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    <periodOfReport>2026-02-17</periodOfReport>

    <notSubjectToSection16>0</notSubjectToSection16>

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

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001798124</rptOwnerCik>
            <rptOwnerName>Jetley Vivek</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>320 PARK AVENUE, 29TH FLOOR</rptOwnerStreet1>
            <rptOwnerStreet2></rptOwnerStreet2>
            <rptOwnerCity>NEW YORK</rptOwnerCity>
            <rptOwnerState>NY</rptOwnerState>
            <rptOwnerZipCode>10022</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>1</isOfficer>
            <isTenPercentOwner>0</isTenPercentOwner>
            <isOther>0</isOther>
            <officerTitle>President of EXL</officerTitle>
            <otherText></otherText>
        </reportingOwnerRelationship>
    </reportingOwner>

    <aff10b5One>0</aff10b5One>

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                </transactionShares>
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                    <value>0</value>
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                <transactionAcquiredDisposedCode>
                    <value>D</value>
                </transactionAcquiredDisposedCode>
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            <exerciseDate>
                <footnoteId id="F3"/>
            </exerciseDate>
            <expirationDate>
                <footnoteId id="F3"/>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Common Stock, par value $0.001 per share</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>5050</value>
                </underlyingSecurityShares>
            </underlyingSecurity>
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                <value>Restricted Stock Units</value>
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                <value>2026-02-17</value>
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                <equitySwapInvolved>0</equitySwapInvolved>
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                    <value>4400</value>
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                    <value>D</value>
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                <footnoteId id="F4"/>
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            <expirationDate>
                <footnoteId id="F4"/>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Common Stock, par value $0.001 per share</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>4400</value>
                </underlyingSecurityShares>
            </underlyingSecurity>
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                <sharesOwnedFollowingTransaction>
                    <value>4400</value>
                </sharesOwnedFollowingTransaction>
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        </derivativeTransaction>
    </derivativeTable>

    <footnotes>
        <footnote id="F1">Restricted stock units of ExlService Holdings, Inc. (the &quot;Company&quot;) convert into common stock, par value $0.001 per share (the &quot;Common Stock&quot;) on a one-for-one basis.</footnote>
        <footnote id="F2">Pursuant to the ExlService Holdings, Inc. 2018 Omnibus Incentive Plan, pursuant to which such restricted stock units were granted, the closing price of the Common Stock on the Nasdaq Global Select Market on the preceding day is used for purposes of computing tax reporting and withholding.</footnote>
        <footnote id="F3">On February 16, 2022, the reporting person was granted 4,040 (pre-split) restricted stock units, vesting in four annual installments beginning on the first anniversary of the grant date. 25 percent of the restricted stock units became vested on February 16, 2023, an additional twenty-five percent of the restricted stock units became vested on February 16, 2024, an additional twenty-five percent of the restricted stock units became vested on February 16, 2025; and the remaining balance of twenty-five percent of the restricted stock units became vested on February 16, 2026.</footnote>
        <footnote id="F4">On February 15, 2023, the reporting person was granted 3,520 (pre-split) restricted stock units, vesting in four annual installments beginning on the first anniversary of the grant date. 25 percent of the restricted stock units became vested on February 15, 2024, an additional twenty-five percent of the restricted stock units became vested on February 15, 2025, an additional twenty-five percent of the restricted stock units became vested on February 15, 2026; and the remaining balance of twenty-five percent of the restricted stock units will vest on February 15, 2027.</footnote>
    </footnotes>

    <remarks>Mr. Ayyappan is the Company's General Counsel.</remarks>

    <ownerSignature>
        <signatureName>/s/ Ajay Ayyappan, Attorney-in-Fact</signatureName>
        <signatureDate>2026-02-19</signatureDate>
    </ownerSignature>
</ownershipDocument>
