Cargill funds Outsource Partners

Cargill Ventures, the venture capital arm of Cargill, has invested $4 million in Bangalore-based Outsource Partners International (OPI), a BPO firm focussing on finance and accounting services.

The investment is an extension of the Series B round, led by Trident Capital in November 2003. Deepak Mallik, MD, Cargill Ventures will join OPI's board of directors.

OPI currently has 650 associates across eight locations and according to its statement, it has achieved over 900 per cent growth in revenues since 2001. Cargill Ventures' current portfolio includes over 20 early stage information technology and life sciences companies.

OPI will use the funds to expand outsourcing businesses that focus on high level business processes in finance and accounting, with large components of the work performed in India. Said Clarence T Schmitz, chairman and CEO, OPI: "This investment by Cargill will enable us to continue our rapid growth as we add more clients to our expanding portfolio of private and publicly-traded companies. We look forward to Deepak Mallik's participation on our board and benefit from the operational insights he brings."

Added Mallik: "The complexity of finance and accounting and the competitive forces impacting businesses today underscore OPI's tremendous growth potential. These factors, combined with innovative technology and a commitment to helping businesses improve their processes, influenced the decision."