ChrysCapital Gets Edge With $5 M For Global Vantedge

New Delhi: | Updated: Feb 21 2003, 05:30am hrs
ChrysCapital has committed to invest another $5 million in Global Vantedge, a specialised BPO (business process outsourcing) company. This is in addition to the $7 million that was invested by ChrsCapital in the beginning. With this investment, ChrysCapital becomes the majority stake holder in the company, according to Global Vantedges president and country head Rakesh Kumar.

We are in the final stages of confirmation of 3 big multinational clients, and the funds will be used to ramp up our operations. The facilities at the Gurgaon centre will be increased and we are looking at increasing our team strength from the current 200 to 1000 by the end of this fiscal year, he said.

Global Vantedge is the only contact centre operating in the niche market of collections and receivables in India. A majority of BPO players offer a whole gamut of services, from customer service to transaction processing.

We are totally into the receivable market with US as the primary focus, said Mr Kumar.

Global Vantedge is jointly funded by ChrysCapital and OSI (the second largest collection company in US). The company is looking at a turnover of $3 million in its first year of operations and hopes to achieve a turnover of $12 million by the next fiscal year. Global Vantedge currently services 4 clients in the US.

Commenting on the payment and receivable market, Mr Kumar said, The word niche is a misnomer. The total dollars in the US debt market for the year 2002 stands at approximately $1.3 trillion, with a total estimated revenues of some $3.5 billion. There are approximately 3.5 million people involved in debt recovery in US, compare this to a few hundreds in India. It is a market waiting to be explored.