Neeraj Bhargava, CEO, WNS Global Services, is believed to be quitting the BPO firm to set up a private equity fund with Harsha Raghavan, former managing director & head of India, Candover. Bhargava refused to comment when contacted but a source says he?s likely to put in his papers soon. Bhargava, who was earlier managing partner of the India-based venture fund, eVentures India and has also done a stint with Warburg Pincus, may move on next month. Candover India, part of a global buyout fund, had suspended Indian operations recently.
A mail from Bhargava?s office said, ?Neeraj does not want to comment on this topic, he is still the CEO of WNS.?
When contacted, Harsha Raghavan said, ?I can confirm that Candover has suspended its Indian operations but I have not yet decided my future plans.?
WNS Global Services has been in the limelight with Warburg Pincus wanting to sell a 50% stake in WNS but has not done so due to differences with prospective buyers on the valuation. Warburg Pincus holds about 70% in WNS and remains on the lookout for a buyer although WNS is not believed to be keen to see a change in the ownership.
In setting up his own fund, Bhargava joins the ranks of other private equity veterans such as Renuka Ramnath, former MD, ICICI Venture, and Subbu Subramaniam, former partner with Baring Private Equity Subbu, who quit following differences with founder partner Rahul Bhasin. Ajay Relan, former India head of Citigroup?s PE arm, Citi Venture Capital International, has also raised $250 million for his fund CX Partners.
Bhargava who co-founded WNS (Holdings) in 2002, served as president and group CFO, prior to taking on his current role of CEO, WNS. He was also a partner at McKinsey & Company and worked in the New York, London and Mumbai offices.
Ramnath, who set up the PE fund, Multiples Alternate Asset Management, along with her colleague, Sudhir Variyar, is in the process of raising about $500 million.