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June 25, 2010

"The King of Cold Calling"

Forbes India has a profile of financial services distribution firm NetAmbit, which has raised VC funding from Bessemer Ventures and more recently, Helion Ventures.

NetAmbit is the undisputed leader in India at cold-calling anyone and selling them financial products. It is 5-6 times bigger than its nearest competitor in the space, says Tarun Chugh, executive vice-president and head of sales and distribution for ICICI Prudential Life, India’s largest private insurer.

...For the year ended March 2010, NetAmbit sold insurance policies worth Rs. 450 crore, of which new policies accounted for Rs. 200 crore. Girish Batra, 44, its founder and CEO, says this was 12 times what he sold just three years back in 2007, and will become Rs. 800 crore within the next year. His income by way of commission on these sales was Rs. 90 crore which he projects will become Rs. 185 crore by next year.

...“India is a push market, even a product like a personal loan is sold and not bought. We are fine with any name and number, we believe every household has the ability to buy insurance. In smaller towns people don’t mind getting these calls, in fact they’re happy,” counters Batra.

Arun Natarajan is the Founder & CEO of Venture Intelligence, the leading provider of data and analysis on private equity, venture capital and M&A deals in India. View free samples of Venture Intelligence newsletters and reports. Email the author at arun@ventureintelligence.in