New Delhi, Aug 28 (IANS) Parsec Loans, the Indian subsidiary of the California-based Parsec Interact Inc, has secured funding worth $3.3 million from Baring Private Equity Partners India (BPEP India) for expanding its US operations that cater mainly to people of south Asian origin.
'The funding from Baring will help Parsec Loans to grow its operations in the US to other states beyond California and will be used for ramping up the team of its mortgage professionals from the current level of about 50 to about 1,000 over the next two to three years,' the company said in a statement Monday.
Providing outsourcing of mortgage services out of Gurgaon, near Delhi, Parsec Loans is planning an aggressive expansion for its origination business.
'The funding received will also help the company in further strengthening and expanding its base of customers comprising home owners/borrowers of the South Asian origin residing in the US,' said Prabhat Agarwal, CEO of Parsec Loans.
'We look forward to working closely with Baring who have considerable expertise in catalysing growth for young companies by actively supporting the management over the long-term.'
The last few years in the mortgage industry have been the best ever due to the re-financing boom triggered by the lowest interest rates in the last 40 years.
'History, across industries, has shown the post-boom era is the best time to bring about change. We are at a point where intelligent targeting and investment can help us acquire a significant market share in the segments that we go after,' said Rajeev Minocha, president of Parsec Loans based in the Silicon Valley office in California.
'Parsec Loans is actively targeting the people of Indian origin based in the US as the company has developed considerable expertise in serving the needs of this segment,' he added.