Genpact CEO Pramod Bhasin is stepping down. Bhasin is credited with co-starting Genpact in India with Raman Roy, and subsequently making it the country’s largest BPO. People in the industry say that Bhasin plans to set up a venture capital fund.

The nature of businesses that Bhasin’s proposed venture capital fund will invest in could not be ascertained. “It will be mainly aimed at funding innovative start-up ideas,” a person in the know said.

When contacted by Financial Chronicle, Bhasin said, “There is no such move in the near future. I have no intentions to leave the company. If you have a look at the company facts, there have been huge investments that the company has made on me.”

However, a well-known Delhi-based headhunter, who has been associated with Genpact said that Bhasin has already apprised the Genpact management of his intentions to move out, and the management has even started working out a prospective succession plan. A senior executive in the company also confirmed this development.

Bhasin has been associated with the company since its first avatar in India, as GE Capital International Services (GECIS) in 1997. Prior to setting up GE’s BPO business in India, Bhasin was part of GE Capital’s Asia Pacific team, and was based in Singapore. He is v-vice-chairman of Nasscom for the year 2008-09, and is also a member of the Board of Trustees of Nasscom Foundation.

Genpact provides a wide range of services, including finance and accounting, collections and customer service, insurance, analytics, enterprise application and IT Infrastructure. The company has posted revenue of $822.7 million in 2007.

GE established GECIS (GE Capital International Services) in 1997 as an outsourcing unit to provide services from India, with Gurgaon as the first location. Pramod Bhasin was the India head of GE Capital and Raman Roy started GECIS. With the Indian market emerging in the outsourcing space GE started its call center here.