CPPGroup Plc CPP investment boosts growth ambitions in India
September 13 2018 - 2:01AM
RNS Non-Regulatory
TIDMCPP
CPPGroup Plc
13 September 2018
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 GBP2m 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.
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END
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