Firstsource

What Firstsource does

Firstsource Solutions Limited is an India-headquartered business process outsourcing (BPO) company listed on the NSE and BSE under ticker FSL, operating as part of the RP-Sanjiv Goenka Group. Founded in 2001 and serving clients across banking and financial services, healthcare payers and providers, retail and eCommerce, telecommunications, utilities, and government, Firstsource has repositioned from traditional labor-arbitrage outsourcing toward an AI-native operating model branded as UnBPO™ and anchored by the proprietary Kairos embedded intelligence engine and the "Intelligence That Operates" full-stack Transform-Implement-Operate framework. The company reports FY2026 revenue of Rs 9,616.12 crore (approximately $1.1 billion), up 20.62% year-over-year, with Q4 EBIT margin of 16.47% and net profit of Rs 674.43 crore; workforce of approximately 25,000 is distributed across delivery centers in India, South Africa, the Philippines, Romania, Trinidad, and Sri Lanka, with ANZ regional headquarters established in Melbourne in September 2024.

The company's platform strategy combines in-house AI assets with strategic partnerships and equity investments in AI specialists including AppliedAI, Lyzr.ai, Typeface, and Prosper AI. Reported client outcomes include 66% productivity gain and 80% automation of denials triage in healthcare revenue cycle management, 25% cost savings and 83% faster onboarding in KYC/AML processes, and 93% processing time reduction in healthcare workflows. Firstsource generates revenue primarily through multi-year managed services contracts with outcome-based commercial terms, complemented by recent acquisitions: Ascensos (£42 million, September 2024) for customer experience in retail, Pastdue Credit Solutions ($22 million, July 2025) for digital debt collection, and TeleMedik (up to $3 million, January 2026) for US telehealth and clinical operations targeting Medicaid, Medicare Advantage, and dual-eligible populations.

The company is recognized as a Leader in Everest Group's Banking Operations PEAK Matrix and NelsonHall's GenAI evaluation, holds the #1 position in Avasant's Mortgage BPT RadarView for the second consecutive year, and achieved an S&P Global CSA score of 87 in FY25, ranking first globally in Professional Services. Active expansion is balanced by material risks: the entire healthcare unit leadership departed in February 2026 to found AI startup Simplify Alpha, and CFO Dinesh Jain was subject to a self-reported insider trading violation in June 2026 resulting in a six-month trading freeze.

Name

Firstsource

Legal name

Firstsource Solutions Limited

Website

https://firstsource.com

Company type

Public

Founded year

2001

Operating status

Operating

Headcount range

5,001–10,000 employees

Short description

Firstsource Solutions Limited is an India-listed AI-native BPO serving banking, healthcare, retail, and telecom enterprises globally via its UnBPO™ platform and Kairos engine, generating approximately $1.1 billion in FY2026 revenue across 25,000 employees.

Ownership category

akta.pro rank

Product category

Business Process Outsourcing Services

NAICS

Management Consulting Services (54161), Custom Computer Programming Services (541511), Office Administrative Services (5611), Computer Systems Design and Related Services (5415)

SIC

Services-Computer Programming, Data Processing, Etc. (7370), Services-Management Consulting Services (8742), Services-Computer Integrated Systems Design (7373)

akta.pro primary industry

Business Process-Aligned IT Outsourcing (ITO + BPO Integrated) (BPAEAMAJ)

Keywords

• Business process outsourcing
• Healthcare revenue cycle management
• Banking operations services
• AI-driven automation
• Customer experience outsourcing

Headquarters

HQ city

Louisville

HQ country

United States

HQ region

North America

Offices7 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales, Infrastructure

Revenue model

1. Business Process Management (BPM) / Managed Services: Core BPM services delivered across healthcare, banking & financial services, retail & eCommerce, and telecom verticals. Revenue generated through long-term contracts with outcome-based and effort-based commercial terms. FY2026 full-year sales reached Rs 9,616.12 crore with Q4 revenue of Rs 2,613.04 crore. The company reported 20.62% YoY revenue growth for FY26.
2. Outcome-Based AI Services: Revenue model where commercial terms are tied to measurable outcomes delivered by AI-powered agentic workflows. Shift from traditional effort-based contracts to results-linked pricing, with outcome accountability replacing traditional contract management. Contributed to 540 bps performance improvement for clients.
3. Large Deal Wins & Annual Contract Value: Enterprise contracts with annual contract values. Q1 FY26 recorded $95 million in ACV with 4 large deal wins and 17 new client logos added. Deal pipeline exceeds $1 billion across healthcare, financial services, and retail sectors.

