IT company Comviva expects its revenue to rise by 33% to around Rs 1,600 crore in this business-led financial year, a senior company official has said.
Comviva CEO Manoranjan Mohapatra told PTI that 80% of the company’s business comes from telecom companies, but banking, financial and insurance services (BFSI) is growing well for the company.
“The growth of BFSI is quite good. FinTech continues to grow and the majority of FinTech sales are now going to banks and payment solutions. Marketing technologies go to all telecom banks and retailers. It also develops extremely well. We had $150 million in revenue last year and expect it to reach $200 million in this (financial) year,” Mohapatra said.
He said the company had faced a high level of attrition which has now fallen into the 27-28% range.
Mohapatra expressed confidence in achieving the business target despite the manpower challenges.
He said employee dynamics have changed after Covid-19 where employees want to work from home as it leads to huge savings on their cost of living.
“I wanted people to be hired mainly from the Delhi NCR area and some who want to move from Bangalore, Mumbai, Hyderabad. But they were expected to come to the office in Gurgaon, five days a week. Now that myth is shattered. A family of two or three staying in Gurgaon was paying rent which I think is 20-25% of their salary,” Mohapatra said.
He said that with relocating to their hometown, employees also save on other expenses such as high tuition fees.
“Now, because you can work from anywhere, an American company is hiring in Trivandrum. The world has become a global village and they view resource availability as a global pool and no longer a local or regional pool,” Mohapatra said.
“Indian companies looking to hire need to raise their bids so they can get closer to what other international competitors are willing to offer,” Mohapatra said.
He said foreign companies had started to hire Indian talent at a rental cost around 4-5 times higher than what they received from local companies and the cost of employees had also been impacted by the surge. startups in the country.
“The dynamics have changed where resources have become expensive and scarce. Eastern Europe contributed significantly to talent. Russia, Ukraine, Belarus suddenly became untouchable. It made life even more complicated,” Mohapatra said.
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