CPP Group and Globiva target expansion into the US and UK markets
Globiva, an Indian-based business process management (BPM) company and part of insurance market specialist CPP Group, is to expand into the US and UK markets. The move follows a year of notable growth for Globiva in India and Australia.
Globiva helps its partners to improve business operations by providing key services such as customer management, transaction processing, omni-channel support and finance and accounting services. The company has made a significant contribution to CPP’s growth since it bought a major share in the firm, with the announcement of new globally recognised clients and revenues in 2019 exceeding expectations.
The business was originally founded by three BPM executives: Navneet Gupta, Vikram Singh Nathawat and Ashish Goyal in 2017, and in 2018, CPP announced that it had invested £2 million ($2.6 million) for a 61 per cent share in Globiva.
In the last 12 months, Globiva has seen its staff base grow by 400 per cent, employing 2,400 people by the end of the year along with experiencing significant growth in its business across verticals such as banking, financial services and insurance, digital lending, fintech and online technology. Since the business was founded, it has expanded into four locations in Gurgaon and Kolkata with a further two planned for the first half of 2020.
In response to this success, Globiva is now eyeing growth opportunities with the US and UK markets, by offering its services to clients in both countries.
Globiva will operate using the core business model it has developed in India around services and delivery, with an additional focus on digitisation and operational rigor as part of its new offering. It intends to target everything from small and medium businesses to high growth organisations with rapidly increasing service requirements.
Navneet Gupta, a director and co-founder at Globiva said: “The US and Europe are the next logical step for Globiva’s ambitious growth goals as they account for over 75 per cent of the global BPM market. We will need a very focused effort to expand into these markets; however, our superior levels of service delivery have contributed significantly to our success and large-scale growth over the past year, and we believe it will continue to drive us as we look to expand into new markets.
“Meanwhile in India, plans are also underway to continue our local expansion, as we aim to be among the top five BPMs in the next three years. In 2020 we will add an additional 2,000 employees across a variety of skill sets. Since CPP invested a major stake in Globiva, we have greatly benefitted from its strategic advice and we look forward to working with them closely to develop our plans for expansion.”
Jason Walsh, CEO at CPP Group added: “We have been impressed by the focus, quality of execution and dedication of the Globiva team in developing and expanding its capabilities over the past year. Globiva has delivered great value to the group since we made our investment, bringing a wealth of business to CPP and providing a new large revenue stream.
“Globiva’s plans for expansion are incredibly important to us as they are key to CPP’s continued international growth plans. We are proud to be playing a key role to help facilitate its expansion into these vital markets.”
