Genpact
| Company type | Public |
|---|---|
| Industry | Information technology services, consulting, outsourcing |
| Predecessor | GE Capital International Services (GECIS) |
| Founded | 1997 |
| Founder | Pramod Bhasin |
| Headquarters | New York City , United States |
Area served | Over 30 countries worldwide |
Key people | Balkrishan Kalra (President and CEO, 2024) |
| Products | Genpact Cora (AI-driven platform) |
Number of employees | 125,000+ (2023) |
| Website | www |
Genpact Ltd. is a United States-based company specializing in information technology services, consulting, and outsourcing, with its main office located in New York City, New York. Originating in Gurgaon, India, and officially registered in Bermuda, Genpact employs a workforce exceeding 125,000 individuals and supports clients across more than 30 nations. The company is publicly traded on the NYSE and recorded revenues of US$4.48 billion in 2023.
Formation and initial growth
Established in 1997 as a division of General Electric under the name GE Capital International Services (GECIS) in Gurgaon, the company was led by CEO Pramod Bhasin. Its primary focus was business process outsourcing (BPO) for GE’s internal operations, initially concentrating on back-office functions such as processing car loans and credit card transactions. This approach played a pioneering role in the BPO sector.
Within its first year, GECIS expanded to 800 employees and achieved revenues of US$4 million. By 2001, the workforce had grown to 12,000, handling a variety of processes within GE’s financial services and manufacturing divisions. Then-CEO Jack Welch attributed GE’s growth between 1998 and 2001 to GECIS, noting that it helped reduce operating expenses by approximately US$1 billion.
In 2003, GE decreased its ownership stake to 40%, selling the majority share to two U.S.-based private equity firms. At this point, GECIS had around 13,000 employees in India and an additional 4,000 spread across the United States, China, Hungary, and Mexico. Its service offerings included finance, accounting, insurance claims processing, IT management, and technical support.
By 2004, GECIS was managing close to 700 business processes relocated from the United States to India and generated revenues amounting to US$426 million.
Autonomy and global expansion
The company gained independence in January 2005, broadening its client portfolio beyond GE and adopting the name Genpact to emphasize its mission of “generating business impact.” That year saw the opening of additional offices throughout India and revenue reaching US$493 million—15% derived from new global clients while GE accounted for 85%. By 2006, Genpact had extended its presence into India, the Philippines, Mexico, and China.
Genpact went public on the NYSE in August 2007 under the ticker 'G', established operations in six more countries, and initiated a joint venture with Indian broadcaster NDTV aimed at delivering outsourcing solutions to the media industry. Revenue exceeded US$1 billion by 2008, with over half sourced from clients outside of GE.
Starting in 2010, Genpact shifted strategic emphasis toward markets in Europe and the United States and relocated its headquarters to New York City. In 2011, founder Pramod Bhasin resigned as CEO to assume the role of non-executive vice chairman. He was succeeded by NV "Tiger" Tyagarajan, who had previously overseen Genpact’s early development as a GE subsidiary and returned from GE Capital in 2005 to serve as EVP of sales and business development before becoming COO.
In October 2012, Bain Capital acquired the position of Genpact’s largest shareholder.
In February 2019, contractors based in Hyderabad assigned to Facebook content moderation reported experiencing psychological distress after exposure to disturbing material such as suicide scenes, torture acts, terrorism-related content, and pornography.
Recent developments
On February 9, 2024, Balkrishan Kalra (“BK”) assumed the roles of President and CEO, taking over from the retired Tiger Tyagarajan.
In September 2020, Genpact was engaged by the UK Medicines and Healthcare products Regulatory Agency (MHRA) to deliver an AI-powered software solution aimed at handling the substantial volume of adverse reactions to COVID-19 vaccines, ensuring thorough data collection. This collaboration between MHRA and Genpact was further extended in January 2022. Additionally, in August 2021, Genpact secured a long-term digital transformation agreement with Coca-Cola Beverages Africa, targeting improvements in operations and analytics.
Amid the COVID-19 crisis, Genpact made its internal reskilling and learning platform, "Genome," publicly accessible to support workforce development on a global scale.
That same year, the company expanded its footprint in Germany and was included in the S&P 400 Mid-Cap Index. Furthermore, Genpact partnered with Mumbai’s National Institute of Industrial Engineering to launch a Digital Manufacturing and Supply Chain center, facilitating the transition from conventional to digital manufacturing processes.
In 2022, Genpact earned a place on the Bloomberg Gender Equality Index, highlighting its dedication to fostering diversity and inclusion.
Acquisitions
- April 2011: Headstrong, a software services provider headquartered in Noida
- April 2016: Endeavour Software Technologies, specializing in enterprise mobility software
- August 2016: PNMsoft, a UK/Israeli firm focused on Business Process Management (BPM) solutions
- August 2017: TandemSeven, experts in digital customer experience design
- September 2017: OnSource, delivering Inspection-as-a-Service (IaaS) for property and casualty (P&C) insurance companies
- June 2018: Commonwealth Informatics, offering cloud-based drug safety analytics for healthcare research
- July 2018: Barkawi Management Consultants, a supply chain management consultancy
- January 2019: riskCanvas, a comprehensive Financial Crimes software platform
- October 2019: Rightpoint, a digital consulting firm
- January 2021: Enquero, specializing in data engineering and analytics
Organizational structure
Genpact maintains operations across more than 30 countries globally.
Management structure
The company is governed by a leadership group comprising 13 members, known as the Genpact Leadership Council (2024).
Products
Genpact introduced Genpact Cora in June 2017—an AI-driven platform tailored for enterprise use. This platform boasts an API-centric design with an open architecture that integrates Genpact’s proprietary technologies alongside other vendors. Its primary advantages include managing extensive data sets, improving customer service experiences, expediting financial reporting processes, and enhancing time-to-market efficiency.