New Delhi: Business-to-business (B2B) software firms dominated a list of the top 50 fastest growing technology companies in India, according to Deloitte Technology Fast50 India 2017 report released Tuesday.
At least 45 of the 50 companies that reported the highest revenue growth over the last three years sell to enterprise customers. The mix comprises analytics and big data solution providers, software and app makers, digital integrators, advertising firms, cybersecurity and information technology consulting businesses.
The report points to that fact that growth in consumer technology start-ups, majorly e-commerce and payments where a large portion of venture money is deployed, is overtaken by B2B technology firms, and a growing comfort among businesses towards software (and hardware) solutions from Indian makers.
“The acceptability of taking technology from Indian start-ups in India is increasing and my belief is that it will only scale up higher," said Rajiv Sundar, a partner at Deloitte. “We find both scenarios where companies are making software for the domestic market and other domestic players who are focused on the export or international market. If you look at the spread of winners, you will find a relatively equal portion of both players."
Polestar Solutions and Services India, a Noida-based enterprise software start-up, topped the list with 805% revenue growth over the past three years. It was closely followed by Evolute Systems, a maker of point-of-sale terminals and healthcare devices, which grew 760% and Mobisy Technologies (sales force automation solutions for FMCG sector) which grew 617%.
In comparison, the only consumer technology start-ups that made it to the list were: learning platform Byju’s (417% growth; 7th spot), restaurant discovery app Zomato (244% growth; 12th spot), and ticket booking app BookMyShow (135% growth; 27th spot).
Top ten firms on the list recorded an average three-year growth rate of 516%, while the average growth rate of all 50 firms was 209%. Of the total 50, the highest number of companies, 19, are based in Bengaluru.