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Wipro invests $10 m in Spectramind

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CIOL Bureau
New Update

NEW DELHI: Delhi based Spectramind e-services Pvt. Ltd., an outsourcing and

customer interaction services provider has announced an investment of $14

million from Wipro and Chrysalis Capital in the company. The company has also

announced a strategic tie-up with Wipro for IT enabled solutions to the

customers globally.

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The $10 million investment by Wipro is by way of Equity shares and

Convertible Preference shares, which on fully diluted basis translates to an

equity stake of more than 20 per cent. Chrysalis Capital, the existing venture

fund investor is investing around $ 4 million in Spectramind.

HDFC and Chrysalis Capital had invested $ 7.5 million in the first round of

funding in March 2000. Presently Wipro has a 20 per cent stake in the company

while Chrysalis has 40 percent. HDFC has more than six per cent share in the

company while the balance remains with Spectramind management.

Wipro Technologies vice- chairman and CEO Vivek Paul said, Wipro already

offers product support services at a secondary or tertiary level for our

computing and telecom customers. "As these customers now look at using

India for primary support, our ability to make a joint offer both expands our

market opportunity as well as anchors customers by being a single stop

shop," he added.

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Chrysalis Investment managing director Ashish Dhawan said, " Wipro's

investment reaffirms our faith in the team and the business."

Speaking on the occasion, Spectramind president and CEO Raman Roy said,

" This is for the first time in India that a software company is partnering

with a remote services company and we see this as a great opportunity to

mutually enhance our business models and profitability."

Incorporated in March 2000, Spectramind operates on different levels of

outsourcing which include rule set processing , decision and problem solving,

direct customer interface and knowledge service.

The company is also planning to set- up a 900- 1000 seat call center facility

in Mumbai by the end of this year. Major part of the $ 14 million funding will

be used to establish this facility.

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