These are India’s fastest growing tech companies

Source: The Economic Times, Nov 15, 2016

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%.

Topping the list of fastest growing technology company is GreyCampus Edutech Private Limited with a staggering three-year average growth rate of 1622%. The company 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 companies that rank sixth to tenth include:

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

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.

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