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{{Short description|Provider of business process outsourcing services}}

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{{use Indian English|date=May 2014}}

{{Use dmy dates|date=May 2014}}

{{Distinguish|1st Source}}

{{Infobox company

| name = Firstsource Solutions Limited

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| foundation = {{Start date and age|df=yes|2001}}

| ___location = [[Mumbai]], [[Maharashtra]], India

Firstsource| iskey_people managed= by{{ubl|[[Sanjiv aGoenka]] leadership team with 11 members.([[Executive Chairman]])|Ritesh Idnani serves(CEO as the& [[Managing Director and Chief Executive Officer. The Board of Directors is led by Chairman Sanjiv Goenka.|MD]])<ref>{{Cite web |title=Firstsource Leadership Team {{!}} Board of Directors & Senior Leadership |url=https://www.firstsource.com/leadership |access-date=2022-03-17 |website=Firstsource |language=en-US}}</ref>|Dinesh Jain (CFO)|Sohit Brahmawar (COO)<ref>{{cite web|title=Firstsource Leadership|url=https://www.firstsource.com/leadership|publisher=Firstsource.com}}</ref>

| key_people = *[[Sanjiv Goenka]] ([[Executive Chairman]])

| num_employees = 34,144+<ref>{{cite web|title=Firstsource Investor Relations|url=https://www.firstsource.com/investor-relations/|publisher=Firstsource.com}}</ref>}}

*Ritesh Idnani (CEO & [[Managing Director|MD]])

*Dinesh Jain (CFO)

*Sohit Brahmawar (COO) <ref>{{cite web|title=Firstsource Leadership|url=https://www.firstsource.com/leadership|publisher=Firstsource.com}}</ref>

| num_employees = 34,144+<ref>{{cite web|title=Firstsource Investor Relations|url=https://www.firstsource.com/investor-relations/|publisher=Firstsource.com}}</ref>

| industry = [[Business process management]]

| services = [[Business process outsourcing]], [[knowledge process outsourcing]]

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}}

'''Firstsource Solutions Limited''' is an Indian [[business process management]] company headquartered in [[Mumbai]], [[India]]. It is owned by [[RPSG Group|RP-Sanjiv Goenka Group]].,<ref name="sr">{{cite web |title=Firstsource Investor Relations - Share Information |url=https://www.firstsource.com/investor-relations/ |publisher=Firstsource.com}}</ref> and listed on the [[Bombay Stock Exchange|BSE]] and [[National Stock Exchange of India|NSE]] since 2007.<ref>{{Cite web |title=Firstsource Solutions Annual Report 2020-21 |url=https://www.firstsource.com/Firstsource_AnnualReport_2020-21/mobile/index.html |access-date=2022-03-17 |website=www.firstsource.com |language=en}}</ref>

Firstsource provides business process management in the banking and financial services, customer services, telecom and media, and healthcare sectors. Its clients include financial services, telecommunications and healthcare companies. Firstsource operates delivery and service centres in India, the United States, the United Kingdom, the Philippines, Mexico, South Africa, Australia and New Zealand, Romania, Trinidad and Tobago, and Turkey.<ref>{{cite web |title=Firstsource Solutions Reports Fourth Quarter and Fiscal 2025 Results |url=https://www.firstsource.com/sites/default/files/2025-04/FSL-PressRelease-Q4FY25.pdf |website=Firstsource.com |date=April 30, 2025 |access-date=June 12, 2025}}</ref><ref>{{cite web |title=Firstsource Opens New Headquarters and AI Innovation Lab in Melbourne, Victoria |url=https://www.firstsource.com/newsroom/news/firstsource-opens-new-headquarters-and-ai-innovation-lab-melbourne-victoria |website=Firstsource.com |date=March 4, 2025 |access-date=June 12, 2025}}</ref><ref>{{cite web |title=Firstsource Investor Presentation Q4 FY25 |url=https://www.firstsource.com/sites/default/files/2025-04/FSL-EarningsPresentation-Q4FY25.pdf |website=Firstsource.com |date=April 30, 2025 |access-date=June 12, 2025}}</ref>

