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Shareholding Info
  • Promoters
    53.66 %
  • Foreign institutions-FII
    9.99 %
  • Other domestic institutions
    1.74 %
  • Retail and other
    21.19 %
  • Mutual Funds
    13.43 %

Firstsource Solutions overview

Firstsource Solutions was established in 2001. It is part of the RP-Sanjiv Goenka Group. The company offers software solutions for improved business processes, efficient delivery and better results. Operating in five countries, the company has 26,557 employees across 43 delivery centers. It serves 150+ clients, including Fortune 500 and FTSE 100 companies. Firstsource Solutions' share price is listed both on the NSE (National Stock Exchange) and the BSE (formerly, Bombay Stock Exchange).

The company’s technology solution offerings cover three key areas:

  • Digitally empowered contact centers

  • Intelligent back office platforms

  • Automation and analytics

Firstsource Solutions journey

The company’s major milestones since inception are:

  • 2001: Promoted by ICICI Bank Limited, Firstsource Solutions is initially established as ICICI Infotech Upstream Limited.
  • 2002: The company name is changed to ICICI OneSource Limited. It purchases Customer and expands its BPO business.
  • 2003: It purchases FirstRing India Private Limited to foray into customer acquisition and credit card facilities.
  • 2004: Firstsource Solutions acquires a major share in Pipal to expand its research and analytical services. It buys ASG to grow its business across the receivables and collections and management space.
  • 2005: It purchases RevIT to improve transaction processing in the healthcare sector. It wins Offshoring Operations and Financial Services Outsourcing Project of the Year from the National Outsourcing Association UK.
  • 2006: The firm acquires Business Process Management Inc. (BPM) to improve its healthcare service offerings. It ties up with Metavante to provide BFSI services in North America.
  • 2007: Firstsource Solutions is awarded the second position across the healthcare category at the 8th Annual IQ Six Sigma Excellence Awards (Florida).
  • 2008: It enters into a five-year collaboration with Barclays US for credit card operations.
  • 2009: The company undertakes restructuring across four different business segments: Healthcare, Telecoms Media, Banking Financial Services and Insurance (BFSI), and Asia Business Unit (ABU).
  • 2014: It enters into a two-year contract with a US-based telecom company in the Customer Management business.
  • 2017: Firstsource Solutions sells a portion of its domestic business in India to Vertex Customer Management India Private Limited.
  • 2018: The company's capital expenditure is ₹63 crore, going towards maintenance, revamping and upgradation of operation centers' technology and setting up new operations centers.
  • 2021: It acquires PatientMatters - a Healthcare Revenue Cycle Management (RCM) solutions provider.

Firstsource Solutions – Initial Public Offer (IPO)

Firstsource Solutions launched an initial public offer (IPO) for 69,300,000 equity shares at a face value of ₹10, amounting to ₹444 crore. The issue price was between ₹54 to ₹64 per share with a minimum order quantity of 100 shares.

The IPO was offered via a fresh issue of 60 million shares of ₹10 each and by the sale of 35.6 million shares of ICICI Group. A 100% book-building process was applied to determine the issue price. The IPO comprised 23% post-issue paid-up capital of FirstSource Solutions.

Firstsource Solutions products

Firstsource Solutions offers products across four main business segments:

  • Banking and Financial Services (BFS)
  • Healthcare
  • Communication, Media and Technology (CMT)
  • Diverse industries
Under BFS, Firstsource Solution's product offerings include mortgage, cards and lending, commercial or retail banking, and Fintech. The products under the CMT segment include CMT solutions to improve client business processes and develop and implement customer acquisition and retention programs. Healthcare product offerings include healthcare providers, health plans and life sciences. Diversified industries offerings include customised software solutions for government entities and utilities.

Firstsource Solutions Stock Price Return in five years: 181.69%

Firstsource Solutions business highlights

The company’s key business segments are:

Firstsource business segments

Revenue break-up (%)


Segment revenue








Diverse industries


Geographical segment revenue





Asia and the rest of the world


Firstsource Solutions performance highlights

3-year CAGR (revenue)


EBIDT (FY2021-22)

₹562 crores

Profit (FY2021-22)

₹388 crores

Firstsource Solutions share price return in last 3 years


ROCE (FY2021-22)


ROE (FY2021-22)


Firstsource Solutions management

Chairman: Dr. Sanjiv Goenka
Managing Director: Vipul Khanna
Chief Executive Officer (CEO): Vipul Khanna
Chief Finance Officer (CFO): Prashanth Nandella
Investor Relations (Compliance Officer): Ankur Maheshwari

Software (small and medium) industry overview

Key software industry players are:

Key players

Market capitalisation

 December 2022

 (in crores)


Hinduja Global



Firstsource Solutions



eClerk Services








Size of the Indian Software industry

  • For FY2020-21, Indian information technology was valued at USD 99 billion. It showed a growth of 2% on a year-on-year basis during this period.
  • By the end of FY2021-22, the software products market is expected to reach a target of around USD 13.3 billion in annual revenue.
  • A CAGR of over 10% is expected across the Indian software sector for FY2021-22 compared to FY2018-21.
  • During FY2021-22, the software services' exports from India were expected to increase by 17.2% to USD 156.7 billion. It excludes exports via commercial presence.

Industry growth prospects

  • By 2025, the sales of software products in India are expected to reach the USD 30 billion mark. The key reason for such growth is an expansion of footprints by domestic companies in the country.
  • Many new software players are expected to enter the products area.
  • There has been a demand for digitisation, adoption of new technologies and depreciation on the rupee front. These growth drivers could boost the potential growth of the software industry in India.

Firstsource Solutions growth prospects

  • The company’s mortgage division could be realigned to adjust to the continual hikes in interest rates.
  • Its businesses across BFS, CMT and healthcare are expected to expand.
  • Increased investment and focus, scaling up digital and disruptive solutions, and a purpose-driven approach in these segments are expected to be the key growth drivers for change.

Risks and concerns

  • The fear of economic recession in the future could impact the software industry operations.
  • Increase in interest rates tends to impact Firstsource Solutions’ share price and performance.
  • Disrupting energy supplies and ongoing global issues like the Russia-Ukraine war could prompt European companies to cut down their technology budgets.
  • Rising inflation could result in the Federal Reserve using measures to mitigate the impact of inflation on the US economy. It could lead to a slowdown in the US market. Any such slowdown could impact the software industry in India as major clients are from the USA.
  • Work from home was a remedial measure applied for business continuity during the Covid-19 pandemic. This allowed employees to have more than one job at a time (moonlighting). This issue could impact the software sector’s potential productivity.


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