EXL Service Holdings Inc.—that presently cater mainly to the US market—devise aggressive strategies to enter and expand the presence in the country.
The opportunities of business expansion in the domestic market have even made US-listed Indian firms such as Genpact Ltd and EXL Service Holdings Inc.—that presently cater mainly to the US market—devise aggressive strategies to enter and expand the presence in the country.
Genpact—listed on the New York Stock Exchange—has signed four customers among Indian financial services firms and banks in the past three months, its president and chief operating officer (CEO) Pramod Bhasin said.
Declining to spell out his firm’s local strategy, Bhasin said Genpact might scale up to 500-600 people by the end of this year from 20-odd now servicing these customers. It expects revenues to flow from the domestic market from the next quarter.
The Nasdaq-listed EXL Service, on the other hand, is scouting for local buyouts. “We are looking for buyouts in the range of $50-100 million,” said its president and CEO Rohit Kapoor, without elaborating. He, however, said the domestic market looks attractive because of its rapid growth and also as a natural hedge against volatile currencies. “With competition increasing in established markets such as US and the UK, they (BPO firms) cannot afford to ignore emerging markets such as India and China,” said Avinash Vashistha, CEO of Tholons Inc., an advisory firm. India’s domestic outsourcing market could emerge as significant as China, he said.
Demand for business process outsourcing, or BPO, services is rising in the country as domestic telecom, banking, aviation and hospitality companies, among others, try to differentiate themselves with sophisticated customer interactions.
The Indian BPO industry, which already employs 7,00,000, generated revenues worth $11 billion in the financial year to March, of which $1.5 billion came from the local market, according to software lobby group National Association of Software and Services Companies, or Nasscom.
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Declining to spell out his firm’s local strategy, Bhasin said Genpact might scale up to 500-600 people by the end of this year from 20-odd now servicing these customers. It expects revenues to flow from the domestic market from the next quarter.
The Nasdaq-listed EXL Service, on the other hand, is scouting for local buyouts. “We are looking for buyouts in the range of $50-100 million,” said its president and CEO Rohit Kapoor, without elaborating. He, however, said the domestic market looks attractive because of its rapid growth and also as a natural hedge against volatile currencies. “With competition increasing in established markets such as US and the UK, they (BPO firms) cannot afford to ignore emerging markets such as India and China,” said Avinash Vashistha, CEO of Tholons Inc., an advisory firm. India’s domestic outsourcing market could emerge as significant as China, he said.
Demand for business process outsourcing, or BPO, services is rising in the country as domestic telecom, banking, aviation and hospitality companies, among others, try to differentiate themselves with sophisticated customer interactions.
The Indian BPO industry, which already employs 7,00,000, generated revenues worth $11 billion in the financial year to March, of which $1.5 billion came from the local market, according to software lobby group National Association of Software and Services Companies, or Nasscom.
Read more Article...
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