The company is listed on the [[Bombay Stock Exchange|Bombay]] (BSE) and [[National Stock Exchange of India]] (NSE) since 2007. In 2021 Firstsource generated revenues of INR 50.8 Billion (US$670 million).<ref>{{Cite web |title=Firstsource Solutions Annual Report 2020-21 |url=https://www.firstsource.com/Firstsource_AnnualReport_2020-21/mobile/index.html |access-date=2022-03-17 |website=www.firstsource.com |language=en}}</ref>

== History ==

Firstsource started its operations in 2001 as ICICI InfoTech Upstream Ltd, a business process outsourcing organisation wholly owned by ICICI Bank, India’s largest private financial services organisation.<ref name=":0">{{Cite news |title=Firstsource Solutions Ltd. |work=Business Standard India |url=https://www.business-standard.com/company/firstsour-solu-24882/information/company-history |access-date=2021-09-01}}</ref> Its name was changed to Firstsource Solutions Limited in 2006.<ref>{{Cite news|title=ICICI OneSource is now Firstsource|work=The Economic Times|url=https://economictimes.indiatimes.com/tech/ites/icici-onesource-is-now-firstsource/articleshow/544517.cms?from=mdr|access-date=2021-11-29}}</ref> The same year, Firstsource opened a branch office in the Philippines.<ref name=":0" /> InFirstsource 2007,made itan became a[[initial public companyoffer]] in 2007 and was listed on the IndianNational Stock Exchange (NSE)<ref>{{Cite web |title=Why Firstsource is Going Slim |url=https://www.forbes.com/2009/09/01/forbes-india-ananda-mukerji-icici-bank-firstsource.html |access-date=2024-05-07 |website=Forbes |language=en}}</ref> and Bombay Stock Exchange (BSE) in India on 22 February 2007.<ref>{{Cite web|title=Firstsource Solutions IPO Review - Firstsource Solutions IPO Dates, Issue Price, Subscription and Allotment Status|url=https://economictimes.indiatimes.com/firstsource-solutions-ltd/ipos/companyid-99.cms|access-date=2021-11-29|website=The Economic Times}}</ref>

=== Acquisitions ===

In 2002, the company acquired Customer Asset.com with its two subsidiaries and Tawny Dove Ltd. One year later they acquired FirstRing India Pvt Ltd to gain customer acquisition and credit card services capabilities. In 2005, they acquired RevIT to expand their services into the healthcare sector.<ref name=":0" /> One year later, in December 2006, they acquired Business Process Management Inc (BPM) with the aim to enhance the company capabilities in the healthcare sector.<ref name=":0" /> In November 2021, Firstsource announcedacquired toISGN acquirein the2016, USwhich mortgagewas servicesrebranded provideras TheSourcepoint StoneHillin Group2019.<ref>{{Cite news|title=Firstsource Solutions transitioning from being a BPO player to a platform player: Sanjiv Goenka|work=The Economic Times|url=https://economictimes.indiatimes.com/markets/expert-view/firstsource-solutions-transitioning-from-being-a-bpo-player-to-a-platform-player-sanjiv-goenka/articleshow/87625117.cms?from=mdr|access-date=2021-11-29}}</ref><ref>{{Citecite web|title=FirstsourceISGN Solutions'Rebrands step-down subsidiaryas Sourcepoint to acquire US-led The StoneHill Group|url=https://www.indiainfolinenationalmortgageprofessional.com/article/news-top-story/firstsource70182/isgn-solutions-step-down-subsidiaryrebrands-sourcepoint-to-acquire-us-led-the-stonehill-group-121111100576_1.html|access-date=2021-11-29|websitepublisher=www.indiainfolineNationalMortgageProfessional.com|language=en}}</ref> In May 2024, Firstsource acquired Chennai-based medical billing firm Quintessence Business Solutions & Services (QBSS) for ₹327.8 crore (approximately US$39 million). The acquisition included its US arm, Quintessence Health LLC, which became a step-down subsidiary.<ref name=qbss1>{{cite news

