ChrysCapital Invests $10 M In BPO Firm Ephinay

New Delhi: | Updated: Feb 21 2003, 05:30am hrs
ChrysCapital will invest $10 million in Ephinay for an undisclosed stake, a finance and accounting business process outsourcing (BPO) company, according to ChrysCapitals senior managing director Ashish Dhawan. Ephinay is in the process of signing on its first customer, a Fortune 50 US firm.

Ephinay, pronounced F&A, is looking for acquisitions in the US, The investment by ChrysCapital is just the initial round of funding and we will be looking at more partners when we boil down to acquiring a financial company in the US, Ephinay president and chief operating officer Michael D Gantt told media persons in New Delhi on Thursday. A bulk of the investments will be used to shore up the India centre located in Gurgaon, he informed.

The US market for finance and accounting market is expected to grow to around $38 billion in 2005, representing 20 per cent of the total BPO outlay, Mr Dhawan said, quoting an IDC survey. Ephinay proposes to tap this market and is looking at Fortune 1000 and Global 2000 companies for growth. The primary focus is the US and European markets, and it intends to open another offshore centre to mitigate risks, Mr Gantt said.

Ephinay plans to add around 500 people in the near term at its facility in Gurgaon and open another centre in India.