Technology Fast 50 Press release
Software sector dominates Deloitte Technology Fast50 India 2015 rankings
Deloitte announced the 50 fastest growing technology companies in the country as part of its Technology Fast50 India 2015 program. Overall average three-year growth rate of this year’s Tech Fast50 India winners aggregated to 356 percent (compared to 383 percent in 2014).
- Whilst overall growth average was 356 percent, the top 10 companies grew at an average of 981%
- F1 Info Solutions & Services ranked No. 1 on the list with growth rate of 3961 percent
Bangalore, November 02, 2015: Deloitte announced the 50 fastest growing technology companies in the country as part of its Technology Fast50 India 2015 program. Overall average three-year growth rate of this year’s Tech Fast50 India winners aggregated to 356 percent (compared to 383 percent in 2014). The Software sector (including Business Applications and IT) dominated the list with 34 of the 50 companies coming from this sector. These companies grew at an average of 255 percent.
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. The 50 fastest growing companies this year consist of public and private Technology, Media and Telecommunications, including Business Applications, Internet, Online Education and IT, businesses headquartered in India, that have achieved the highest rates of revenue growth over the past three years.
Mumbai-based ‘F1 Info Solutions & Services’ was ranked No. 1, with high three year revenue growth of 3961 percent. VMukti Solutions Private Limited was ranked second, with a growth of 1025 percent and GreyCampus Edutech Private Limited at the third place with a growth of 832 percent, over the past three years.
“Since 2005, when the first edition of Deloitte Fast 50 India event was launched, we have striven to recognise, honour, and encourage those businesses who are striving forward with remarkable revenue growth rates using their technology, innovations, and quality of human resources. Sustaining growth in a competitive and dynamic environment needs innovation and adaptability on a continuous basis, and our Top 50 Winners of 2015 are a testament to this. 31 companies in the 2015 winners list are repeat winners,” said Rajiv Sundar, Senior Director and Program Director-Technology Fast50 India 2015, Deloitte India. “Through this program, we seek to recognize the companies who are not only achieving high growth rates but have also been able to sustain it consistently with great resilience.”
This year’s top five witnessed companies from Mumbai, Ahmedabad, Hyderabad and Gurgaon, with an average growth rate of 1456% in 2015. Announcing the 50 fastest-growing Indian companies for 2015 in the Tech, Media & Telecom (TMT) industry vertical, Deloitte said that in this year’s Technology Fast50 (Tech Fast) rankings:
- Overall winner records third highest growth rate ever in the eleven year history
- Software businesses, with 34 winners, continue their dominance with 23 winners in the IT services sector, 7 in Business Applications sector and 4 in data management sector.
- Has 31 Repeat winners; 12 of whom have improved on their prior ranking
Some of the significant trends as observed from the program include:
Software and related areas:
- Software remains a dominant segment due to its large representation among the participants
- IT Management has been consistently strong – their overall contribution is 46% of the Fast 50 list
- VAS and OPD had been dominant themes in the earlier editions – but in the recent editions their representation in the Fast 50 has gradually reduced
- Analytics and BI have been consistent in their representation. While this segment had been primarily dominated by a few services players, we expect the next surge of representation to come from product companies
- Cloud service providers and Internet companies have outperformed most sub-sectors in the Software sector in this year’s Fast 50 list
- Future Outlook: In the future editions of Fast 50, software as an overall segment may stay at its current level, but the sub-sector mix may change dramatically. We expect more representation of product companies and those which are focused on themes like digital transformation and mobility
- Internet companies especially those focused on content, e-commerce and payments have made their mark over the last decade. We believe that with the exponentially increasing number of internet users, this sector is bound to see astronomical growth in the near future
- E-commerce, Payments and Internet based education have become visible over the last 4 years. These three are clear indicators of emergence of brand new segments
- Payments, classifieds and marketplaces would be growth drivers in this segment
- Growth in smartphone usage may contribute to rise in mobile content-based business models
- Future Outlook: Companies in the payments, web+mobile based consumer services and “e-commerce enablement” ecosystem may be key contributors to the list of Fast 50 winners in the coming years.
For details of the Top 50 rankings and sectoral insights, download the winners report.
Notes to the editor for reference purposes only:
This press release has been issued by Deloitte Touche Tohmatsu India LLP
Deloitte refers to one or more of Deloitte Touche Tohmatsu Limited, a UK private company limited by guarantee (“DTTL”), its network of member firms, and their related entities. DTTL and each of its member firms are legally separate and independent entities. DTTL (also referred to as “Deloitte Global”) does not provide services to clients. Please see www.deloitte.com/about for a more detailed description of DTTL and its member firms.
Deloitte India herein refers to Deloitte Touche Tohmatsu India LLP