RPSG Ventures is a listed holding company that builds and runs a portfolio of businesses - from IT services and global outsourcing to packaged snacks, Ayurvedic wellness, real estate and professional sports - all under the umbrella of the RP-Sanjiv Goenka Group, one of India’s largest diversified conglomerates. It was originally incorporated as CESC Ventures and later renamed to reflect that its subsidiaries operate across entirely different industries, not tied to any single group company. The recurring pattern is a group that uses the cash flows and capabilities of mature operations to incubate or acquire newer consumer-facing platforms, often keeping a controlling stake while letting each business run with its own management and brand identity. # Business segments Five engines at different stages - a captive IT backbone, a global outsourcing platform at scale, two consumer brands fighting for shelf space and screen time, and a collection of trophy sports assets - each built with the cash flows of the one before. ## 1. IT services: the group’s in-house technology backbone **A captive team of 160 people builds and runs every piece of software the group’s power utilities need - from billing to cyber security - so the company earns a steady fee without chasing outside clients.** - **Built for the family, not the market** - the business provides IT consultancy and support exclusively to group power companies like CESC, Haldia Energy and Dhariwal Infrastructure, operating a captive customer model with zero exports. - **350 applications, one utility stack** - the team has developed in-house software covering the full range of power operations: electricity billing, online consumer services, monitoring, MIS reporting, and management of generation and distribution assets. - **Runs the pipes, not just the apps** - beyond application development, the unit manages IT networks, data centres with disaster recovery, cyber security operations and governance, geographic information systems, and even smart building solutions. - **Small team, deep bench** - the workforce has grown from 86 people in FY20 to 160 in FY25, with fresh talent sourced from premier technical institutes through summer internships and pre-placement offers, supplemented by lateral hires. ## 2. Business process management: the global outsourcing engine **Firstsource Solutions, in which RPSG holds a 53.66% stake, runs customer-facing operations for over 200 global brands - including some of the largest US health insurers, British banks and American tech companies - with 34,651 employees spread across ten countries.** - **Deeply embedded in regulated industries** - the client list includes 6 of the top 10 US credit card issuers, 12 of the top 15 US health plans and over 1,000 US hospitals, plus major UK retail banks, telecom firms and utilities, making Firstsource a critical operations partner rather than a commodity call-centre vendor. - **A proprietary way of working** - the company uses a differentiated approach it calls “UnBPO™” to reimagine traditional outsourcing, and it owns intellectual property in automation, communication, customer intelligence and productivity tools. - **Recognised by the industry** - Everest Group named it a Market Leader in Healthcare Payer BPaaS Solutions and in Lending Services Operations for 2024, and it ranked in the top 99th percentile on the Dow Jones Sustainability Index. - **Global footprint, local delivery** - operations span the US, UK, India, Philippines, Mexico, Romania, Turkey, Trinidad & Tobago, South Africa and Australia, giving clients follow-the-sun coverage and access to multiple talent pools. ## 3. FMCG: snacks and personal care built on R&D and digital marketing **Guiltfree Industries, a wholly owned subsidiary, sells packaged snacks under “Too Yumm!” and personal care under “Naturali” - reaching 350,000 general trade outlets through an asset-light model that relies on third-party factories and in-house brand creation.** - **Speed as a weapon** - a spicy concept called “Bhoot Chips” clocked ₹4 crore in sales in 40 days, and the brand has since extended into noodles under the sub-brand “K-Bomb” from Too Yumm! with Korean, Thai and Indonesian variants. - **Asset-light manufacturing** - production runs across 13 factories, 11 of which are third-party units, supported by 23 warehouses and 4,000-plus distributors, so the company can scale without tying up capital in plants. - **Personal care as the second leg** - the “Naturali” brand has expanded from shampoo and conditioners into more than 10 sub-categories including hair masks, serums and sunscreen, distributed across all e-commerce and quick-commerce platforms and promoted by over 1,000 content creators. - **A regional ethnic play** - through a 70% stake in Apricot Foods, the group also markets “Evita” snacks with near-national presence, focused on western, southern and northern states, and recorded revenue of ₹161 crore in FY23. ## 4. Ayurveda and wellness: a digital-first health brand with a 150-year legacy **Herbolab, a wholly owned subsidiary, sells Ayurvedic formulations under “Dr. Vaidya’s” and “three60” almost entirely online - over 90% of sales come from its own websites and e-commerce marketplaces - using modern formats like effervescent tablets and gummies.** - **Old recipes, new delivery** - the company holds over 100 proprietary Ayurveda formulations approved by the Ministry of AYUSH, but it delivers them in consumer-friendly formats including effervescent tablets, gummies and powders, not just traditional pills and oils. - **Five products drive nearly half the business** - Apple Cider Vinegar Juice, ACV Effervescent, Shilajit Softgel, Piles Care and Liver Care together contributed 44% of total sales. - **Vertically integrated, digitally distributed** - manufacturing happens at an AYUSH-approved, ISO and GMP-certified facility in Silvassa, while sales flow through www.drvaidyas.com, www.three60wellness.in and leading e-commerce marketplaces. - **Services wrap around the products** - the company offers free doctor consultations, at-home physiotherapy, therapeutic massages, vital sign monitoring and self-assessment tools, creating a health ecosystem rather than a simple product catalogue. ## 5. Sports: a portfolio of cricket and football franchises across three continents **RPSG owns and operates the Lucknow Super Giants in the IPL, Durban’s Super Giants in South Africa’s SA20 league, Manchester Originals in England’s The Hundred, and the iconic Mohun Bagan Super Giant football club - monetising broadcast rights, sponsorships and ticket sales.** - **The IPL franchise is the crown jewel** - RPSG Sports, in which the company holds 51%, won the Lucknow franchise in October 2021 with a bid committing ₹709 crore per year for 10 years, and the team now draws healthy ticket revenues, sponsorships and a share of central broadcast rights. - **A cricket footprint across hemispheres** - the Durban franchise competes in South Africa’s SA20 league, and in July 2025 the group acquired a 70% stake in Manchester Originals for £81.21 million, adding a men’s and women’s team in England’s The Hundred competition. - **Football with a century of history** - ATK Mohun Bagan, formed by merging the three-time ISL champion ATK with the 130-year-old Mohun Bagan club, was crowned ISL Shield Champion for the second consecutive year and won the ISL Cup in the 2024-25 season, while also qualifying for the AFC Champions League 2. - **A smaller bet on table tennis** - through a 76% stake in Rubberwood Sports, the group also operates the “RPSG Mavericks” franchise in India’s Ultimate Table Tennis league. # Group structure and partners **RPSG Ventures sits at the centre of a web of subsidiaries, associates and venture funds - the promoters hold 63.51%, and every operating business is housed in a separate legal entity with its own management.** - The promoter group includes Rainbow Investments Limited and Integrated Coal Mining Limited; as of March 2026, promoters held 63.51% of the equity. - The group runs several venture capital vehicles - including RPSG Capital Venture Opportunity Fund-I and RP-SG Capital Venture Fund-II - and holds a 40% associate stake in luxury fashion house FSP Design, acquired in November 2025. - A composite scheme of arrangement is underway to amalgamate Woodlands Multispeciality Hospital into RPSG Ventures and then transfer the hospital undertaking to a new wholly owned subsidiary, Clarionix Healthcare, for ₹400 crore - a move designed to ring-fence the healthcare business and allow future strategic flexibility including potential private equity investment at the subsidiary level.