2016 rankings and software product businesses put up a strong representation
• GreyCampus Edutech ranked No.1 with 1622 percent
• Top 6 winners cross 100 percent growth rates
New Delhi, November 15, 2016: Deloitte 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.
Hyderbad-basedGreyCampus Edutech Private Limited was ranked No.1with a three year revenue growth of 1622 percent. The company was No.3 in the 2015 edition. 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.
The top 10 Technology Fast50 India 2016 winners
1 GreyCampus Edutech Private Limited
2 Stellapps Technologies Private Limited
3 Polestar Solutions and Services India LLP
4 Fork Media Private Limited
5 GoodWorkLabs Services Private Limited
6 Spire Technologies and Solutions Private Limited
7 Zomato Media Private Limited
8 Think & Learn Private Limited
9 Mobisy Technologies Private Limited
10 Tiger Analytics India LLP
“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.
Some of the significant trends as observed from the program this year include:
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.
Notes to the editor for reference purposes only:
This press release has been issued by Deloitte Shared Services 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