Happiest Minds Technologies, an IT services company co-founded by former Mindtree chairman and founder Ashok Soota, on Monday said that the company has achieved an annualised revenue run rate of $50 million (around Rs 316 crore) in the quarter-ended March 31, 2015. In the same quarter, the company has also reported it broke-even during the quarter.
Happiest Minds was founded by Soota, considered an industry veteran with a few of his former colleagues at Mindtree, in August 2011. During its inception, the company aimed to become the fastest Indian IT company to reach $100 million in revenues.
“We are on a strong growth trajectory, coupled with a stellar customer base. Our $50 million revenue rate, 100-plus customers base and team size of 1,450 are all record levels for an Indian IT Services company in first three years from commencement of operations,” said Ashok Soota, Executive Chairman. “Our unique message of ‘Happiness’ is resonating well with our people and customers.”
The company has reiterated that it is on its way to become the fastest Indian IT Services company aiming to achieve $100 mn in revenues with a focus on going public within next four years.
The Bengaluru-based company has operations in the US, UK, Singapore, Australia and has secured $52.5 million Series-A funding. Its investors include JPMorgan Private Equity Group and Intel Capital. “As traditional businesses are gradually looking to invest further in the direction of Digital Transformation, we at Happiest Minds are developing revenue-enhancing models for our customers. Multiple offerings focused on Agile Infrastructure and modern Enterprise Solutions for Digital Transformation shall be the overarching strategy of Happiest Minds,” said Sashi Kumar, CEO & MD of Happiest Minds.
Happiest Minds, listed among the ‘Innovative 100’ of India Inc last year, has delivered products including personalisation using big data analytics, real-time mobile app analytics using big data and cyber security, connected IoT gateway solution, among others.