Inda Life Pension Gets $3 Million Funds

India Life Pension Services Ltd, the country's first private benefits outsourcing and pension services company, is planning to raise around $3 million from its second round of funding.

India Life received around $2.2 million worth first round funding from Boston-based investment and private equity company, View Group. "We plan to scale up our operations and set up offices in other Asian countries," said India Life director Ashok Reddy.

View Group, along with New York-based investment and pension management company Center Partners, are joint venture partners with India Life.

Reddy said India Life is in talks with various insurance companies for outsourcing their pension funds as well. Some of its main clients include Whirlpool, Volvo, Nokia, Cadbury's, IBM, Novell, Texas Instruments and Levi's.

 

India Life has 165 employees spread across six locations in the country. It has 173 customers at present and services around 1.85 lakh employees. The asset under administration is over $200 million.

The company uses the application service provider model to offer on-line access to payroll, pension and other related information to both employees and employers of client organisations.

Reddy said India Life helps companies streamline the process of payroll and pension administration enabling human resource/management to move from the 'backroom to boardroom'.

"We demystify investment, administrative and regulatory complexities relating to payroll and pensions," Reddy said. He said the company's self service suite works across all offerings to ensure that the services are available to customers and it offers multiple access points for employees of client organisations to query the system.

The self service solution uses an interactive voice response system, live web chat, automated e-mail and a call centre to serve the client.

He said both employers and the employees of client organisations can privately access information regarding payroll and pension status. It has also tied up with Garben InterCapital IL Ltd, one of the country's integrated fixed income and foreign exchange broker.