Date:16/09/11,
Venture Capital,
Domestic Deal,
RuralShores Business Services Ltd, a rural business process outsourcing (BPO) firm, receives series A venture financing of $3 million (INR14.4 million) from Lok Capital, via Lok Capital Venture Fund.
Post-expansion, the three-year-old company's headcount will double to 2,000 from about 1,000 currently, with the ratio of young men and women being employed at 50:50.
"As we have opened the centres in tier-three cities, our attrition rate at 5 to 7% is the lowest in the industry, especially in the back office segment. Majority of our employees hail from surrounding towns and villages who are unwilling to migrate to big cities for personal and economic factors," Vullaganti asserted.
HDFC Bank Ltd participated in the first round of funding for 30% of the equity stake while Lok Capital invests undisclosed amount for 11% stake.
Post-expansion, the three-year-old company's headcount will double to 2,000 from about 1,000 currently, with the ratio of young men and women being employed at 50:50.
"As we have opened the centres in tier-three cities, our attrition rate at 5 to 7% is the lowest in the industry, especially in the back office segment. Majority of our employees hail from surrounding towns and villages who are unwilling to migrate to big cities for personal and economic factors," Vullaganti asserted.
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