US-based consulting and auditing firm Deloitte has announced the winners of the 13th edition of its Technology Fast50 India programme, with analytics firms leading the list of the 50 fastest-growing tech companies in the country.
The Fast50 programme ranks the fastest-growing tech companies in India based on their percentage revenue growth over the last three financial years. The programme had 14 new entrants and 36 repeat winners this year, Deloitte said in a statement on Tuesday.
In 2016-17, the top 10 companies recorded an average three-year growth rate of about 500%. Seven of the top 10 are repeat winners, with four of them improving their rankings from previous years. The top three recorded an average three-year growth rate of 727%. The three-year average growth rate of the top 50 winners fell to 209% in 2016-17 from 340% in 2016 and 356% in 2015.
“India is lagging behind in terms of the infrastructure needed for accelerated growth for startups. Having said that, we saw a lot of maturity in entrepreneurs this year when compared to the previous editions of our programme,” said Rajiv Sundar, programme director of Technology Fast50 India 2017. He added that artificial intelligence is one of the key growth segments in the sector.
Sundar also said that the composition of the winners has changed over the past 13 years, from generic software services providers to diverse activities, both product-oriented and niche services, including highly capable analytics offerings, digital marketing, and tech-enabled education products and services.
Sundar said more business-to-consumer companies will emerge from India over the next three to four years, instead of service-oriented firms. Indian companies stand out as they have identified problems and are designing solutions to fill the gaps, he added.
Noida-based Polestar Solutions and Services India LLP took the top spot with its 2016-17 revenue rising nine times compared with its revenue in 2014-15. GreyCampus Edutech, last year’s winner, was ranked 13th this year. Polestar had ranked third last year.
Second-ranked Evolute Systems Pvt. Ltd’s revenue for 2016-17 jumped more than eight times while third-ranked Mobisy Technologies Pvt. Ltd’s revenue climbed more than seven times.
Bengaluru continued to dominate the winners’ list with 19 of the 50 winners originating from the city.
Besides Polestar, other companies from the analytics segment included Bridgei2i, Tiger Analytics and LatentView. Evolute Systems, Mobisy Technologies, Stellapps Technologies, Marketxpander Services and Robotic Wares were among the software product companies. EdTech companies were represented by Byju’s and GreyCampus.
Here are the top 10 of the Fast50 programme:
Polestar: Noida-based Polestar is an information technology services company engaged in analytics, data warehousing, business intelligence, enterprise application development and content management. The company was founded in 2011.
Evolute Systems: Bengaluru-based Evolute provides front-end solutions to various applications in the areas of identification, authentication, microfinance and micro-banking, public distribution systems, mobile point of sale, retail and sales, automation, m-commerce, e-governance, last-mile data collection system, tracking, ticketing, data computing and data processing terminals.
Mobisy Technologies: The company offers sales force and supply chain automation solutions under the brand name Bizom. It also offers a mobile application called Distiman, which connects retailers to fast-moving consumer goods brands. The company was founded in 2006 and is based in Bengaluru with an additional office in Mumbai.
Stellapps Technologies: This Bengaluru-based company provides solutions such as Internet of Things, big data, cloud, mobility and data analytics for the dairy industry. Milk production, milk procurement, cold chain, animal insurance, and farmer payments are some facilities that the firm’s technology caters to. The company was founded in 2011.
Marketxpander Services: The company provides marketing software to small and medium businesses under the brand name of Leadsquared. Its product includes marketing automation and sales and mobile customer relationship management. The firm’s product caters to the requirements of various industries such as education, financial services, and real estate. The company was founded in 2011 and is based in Bengaluru with additional offices in Gurgaon, Mumbai, and the US.
Data Resolve Technologies: The firm provides Internet security solutions related to corporate fraud, data leaks and employee productivity. Its products include inDefend, a solution for insider threat management for desktop and laptops, and MobSec, a solution for mobile workforce management for smart devices. It caters to the requirements of firms in automobiles, consulting, manufacturing and construction, banking, healthcare, and retail. The company was founded in 2008 and is based in Noida.
Byju’s: One of the most significantly funded companies in the space, this ed-tech company offers test preparation courses for the common admission test (CAT), union public service commission (UPSE), and others. It also offers supplemental school curriculum for classes 6 to 12. The company was founded in 2008 and is based in Bengaluru.
Robotic Wares: This software-as-a-service company offers a mobile workforce management platform under the brand name Fareye. The firm helps users to schedule and assign tasks, monitor execution and evaluate performance, all in real-time through its mobile application. It caters to companies in logistics, marketplace, healthcare, consumer durables, and financial services. The company was founded in 2013 and is based in Delhi with an additional office in Bhubaneswar.
Nreach: Nreach Online Services Pvt. Ltd owns and operates Giftxoxo.com, an online gift shop. It provides gifting solutions to consumers as well as corporate. It also offers customised gifts. The company was founded in 2012 and is based in Bengaluru.
White Rivers Digital: White Rivers Digital is a full service Digital and Video Marketing firm located in Mumbai. Founded in 2012, the firm is providing services to clients across 8+ countries with a team of 60+ digital marketers. The firm is working with top brands in India in Entertainment, Real Estate, F&B and fashion retail space.
Like this report? Sign up for our daily newsletter to get our top reports.