Press releases

Hypergrowth in B2B e-commerce and internet-driven home and personal services: Deloitte Technology Fast 50 India 2019 Report

Press release 

  • Mumbai based Smartpaddle Technology Private Limited (Bizongo) is ranked 1st with a three-year revenue growth of 8271 percent.
  • Top 10 companies saw a staggering revenue growth of 15 times for the period FY17 to FY19.

Bengaluru, 29 November 2019: Deloitte India announced the 50 fastest growing technology companies in the country under its “Technology Fast 50” (Tech Fast 50) India 2019 programme. The programme is conducted by Deloitte Touche Tohmatsu India LLP (DTTILLP) and ranks the fastest growing technology companies in India based on their percentage revenue growth over the past three financial years.

The aggregated revenue of the top 10 companies has gone up from about INR 40 crore to just under INR 600 crore. Perhaps, this is the best ever combined growth of top 10 winners we have seen and illustrates an incredible Indian technology ecosystem.

Interesting statistics about the Top 10 winners are as follows:

While the Top 10 companies have shown revenue growth of 15 times in the past two years, companies ranked from 11 to 20 also performed extremely well. They have shown approximately six times the growth in the past two years with the combined revenue of the 11 to 20 companies at more than 2,000 crores. This clearly shows that while the Top 10 companies are on a hyper-growth curve, the growth for the next 10 is also very impressive.

Looking at the largest companies in the Tech Fast 50 list, it is extremely heartening to see companies from diversified sectors such as digital education, used mobiles, IT services, B2B e-commerce and hospitality/travel solutions.

Of the Top 10 fastest growing companies, seven were established in 2015 or 2016. In this short period they showed growth between 10 and 80 times.

The top 10 Technology Fast 50 India 2019 winners are as follows:

  1. Smartpaddle Technology Private Limited
  2. TheMathCompany Private Limited
  3. Phonon Communications Private Limited
  4. Mindarray Systems Private Limited
  5. SLabs Technologies Private Limited
  6. Mogli Labs (India) Private Limited
  7. DigitalAPICraft Private Limited
  8. UrbanClap Technologies India Private Limited
  9. 3m Digital Networks Private Limited
  10. ROI NET Solution Private Limited

Monetising products, services, and skills is a tough business ask. Doing that using innovation, disruption, and technology solutions for complex problem statements and at the same time growing at a rapid pace is a tremendous achievement. Congratulations to all our top 50 winners who have achieved this. Seeing the energy with which these companies are striding forward, reinforces the confidence that India has and will continue to make big strides in technology developments, said Rajiv Sundar, Programme Director - Technology Fast 50 India 2018 and Partner, Deloitte India.

Key highlights

  • In the Top 50, there are 11 winners from Bengaluru and Delhi NCR each, and 10 from Mumbai.
  • Top 10 companies have shown revenue growth of 15 times in the past two years.
  • The list includes 27 previous winners and 23 new entrants, with Zifo Technologies Private Limited on the Tech Fast 50 list for the 8th consecutive year followed by Think and Learn Private Limited (BYJU’S) coming in for the 7th year.

To access the complete report, refer to the link TechFast 50 2019 winners' report

Notes to the editor for reference purposes only:

This press release has been issued by Deloitte ToucheTohmastsu 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.

For details of the Top 50 rankings and sectoral insights, please visit www.deloitte.com/in

Media Contact:

Sagarika Mamik Gupta
Deloitte Shared Services India LLP
Mobile: +91 9711284005
Email: sagarikagupta@deloitte.com

Siddharth Bagchi
Avian WE
Mobile: + 91 7837714783
Email: siddharthb@avianwe.com

Did you find this useful?