Technology no more limited to Tier I cities: Report
Technology is no more limited to Tier I cities now, according to consultancy and advisory firm Deloitte.
Bangalore: Technology is no more limited to Tier I cities now, according to consultancy and advisory firm Deloitte.
In the latest list of the 50 fastest-growing Indian companies in the Technology, Media & Telecom (TMT) space, Deloitte said 14 percent of the Technology Fast 50 winners this year are from Tier-II 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", it said in a statement.
The Deloitte Tech Fast 50 India Programme 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 percent. 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 percent is Aujas Networks Pvt. Limited, a company specialising 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 realised the opportunity presented by the rapid deployment of cross channel payment points all over the country,ranging from ATM to POS devices.
The 50 fastest growing companies this year have achieved an average revenue growth of 236 percent.
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, it said.
There has been an increasing presence of the smaller sized companies in the winners list. The number of companies with less than Rs 50 crore turnover have steadily moved from 38 percent in 2008 to 62 percent 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.