Pune, Nov 10: Mphasis Corporation, founded by ex-Citibankers and led byJerry Rao, is completing it first year of operations with a turnover of $6million. The California-headquartered company with development centres inMumbai and Pune, is expecting a 333 per cent growth next year and a turnoverof $20 million. MphasiS is looking at a Nasdaq listing and planning an IPOduring the second half of next year or by 2001."Following the company's success in providing e-business solutions to US andEuropean companies, MphasiS, is now planning to introduce e-businesssolutions for Indian banks, financial institutions and start-up Internetcompanies," said Jerry Rao, who was in Pune along with other companydirectors to attend the company board meeting. Of the $20-million turnovernext year, Rao is expecting 10 per cent business from India. MphasiS hasalready achieved the operating break-even point this year. The company isplanning to double its team of 250 across US, Europe and Asia to 500 by endof next year. Majority of this staff would be based in India. MphasiS willalso be opening up offices in Tokyo and Sydney early next year.
Apart from the founder, the company is funded through venture capital fundfrom Baring Private Equity Partners and Priceline.com CEO, Richard SBraddock. The company's e-business domains are financial services, media andInternet companies. Rao said that they were exploring business in thetelecom area and would look at acquisitions to enter this business.
In India, MphasiS has already started working for ICICI Ltd for its personalfinance services and set up their web-enabled call centre. Rao said he waskeen on working with companies interested in using the net andnet-technologies to create just-in-time one-to-one marketing and integratingofferings across channels. The local market has been Mphasis largestdevelopment base for design, development and support required to provideweb-enabled solutions for global companies, including start-up Internetcompanies.
"Mphasis top priority in India is now to closely work with companies,financial institutions and banks to develop e-business solutions that canbecome a critical business tool by leveraging the power of the Internet withits cost-saving benefits, to deliver enterprise-wide customer relationshipmanagement and channel integration solutions," said Rao. Rao said that"following Mphasis successes in providing e-business solutions for US andEuropean businesses, it now plans to introduce e-business solutions forcompanies and institutions in India-anticipating high growth potential fore-business in the country."
Copyright © 1999 Indian Express Newspapers (Bombay) Ltd.