|title=Firstsource Solutions to acquire medical billing firm QBSS for nearly $40 mn

|publisher=VCCircle

|date=3 May 2024

|url=https://www.vccircle.com/firstsource-solutions-to-acquire-medical-billing-firm-qbss-for-nearly-40-mn}}</ref><ref name=qbss2>{{cite news

|title=Firstsource acquires medical billing firm QBSS for $40Mn

|publisher=Outsource Accelerator

|date=7 May 2024

|url=https://news.outsourceaccelerator.com/firstsource-medical-qbss-40mn/}}</ref>

In November 2021, Firstsource announced to acquire the US mortgage services provider The StoneHill Group.<ref>{{Cite news|title=Firstsource Solutions transitioning from being a BPO player to a platform player: Sanjiv Goenka|work=The Economic Times|url=https://economictimes.indiatimes.com/markets/expert-view/firstsource-solutions-transitioning-from-being-a-bpo-player-to-a-platform-player-sanjiv-goenka/articleshow/87625117.cms?from=mdr|access-date=2021-11-29}}</ref><ref>{{Cite web|title=Firstsource Solutions' step-down subsidiary Sourcepoint to acquire US-led The StoneHill Group|url=https://www.indiainfoline.com/article/news-top-story/firstsource-solutions-step-down-subsidiary-sourcepoint-to-acquire-us-led-the-stonehill-group-121111100576_1.html|access-date=2021-11-29|website=indiainfoline.com|language=en}}</ref> In May 2024, Firstsource acquired Chennai-based medical billing firm Quintessence Business Solutions & Services (QBSS) for ₹327.8 crore (approximately US$39 million). The acquisition included its US arm, Quintessence Health LLC, which became a step-down subsidiary.<ref name=qbss1>{{cite news |title=Firstsource Solutions to acquire medical billing firm QBSS for nearly $40 mn |publisher=VCCircle |date=3 May 2024 |url=https://www.vccircle.com/firstsource-solutions-to-acquire-medical-billing-firm-qbss-for-nearly-40-mn}}</ref><ref name=qbss2>{{cite news |title=Firstsource acquires medical billing firm QBSS for $40Mn |publisher=Outsource Accelerator |date=7 May 2024 |url=https://news.outsourceaccelerator.com/firstsource-medical-qbss-40mn/}}</ref>

In September 2024, Firstsource acquired UK-based customer experience provider Ascensos for £42 million (approximately US$56 million). Ascensos continues to operate independently as a business unit headquartered in Scotland.<ref name=ascensos1>{{cite news

|title=Firstsource acquires UK-based Ascensos for $56 million

|publisher=The Economic Times

|date=23 September 2024

|url=https://economictimes.indiatimes.com/tech/information-tech/firstsource-acquires-uk-based-ascensos-for-56-million/articleshow/113604886.cms}}</ref><ref name=ascensos2>{{cite press_release

|title=Firstsource acquires Ascensos

|publisher=Firstsource Solutions

|date=September 2024

|url=https://www.firstsource.com/newsroom/press-releases/firstsource-acquires-ascensos}}</ref>

In September 2024, Firstsource acquired UK-based customer experience provider Ascensos for £42 million (approximately US$56 million). Ascensos continues to operate independently as a business unit headquartered in Scotland.<ref name=ascensos1>{{cite news |title=Firstsource acquires UK-based Ascensos for $56 million |publisher=The Economic Times |date=23 September 2024 |url=https://economictimes.indiatimes.com/tech/information-tech/firstsource-acquires-uk-based-ascensos-for-56-million/articleshow/113604886.cms}}</ref><ref name=ascensos2>{{cite press_release |title=Firstsource acquires Ascensos |publisher=Firstsource Solutions |date=September 2024 |url=https://www.firstsource.com/newsroom/press-releases/firstsource-acquires-ascensos}}</ref>

