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Our Bureau

Mumbai, Jan. 18

Adventity, a finance focused knowledge process outsourcing (KPO) firm, has announced that it has secured $20 million (Rs 90 crore) from an investment group led by Norwest Venture Partners (NVP). The funds will be used to finance the company's domestic and oversees expansion plans.

CIBC Capital Partners and DA Capital are the other members of the investment group, said Mr Kumar Subramanium, Chief Executive Officer, Adventity. Mr Promod Haque, Managing Partner, NVP, will join the Adventity board as a memberThe company also intends to set up four oversees marketing offices — one in China by the second quarter of financial 2007 and three in Europe and Asia Pacific by the end of 2007. "We are planning a 1,500-seater centre in Chennai by the second quarter of the financial 2007," said Mr Subramanium. The NVP-led investment is the first round of funding for the company from an institutional source, the company said in a release.

More Stories on : Venture Capital | Outsourcing

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