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Pangea3 gets GlenRock funding
LPO To Expand Ops With $4-M Tranche From Us Investment Firm
PANGEA3, a Mumbai-based legal process outsourcing (LPO), recently received a second round of funding from a New York-headquartered strategic investment and advisory firm GlenRock for $4million. It plans to expand its operations with this fund kitty.
Sanjay Kamlani, co-CEO, Pangea3 said, We are looking at expanding our presence beyond Mumbai, by opening offices in Pune, Delhi and Bangalore. The company currently has a 8,000-9,000 sq. ft. office, with 85 lawyers and engineers in Nariman Point and plans to raise its headcount to 100 by year-end.
From the money received from GlenRock, the company will also expand its New York office. Currently there are seven US lawyers working for the firm and plans to add three more by year-end. Kamlani who quit Office Tiger in 2004 to start Pangea3 said the company recruited lawyers from top law schools in India such as NLS, Bangalore, ILS, Pune and GLC, Mumbai. Fresh recruits forms 30% of our total workforce, he added. A lawyer straight out of college gets Rs 2-4 lakh per annum while an experienced lawyer can earn as much as Rs 20 lakhs annually.
Pangea3 is looking at acquisitions in the revenue range of $2-3 million and an employee strength of 10-12.
