SITI Corp to invest $5mn in Hyderabad

SITI Corporation, a California-based recruitment process outsourcing (RPO) solutions provider with its offshore development and recruiting centres in Hyderabad, sees huge potential for its products and services in the Indian market.

The five-year-old company, which started focusing on India since the last six months, also plans to invest close to $5 million (approximately Rs 20.5 crore) in doubling its manpower to 300 and creating additional infrastructure in the next 12 to 20 months, besides foraying into the healthcare vertical. The company would raise the amount through internal accruals.

"With the country facing manpower shortage and the cost of hiring increasing by the day, companies are forced to outsource the entire talent recruitment process. This holds a lot of promise and we expect to play a major role in this arena," Veena Gundavelli, president and chief executive officer of SITI Corporation, told Business Standard.

Stating that the RPO industry is slated to grow to $20 billion by 2008 globally, Veena said India was still at a nascent stage. The country, however, is slowly gaining ground and is expected to grow at 30 to 40 per cent annually, she said.

"We started with a small base in India and currently have less than 10 clients here. We, however, see huge tractions and expect our revenues from here to double by the end of this financial year," she added.

Since its evolution from building recruitment and talent management products to providing services, SITI Corporation is focusing on the IT, lifesciences, banking and finance and pharmaceutical industries. It now intends to foray into the healthcare vertical from next year, considering the shortage of human resources "" from paramedics to physicians "" in this segment.

"We are currently doing preliminary market research on healthcare. We would deploy part of our increased headcount and create a separate practice line for our foray into this industry next year," Veena said.

The closely-held company expects its revenue run rate to translate into nearly $10 million (Rs 41 crore) during the current financial year and grow 50 per cent next year.

SITI Corporation offers a suite of products including on-demand and enterprise talent management product RecruitSharp, corporate career portal solution SourceSharp and staffing exchange solution Hotlist.net. The company has so far offered its recruitment-related services to more than 100 clients.