IQor to Invest $200 Million, Hire 20,000 People in 5 Years

Technology services company IQor Tuesday said it plans to invest $200 million (roughly Rs. 1,340 crores) in next 3-5 years, as it aims to expand to over 300 cities in the country. Besides, the company will hire 20,000 people.

"India is on radar of every leading company. It has grown from a zero smartphones market in 2005 to second largest smartphone market as per third party reports. This talks about opportunity that exists in India. We will invest $200 million in next 3-5 years to grow our business here," IQor President and CEO Hartmut Liebel said in New Delhi.

IQor provides after sales and technical support service for electronic products like mobile, computers, set-top boxes, television and telecom equipment across 17 countries.

Its Indian clients include Apple, Micromax, Karbonn, Airtel, HP, Indus Towers, Ericsson, ITI, Videocon, Tata etc.

"This investment will support us in expanding our network to over 300 cities and enable us add 15 more customers in next 6-12 months. We are servicing 35 leading technology companies at present. This will be single largest presence of an after sales service company in the country," IQor MD for Aftermarket Services in India Sanjay Vidyarthi said.

He said that IQor has been present in India since 2006 and has invested around $60 million till date. The company has 4,000 employees across 82 cities, of which 1,000 are employed in customer-care centre in Noida. By the end of this year, IQor plans to expand service centres to 115 locations across 109 cities and 22 states.

"By mid 2016, we will expand to 200 cities and further expand as per our clients demand. We will be hiring 20 thousand new talents under expansion. IQor has conservatively set 5 years timeline but we expect to meet our target much before it," Vidyarthi said.

Liebel said that company is providing end-to-end after sales services, including pick and drop of product from retail customers, recycling, refurbishing, marketing etc and expects existing client in India to double their business with IQor as the company expands.