Deloitte announced the 50 fastest growing technology companies in the country as part of its Technology Fast 50 India 2018 program. The cumulative revenue of the top 10 winners has jumped from 18 crore in 2016 to almost 500 crore in 2018, marking a growth of almost 28x. This is perhaps the best ever number we have seen and it is a testimony to the incredible Indian technology ecosystem.
The Deloitte Technology 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.
Interesting statistics about the Top 10 winners are as follows:
All the Top 10 winners are first time winners, while 8 of these 10 companies were established in 2013 or later, 2 companies Videonetics and Serosoft are around 10 year old.
Noida based Moglix has been ranked No.1 with FY18 revenue coming in at 120x of their FY16 revenue. Moglix is funded by marque investors like IFC, Accel and Ratan Tata, and within 3 years of inception, it has emerged as India’s leading B2B e-commerce Company. Bangalore based payments technology company, Razorpay, has emerged as the 2nd ranked company this year and has grown 110x from 2016 to 2018. The third place went to Delhi-based Cashify, which grew approximately 70x from 2016 to 2018. Cashify is emerging as one of the key players in the massive mobile phone market by enabling end users to sell their used gadgets seamlessly.
“This year we have seen new players from the e-commerce ecosystem dominate the top rankings. We have got representation across B2B e-commerce, Used Mobile e-commerce, e-commerce for FMCG distribution, last mile logistics and payment technologies. We also continue to have leading companies in the video analytics, data analytics, digital marketing, edu-tech, and cyber security companies” said Rajiv Sundar, Program Director – Technology Fast 50 India 2018 and Partner, Deloitte India.
“We have witnessed more and more winners are breaking the 50 crore and 100 crore barriers, and pleasantly surprised to see that the top 4 companies have all crossed 50 crores this year – growing at least 35x from 2016 to 2018”, he further added.
- Bangalore has 11 winners, NCR has 10, Mumbai has 10, Hyderabad has 5, Kolkata and Chennai have 3 each. Bangalore had dominated the 2017 Top 50 winners list with 19 winners;
- The Top 25 companies have all at least tripled their revenue while every Fast50 winner has at least doubled their revenue from 2016 to 2018; and
- 20 repeat winners and 30 new entrants, with Zifo on the Fast50 list for the 7th consecutive year, SolutionsInfini on the list for the 6th consecutive year, and Zomato on the list for the 5th consecutive year.
Multiple companies from the digital commerce have emerged this year – Moglix, Cashify, Grab Logistics, NumberMall, Loginext and Mobisy feature in the Top 20. Zomato and SastaSundar are two of the 5 largest companies in this year’s Technology Fast 50 list and are the flag bearers for vertical e-commerce.
Cyber Security and Authentication companies have also made their presence felt in the top 20, with Element42, Mindarray, and Data Resolve. NetMonastery, ARCON, and Instasafe are other companies in the same ecosystem that are part of the Fast50 list.
The Data and Analytics segment has strong representation in this year’s Fast50 list. Some of prominent names are Videonetics, Transerve, TechVantage, iMerit, Tiger Analytics, Social Cops, and last year’s winner, Polestar.