Synygy plans Rs 25 crore investment this year

Synygy India, an enterprise incentive management solutions provider, is set to complete an investment of Rs 25 crore in its third year of operations. The company has completed an investment of about Rs 28 crore in the last two years.

"In our first year of operations we invested around Rs 7-8 crore and recruited 100 people. In the second year we invested around Rs 18-20 crore and added another 100 people. We plan to invest around Rs 25 crore this year to take our total investment to Rs 50 crore in the country. Also, we will increase head count to 300 by the end of 2006," said Chetan Shah, managing director, Synygy India.

Shah said the company was also planning to foray into the Asia pacific region. "We will look for business opportunities in Australia and Singapore this year. Also, Japanese and Korean markets have shown interest in our products," he said.

The company will also focus on Canada, he added.

"We are expecting a revenue of $10 million from our Indian operations this year. The company is also keen on reducing attrition levels. In our first year of operations attrition was 20 per cent.

This was brought down to 15 per cent last year and will try and bring it down to 10 per cent this year," he added.