Page 56 - Forbes - Asia (September 2018)
P. 56
FORBES ASIA
BEST UNDER A BILLION — BLS
Faster Tracks
Aggarwal son builds a global challenger on dad’s
frustration with lengthy visa queues.
BY ANURADHA RAGHUNATHAN
hen Shikhar Ag- joined, BLS has nearly doubled revenues
garwal joined his to $122 million and broadened its reach
New Delhi fam- to operate in 62 countries. In addition to
ily business in India, it now works with 36 other client
W2014—providing governments. Proits at the company—
visa, passport and consular services—he which debuted on Forbes Asia’s Best
was eager to crack new territories. he Under A Billion list this year—have
Indian government and its embassies jumped more than fourfold to $15 mil-
abroad made up the bulk of revenues at lion from iscal 2014 to iscal 2018.
BLS International—with small outsourc- “We are a lean, fast-growing and
ing contracts from Portugal, Greece and cost-eicient company that’s hungry for
Hungary. “We needed to explore new new business,” he says. Mumbai research
clients and projects,” says Aggarwal, who irm HDFC Securities projects a 15%
came on board as a joint managing direc- compounded growth rate for revenues
tor when he was just 23. and 21% for proits over the next two
He was pursuing an accounting years. (he irm is a lender to BLS.)
career and doing an Indian internship at Aggarwal, now 27, is looking beyond
Grant hornton when he decided to veer the niche visa-processing industry by
toward the family business. He set in mo- ofering government services ranging
tion a series of changes at the company from issuance of birth, death or marriage
that was founded in 2005 by his father— certiicates to providing citizen, identity
overhauling the technology for captur- and voter cards.
ing biometrics like ingerprints and iris He’s also providing conveniences
scans; reducing the processing time for like mobile biometric services targeted
documents; and revamping the website at wealthy individuals, the aged or the
The young
and call centers. He roped in employees physically challenged. Applicants don’t and the restless:
from diferent nationalities to bid for have to travel to a visa center and waste 27-year-old
projects in new geographies. an entire day standing in queues. he Shikhar Aggarwal.
In the four years since Aggarwal visa service comes to them—at an extra
54 | FORBES ASIA SEPTEMBER 2018
