Cityland to raise $6 Million for expansion in BPO and realty
Bangalore: Cityland Technologies is planning to raise $6 million ( 29 crore) for funding the expansion plans of the its Business Process Outsourcing (BPO) arm Cityland BPO as well as foray into real estate consulting, reports Business Standard. The company plans to raise $5 million as seed capital for its real estate services Cityland, which will be started sometime this year, informed Srinivasarao Kanneganti, Chief Executive Officer, Cityland Technologies. "We are in talks with a few private equity players and angel investors to raise funding for the venture, but nothing has been finalized yet. We are looking for angels, VCs and private equity players who can fund our plans and also join our board in an advisory capacity," said Kanneganti. The real estate venture is being considered as a pan-India real estate network which will be operated through the franchisee route. "The venture has the potential to create 30,000 jobs nationally. We will offer consulting services, market real estate, arrange funding collateral for buyers, will also do title management and insurance management," said Kanneganti. He also stated that if the funding comes through, the real estate venture would generate about 90 crore in revenues by March next year. Cityland's BPO operations started in Bangalore four months ago with 20 people. It currently operates a 100 seater call centre which serves telecom customers in the U.S, U.K, Canada and Australia. "We have been getting business of 1 crore per month so far, and expect to have 2,000 people on our rolls by the end of calendar 2010," informed Kanneganti. The BPO activities focus on operating customer helpdesks, transaction processing and business research for telecom companies. The company plans to exceed the services reach to Banking, Financial Services and Insurance (BFSI) and healthcare, focusing on retail banking, credit card processing, mortgage billing and collections.