Carisma Solutions secures investment from Xcelerate
SINGAPORE, SINGAPORE — Carisma Solutions, an Australian financial services provider, has secured a strategic investment from Singapore-based Xcelerate Pte Ltd, marking an expansion in the Asia-Pacific compliance and business services sector.
Strategic partnership details
Carisma Solutions, known for its comprehensive managed services and digital solutions in accounting, financial advisory, mortgage, and SMSF segments, operates primarily in Australia, assisting clients with complex financial, tax, and regulatory compliance. It has grown into a prominent knowledge process outsourcing (KPO) provider with annual revenue between $25-50 million. The company boasts over 500 employees across five offices in Chennai, Bangalore, Tirunelveli, Sydney, and Melbourne.
Carisma’s founder and CEO, Jonah Stephen, who previously worked with industry giants like Microsoft and Polaris Software, expressed enthusiasm about the partnership, noting, “We are delighted to announce Carisma’s partnership with Xcelerate… This partnership will enrich our service offerings and drive client success with cutting-edge, knowledge-driven tax and compliance solutions.”
Xcelerate’s expansion plans
Xcelerate focuses on Environmental, Social, and Governance Risk Compliance (ESGRC) and houses several key companies under its umbrella, including Aparajitha Corporate Services and Stirrup Communication Consultants. This acquisition aligns with their strategy to bolster global risk and compliance services.
Kv Ramanand, CEO of Xcelerate India, commented on the synergy between the two firms, “Carisma has emerged as a reliable business services partner… We intend to work closely with Stephen and the team at Carisma in rapidly scaling up into a Global Compliances Center with large scale data processing, analytics, and assurance capabilities.” Ramanand also revealed plans for further expansion in the European Union (EU) and Asia-Pacific (APAC) regions.
In governance changes, Yogesh Bhura and Arjun Ramaraju will join the Carisma board as nominees from Xcelerate, alongside AGS Chaitanya and Porcko Pari.
While the value of investment remains confidential, it is poised to enhance Carisma’s capabilities and expand Xcelerate’s footprint in the compliance and advisory sectors globally.
