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Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 QZzhZrP1Df6Et+Rfzwzto8O3Pddnuab0wx8Z3l11KXQMj0Ommru6kIP3fPt4kRmF
 zcJMadDRbaNT0H2g2iSdhQ==

<SEC-DOCUMENT>0000950142-06-001923.txt : 20061019
<SEC-HEADER>0000950142-06-001923.hdr.sgml : 20061019
<ACCEPTANCE-DATETIME>20061019180246
ACCESSION NUMBER:		0000950142-06-001923
CONFORMED SUBMISSION TYPE:	3
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20061019
FILED AS OF DATE:		20061019
DATE AS OF CHANGE:		20061019

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ExlService Holdings, Inc.
		CENTRAL INDEX KEY:			0001297989
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-BUSINESS SERVICES, NEC [7389]
		IRS NUMBER:				820572194
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	BUSINESS ADDRESS:	
		STREET 1:		350 PARK AVENUE
		STREET 2:		10TH FLOOR
		CITY:			NEW YORK
		STATE:			X1
		ZIP:			10022
		BUSINESS PHONE:		(212) 872-1415

	MAIL ADDRESS:	
		STREET 1:		350 PARK AVENUE
		STREET 2:		10TH FLOOR
		CITY:			NEW YORK
		STATE:			X1
		ZIP:			10022

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			FINANCIAL TECHNOLOGY VENTURES II (Q), L.P.
		CENTRAL INDEX KEY:			0001372179
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		3
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-33089
		FILM NUMBER:		061154093

	BUSINESS ADDRESS:	
		STREET 1:		555 CALIFORNIA STREET
		STREET 2:		SUITE 2900
		CITY:			SAN FRANCISCO
		STATE:			CA
		ZIP:			94104
		BUSINESS PHONE:		(212) 277-7100

	MAIL ADDRESS:	
		STREET 1:		555 CALIFORNIA STREET
		STREET 2:		SUITE 2900
		CITY:			SAN FRANCISCO
		STATE:			CA
		ZIP:			94104
</SEC-HEADER>
<DOCUMENT>
<TYPE>3
<SEQUENCE>1
<FILENAME>form3_ftvqiiex.xml
<DESCRIPTION>FORM 3
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0202</schemaVersion>

    <documentType>3</documentType>

    <periodOfReport>2006-10-19</periodOfReport>

    <noSecuritiesOwned>0</noSecuritiesOwned>

    <issuer>
        <issuerCik>0001297989</issuerCik>
        <issuerName>ExlService Holdings, Inc.</issuerName>
        <issuerTradingSymbol>EXLS</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001372179</rptOwnerCik>
            <rptOwnerName>FINANCIAL TECHNOLOGY VENTURES II (Q), L.P.</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>555 CALIFORNIA STREET, SUITE 2900</rptOwnerStreet1>
            <rptOwnerStreet2></rptOwnerStreet2>
            <rptOwnerCity>SAN FRANCISCO</rptOwnerCity>
            <rptOwnerState>CA</rptOwnerState>
            <rptOwnerZipCode>94104</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>1</isTenPercentOwner>
            <isOther>1</isOther>
            <otherText>See Footnote 2</otherText>
        </reportingOwnerRelationship>
    </reportingOwner>

    <nonDerivativeTable>
        <nonDerivativeHolding>
            <securityTitle>
                <value>Common Stock, par value $0.001 per share</value>
                <footnoteId id="F1"/>
            </securityTitle>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>1746708</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </nonDerivativeHolding>
    </nonDerivativeTable>

    <footnotes>
        <footnote id="F1">In connection with the consummation by ExlService Holdings, Inc. (the &quot;Company&quot;) of its initial public offering, the Company
 will effect a two for one stock split (the &quot;Stock Split&quot;) of all of its outstanding shares of common stock.  The amounts in
 this Form 3 reflect such Stock Split.</footnote>
    </footnotes>

    <remarks>(2)  The Reporting Person may be deemed a member of a Section 13(d) group that owns more than 10% of the Company's common
 stock.  The Reporting Person disclaims such group membership, and this report shall not be deemed an admission that the
 reporting person is a member of Section 13(d) group for purposes of Section 16 or for any other purpose.

(3)  Financial Technology Ventures II (Q), L.P., By: Financial Technology Management II, LLC, its general partner.</remarks>

    <ownerSignature>
        <signatureName>/s/ Richard N. Garman (3)</signatureName>
        <signatureDate>2006-10-19</signatureDate>
    </ownerSignature>
</ownershipDocument>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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