BENGALURU: Bengaluru-based mid-tier IT company Happiest Minds Technologies, which posted a 14% increase in the full financial year FY24 revenue at Rs 1,625 crore, is on track to achieve its long-term vision of $1 billion in revenues by FY31.
In an interaction with TNIE, Venkatraman Narayanan, MD & CFO, said the objective of reaching $1 billion will be a combination of both organic and inorganic growth.
The company recently acquired PureSoftware Technologies for about Rs 779 crore and this will strengthen the company’s Banking, Financial Services, Insurance (BFSI) and Healthcare and Life Sciences verticals. It also acquired Macmillan Learning India for about Rs 4.5 crore to strengthen its edtech vertical.
Narayanan said the company’s organic growth has been quite strong. “We have been growing at about 21-22% until now and in fact much faster. There were years when we have grown 37%, so our CAGR has been quite solid up until now and we are planning to keep the same growth rate or maybe even slightly better.”
In a post-earnings media call, Ashok Soota, Executive Chairman, said FY25 is poised to be its best-ever year since the IPO. In February, the company announced its new vertical organisation structure comprising six new Industry Groups including edtech in order to compete in the global markets. It is also bullish on Gen AI and has created a Gen AI business unit.
Joseph Anantharaju, Executive Vice Chairman, said, this separate business unit helps both internally and externally. “Internally because it gets the focus and the importance that you need to make it successful and from a customer perspective, it shows our seriousness and the depth that we are building,” he added.
The company has around 14 customers already on Gen AI and it expects this to gather momentum through the year and into the next year. He added that they have built up a good sales pipeline for FY25. Happiest Minds is also looking at Gen AI as one of its prime engines of growth. “As long as we are focusing on areas like Gen AI, automation, security, there will be opportunities because these are all areas of need for customers,” Anantharaju added.