For Immediate Release
Mumbai
ICICI OneSource Ltd. (I-OneSource), one of India’s leading business process outsourcing (BPO) companies, today announced that it had signed definitive agreements with Temasek Holdings of Singapore and WestBridge Capital for raising fresh capital to fund its growth. This marks Temasek’s first investment in the Indian BPO industry.
Ananda Mukerji, Managing Director and CEO, ICICI OneSource said, “We are pleased to welcome Temasek Holdings, an experienced, high-quality investor as a shareholder in the company. Temasek, which has helped create successful regional companies, will add significant value to ICICI OneSource and will help us enter the Asia-Pacific market. We are also pleased that WestBridge Capital Partners has demonstrated their continued confidence in the company by participating in this investment round. This round of capital raised positions us strongly to execute our ambitious growth plans.”
Mr. Manish Kejriwal, Managing Director, Temasek Holdings Advisors India said, “ We believe that India has a significant advantage in being able to provide good quality services at competitive prices. We are optimistic on this investment theme and we view ICICI One-Source as a company that has huge potential in this respect. It has a top-notch management team and a high quality professional board. In addition to being financial investors, we believe we can add strategic value and derive synergies with many of our portfolio companies in Singapore and in the region.”
Mr. KP Balaraj, Managing Director, WestBridge Capital Partners said, “We have a high degree of confidence in the leadership ability of CEO Ananda Mukerji and his management team at ICICI OneSource. I-OneSource is a clear market leader in the BPO space, and is very well positioned to become a sector leader globally. BPO has the potential to replicate the wealth creation of the IT Services sector in India, and we are very excited to continue to partner and support I-OneSource in their growth plans.”
ICICI OneSource, ended financial year 2003-2004 with revenues of US $42 million recording 134% year-on-year revenue growth making it one of the fastest growing BPO companies in India. The company has adopted a strategy of strong organic growth complimented by a judicious and focused acquisition strategy to enhance capabilities and reach.
About ICICI OneSource
ICICI OneSource (I-OneSource) is among India’s leading BPO companies providers with proven full service expertise for consumer industries including financial services, retail, telecom, media and utilities. Its global delivery standards have resulted in multiple long-standing client relationships with FTSE 100 and Fortune 500 companies and have made it a clear leader among Indian BPO companies in the UK market. ICICI OneSource adds value to its client’s businesses through well-established and structured methodologies, tools and techniques. ICICI OneSource is committed to quality and was the world’s first company to achieve COPC-2000 CSP certification for back office processing and was the first Indian BPO company to attain BS 7799 certification. The company currently has approximately 4000 employees across five offshore delivery centers in Bangalore and Mumbai and in-market teams in the US and in UK.
For more information contact:
Vrinda Walavalkar Head, Corp. Communications
ICICI OneSource Ltd
Ph: 91.022.5666 0841
mobile: 98201 83933
Email: vrinda.walavalkar@icicionesource.com
