Firstsource, which changed its name from the earlier ICICI Onesource, has been the first to try out many new things, which then have become industry norms. In that sense, it has been a pioneer.

Take the listing itself. While the conventional wisdom for BPO companies has been to go to a NASDAQ or the NYSE, Firstsource decided to start with a listing in India, reiterating its commitment to the country of its origin, even though it has more delivery locations outside India than any other BPO firm.

Inorganic growth, which the industry has embraced only in the last two years, Firstsource has been doing right from the beginning. It has six acquisitions in the last five years. Also, Firstsources model of acquiring for skill and not for scale, has today become the industry standard, a few exceptions notwithstanding.

It is the same story in delivery. While other firms are just talking about tier-2 cities, Firstsource is already in Trichy, Hubli, Kochi, Puducherry and Vijaywada, even as it has as many as six US delivery facilities onshore in the USmany, of course, coming through the acquisitions.

Firstsource has taken a decision to focus on a few selected verticals. So, BFSI, telecom, and healthcare are the thrust areas that give it 95% of the revenue. Firstsource also seems to have averted the impact of US dollar depreciation by posting a well spread out growth. Its European revenue increased by 51%, Apac by 38% and domestic by 130% (thanks to a huge outsourcing deal with Hutch) as compared to an increase in the US revenues by 42%.

Last years big story was its debut on the stock market after an overwhelming response to its IPO. It continued to have a robust year, growing by as much as 51% in revenues over last year and adding twenty-two clients. Firstsource intends to grow its revenue by 50% this year too, and is readying itself for a few more M&As. And organic growth is still its main thrust. DQ

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