Deloitte Technology Fast50: Here Are India :
In a world where valuations reign supreme, something as basic as growth is often overlooked in the quest to form the next big business. With an objective of putting the focus back on growth and recognizing companies leading the charge, the 2016 Deloitte Technology Fast 50 India in collaboration with ET SmallBiz has found India's tech industry is shrugging off any talk of a slowdown with the Top 10 showing average three year revenue growth of 900%.
"Over the 12 years of Technology Fast50 India, we have seen the composition of our winners shift from generic software services providers to developers of niche technologies, software products, digital marketing and ed-tech," says Partner and Program Director of Technology Fast50 India 2016, Rajiv Sundar. "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," he added.
Ranked 3 in the previous edition, topping the list this year is GreyCampus Edutech Private Limited with a staggering three-year average growth rate of 1622% - in fact, the top 6 winners crossed 100% growth rates this year. GreyCampus provides online and classroom training for professional certification courses and primarily trains professionals in Project Management, Big Data, Data Science, Service Management and Quality Management.
Coming second in the list is Stellapps Technologies Private Limited with a three-year average growth rate of 1278%. One of the only companies in India involved in smart diary production or 'precision dairy', the full stack IoT company is leading a revolution in the India dairy farming sector through its end-to-end dairy technology solutions.
The Noida-based Polestar Solutions and Services India LLP comes in at the third position with a three year average growth rate of 1166%. The I T services company with offerings in analytics, data warehousing, enterprise application development & content management, has made it to the list for the very first time.
Ad tech company Fork Media is placed at fourth with a three year average of 1128%. The Mumbai-based company straddles across online, mobile and video platforms to create innovative, turnaround solutions for advertisers and publishers.
Completing the top 5 is GoodWorkLabs Services Private Limited with a three year average growth of 1112%. The Bangalore-based company is a boutique software lab and is the considered as one of the most successful bootstrapped startups to set up camp in India and with a long list of Fortune 500 companies as its clients.
The Top 10 companies this year recorded an average three-year growth rate of over 900%, with three in the list being repeat winners and two having improved on their rankings from previous years. Bangalore continued to dominate the winners list with 19 companies based out of the IT capital of India. Interestingly however, even though IT services have the largest representation in this list, its dominance has seen a steady decline over the years with other new age businesses coming through.
Technology-enabled education businesses have made a clear impact with this year's overall winner, GreyCampus, as well as Byju's in the Top 10. Analytics segment also has a strong representation in the Top 50, including Spire Technologies and Tiger Analytics. Software product companies like Mobisys have also been competing with the best in the world and have earned their place in the list.
The Deloitte Technology Fast 50 India program aims to rank the top 50 leading high-tech companies (including public and private companies) in the following sectors like Hardware, Software, Communications, Media, Clean Energy, and Life Sciences & Healthcare. IT services continued to dominate the rankings this year, but software product businesses put up a strong representation.
To be in contention the company needed to be in business a minimum of three years on or prior to March 31, 2016 for companies with a year ending between January and June and December 31, 2015 for companies with a year ending between July and December. They have to be headquartered in India and have fiscal year operating revenues of at least $ 50,000 (Rs 30 lakh) in FYE 2014 for companies with a year ending between January and June and FYE 2013 for companies with a year ending between July and December.
A technology company also needed to meet one of the technology definitions, which included owning a proprietary technology that contributes to a significant portion of the company's operating revenues, manufacturing a technology-related product, devoting a significant proportion of operating revenue to research and development of technology or it uses technology intensively or uses unique technology to solve a problem.