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Tech firms from Tier-II cities catching up fast

BS Reporter  |  Mumbai 

is no longer limited to Tier-I cities. The recent Tech Fast 50 rankings by Deloitte show 14 per cent of the ‘fast 50’ winners this year are from Tier-II cities.

The annual report adds the winners’ list includes an increased presence of smaller-sized companies. The number of companies with a turnover of less than Rs 50 crore has steadily grown from 38 per cent in 2008 to 62 per cent. The Deloitte Tech Fast 50 India Programme by Deloitte Touche Tohmatsu India Private Limited (DTTIPL), now in its seventh year, ranks the fastest-growing companies in India, based on their percentage revenue growth over the last three financial years. This year, Ubona Technologies tops the ranking, with revenue growth of 1353 per cent.

“The top three companies this year have shown an average growth of 1,052 per cent, which is a very impressive achievement. The growth has been primarily been on account of continuous investment that the technology companies made in innovation and significant domestic consumption of technology,” said P N Sudarshan, senior director, DTTIPL.

In the second place, with a growth of 1,010 per cent, stood Aujas Networks, a company specialising in consultancy services in information risk management. The third place was secured by Prizm Payment Services, with a revenue growth of 792 per cent.

The participating companies displayed remarkable ability to adapt themselves to changing marketing conditions and needs, the report said.

The 50 fastest-growing companies this year achieved an average revenue growth of 236 per cent. However, the average growth rate across the entire range of the list declined. “The decline has been uniform across the winners’ list. The decline in growth could be attributed to the cautious bottom line-focused approach of the companies or negative macro indicators,” the report added.

Companies in the Top 50 list include Chella Software (Madurai), ZNet Technologies (Jaipur), Indusface Consulting (Vadodara), Elan Emerging Technologies (Ahmedabad), Vayavya Labs (Belgaum) and Atline Technologies (Salem).

“This year has been a year of shifting trends, a year in which 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,” said Sudarshan.

First Published: Sun, October 23 2011. 00:47 IST