RPSG’s Firstsource expands globally, eyes $550 million boost from AI

Firstsource Solutions, a business process services (BPS) company and part of the Rs 90,000 crore RP-Sanjiv Goenka Group, said on Thursday that it has set up operations in Australia and New Zealand. The company will be headquartered in Victoria, Melbourne, creating over 400 new local jobs over the next five years.
The expansion is part of Firstsource’s strategy to improve its business margins while continuing to create jobs in India.
Dr Sanjiv Goenka, Chairman of RPSG Group and Firstsource, said, “Expanding our operations into Australia marks a significant milestone in Firstsource’s global growth strategy. We see this as an important opportunity to leverage not just the immense opportunities the country presents, but also the outstanding support provided by the government in ease of doing business and building a stronger local economy.”
It may be noted that the company is spreading its operations to key markets like the UK, the US, and South Africa, as well as expanding within Australia and New Zealand.
By doing so, Firstsource aims to tap into a larger share of its customers’ spending.
“We are delighted by the support and partnership provided by the Victorian Government towards setting up our operations and look forward to contributing meaningfully to the growth and success of both our business and the local economy,” he added.
A key component of Firstsource’s strategy is the adoption of advanced technologies, particularly artificial intelligence (AI). With the rise of Generative AI, the company sees huge potential in delivering more value to its clients.
Firstsource currently works with 50 top business clients, and there is room to grow its share of their spending.
Goenka pointed out that even a small increase in the company’s wallet share with these clients could result in a significant revenue boost.
Shares of Firstsource Solutions Ltd rose over 4% following the announcement of its new operations in Australia and New Zealand. On Thursday, the stock climbed by 4.4% to Rs 314.90, up from the previous close of Rs 301.60 on the Bombay Stock Exchange.