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Firstsource

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Firstsource Solutions Limited
Company typePublic
IndustryBusiness process management
Founded2001; 24 years ago (2001)
HeadquartersMumbai, Maharashtra, India
Key people
ServicesBusiness process outsourcing, knowledge process outsourcing
Revenue₹79,803 million (US$940 million)[2]
₹5,945 million (US$70 million)[3]
Number of employees
34,144+[4]
ParentRP-Sanjiv Goenka Group
Websitefirstsource.com

Firstsource Solutions Limited is an Indian business process management company headquartered in Mumbai, India. It is owned by RP-Sanjiv Goenka Group.[5]

Firstsource provides business process management in the banking and financial services, customer services, telecom and media, and healthcare sectors. Its clients include financial services, telecommunications and healthcare companies. Firstsource operates delivery and service centres in India, the United States, the United Kingdom, the Philippines, Mexico, South Africa, Australia and New Zealand, Romania, Trinidad and Tobago, and Turkey.[6][7][8]

The company is listed on the Bombay (BSE) and National Stock Exchange of India (NSE) since 2007. In 2021 Firstsource generated revenues of INR 50.8 Billion (US$670 million).[9]

History

Firstsource started its operations in 2001 as ICICI InfoTech Upstream Ltd, a business process outsourcing organisation wholly owned by ICICI Bank, India’s largest private financial services organisation.[10] Its name was changed to Firstsource Solutions Limited in 2006.[11] The same year, Firstsource opened a branch office in the Philippines.[10] In 2007, it became a public company listed on the Indian Stock Exchange.[12]

Acquisitions

In 2002, the company acquired Customer Asset.com with its two subsidiaries and Tawny Dove Ltd. One year later they acquired FirstRing India Pvt Ltd to gain customer acquisition and credit card services capabilities. In 2005, they acquired RevIT to expand their services into the healthcare sector.[10] One year later, in December 2006, they acquired Business Process Management Inc (BPM) with the aim to enhance the company capabilities in the healthcare sector.[10] In November 2021, Firstsource announced to acquire the US mortgage services provider The StoneHill Group.[13][14] In May 2024, Firstsource acquired Chennai-based medical billing firm Quintessence Business Solutions & Services (QBSS) for ₹327.8 crore (approximately US$39 million). The acquisition included its US arm, Quintessence Health LLC, which became a step-down subsidiary.[15][16]

In September 2024, Firstsource acquired UK-based customer experience provider Ascensos for £42 million (approximately US$56 million). Ascensos continues to operate independently as a business unit headquartered in Scotland.[17][18]

Public offer

Firstsource made a public offer in February 2007 and was listed on the National Stock Exchange (NSE)[19] and Bombay Stock Exchange (BSE) in India on 22 February 2007.

Corporate affairs

Organizational structure

Their 37 global operation centers are located across India, US, UK, and Philippines. The company provides services mostly to clients in United States and the United Kingdom.[20]

Management and leadership structure

Firstsource is managed by a leadership team with 11 members. Ritesh Idnani serves as the Managing Director and Chief Executive Officer. The Board of Directors is led by Chairman Sanjiv Goenka.[21]

Group Structure

The RP-Sanjiv Goenka Group owns a 53.96% share of Firstsource through a subsidiary.[5] Firstsource expanded with the acquisition of ISGN in 2016, which was rebranded as Sourcepoint in 2019.[22] As of March 2018, Firstsource had 15 subsidiaries and 1 associate company.

Shareholder structure

Major shareholders in Firstsource include CESC Ventures Limited (53.96%), ICICI Bank Limited (4.85%), Rakesh Jhunjhunwala (3.25%), Steinberg India Emerging Opportunities Fund Limited (1.44%), HDFC Small Cap Fund (5.33%), Mutual Funds (5.65%), foreign institutional investors (9.01%) and the remaining 16.51% is held by the public.[23]

Products and services

Firstsource is a business process management (BPM) company and offers their services in the Banking and Financial, Healthcare, Communication, Media and Technology and Diverse Industries.[24] Service sectors include Contact and Service Centers, Platform Automation and Analytics and other Business Technology Services.

Awards and recognitions

See also

References

  1. ^ "Firstsource Leadership". Firstsource.com.
  2. ^ Firstsource Solutions Reports Fourth Quarter and Fiscal 2025 Results (PDF) (Report). Firstsource.com.
  3. ^ Firstsource Solutions Reports Fourth Quarter and Fiscal 2025 Results (PDF) (Report). Firstsource.com.
  4. ^ "Firstsource Investor Relations". Firstsource.com.
  5. ^ a b "Firstsource Investor Relations - Share Information". Firstsource.com.
  6. ^ "Firstsource Solutions Reports Fourth Quarter and Fiscal 2025 Results" (PDF). Firstsource.com. 30 April 2025. Retrieved 12 June 2025.
  7. ^ "Firstsource Opens New Headquarters and AI Innovation Lab in Melbourne, Victoria". Firstsource.com. 4 March 2025. Retrieved 12 June 2025.
  8. ^ "Firstsource Investor Presentation Q4 FY25" (PDF). Firstsource.com. 30 April 2025. Retrieved 12 June 2025.
  9. ^ "Firstsource Solutions Annual Report 2020-21". www.firstsource.com. Retrieved 17 March 2022.
  10. ^ a b c d "Firstsource Solutions Ltd". Business Standard India. Retrieved 1 September 2021.
  11. ^ "ICICI OneSource is now Firstsource". The Economic Times. Retrieved 29 November 2021.
  12. ^ "Firstsource Solutions IPO Review - Firstsource Solutions IPO Dates, Issue Price, Subscription and Allotment Status". The Economic Times. Retrieved 29 November 2021.
  13. ^ "Firstsource Solutions transitioning from being a BPO player to a platform player: Sanjiv Goenka". The Economic Times. Retrieved 29 November 2021.
  14. ^ "Firstsource Solutions' step-down subsidiary Sourcepoint to acquire US-led The StoneHill Group". www.indiainfoline.com. Retrieved 29 November 2021.
  15. ^ "Firstsource Solutions to acquire medical billing firm QBSS for nearly $40 mn". VCCircle. 3 May 2024. {{cite news}}: Check date values in: |date= (help); no-break space character in |date= at position 2 (help); no-break space character in |title= at position 74 (help)
  16. ^ "Firstsource acquires medical billing firm QBSS for $40Mn". Outsource Accelerator. 7 May 2024. {{cite news}}: Check date values in: |date= (help); no-break space character in |date= at position 2 (help)
  17. ^ "Firstsource acquires UK-based Ascensos for $56 million". The Economic Times. 23 September 2024.
  18. ^ "Firstsource acquires Ascensos" (Press release). Firstsource Solutions. September 2024.
  19. ^ "Why Firstsource is Going Slim". Forbes. Retrieved 7 May 2024.
  20. ^ "Firstsource Solutions Ltd". Business Standard India. Retrieved 1 September 2021.
  21. ^ "Firstsource Leadership Team | Board of Directors & Senior Leadership". Firstsource. Retrieved 17 March 2022.
  22. ^ "ISGN Rebrands as Sourcepoint". NationalMortgageProfessional.com.
  23. ^ "Firstsource Investor Relations - Share Information". Firstsource.com.
  24. ^ "Firstsource Solutions Company Profile: Acquisition & Investors | PitchBook". pitchbook.com. Retrieved 17 March 2022.
  25. ^ "Bloomberg - Gender Equality Index". www.bloomberg.com. Retrieved 17 March 2022.
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