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Walden's India Head Rajesh Subramaniam Rejoins Firstsource

06 July, 2011

Rajesh Subramaniam, who was heading the India office of the venture capital firm Walden International until recently, is rejoining Mumbai-based BPO firm Firstsource Solutions Ltd as deputy managing director and chief financial officer. Subramaniam had joined Walden (a firm with $1.9 billion in committed capital) three years ago in 2008 after serving as executive vice-president (EVP) and CFO of Firstsource Solutions.

Subramaniam succeeds Carl Saldanha as CFO, whose term ends in August this year. However, Saldanha will remain with the company till December to ensure a smooth transition, the company stated.

Subramaniam had joined Firstsource Solutions, which was then called ICICI OneSource, as a part of its founding management team and helped build the company to a $320 million firm and took it for an IPO. Major investors in Firstsource currently include Singapore sovereign wealth fund Temasek and ICICI Bank.

At Walden, Subramaniam had led the US-based venture capital firm’s investments in outsourcing firm Quattro BPO, technology solutions firm CoOptions and most recently, online loan information and processing website BankBazaar.com.

Subramaniam had also worked with ICICI Bank, KPMG, E&Y and GIV Venture Partners. He is a commerce graduate from Madras University and holds an MBA degree from Richmond College, London.

“Rajesh has a deep understanding of our business, our industry and our customers. He will continue to implement a corporate strategy that carefully balances strong expense control, and investments that will drive the growth of our core businesses, ensuring that we attain a pre-eminent position in our chosen markets,” said Matthew Vallance, MD & CEO, Firstsource.

Firstsource currently has foreign currency convertible bonds (FCCBs) worth $212.4 million, which are due in December, 2012. These have a conversion price of Rs 92.29, as per information on the BSE, while the company’s closing price today was Rs 19.35.


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Walden's India Head Rajesh Subramaniam Rejoins Firstsource

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