Latest news with #Ramamoorthy
Time of India
3 days ago
- Business
- Time of India
In 5 years, 10 mid-tier IT companies join $1 billion club
BENGALURU: Call it the mid-tier IT firm's breakout moment. Over the past decade, 15 companies crossed the $1 billion revenue mark—10 of them in just the last five years, with several more on the cusp. This marks a structural shift in the mid-tier segment, packing a bigger punch. Take Coforge, for instance. It aims to achieve a revenue milestone of $2 billion by fiscal 2027. The company surpassed $1 billion in revenue during the financial year 2022-23, demonstrating a year-on-year growth of 22.4% in constant currency terms. Digital engineering company Nagarro's revenue crossed $1 billion in the 2023 financial year, up from $908 million in the corresponding period last year. Nagarro follows a January to December financial year. The company recorded a growth of 9.4% in constant currency in 2023. Of Nagarro's 18,000 employees, 12,000 are based in India across 12 cities. While these companies were growth-ready, former Cognizant India CMD Ramkumar Ramamoorthy, in a LinkedIn post, said three powerful forces have redefined their trajectory. Seasoned leaders from tier-1 firms brought strategic clarity, global perspective, and execution muscle—sharpening the edge of mid-tier companies. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like 在萬寧買了「這個」的42歳女性。超有效好驚人！臉激變！ 了解更多 Undo Private equity as a growth engine and an imbibed long-term value mindset accelerated transformation and scaling ambitions. Mid-tier players rapidly built and scaled advanced digital capabilities—closely aligned with evolving client expectations. Ramamoorthy said, 'One of the best things that happened to Indian IT after Y2K is senior management attrition. Seasoned leaders who built and ran large portfolios in IT companies such as Cognizant, Infosys, and HCL took on CXO roles in mid-sized firms and built the much-needed muscles to gracefully scale these companies. With more such leaders being made available today, in the years to come, we should see a larger number of companies get past the magical $1 billion in revenue, ably compete with Tier-1 players, and catalyse growth. ' He is also a partner in tech growth advisory firm Catalincs. In the last four months, nearly a dozen mid-sized firms saw top deck changes. LTIMindtree welcomed Venu Lambu as their new chief executive, while Virtusa brought in Nitin Banga from Global Logic to lead as their CEO. Rohit Kedia, who brings 28 years of experience in technology and digital engineering, was appointed CEO at ChrysCapital-owned digital engineering company Xoriant. He previously served as chief growth officer at LTIMindtree. Engineering services firm Cyient appointed Sukamal Banerjee as CEO of its DET (digital, engineering and technology) business. 'Also, with dozens of PE firms making a beeline for the IT industry, the investee companies are a big draw for these leaders not only for CXO roles but also for Board positions. These firms bring in global best practices across all aspects of business—people, process, platforms, partnerships, among others—which also helps fast-track the journey to a billion dollars and more.' Peter Bendor-Samuel, founder and chairman of US-based IT advisory Everest Group, said, 'However, perhaps the most important factor has been the PE firm's ability to change the mindset of these firms and attract some of the industry's most capable executives to run them. The combination of first-rate executives, acquisitions, and focused investments in sales and marketing has proven a sure-fire recipe to drive highly profitable and fast growth. ' These shifts have repositioned mid-tier companies as credible contenders, not just fast followers—rewriting what growth looks like in the industry's next chapter. Stay informed with the latest business news, updates on bank holidays and public holidays . AI Masterclass for Students. Upskill Young Ones Today!– Join Now
Time of India
4 days ago
- Business
- Time of India
10 mid-tier IT companies join $1 billion club in last 5 years
