Last checked at 13 Sep 2018 07:00
CPP investment boosts growth ambitions in India
CPP Group, the global financial assistance product provider, is pleased to announce that it has made a strategic investment in the Indian Business Process Management (BPM) company, Globiva.
Globiva was founded by three BPM Industry executives in 2017 in Gurgaon, India. As one of the fastest growing BPM companies in India, Globiva has seen promising business development and significant growth since its inception. CPP has invested £2m for a 61% stake in the business, with a commitment to provide further funding to support Globiva's growth plans.
The move is part of CPP's continued investment into its India business, which currently has a live customer base of almost 5m and is growing rapidly through relationships with a wide range of business partners in the retail banking and non-banking financial services sectors.
Jason Walsh, CPP Group CEO commented: "We are delighted to have secured this investment in Globiva, a business which has a growing client base and great potential. Our customer numbers in India have grown from less than 1m at the beginning of 2016 to what will be in excess of 5m 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. This deal fits very neatly with that strategy and is aligned to overall growth ambitions for CPP India, which will see it account for an increasing proportion of the Group's top line revenue over the next three years.
Our expansion in India allows us to provide a good foundation for Globiva to further establish itself and to scale up through our own capacity, whilst at the same time utilising our extensive contacts within the Indian market to bolster their business development activities. This investment also provides the Group with additional options to increase efficiency and profitability".
Globiva's co-founders Navneet Gupta, Vikram Singh Nathawat and Ashish Goyal added in a joint statement: "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".
For further information, please visit https://uk.cppgroup.com or email sayhello@cpp.co.uk.
CPPGroup Plc
Jason Walsh, Chief Executive Officer
Tel: +44 (0)113 487 7350
Media
Maitland: Neil Bennett, Daniel Yea
Tel: +44 (0)20 7379 5151
Email: cpp-maitland@maitland.co.uk
ABOUT CPP
CPP is a leading international product innovation business which works with business partners across a range of sectors in 10 markets within Asia, Europe and Latin America to provide product, marketing & distribution expertise delivering tangible commercial benefits and meaningful solutions to their customers.
CPPs insurance and assistance products provide peace of mind by reducing the stresses of everyday life ranging from protection for mobile phones, payment cards & household belongings to keeping travel plans moving and the monitoring of compromised personal data.