NextWealth / About
Back in 2010, Dr Sridhar Mitta along with three other co-founders – Anand Talwai, Mythily Ramesh, S.R.Gopalan, decided to use their experience and combined expertise to create jobs for small town graduates as an opportunity to create social impact and at the same time address critical business challenges.
There is a huge demand for talent in metro cities and the attrition is very high whereas there is an untapped talent pool available in more than 250 small towns in India. Most of these are first time graduates with limited job opportunities who cannot migrate to cities due to social constraints. NextWealth identified this gap in the talent demand–supply and pioneered the distributed delivery model to address this. This model involves creating a large number of small delivery centers (500-1000 people) in small towns akin to the “internet” model- as an effective model to execute the company’s vision, as opposed to a small number of large centres (8000- 10000 people) in the cities. NextWealth created small town centres by setting up partner companies with qualified entrepreneurs emotionally connected to, and embedded in, the local ecosystem.
Currently, NextWealth has 6 centres in Salem, Chittoor, Hubli, Bhilai, Mysore, Vellore with more than 2700 people working, out of which 65% are women.
Four decades ago US companies from Bay Area outsourced work to Bangalore 5000 miles away. So why can’t Indian companies from Bangalore outsource work to Salem150 miles away in their own backyard?