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                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                  SCHEDULE 13G

                   Under the Securities Exchange Act of 1934
                                (Amendment No. )


                           EXLSERVICE HOLDINGS, INC.
                                (Name of Issuer)


                    COMMON STOCK, PAR VALUE $0.001 PER SHARE
                         (Title of Class of Securities)

                                  302081 10 4
                                 (CUSIP Number)


                               DECEMBER 31, 2006
            (Date of Event Which Requires Filing of this Statement)


Check the appropriate box to designate the rule pursuant to which this Schedule
is filed:

           [_] Rule 13d-1(b)
           [_] Rule 13d-1(c)
           [X] Rule 13d-1(d)


*    The  remainder  of this  cover  page  shall be filled  out for a  person's
     initial  filing  on  this  form  with  respect  to the  subject  class  of
     securities,  and for any subsequent amendment containing information which
     would alter the disclosures provided in a prior cover page.

The  information  required  in the  remainder  of this  cover page shall not be
deemed to be "filed" for the purpose of Section 18 of the  Securities  Exchange
Act of 1934 ("Act") or otherwise  subject to the liabilities of that section of
the Act but shall be subject to all other  provisions of the Act (however,  see
the Notes).


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CUSIP No. 302081 10 4              SCHEDULE 13G                   Page 2
-------------------------                                 ---------------------

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1.   NAME OF REPORTING PERSON I.R.S. IDENTIFICATION NO. OF ABOVE PERSON

     Vikram Talwar
-------------------------------------------------------------------------------
2.   CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
                                                                (a)  [_]
                                                                (b)  [X]
-------------------------------------------------------------------------------
3.   SEC USE ONLY


-------------------------------------------------------------------------------
4    CITIZENSHIP OR PLACE OF ORGANIZATION

     United States of America
-------------------------------------------------------------------------------
                                            5.   SOLE VOTING POWER
           NUMBER OF
                                                 563,568
      SHARES BENEFICIALLY                   -----------------------------------
                                            6.   SHARED VOTING POWER
            OWNED BY
                                                 1,567,254
              EACH                          -----------------------------------
                                            7.   SOLE DISPOSITIVE POWER
            REPORTING
                                                 563,568
             PERSON                         -----------------------------------
                                            8.   SHARED DISPOSITIVE POWER
             WITH
                                                 1,567,254
-------------------------------------------------------------------------------
9.   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

     2,130,822
-------------------------------------------------------------------------------
10.  CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES

                                                                     [_]
-------------------------------------------------------------------------------
11.  PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)

     7.6%
-------------------------------------------------------------------------------
12.  TYPE OF REPORTING PERSON

     IN
-------------------------------------------------------------------------------



-------------------------                                 ---------------------
CUSIP No. 302081 10 4              SCHEDULE 13G                   Page 3
-------------------------                                 ---------------------

-------------------------------------------------------------------------------
1.   NAME OF REPORTING PERSON I.R.S. IDENTIFICATION NO. OF ABOVE PERSON

     Urvashi Talwar
-------------------------------------------------------------------------------
2.   CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
                                                                (a)  [_]
                                                                (b)  [X]
-------------------------------------------------------------------------------
3.   SEC USE ONLY


-------------------------------------------------------------------------------
4    CITIZENSHIP OR PLACE OF ORGANIZATION

     United States of America
-------------------------------------------------------------------------------
                                            5.   SOLE VOTING POWER
           NUMBER OF
                                                 -0-
      SHARES BENEFICIALLY                   -----------------------------------
                                            6.   SHARED VOTING POWER
            OWNED BY
                                                 1,483,254
              EACH                          -----------------------------------
                                            7.   SOLE DISPOSITIVE POWER
            REPORTING
                                                 -0-
             PERSON                         -----------------------------------
                                            8.   SHARED DISPOSITIVE POWER
             WITH
                                                 1,483,254
-------------------------------------------------------------------------------
9.   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

     1,483,254
-------------------------------------------------------------------------------
10.  CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES

                                                                     [_]
-------------------------------------------------------------------------------
11.  PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)

     5.3%
-------------------------------------------------------------------------------
12.  TYPE OF REPORTING PERSON

     IN
-------------------------------------------------------------------------------



-------------------------                                 ---------------------
CUSIP No. 302081 10 4              SCHEDULE 13G                   Page 4
-------------------------                                 ---------------------

-------------------------------------------------------------------------------
1.   NAME OF REPORTING PERSON I.R.S. IDENTIFICATION NO. OF ABOVE PERSON

     The Talwar 1994 Trust
-------------------------------------------------------------------------------
2.   CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
                                                                (a)  [_]
                                                                (b)  [X]
-------------------------------------------------------------------------------
3.   SEC USE ONLY


-------------------------------------------------------------------------------
4    CITIZENSHIP OR PLACE OF ORGANIZATION

     California
-------------------------------------------------------------------------------
                                            5.   SOLE VOTING POWER
           NUMBER OF
                                                 1,399,254
      SHARES BENEFICIALLY                   -----------------------------------
                                            6.   SHARED VOTING POWER
            OWNED BY
                                                 -0-
              EACH                          -----------------------------------
                                            7.   SOLE DISPOSITIVE POWER
            REPORTING
                                                 1,399,254
             PERSON                         -----------------------------------
                                            8.   SHARED DISPOSITIVE POWER
             WITH
                                                 -0-
-------------------------------------------------------------------------------
9.   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

     1,399,254
-------------------------------------------------------------------------------
10.  CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES

                                                                     [_]
-------------------------------------------------------------------------------
11.  PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)

     5.0%
-------------------------------------------------------------------------------
12.  TYPE OF REPORTING PERSON

     OO
-------------------------------------------------------------------------------



-------------------------                                 ---------------------
CUSIP No. 302081 10 4              SCHEDULE 13G                   Page 5
-------------------------                                 ---------------------


         This  Schedule  13G is filed by the  undersigned  with respect to the
shares of Common Stock,  par value $0.001 per share (the "Common  Stock"),  of
ExlService Holdings, Inc. (the "Company").

