Just some obvious thoughts, having been in the IT business for a long time:
Their business model has a relatively low barrier to entry (host the data centre and infrastucture in India if you want to really cut costs).
It's all been done before i.e. limited differentiator.
Model is based mainly on price competitiveness - never good news.
Limited IP ownership potential, just reselling other people's stuff.
Very, very, small player - check out Savvis for the other end of the spectrum.
Big contracts? Don't think so as their working capital will not allow the necessary investment so lots of little contracts that are possibly higher in management overheads.
That said, an interesting little play and wish them good luck trying to make a go of it.
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