13th Sep 2018 09:59
LONDON (Alliance News) - CPP Group PLC said Thursday it invested GBP2 million into Indian business process management firm Globiva, with a commitment to further support Globiva's growth plans.
The investment gives CPP, which provides financial assistance products, a 61% stake in Globiva, adding to CPP's rapidly growing business in India. Globiva was founded only last year in Gurgaon, and CPP said it is one of the fasted growing business process management providers in India.
Currently, CPP boasts a five million strong live customer base in India, and continues to develop through a range of retail banking and non-banking financial service sector relationships.
"Our customer numbers in India have grown from less than one million at the beginning of 2016 to what will be in excess of five million by the end of this year. The group's strategy is to invest in and support parts of the business which present the best opportunities for long term growth and we see India as leading that charge. Our strategy in the Indian business is to extend our value chain and value-add to our partners whilst driving efficiency within our own operation,' said CPP Chief Executive Officer Jason Walsh.
Commenting on the investment by CPP, Globiva co-founders Navneet Gupta and Vikram Singh Nathawat said: "Globiva has been delivering best in class services to its clients and is acknowledged as one of the fastest growing BPM companies in India. We are excited to have this partnership with CPP Group as it is strategically aligned to our business objectives. This partnership will accelerate Globiva business growth to service wider global markets and offer digital solutions to our clients."
CPP shares were untraded on Thursday at 9.40 pence.
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