India’s Silicon Valley—Bangalore—is still the best womb in India for the fastest growing tech companies mainly from the broad based IT services/BPM sector, according to a report from Deloitte.
By Anirban Ghosal
The report, which ranks the 50 fastest growing technology companies in India based on their percentage revenue growth over the last three financial years, was conducted under the Deloitte Tech Fast 50 India Programme by Deloitte Touche Tohmatsu India.
Bangalore topped the list with 17 companies while NCR ranked second with eight companies with the overall average three year growth rate of the 50 winners aggregated to 383%. As per the report, Pune and Hyderabad contributed to six companies in the list each while Thiruvananthapuram and other Tier 2 Cities gave Mumbai and Chennai a run for their money.
According to the report, Braince Education Solutions was on top realising a high 2,768% three year revenue growth with Happiest Minds Technologies following close on the second spot with a growth rate of 2,377%. Third place on the list was Zomato Media which grew by 1,399%.
While this year’s top five firms achieved an average three-year growth rate of 1,775% lower when compared to the 2013 comparable average of 4,017%, the base ranking growth rate was recorded of 119%. Also, the top 5 winners crossed the 1,000% growth mark this year too.
“Since the first edition of Deloitte Fast 50 India event was launched to this 10th edition, we have seen a number of Technology businesses from India growing into multi-billion dollar corporations and becoming forces to be reckoned within the global arena,” said Rajiv Sundar, senior director, Deloitte Touche Tohmatsu India. “We see a strong contingent of mid-market specialised technology companies from India pushing their way towards the billion dollar revenue mark. Five winners from this year have moved from a much smaller revenue bucket to the R1,000 million club.”
In more revelation to the changing trends, the report shows that though software companies lead the rankings in a big way, Internet based business stamp their presence taking 3 spots amongst the top 5 this year. The report also shows that as per the Deloitte Technology, Media & Telecommunication (TMT) Predictions 2014 study, internet/mobile focused advertisement solutions remains a high growth area and a segment where only niche and innovative companies will continue to make their mark.
With the education sector primarily backed by a strong domestic demand producing the winner, mobility and enterprise products emerged as major themes with equivalent growth arising out of domestic and overseas market with a boost to the pure services segment. Most of the companies in this segment are capitalising on the explosion of app development and allied services requirement, it said.
Adding more insight the report revealed that while telecom technology companies made their presence felt after some hiatus the number of winners from this segment remained relatively low.
SHINING NEW LIGHT
* Bangalore leads the way with the number of fastest growing tech companies
* There are 17 companies from Bangalore in the Top 50 of Deloitte Tech Fast 50 list
* Brain4ce Education Solutions tops the list, followed by Happiest Minds and Zomato Media respectively
* Mid-market tech companies from India pushing their way towards the billion dollar revenue mark
* Software firms lead the rankings in a big way; Internet-based businesses stamp their presence too
* Web technology and mobility focused firms give a major boost to the pure services segment
* Strong representation of enterprise software products catering to education, mobility, telecom sectors
