Amidst rumors of financial crunch throughout 2003-04, Tracmail merged its operations with Webhelp and Spherenomics to form a new company called TWS Holdings headquartered in Hyderabad. It got out of its JV with Stream. This still left Tracmail's Navi Mumbai operations which housed about 1000 people and serviced clients like HP and Palm. There were speculations that even Reliance Infocom had evinced interested in buying Tracmail's Mumbai operations. Incidentally, the company also witnessed exodus of few of its top management including COO Arjun Vaznaik.