Item 1   (a).   Name of Issuer:

                ExlService Holdings, Inc.

Item 1   (b).   Address of Issuer's Principal Executive Offices:

                350 Park Avenue
                New York, New York 10022

Item 2   (a).   Name of Person Filing:

                (i)     Vikram Talwar ("Mr. Talwar");

                (ii)    Urvashi Talwar ("Mrs. Talwar");

                (iii)   The 1994 Talwar Trust (the "1994 Talwar Trust") and
                        together with Mr. Talwar and Mrs. Talwar, the
                        "Reporting Persons").

Item 2   (b).   Address of Principal Business Office or, if none, Residence of
                the Reporting Person:

                c/o ExlService Holdings, Inc.
                350 Park Avenue
                New York, New York 10022

Item 2   (c).   Citizenship:

                Mr. Talwar - United States of America
                Mrs. Talwar - United States of America
                The 1994 Talwar Trust - California

Item 2   (d).   Title of Class of Securities:

                Common Stock, par value $0.001 per share



-------------------------                                 ---------------------
CUSIP No. 302081 10 4              SCHEDULE 13G                   Page 6
-------------------------                                 ---------------------


Item 2   (e).   CUSIP Number:

                302081 10 4


Item 3.  This  Schedule  13G  Statement  is not being  filed  pursuant to Rule
         13d-1(b) or Rule 13d-2(b) or (c).


Item 4.  Ownership

         Mr. Talwar  directly owns 224,750 shares of Common Stock. In addition,
         Mr.  Talwar is the sole  trustee of the  Vikram  Talwar  2004  Grantor
         Retained Annuity Trust (the "Vikram Talwar GRAT"), which directly owns
         338,818  share  of  Common  Stock.   As  such,  Mr.  Talwar  has  sole
         dispositive  and voting power over the 563,568  shares of Common Stock
         held by him directly and held by the Vikram Talwar GRAT.

         Mrs. Talwar does not directly own, or have sole  dispositive or voting
         power over, any shares of Common Stock.

         Mr.  Talwar  and Mrs.  Talwar  may be deemed to  beneficially  own the
         1,399,254  shares of Common  Stock  directly  owned by the 1994 Talwar
         Trust.  Mr. Talwar and Mrs.  Talwar are co-trustees of the 1994 Talwar
         Trust and share dispositive and voting power over the 1,399,254 shares
         of Common Stock owned by the 1994 Talwar Trust.

         Mr. Talwar and Mrs.  Talwar may be deemed to  beneficially  own 84,000
         shares  of Common  Stock  directly  owned by the  Vikram  Talwar  2004
         Spousal Lifetime Access Trust (the "Vikram Talwar SLAT").  Mrs. Talwar
         is a co-trustee of the Vikram Talwar SLAT and shares  dispositive  and
         voting  power  over the  84,000  shares of Common  Stock  owned by the
         Vikram Talwar SLAT.

         Mr. Talwar and Mrs.  Talwar may be deemed to  beneficially  own 84,000
         shares of Common  Stock  directly  owned by the  Urvashi  Talwar  2004
         Spousal Lifetime Access Trust (the "Urvashi Talwar SLAT").  Mr. Talwar
         is a co-trustee of the Urvashi Talwar SLAT and shares  dispositive and
         voting  power  over the  84,000  shares of Common  Stock  owned by the
         Urvashi Talwar SLAT.

Item 5.  Ownership of Five Percent or Less of a Class

         Not Applicable



-------------------------                                 ---------------------
CUSIP No. 302081 10 4              SCHEDULE 13G                   Page 7
-------------------------                                 ---------------------


Item 6.  Ownership of More than Five Percent on Behalf of Another Person.

         Not Applicable


Item 7.  Identification and Classification of the Subsidiary Which Acquired the
         Security Being  Reported on By the Parent  Holding  Company or Control
         Person

         Not Applicable


Item 8.  Identification and Classification of Members of the Group

         Not Applicable


Item 9.  Notice of Dissolution of Group

         Not Applicable


Item 10. Certifications

         Not Applicable




-------------------------                                 ---------------------
CUSIP No. 302081 10 4              SCHEDULE 13G                   Page 8
-------------------------                                 ---------------------


                                    SIGNATURES

                  After reasonable inquiry and to the best of our knowledge and
belief, I certify that the information set forth in this statement is true,
complete and correct.

Date:  February 6, 2007


                                              /s/ Vikram Talwar
                                              -----------------------------
                                              Vikram Talwar


                                              /s/ Urvashi Talwar
                                              -----------------------------
                                              Urvashi Talwar



                                              THE 1994 TALWAR TRUST


                                              By:  /s/ Vikram Talwar
                                                   ------------------------
                                                   Vikram Talwar, Trustee


                                              By:  /s/ Urvashi Talwar
                                                   ------------------------
                                                   Urvashi Talwar, Trustee