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Technology no more limited to Tier 1 cities, says Deloitte.

India, Oct. 25 -- Technology is no more limited to Tier 1 cities now, according to Deloitte. Announcing the 50 fastest-growing Indian companies in the Technology, Media & Telecom (TMT) space today, Deloitte says that 14 per cent of the Technology Fast 50 winners this year are from Tier 2 cities such as Rudrapur, Belgaum and Madurai. Also, Mobile VAS as a sub-segment is gaining significant strength and can be classified as a segment in its own right.

The Deloitte Tech Fast 50 India Program conducted by Deloitte Touche Tohmatsu India Private Limited (DTTIPL), now in its seventh year, ranks the fastest growing technology companies in India based on their percentage revenue growth over the last three financial years. This year, Ubona Technologies Private Limited tops the ranking with revenue growth of 1353 per cent. With its state of the art platform, Ubona has been instrumental in enabling the Telcos, VAS providers and other businesses to offer next generation telephony services to the masses.

In the second place with a growth of 1010 per cent is Aujas Networks Pvt. Limited, a company specializing in providing consultancy services in Information Risk Management. The third place is secured by Prizm Payment services Pvt Ltd with a revenue growth of 792 percent. The company has realized the opportunity presented by the rapid deployment of cross channel payment points all over the country ranging from ATM to POS devices.

"The top three companies this year have shown an average growth of 1052 per cent which is a very impressive achievement. This growth has been achieved riding on continuous investment that the technology companies have made in innovation and significant domestic consumption of technology," says P.N Sudarshan, Senior Director, Deloitte Touche Tohmatsu India Private Limited. "This year has been a year of shifting trends where new winners with new business paradigms have emerged while many repeat winners have shown that along with new revolutionary ideas, continuous innovation and sustained improvement in delivery are essential ingredients of a success story in today's competitive environment."

The participating companies have displayed remarkable ability to adapt themselves to changing marketing condition and need. The 50 fastest growing companies this year have achieved an average revenue growth of 236 per cent. However, the average growth rate across the entire range of the list has declined. The decline has been uniform across the winners list. The uniform decline in growth could be attributed to the cautious bottom-line focused approach of the companies or a result of negative macro indicators.

There has been an increasing presence of the smaller sized companies in the winners list.

The number of companies with less than Rs. 500 million turnover have steadily moved from 38 per cent in 2008 to 62 per cent currently. This could be an indicator of the agility of smaller firms to try out disruptive innovations as also venture into untapped markets which are less competitive and a growing sign of a greater entrepreneurial spirit. This could be also be an indicator of the maturity of the business life cycle of the large corporations

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Publication:India PRwire
Date:Oct 25, 2011
Words:543
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