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Days after the Bangalore-based MindTree Ltd announced that Ashok Soota had stepped down as chairman, the company co-founder has announced that he is setting up an IT services venture.

According to Wall Street Journal, Soota would be the chairman and managing director of Happiest Minds Technologies Pvt Ltd. The start-up will focus on IT services, research and development, software product engineering, remote infra, testing and consulting.

In a chat with Jessie Paul, CEO, Paul Writer, Soota explains more about the new initiative in this video blog entry published on the company site: “Happiest Minds is a greenfield venture but unlike others, it is based on 25 years of learning and experience,” he says. “It’s been over 10 years since India produced a successful new start-up. We will build the latest technologies into the architecture of the solutions we provide. Whereas most IT firms define domain knowledge as either technology practices or industry verticals.”

The company believes that its USP will be the integration of technologies such as cloud, mobility and social CRM and others into solutions.

Soota rues that there has been no successful Indian start-ups in the last 10 years and sets up a goal for Happiest Minds. He expects the start-up to be the fastest IT services firm from India to reach $100 million in revenue and estimates that it will happen by 2016.

Albert Hieronimus has taken over as the chairman at MindTree Ltd.

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