Founded a little more than a decade ago, Adfactors has been one of the fastest-growing public relations firms in the world over the past 10 years—the third fastest-growing on The Holmes Report’s Global 250 last year—and is now probably the largest independent public relations firm in India, with 250 people in 12 offices across the sub-continent and fees for the financial year (ending March 2008) of around $11 million—up by about 67 percent over the previous year.
The firm was launched with a focus on corporate and financial communications, and continues to derive a large part of its revenues from that practice area. High-profile assignments last year, for example, including public offerings for ICICI Bank and Reliance Power—among the largest-ever on the Indian market—and the successful acquisition of Hutch mobile by Vodafone. The firm has extensive experience in the mergers and acquisitions arena, and with IPOs and restructurings. More recently, it has established a technology practice, which has grown to rank among the largest in the market, and which attracted the interest of global technology PR powerhouse Waggener Estrsom, which in when selected Adfactors as part of its global alliance program. More recent vertical market groups focus on healthcare and infrastructure.
The firm is led by Madan Bahal, a tireless entrepreneur, high-profile blogger, and one of the most colorful characters in the Indian public relations business. He is supported by a senior leadership team assembled from diverse backgrounds—business journalism, financial research, market research—but rarely from the public relations industry. The firm’s major clients, meanwhile, are a mix of some of