Spryance receives $6m third round funding

MUMBAI: Spryance, a world bank funded healthcare BPO, has received third round funding of $six million from Beecken Petty O'Keefe & Company. The company intends to use this fund to fuel further expansion in India. The company plans to almost double its headcount in India and ramp-up its existing channel structure. It is also looking at acquisitions in the US in the medical transcription space in the range of $five million.






Spryance CEO and president Raj Malhotra said, "India is a very strategic market for us and medical transcription is one of the growing sector in the BPO segment today. This investment would enable us to further strengthen our core team in India."





Spryance currently has around 1,200 people working in India. Around 230 people are working in its three centers located in Mumbai, Chennai and Pune and the rest work as home-based medical transcription agents. The company plans to increase its headcount to 2,200 by the end of this year.





The company has around 20 channel partners is the US. These channel partners, who operate as the front-end for the company, deal with around 125 clients of the company. The company is looking at more strategic partnerships with them wherein these channel partners would do co-marketing for Spryance as well.





The company intends to add another 100 clients over the next few years and is also looking at a growth of around 30 percent year-on-year. The company has grown by 20 percent consecutively in the last 16 quarters.





Headquartered in Maynard, MA, Spryance, is a privately-held company funded by the World Bank's private investment arm, the International Finance Corporation (IFC). Spryance began servicing the US transcription market in 2000 and delivers more than 10 million lines of transcription a month.





The healthcare BPO is a $200billion business worldwide and medical transcription is alone worth more than $12 billion. According to NASSCOM, medical transcription is projected as India's fourth largest foreign exchange earners in about five years. Further, medical transcription service in India has generated over 5000 jobs and it has been anticipated that employment potential would be 1,60,000 by 2008.