Pricing tiers

Go-to-market motion2 records

Distribution channels1 record

Marketing channels4 records

Core offering

Firstsource delivers AI-native business process management (BPM) and outsourcing services to enterprises in regulated industries, including healthcare revenue cycle management, banking and financial services operations (lending, payments, KYC/AML, compliance, fraud), customer experience outsourcing, and digital mortgage transformation. Services are delivered through the proprietary UnBPO™ platform integrating consulting, system integration, and operations under outcome-accountable commercial terms, supported by the Kairos intelligence engine and embedded multidisciplinary teams inside client operations.

Differentiator

Problem solved

Functional benefit

Brands

• UnBPO: Proprietary AI-native operating platform consolidating consulting, system integration, and BPO services under outcome-based accountability.
• Kairos
• Intelligence That Operates
• Firstsource Gigsourcing Platform

Products and services

• UnBPO™ Platform AI-native business process outsourcing operating platform that unifies consulting, system integration, and BPO delivery under outcome-accountable commercial terms for regulated industries.
• Kairos Intelligence Engine Proprietary embedded intelligence engine for designing, building, and operating agentic AI workflows that drive enterprise transformation with outcome-tied commercial terms.
• Intelligence That Operates Full-stack agent-first operating model for enterprise transformation with revenue tied to results delivered rather than resources consumed.
• BPaaS++ Platform Business Process as a Service platform enhanced with AI and automation, integrating telehealth and clinical operations for US health plans serving Medicaid, Medicare Advantage, and dual-eligible populations.
• AI-Powered Voice Agents for Healthcare RCM Voice AI agents deployed across healthcare revenue cycle management workflows for eligibility verification, enrollment, and patient outreach modernization for healthcare providers.
• Agentic Marketing Services AI-native marketing services combining Typeface's content orchestration with Firstsource's operational expertise to deliver personalized, on-brand content at scale for regulated industries.
• Firstsource Gigsourcing Platform Crowdsourcing solution integrating AI to connect businesses with global freelance talent and streamline gig worker management.
• Healthcare Revenue Cycle Management Services AI-powered healthcare revenue cycle management services including eligibility, enrollment, denials triage, and patient outreach delivered to major US healthcare systems.
• Banking & Financial Services Operations End-to-end AI-powered banking operations across lending, payments, customer servicing, compliance, KYC/AML, fraud management, and document processing for global banks.
• Digital Mortgage Transformation Services AI and automation-driven digital mortgage origination, processing, and servicing transformation services delivered through subsidiary Sourcepoint, Inc.
• Customer Experience Outsourcing (Ascensos) Customer experience outsourcing specializing in retail and ecommerce delivered via the Ascensos subsidiary with nearshore multilingual delivery capabilities.
• Legal Collections and Debt Recovery (ARSI & Pastdue) Legal collections and digital-first debt recovery services for financial institutions and fintech clients delivered through ARSI and Pastdue Credit Solutions subsidiaries.
• Telehealth and Clinical Operations (TeleMedik) Telehealth and clinical operations services for US health plans serving Medicaid, Medicare Advantage, and dual-eligible populations, delivered through subsidiary TeleMedik.

Quantifiable outcome

• Up to 93% reduction in processing time in healthcare operations (from 15 minutes to under 1 minute per record)
• +7 more outcomes

Named customers4 records

Segments5 records

Ideal customer profiles4 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

AI capability11 records

Feature6 records

Partnerships

Five partnerships are on record, tiered core and supporting.

