Firstsource Solutions Limited , a leading global provider of business process management services and an RP-Sanjiv Goenka Group company, has announced the appointment of Kumaran Shanmuhan as their new Chief Strategy Officer. The appointment, effective September 15, 2025, marks a significant step in advancing Firstsource's bold UnBPO™ vision - a transformative reimagining of outsourcing driven by expertise, technology, and outcome-oriented solutions.

Strategic Leadership

In his new role as Chief Strategy Officer, Kumaran Shanmuhan will spearhead the development and execution of Firstsource's long-term strategic agenda. His responsibilities include:

• Driving practical alignment between evolving market trends and business priorities
• Identifying high-impact growth opportunities
• Embedding innovation across the organization
• Collaborating closely with the CEO and executive leadership team
• Ensuring strategy translates into measurable outcomes

Ritesh Idnani, Managing Director & CEO of Firstsource, expressed confidence in Shanmuhan's appointment, stating, "Kumaran's deep expertise in enterprise AI strategy, platform commercialization, and business transformation uniquely positions him to lead our strategic agenda. His ability to connect technology innovation with real-world business outcomes and go-to-market acceleration will be instrumental in advancing our UnBPO™ vision."

Extensive Experience

Kumaran Shanmuhan brings over two decades of strategic leadership experience in technology, operations, and business transformation. His expertise lies in building and scaling consulting, product, platform, and go-to-market functions for high-growth SaaS and AI companies. Shanmuhan has a proven track record of driving high-impact growth, accelerating enterprise AI adoption, and generating tangible business outcomes.

In his previous role at Uniphore, Shanmuhan built and scaled the first AI consulting and industry solutions teams, contributing to a 70% year-over-year revenue growth and delivering significant new business. His ability to turn advanced AI technologies into scalable, high-value solutions aligns directly with Firstsource's UnBPO™ vision of technology-led, outcome-driven transformation.

Educational Background

Kumaran Shanmuhan holds an MBA from the Kellogg School of Business and a graduate engineering degree from BITS Pilani, further enhancing his qualifications for this strategic role.

Industry Transformation

The appointment of Shanmuhan comes at a crucial time for the industry, which is undergoing a fundamental shift from labor arbitrage to technology-driven, outcome-focused solutions. Firstsource's UnBPO™ approach aims to challenge legacy thinking and deliver agile, tech-led solutions that create disproportionate value for clients.

Commenting on his appointment, Kumaran Shanmuhan said, "I am excited to join Firstsource at such a pivotal moment in its journey. The UnBPO™ approach is about challenging legacy thinking and delivering agile, tech-led solutions that create disproportionate value. I look forward to collaborating with our talented teams and partners to drive sustained growth and meaningful impact for our clients."

Firstsource Solutions Limited's strategic move to appoint Kumaran Shanmuhan as Chief Strategy Officer underscores the company's commitment to leading in a future where relevance, agility, deep domain expertise, and technology-driven outcomes are paramount. This appointment is expected to play a critical role in solidifying Firstsource's position as a trailblazer in reimagining outsourcing and ensuring the company remains at the forefront of the industry's transformation.

Firstsource Solutions Limited, a prominent player in the Business Process Services (BPS) sector, has secured a prestigious position as a Horizon 3 Market Leader in the HFS Horizons: The Best Service Providers for Mortgage Reinvention, 2025 report. This recognition underscores Firstsource's innovative approach and leadership in the mortgage services industry.

Key Highlights of the Recognition

• Top-Tier Positioning: The Horizon 3 category represents the highest level in the HFS Horizons framework, highlighting Firstsource's excellence in mortgage modernization.
• Comprehensive Capabilities: Firstsource has been acknowledged for its ability to deliver end-to-end mortgage modernization through ecosystem collaboration, technological innovation, and transformation-led partnerships.
• Tech-Enabled Approach: The company's operations-first strategy, supported by its subsidiary Sourcepoint, enables a multi-touchpoint borrower experience across the entire mortgage lifecycle.

Innovative Solutions Driving Success

Firstsource's success in the mortgage sector is attributed to several key factors:

1. Reimagining Borrower Experience: The company has revamped the entire mortgage journey, from origination to post-close services and product upgrades.
2. Mortgage-Specific GenAI Leadership: Firstsource has developed a proprietary Mortgage Language Model (LLM) trained on industry data, enhancing contextual intelligence in mortgage processes.
3. UnBPO™ Model: This transformative approach shifts away from traditional outsourcing, focusing on expertise, innovation, and outcome-driven solutions.
4. Global Delivery Footprint: With 8 delivery centers worldwide, including an AI Center of Excellence for mortgages, Firstsource serves over 500 clients, including 2 of the top 5 US banks and 12 of the top 20 mortgage lenders/servicers.

Industry Impact and Client Base

Firstsource's solutions cater to a significant portion of the mortgage market:

• Support for nearly 20% of the UK mortgage market
• Serving 2 of the top 5 US banks
• Partnerships with 12 of the top 20 mortgage lenders/servicers

Executive Insights

Vivek Sharma, Head of BFS, CMT, and Emerging Geos at Firstsource, commented on the recognition: "Being named a Horizon 3 Market Leader by HFS validates the bold reinvention journey we've undertaken in mortgages. We are moving the industry away from labor-heavy models toward transformation-first operations, powered by deep domain expertise and ecosystem partnerships."

Future Outlook

The recognition from HFS Research positions Firstsource as a key player in shaping the future of lending. As the mortgage industry navigates challenges such as interest rate volatility, inflation, and housing market fluctuations, Firstsource's innovative approach and technology-driven solutions are set to play a crucial role in modernizing operations and enhancing competitiveness for lenders.

This achievement reinforces Firstsource's commitment to innovation and its ability to deliver cutting-edge solutions in the rapidly evolving mortgage services landscape.