IT services continue to dominate Deloitte TechnologyFast50 India 2016 rankings
Deloitte today announced the 50 fastest growing technology companies in the country as part of its Technology Fast50 India 2016 program.
Overall average three-year growth rate of this year’s Tech Fast50 India winners aggregated to just over 340 percent compared to356 percent in 2015.
The Deloitte Tech Fast 50 India Program conducted by Deloitte Touche Tohmatsu India LLP (DTTILLP) ranks the fastest growing technology companies in India based on their percentage revenue growth over the last three financial years.
Hyderabad-based GreyCampus Edutech Private Limited was ranked No.1with a three year revenue growth of 1622 percent. The company was No 3 in the 2015 edition, a Deloitte Shared Services India LLP statement here today said.
The second, Stellapps Technologies Private Limited, recorded a three year average revenue growth of 1278 percent, whilst the third placed, Polestar Solutions and Services India LLP, grew by 1166 percent.
“Over the 12 years of Technology Fast50 India we have seen the composition of our winners shift from generic software services provider to being developers of niche technologies, software products, highly capable analytics offerings, digital marketing, technology enabled education products & services, etc.,” said Rajiv Sundar, Partnerand Program Director-Technology Fast50 India 2016, DTTILLP.
“Whilst the common belief is that Indian Technology enabled businesses are at the threshold of breaking out on their own, the emergence of new age businesses in our Top 50 is a positive reflection that this would happen sooner than later. ”
This year, the Top 10 companies recorded an average three-year growth rate of just over 900 percent. Impressively, three winners in Top 10 are repeat winners, with two of them having improved on their rankings from previous years. While the Top 3 recorded an average three-year growth rate of 1355 percent, the Top 5 record just over 1260 percent. Three year average growth rate across Top 50 winners was just over 340 percent.
Bangalore continues to dominate Top 50 winners list with 19 winners.
The growth rates demonstrated by a number of winners who could not enter into the Top 50 winners list were equally robust, with rank number 59 having clocked a three year average growth rate of over 100 percent.
27 repeat winners and 23 new entrants, with 14 of these repeat winners having won 3 times or more now.
IT services business continue to have the largest representation at 19 winners, though we have seen their dominance declining over the years with other new age businesses coming through. Software development business focussing on business intelligence, webtech, security services are second largest segment in the winners list.
Technology enabled Education businesses are making an impact on the Fast 50 rankings This year’s overall winner, GreyCampus, as well as the very popular Byju’s are in the Top 10. Presence of few other technology enabled education businesses in the overall Fast 50, clearly indicates that innovative education solutions businesses have immense potential in years to come.
Analtyics segment has a strong representation in Top 50. Most commendable being LatentView, a leader in analytics offerings, and has ranked consistently in Top 50 for the last 8 years and is completing 10 years this year. Other interesting analytics companies making a mark include, Spire Technologies, Tiger Analytics andBridgei2i amongst others.
Emergence of number of software product companies like Fareye, Fluent Grid, Mobisys, AVR Edge Networks. These companies are creating global products and competing with the best in the world.
Within IT services as well, we see inclusion of a number of winners who are providing high quality niche services and have the potential to challenge more established companies in years to come.
Fintech companies the current sector of favour and understandably so, Paytm and PayPoint are riding the wave of digitization in the financial space and posted very strong growth numbers. With the recent demonetization event, we expect that fintech companies will continue to grow rapidly.UNI BM SJC 2030