Norwest Venture Partners leads USD 20 M investment in Adventity

Mumbai, Jan 17 (UNI) One of the market leaders in providing finance focused and highly differentiated, strategic Knowledge Process Outsourcing (KPO) and BPO services, Adventity today announced that they have secured USD 20 million from an investment group led by Norwest Venture Partners (NVP), a global technology venture capital firm.

This deveoplment comes after NVP investing USD 10 million in Web 2.0 pioneer Sulekha.com in November last year.

''While a portion of amount will be used by us in opening three new offices in Europe and Asia including one in Hong Kong, the remaining part would be spent on opening a new office in Chennai,'' CEO of Adventity, Kumar Subramanian said.

The company already has two offices in India, both located in Mumbai employing 2,000 people and after opening our third office in Chennai by the end of the calendar year, we would recruit 3,500 more staff, he disclosed.

Managing Partner of NVP, Pramod Haque will join Adventity's board of directors as part of this investment.

''Adventity has quickly emerged as a force in the KPO, mortgage and payments processing industry and with a highly skilled professional workers coupled with a value-added approach, Adventity offers the highest level of research and analytical services for the financial services industry,'' he explained.

''To move up the value chain, India needs to be focussed on offering high-value, high-impact differentiated services that require deep domain expertise of which Adventity is a perfect example,'' he elaborated.

Later, Mr Subramanian spoke to UNI on the sidelines of the media briefing.

''My company had plans to get listed in one of the stock market exchanges in the country within the next couple of years,'' he disclosed.

''The marketplace is increasingly receptive to Adventity's services, as we are being rewarded progressively with more mission- critical client assignments,'' Adventity's CEO, Niket Patankar said while commenting over this latest development.

UNI