===Public offer===

Firstsource made a public offer in February 2007 and was listed on the National Stock Exchange (NSE)<ref>{{Cite web |title=Why Firstsource is Going Slim |url=https://www.forbes.com/2009/09/01/forbes-india-ananda-mukerji-icici-bank-firstsource.html |access-date=2024-05-07 |website=Forbes |language=en}}</ref> and Bombay Stock Exchange (BSE) in India on 22 February 2007.

== Corporate affairs ==

=== Organizational structureOperations ===

As of March 2025, Firstsource operates global delivery centers across 10 countries including India, the United States, the United Kingdom, the Philippines, South Africa, Australia, Mexico, Romania, Trinidad and Tobago, and Turkey.<ref>{{cite web |title=Firstsource Solutions Reports Fourth Quarter and Fiscal 2025 Results |url=https://www.firstsource.com/sites/default/files/2025-04/FSL-PressRelease-Q4FY25.pdf |website=Firstsource.com |date=April 30, 2025 |access-date=June 12, 2025}}</ref><ref>{{cite web |title=Investor Presentation Q4 FY25 |url=https://www.firstsource.com/sites/default/files/2025-04/FSL-InvestorPresentation-Q4FY25.pdf |website=Firstsource.com |date=April 30, 2025 |access-date=June 12, 2025}}</ref> The company primarily serves clients in North America and Europe, with North America accounting for approximately 68% of revenues and [[EMEA]] for 31%.<ref>{{cite web |title=Investor Presentation Q4 FY25 |url=https://www.firstsource.com/sites/default/files/2025-04/FSL-InvestorPresentation-Q4FY25.pdf |website=Firstsource.com |date=April 30, 2025 |access-date=June 12, 2025}}</ref>

=== Management and leadership structure ===

Firstsource is managed by a leadership team with 11 members. Ritesh Idnani serves as the Managing Director and Chief Executive Officer. The Board of Directors is led by Chairman Sanjiv Goenka.<ref>{{Cite web |title=Firstsource Leadership Team {{!}} Board of Directors & Senior Leadership |url=https://www.firstsource.com/leadership |access-date=2022-03-17 |website=Firstsource |language=en-US}}</ref>

=== Group Structure ===

The RP-Sanjiv Goenka Group owns a 53.96% share of Firstsource through a subsidiary.<ref name="sr" /> Firstsource expanded with the acquisition of ISGN in 2016, which was rebranded as Sourcepoint in 2019.<ref>{{cite web|title=ISGN Rebrands as Sourcepoint|url=https://nationalmortgageprofessional.com/news/70182/isgn-rebrands-sourcepoint|publisher=NationalMortgageProfessional.com}}</ref> As of March 2018, Firstsource had 15 subsidiaries and 1 associate company.

=== Shareholder structure ===

As of 31 March 2025, the promoter RPSG Ventures Limited held a 53.66% stake in Firstsource. Among non‑promoter shareholders, mutual funds held 17.40%, foreign institutional investors held 10.08%, and insurance companies held 3.61%; resident Indians and other public investors collectively held approximately 12.03%, with the remaining shares held by banks, corporates, and non‑residents.<ref>{{cite web |title=Shareholding Pattern as on March 31, 2025 |url=https://www.firstsource.com/sites/default/files/2025-04/Pie-digram-Q4FY-2024-25.pdf |publisher=Firstsource.com |date=April 2025 |access-date=June 12, 2025}}</ref>

