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Mumbai-based e-governance firm, Innowave IT, is all set to triple its headcount as it looks to expand beyond its home base, Maharashtra.
“We are currently a ₹250-crore company and we expect to grow to ₹400 crore in the next two years. This year we’ll be able to close at ₹300 crore as per plans. Last year, our revenues were ₹215 crore,” Anant Raghute, MD, Innowave IT, told BusinessLine .
Founded in 1995,the fast growing company is the flagship of the ₹650-crore Innowave group. Profitable since inception, Innowave IT has 700 employees on its rolls and provides contract-based employment to more than 25,000 people in India. Maharashtra contributes to 75 per cent of its revenues. But as e-governance projects are increasing in other States, Raghute expects growth from Assam, Odisha, UP, Bihar and Madhya Pradesh.
Recently, Innowave IT won a ₹10 crore contract to build a tier-II data centre in Mumbai for the Slum Rehabilitation Authority.
First-of-its-kind project
The company is also involved in the Light Detection and Ranging (LIDAR) property survey for Mumbai on behalf of Municipal Corporation of Greater Mumbai, a first-of-its-kind project to create a unique platform for property tax administration and other smart city related applications. As an advanced mapping and survey company, it also plays a role in SRA projects.
“We are looking to hire 1,500-1,700 employees in the next one year to expand both in India and overseas,” said Raghute.
“We’ve done a lot of work for Maharashtra, Chhattisgarh and UP government. Now, Bihar, Orissa, Assam and UP are the markets we are tapping more aggressively.” Raghute said he is expecting the deal pipeline to improve post-general elections as also the flow of funds for large e-governance projects in India. The firm is also looking at international expansion over the next one year. “The company has closed its first big deal worth ₹25 crore in Uganda.
The project for the Kampala Capital City Authority is for providing technology services to enhance Property Valuation Solution,” said Raghute.
“We’re also targeting Dubai for government healthcare, tourism projects, and entering the UK market,” said Raghute.
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