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Bangalore , Nov. 17

MERITTRAC Services, a Bangalore-based assessment and recruitment process outsourcing company, has received Rs 16.5-crore funding from HAV2 (Mauritius) Ltd.

The funding, the first such in the Indian services space by a fund advised by HSBC Pvt Equity Technology (Asia) Ltd, will be used to finance MeritTrac's next level of growth.

Mr Madan Padaki, Co-founder & Director, MeritTrac, told Business Line that this was the first round of seed funding for the company and that HSBC had picked up minority stakes from the three promoters (including Mr Padaki).

The funding would be used to foray into verticals beyond IT and BPO. "We are looking at the BFSI sector and establishing our dedicated centres across the country," he said.

Mr Raymond Y.H. Leung, Director of HSBC Private Equity, said MeritTrac's success emanated from its model of targeting key niches in the HR outsourcing value chain. Avendus Advisors was MeritTrac's investment banker on this transaction.

MeritTrac Services has become the single largest assessments participant in India with over 8-lakh assessments to date for over 100 clients.

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