TransWorks Ropes In New VC, Looks At $10 M In Revenues

Mumbai: | Updated: Jul 30 2002, 05:30am hrs
ChrysCapital-funded call centre and BPO company TransWorks is set to announce the closure of its latest round of funding in the next couple of weeks. As reported earlier by eFE, the company is understood to have closed between $5-7 million and has roped in a VC investor as part of this round.

ChrysCapital, which currently holds a majority stake in the company, is also likely to increase its stake in the company, according to TransWorks chief executive officer Prakash Gurbaxani. Commenting on the company’s overall performance, Mr Gurbaxani said that the company planned to close the current financial year with revenues of about $10 million.

On the issue of whether the company will consider a merger with a larger player like some of the market leaders in the space (Spectramind has sold out to Wipro and Customer Asset to ICICI), Mr Gurbaxani said, “We have the opportunity to create a big business, we are still small so a merger is not really an option at this point.”

Commenting on the impact of these high profile mergers on the market as a whole, Mr Gurbaxani said, “Only companies who can achieve a scale of $100 million in revenue with a 20 per cent net margin and are able to take their companies public are likely to survive the business. Additionally, they will need to have access to the debt market.”

He also stated, “If they don’t emerge in the next 24 months, they are not likely to emerge at all since we are all now up against very big players with deep pockets.”

Transworks also announced on Monday that it has become the first company in the world to have its Outbound Telesales Services conditionally certified to the COPC-2000 Standard (Release 3.2). The certification is applicable to TransWorks’ Mumbai-based call centre which provides voice and Web-based customer support services. The audit parameters for this certification cover leadership, people and processes, according to Mr Gurbaxani.

The recruitment and training methodology, quality of service, customer and end user satisfaction as well as attrition rate were some of the considerations under the ‘People’ criteria. Under Process, the audit has looked into service delivery, monitoring and measurement of client as well as end user satisfation.