An opportunity to acquire a fast-growing, founder-led Business Process Outsourcing (BPO) and Customer Experience (CX) company headquartered in India, serving domestic and international clients through a structurally low-cost Tier-2 delivery network.
The company has demonstrated consistent organic growth, increasing revenue from US$1.3 million in FY21 to US$18 million in FY26, achieving a 19.5% revenue CAGR between FY23 and FY26.
Its expanding client portfolio has significantly reduced customer concentration, with the largest client’s contribution declining from 55% to 25% of total billing, while the number of billed clients increased from 18 to 52 over the past three years.
The business benefits from a differentiated operating model, supported by government-backed public-private partnership (PPP) delivery centres, enabling substantially lower occupancy costs, adjusted EBITDA margins of approximately 22%, and a highly capital-efficient operating structure.
Key Investment Highlights
Strong and Consistent Growth
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Revenue increased from US$1.3M in FY21 to US$18M in FY26.
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19.5% revenue CAGR between FY23 and FY26.
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Five consecutive years of organic revenue growth.
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Profit growth has consistently outpaced revenue growth.
Diversified and Resilient Client Portfolio
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Largest client concentration reduced from 55% to 25%.
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Top three clients account for approximately 58% of revenue, with concentration declining.
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52 billed clients across multiple industries.
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Core verticals include healthcare, social e-commerce, and banking/financial services, each growing 18–26% annually.
Recurring and Contracted Revenue
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Multi-year contracts across the client portfolio.
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Client retention exceeding 99% over the past six years.
Structural Cost Advantage
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Government-backed PPP delivery centres with nominal rental costs.
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Average rent of approximately US$0.37 per sq. ft., compared with US$1.37 in Tier-1 cities.
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Rental costs approximately 73% below Tier-1 market rates.
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Long-term 5+5-year lease arrangements.
Government Incentives
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Approximately US$1.1M already received under state investment-promotion policies since 2022.
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A further US$1.1M in incentives committed over the next two financial years.
Capital-Light Financial Structure
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Adjusted EBITDA margin of approximately 22%.
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Fixed assets of only US$0.20 per US$1.00 of revenue.
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Total borrowings of approximately US$0.75M.
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Finance costs represent approximately 0.5% of revenue.
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Immediate Capacity for Expansion
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An additional 2,000-seat campus is coming into operation.
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Existing infrastructure provides immediate capacity to consolidate operations and accommodate further growth without significant additional capital investment.
Operational Resilience
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Delivery centres distributed across six Indian states.
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Ability to reroute operations between locations, ensuring business continuity in the event of local disruptions.
International Expansion Potential
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Approximately 95% of current revenue is generated domestically.
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International contracts offer significant upside through higher-margin opportunities using the existing low-cost delivery infrastructure.
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Potential to serve as a ready-made India capability centre for an international strategic buyer.
Expansion into Government Services
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Established e-governance practice supported by multi-year public-sector contracts.
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Eligibility to participate in the majority of tenders within its operating segment.
Operations & Service Offering
The company employs approximately 4,500–4,600 billable professionals, with around 95% working on-site across its delivery centres.
Its core service portfolio includes:
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Customer Experience (CX) and Customer Support.
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Back-Office and Business Process Management.
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E-Governance and Public-Sector Services.
The company operates a proven, human-led and technology-enabled sales platform, having secured more than 30 clients across multiple industries.
Its commercial strategy is evolving towards dedicated industry verticals, with established practices in:
Further expansion is planned into insurance, automotive, travel, and enterprise technology.
