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The International Finance Corporation (IFC), the investment arm of the World Bank, has plans to raise its investments in India to $ 1 billion in the next two years. This was stated by Daniel Crisafulli, investment officer, IT Investments Group, IFC, who is currently on a visit to India to outline IFC’s plans to invest in the information, computers and telecommunications (ICT) sector in India and other developing nations.

With investments currently in the region of $ 700 million in the country, IFC has plans to fund the telecom sector, small and medium businesses. Daniel further stated that IFC was willing to take greater exposure in the country provided it gets quality investment proposals. The institution has recently entered into a MoU with the Confederation of Indian Industry (CII) to enable the two to work together, exchange views and share experiences, participate and host events to promote sustainable private sector development.

Speaking on the investment philosophy of IFC, Daniel elaborated on the various IT investments made by IT Investments Group in India. He defined the foremost criteria, laid down by the IFC, while making investment decisions as highly demonstrable development impact; creation of high-paying skilled jobs; promotion of high-quality, value-added exports; financial, economic, environmental and social sustainability; enabler of creation of a “knowledge economy”.

Citing Spryance Inc. as an archetype, Daniel commented, “Spryance is a prime example of an IFC/World Bank-funded company that has established itself as a market leader in the healthcare business process outsourcing (BPO) sector within only a few years of its commencement. Spryance is contributing to the creation of hundreds of highly skilled jobs in India and enhancing India’s position as a leading provider of IT-enabled services. The company has positioned itself as an innovator in the growing market for outsourced healthcare information services.”

Spryance Inc., one of the world’s pioneering providers of technology-enabled business process outsourcing services to the health information management (HIM) market, had recently announced its plans to significantly augment its India operations.

Backed with $ 7 million funding from IFC and other investors, Spryance, which has already invested $ 4 million in India in its first phase, now plans to invest an additional $ 5 million, thus taking the overall investment in the country to $ 9 million (Rs 40 crore).

Raj Malhotra, president & CEO, Spryance Inc., said, “Spryance is delighted with IFC’s continuing support. IFC’s expertise in capitalising information and communications infrastructure on a global scale, its blue chip international partners, and its world-class investment resources will play an integral role in Spryance’s expansion plans.”

Elaborating on Spryance’s plans in India, Malhotra said, “Spryance is rapidly expanding its operations in India and intends to upgrade its QA hub in Chennai and build a second QA facility to serve both as a back-up facility and to accommodate increased demand.”

The company, which has achieved phenomenal growth and success in the medical transcription market in the last two years, also plans to leverage its proven technology and infrastructure into new arenas of HIM outsourcing like billing and coding, offering the same value proposition that has been so successful in transcription.

Malhotra pointed out that that there is tremendous potential in the healthcare BPO business in India and the country was well on its way to become the healthcare BPO capital of the world. “HIM is a $ 200 billion business worldwide. The medical transcription market is alone worth more than $ 16 billion and growing at 15 per cent annually. India, today, accounts for about $ 80 million of the business. The opportunity in the next three years is for $3-4 billion. This will be better than the software services business,” he added.

Spryance has pioneered the home-based franchisee strategy in India, often involving qualified women working from home, to secure a high quality, cost-effective products to service the US medical transcription market. Spryance has deployed over 500 productive home-based transcriptionists (MTs and editors), and will ramp up the workforce to 800 by the end of 2003.

About IFC www.ifc.org 

IFC’s mission is to promote sustainable private sector investment in developing countries, helping to reduce poverty and improve people’s lives. IFC finances private sector investments in the developing world, mobilises capital in the international financial markets and provides technical assistance and advice to governments and businesses.