Deloitte TechFast50 points to phenomenal Indian growth

The 17^th edition of the Deloitte Technology Fast 50 India 2022 report is indicative of the phenomenal growth story of emerging tech companies. It is a testament to how India has truly embraced the digital momentum amidst the disruptions over the last few years.

The winning list this year for the top 50 fastest growing companies ranks Gurugram based FarMart No.1 with FY22 revenue coming in at a remarkable growth of 150 times their FY20 revenue.

Some highlights…

• The top 7 companies have crossed the 1000 percentage mark per three-year average growth rate
• For the first time, a winner recorded a three-year average growth rate in excess of 15,000 percent
• Winners across new-age business sectors of AgriTech, FinTech, logistics and gaming lead this year’s rankings

Speaking at the TechFast50 awards show, Rajiv Sundar, Partner and Programme Director - Technology Fast 50 India 2022, Deloitte India said, “At the Deloitte TechFast50 programme we see the future unfolding and a reimagined nation emerging with technology, innovation, inclusivity, and sustainability as key factors of growth. Our analysis indicates the average of the three-year growth rate of the top 50 companies at 831 percent, with the top 10 showing a stupendous 4795 percent. Every one of the Top 50 companies recorded a three-year growth rate in excess of 140 percent.

This year, in what is a reflection of India’s digital transformation strategy, some of the most interesting sectors that found place in the top 50 were AR-VR services providers, AgriTech, gaming, blockchain application development, FinTech, EdTech, clean energy solutions and E-Waste management services. Our top 50 winners interestingly operate across a diverse range of sectors, which truly demonstrates the pervasive nature of technology that’s responsible for establishing India as a world economic leader.”

 Despite disruptions caused by the pandemic, geo-political tensions, talent challenges, and many other hurdles that businesses encounter daily, it’s remarkable that our top 50 winners are driving growth by leveraging their technology capabilities.

Deloitte has been at the helm of transformative growth, and is working cohesively with the entire ecosystem, in its zest to focus on India’s progressive growth story.

Other trends:

• The geographical dispersion of the Top 50 winners was led by the Bengaluru region with 18 winners. This trumped the NCR Region which had 15 winners, followed by Mumbai with 8 winners.
• Analytics as a sector seems to have come of age – TheMathCo, Tiger Analytics, Assiduus, Leadsquared, and various other companies have shown significant growth and also scaled up tremendously on the overall revenue front.

Top 5 companies with their growth…

FarMart Services Private Limited (15847%), Saveo Healthtech Private Limited (2942%), Pepper Content Private Limited (2695%), Terrals Technologies Private Limited (1247%) and Grab A Grub Services Limited (1242%).