• TypefacecoreStrategic or Co-development Partner · 30 April 2026Launch of Agentic Marketing Services combining Typeface's AI content orchestration technology with Firstsource's operational expertise in regulated industries. Targets banking, financial services, healthcare, and retail enterprises. Positions content operations as scalable growth engines; enterprises deploying AI-driven personalization reportedly see up to 40% higher revenue.
• Prosper AIcoreStrategic or Co-development Partner · 5 February 2026Partnership to deploy AI-powered voice agents and agentic capabilities across healthcare revenue cycle management workflows. Early deployments handle thousands of patient interactions daily with significant increases in Medicaid screenings. Focuses on eligibility, enrollment, and patient outreach modernization for healthcare providers.
• Lyzr.aisupportingStrategic or Co-development Partner · 4 November 2025Strategic investment as part of UnBPO™ vision to integrate enterprise AI agents into operations. Supports secure, responsible AI automation across regulated environments including healthcare and banking. Also participated in Lyzr's $8M Series A funding alongside Accenture, GFT Ventures, and others.
• Monash UniversitysupportingStrategic or Co-development Partner · 4 November 2025Partnership signed at Monash's Clayton campus in Melbourne (October 2025) to co-develop next-generation AI solutions with initial focus on healthcare and Australian business sectors. Combines Monash's AI research (neurosymbolic and machine learning) with Firstsource's digital transformation expertise; includes internships, placements, and hundreds of high-value tech jobs in Victoria.
• AppliedAIcoreStrategic or Co-development Partner · 1 November 2025Strategic equity investment and partnership announced in November 2025 with AppliedAI, an AI workflow automation platform. The partnership aims to automate complex regulated workflows across healthcare, financial services, and government sectors, improving speed, accuracy, and resilience. Six months after investment, joint AI-powered solutions achieved up to 93% reduction in processing time in healthcare and 5–10x throughput increase in education admissions.

Scale indicators15 records

Recent moves7 records

Expansion highlights6 records

Broad incumbents

• Accenture: Global consulting and technology services leader with a sizable operations and BPO practice (Accenture Operations); competes with Firstsource as a full-stack, outcome-accountable partner in regulated enterprise transformations and is an investor in AI tooling competitors.
• Tata Consultancy Services (TCS): India-headquartered IT services and consulting giant with a substantial BPM practice; broader than Firstsource but competes for large multi-tower managed services deals in the same regulated verticals.
• Capgemini: Global consulting and digital services firm whose 2024 acquisition of WNS Holdings directly expanded its BPM and AI-led delivery footprint; now a meaningfully more direct competitor for outcome-based, regulated-vertical managed services contracts.

Direct peers

• Conduent: US-headquartered business process and digital interactions services firm with deep regulated-vertical exposure to healthcare payers, government, and transportation; comparable on outcome-based, transaction-processing contracts.
• EXL Service: Nasdaq-listed BPM and analytics firm with strong presence in insurance, banking, and healthcare, operating in the same premium-priced, AI-led outsourcing category that Firstsource targets; Firstsource explicitly cites EXL's growth rate in its earnings commentary.
• Infosys BPM: BPM subsidiary of Infosys, offering finance, accounting, customer service, and industry-specific process services; competes in many of the same banking, healthcare, and retail accounts as Firstsource from a similar global delivery footprint.
• Genpact: NYSE-listed, India-origin global professional services and BPM firm with comparable scale and a deeply overlapping focus on banking, capital markets, healthcare payers/providers, and consumer goods; explicitly named by Firstsource's own commentary as a peer.
• WNS Holdings (Capgemini): Mumbai-headquartered global BPM provider (acquired by Capgemini in 2024) with parallel vertical focus on banking, insurance, healthcare, and travel/hospitality; competes head-to-head on outcome-based, AI-enabled managed services contracts.
• Concentrix: Large CX and BPM pure-play with strong US footprint and vertical exposure to banking, healthcare, and retail; competes with Firstsource for outcome-based enterprise contracts and large ACV wins.
• TTEC Holdings: Global CX and digital customer experience BPO serving financial services, healthcare, and telecom — a direct comparator for Firstsource's customer experience and back-office outsourcing practices.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks7 records

Key highlights7 records

Customer concentration

• Xx.com/firstsource
• Facebookfacebook.com/firstsource
• LinkedInlinkedin.com/company/firstsource-solutions-limited

Revenue estimate

Valuation estimate

Number of profiles

Profiles9 records

Subsidiaries6 records

Funding overview

Funding rounds2 records

Investors3 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A10 records

Investments2 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Firstsource