== Products and services ==

Firstsource is a business process management (BPM) company that provides digital-first customer experience (CX) and business process services across multiple industries, including Banking and Financial Services, Healthcare, Communications, Media and Technology (CMT), and Retail and e-Commerce.<ref>{{cite web |title=Firstsource Industries |url=https://www.firstsource.com/industries |publisher=Firstsource.com |access-date=2025-06-12}}</ref><ref>{{cite web |title=Firstsource acquires UK-based CX firm Ascensos |url=https://www.moneycontrol.com/news/business/companies/rpsg-owned-firstsource-solutions-uk-arm-acquires-uk-customer-experience-firm-ascensos-for-42-mn-12828108.html |publisher=Moneycontrol |date=2024-09-23 |access-date=2025-06-12}}</ref> The company’s service offerings include omnichannel customer support, revenue cycle management, collections, digital intake and onboarding, analytics, and platform-based services for contact centers and back-office operations.<ref>{{cite web |title=What We Do |url=https://www.firstsource.com/what-we-do |publisher=Firstsource.com |access-date=2025-06-12}}</ref><ref>{{cite web |title=Firstsource - About Us |url=https://www.firstsource.com/about-us |publisher=Firstsource.com |access-date=2025-06-12}}</ref>

=== Ownership ===

== Awards and recognitions ==

As of 31 March 2025, the [[Corporate promoter|promoter]] RPSG Ventures Limited heldowned a 53.66% stake in Firstsource. AmongThe non‑promoterrest shareholders,is mutualowned fundsby held[[Public 17.40%,float|public foreignshareholders]] institutionalincluding investorsmutual held 10.08%funds, domestic and insuranceforeign companies held 3.61%; resident Indiansinstitutions, and other publicretail investors collectively held approximately 12.03%, with the remaining shares held by banks, corporates, and non‑residents.<ref>{{cite web |title=Shareholding Pattern as on March 31, 2025 |url=https://www.firstsource.com/sites/default/files/2025-04/Pie-digram-Q4FY-2024-25.pdf |publisher=Firstsource.com |date=April 2025 |access-date=June 12, 2025}}</ref>

* **2022**: Included in the Bloomberg Gender‑Equality Index.<ref>{{cite web |title=Bloomberg Gender Equality Index |url=https://www.bloomberg.com/gei/resources/ |access-date=2025-06-12}}</ref>

* **2023**: Awarded Bronze sustainability rating by Ecovadis; recognized as a member of the S&P Global Sustainability Yearbook; received a “C” rating from the Carbon Disclosure Project; and named a Disability Confident Leader Level 3 in the UK.<ref>{{cite web |title=Awards Archives – Firstsource |url=https://www.firstsource.com/awards_categories/awards/ |access-date=2025-06-12}}</ref>

* **2024**: Recognized as a leader in Mortgage BPM by Avasant’s RadarView™ and in Healthcare and Revenue Cycle Management by Everest Group’s PEAK Matrix® assessments. Named a leader in Customer Experience Services in the Europe/UK ISG Provider Lens report and a Leader in Mortgage & Loan Services by NelsonHall.<ref>{{cite web |title=Awards and Analyst Recognition |url=https://www.firstsource.com/about/analyst-recognitions/ |access-date=2025-06-12}}</ref>

* **2025**: Included in the **S&P Global Sustainability Yearbook** for the second consecutive year, designated as an **‘Industry Mover’** and ranked in the **top 5%** of S&P Global CSA scores, placing in the **99th percentile** among Professional Services firms.<ref>{{cite web |title=Firstsource in S&P Global Sustainability Yearbook 2025 |url=https://www.prnewswire.co.uk/news-releases/firstsource-in-sp-global-sustainability-yearbook-2025-for-second-consecutive-year-302405725.html |access-date=2025-06-12}}</ref>

== See also ==

{{div col|colwidth=30em}}

* [[3i Infotech]]

* [[WNS Global Services]]

* [[Fortune India 500]]

* [[List of IT consulting firms]]

{{div col end}}

== References ==

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[[Category:Outsourcing in India]]

[[Category:Indian companies established in 2001]]

[[Category:RPG Group]]

[[Category:2001 establishments in Maharashtra]]

[[Category:Companies listed on the National Stock Exchange of India]]