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In this year’s Technology Fast 50 (Tech Fast) rankings, the top five companies showed more than 100 per cent growth in the average three-year revenue growth as compared to 2011, according to Deloitte Touche Tohmatsu India.
Releasing the rankings for the top 50 fastest growing start-up companies in India, Deloitte said the top five companies showed an improvement in the average three-year revenue growth of 1,947 per cent, compared to 910 per cent last year. This, according to Deloitte, is the highest average three-year revenue growth in all the previous editions of the Fast 50 India programme since 2005.
The average percentage growth for all the top 50 companies this year showed an improvement over last year’s total, at 432 per cent, up from 236 per cent in 2011.
The Deloitte Tech Fast 50 India Programme ranks the fastest growing technology companies in India based on their percentage revenue growth over the last three financial years.
The winner this year was Online Recharge Services Pvt Ltd, which grew 5,227 per cent three-year revenue growth. Amagi Media Labs Pvt Ltd came second with growth of 1,497 per cent, and Prizm Payment Services Pvt Ltd grew by 1,190 per cent in the three-year period.
“This is testament to the strength and depth of India’s growth economy,” said Rajiv Sundar, Senior Director, Deloitte Touche Tohmatsu India. “The combination of a strong India focus, presence in steadier segments such as education, the social sector and healthcare aided these companies in achieving their growth rates”, added Sundar.
Further, Internet companies have significantly increased their presence constituting 18 per cent of the winners list, up from 10 per cent in the previous edition and other Internet-based businesses joining the growth trajectory along with the e-commerce businesses. There have been strong performances of e-commerce enablers such as payment technology and content aggregators, the report added.
E-commerce enablers such as payments technologies are seeing traction and attracting new investments and coupled with mobile commerce are expected to dominate in the coming years said the report. On the technology front cloud, analytics and app development are gaining momentum.
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