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IIML invests $2 M in Secova eServices
By siliconindia
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Tuesday, 02 September 2003, 19:30 IST
MUMBAI: IL&FS Investment Managers (IIML), the private equity arm of Infrastructure Leasing & Financial Services Ltd (IL&FS), has made an equity investment of $2 million in a private start-up firm, Secova eServices.
"Secova will use the amount for its human resources (HR) based business process outsourcing (BPO) operations, mainly for setting up of infrastructure and its marketing operations," IIML managing director Muneesh Chawla said on Monday.
HR-based BPO operations is nascent area for Indian BPO firms, but it is believed to grow to around $3.5 billion to $5 billion by 2008, he said, adding the company wishes to cash in on this growth.
The company, which has a presence in US, intends to provide its outsourcing services mainly to that country and to other countries in Europe, he said.
IIML, a venture capitalist in the country, is making the investment through Tamil Nadu IT Fund, he added.
Secova eServices was founded in July 2003 by co-founder of Daksh eServices Pvt, Venkat Tadanki. The company plans to offer services in HR administration, health and welfare benefits, pension benefits and applicant tracking among others.