Liquidity Events
AI-model training firm iMerit acquired by Exl Service for $310-M
Nasdaq-listed, Noida-based BPO firm Exl Service is to acquire Kolkata-based artificial intelligence model-training company iMerit for about USD 310 million. The transaction consists of an upfront payment of USD 170 million, with an additional USD 140 million in incentives and earnouts payable over two years.Founded by Radha Ramaswami Basu, iMerit trains large language and multimodal models to enhance accuracy and effectiveness. The firm provides services across sectors including autonomous mobility, healthcare, robotics, and agriculture. The firm’s clients include eBay, Microsoft, and Autodesk.
Between Jul 2012 and Feb 2020, iMerit Technology Services had attracted about $ 24 M from Omidyar Network, Khosla Impact, Michael & Susan Dell Foundation and British International Investment .For FY25, iMerit Technology Services had reported about INR 267 Cr in Operating Income and about INR 22 Cr in PAT.
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