Bengaluru: Call it the mid-tier IT firm's breakout moment. Over the past decade, 15 companies crossed the $1 billion revenue mark—10 of them in just the last five years, with several more on the cusp. This marks a structural shift in the mid-tier segment, packing a bigger punch. Take Coforge, for instance. It aims to achieve a revenue milestone of $2 billion by fiscal 2027. The company surpassed $1 billion in revenue during the financial year 2022-23, demonstrating a year-on-year growth of 22.4% in constant currency terms. Digital engineering company Nagarro's revenue crossed $1 billion in the 2023 financial year, up from $908 million in the corresponding period last year. Nagarro follows a January to December financial year. The company recorded a growth of 9.4% in constant currency in 2023. Of Nagarro's 18,000 employees, 12,000 are based in India across 12 cities. While these companies were growth-ready, former Cognizant India CMD Ramkumar Ramamoorthy, in a LinkedIn post, said three powerful forces have redefined their trajectory. Seasoned leaders from tier-1 firms brought strategic clarity, global perspective, and execution muscle—sharpening the edge of mid-tier companies. Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Giao dịch vàng CFDs với mức chênh lệch giá thấp nhất IC Markets Đăng ký Undo Private equity as a growth engine and an imbibed long-term value mindset accelerated transformation and scaling ambitions. Mid-tier players rapidly built and scaled advanced digital capabilities—closely aligned with evolving client expectations. Ramamoorthy said, "One of the best things that happened to Indian IT after Y2K is senior management attrition. Seasoned leaders who built and ran large portfolios in IT companies such as Cognizant, Infosys, and HCL took on CXO roles in mid-sized firms and built the much-needed muscles to gracefully scale these companies. With more such leaders being made available today, in the years to come, we should see a larger number of companies get past the magical $1 billion in revenue, ably compete with Tier-1 players, and catalyse growth. " He is also a partner in tech growth advisory firm Catalincs. In the last four months, nearly a dozen mid-sized firms saw top deck changes. LTIMindtree welcomed Venu Lambu as their new chief executive, while Virtusa brought in Nitin Banga from Global Logic to lead as their CEO. Rohit Kedia, who brings 28 years of experience in technology and digital engineering, was appointed CEO at ChrysCapital-owned digital engineering company Xoriant. He previously served as chief growth officer at LTIMindtree. Engineering services firm Cyient appointed Sukamal Banerjee as CEO of its DET (digital, engineering and technology) business. "Also, with dozens of PE firms making a beeline for the IT industry, the investee companies are a big draw for these leaders not only for CXO roles but also for Board positions. These firms bring in global best practices across all aspects of business—people, process, platforms, partnerships, among others—which also helps fast-track the journey to a billion dollars and more." Peter Bendor-Samuel, founder and chairman of US-based IT advisory Everest Group, said, "However, perhaps the most important factor has been the PE firm's ability to change the mindset of these firms and attract some of the industry's most capable executives to run them. The combination of first-rate executives, acquisitions, and focused investments in sales and marketing has proven a sure-fire recipe to drive highly profitable and fast growth. " These shifts have repositioned mid-tier companies as credible contenders, not just fast followers—rewriting what growth looks like in the industry's next chapter.
Time of India
28-05-2025
- Business
- Time of India
MeitY forms panel to create national framework for GCCs
Live Events The ministry of electronics and IT has formed an industry-led panel to help boost the growth of global capability centres (GCC) in India, people aware of the plans said, seeking to create the necessary national framework announced in the federal budget. Collectively, they have a revenue base that already exceeds a fourth of India's much older $250-billion outsourcing body Nasscom , GCC-enablers Zinnov Consulting and ANSR, audit and advisory firm KPMG , and investment promotion agency Invest India are members of the committee formed last month, sources told government in the February budget had said it will develop a framework 'as guidance to states for promoting Global Capability Centres in emerging tier 2 cities.' This would suggest measures for enhancing availability of talent and infrastructure, building bylaw reforms, and mechanisms for collaboration with committee is likely to meet for the first time in coming weeks and has a term of one year, sources added.'With GCCs having gone mainstream, the government's policy construct needs to transition from an incentive framework to an innovation framework,' said Ramkumar Ramamoorthy, partner at tech growth advisory firm Catalincs.'With global companies spending a significantly higher percentage of revenues on R&D and innovation, the new policy framework on GCCs should catalyse technology transfer, enable local IP creation and global integration, drive cross-border industry-academia collaboration and research and create ways for multi-directional flow of money, and create a platform for greater collaboration among players with the startup ecosystem.'The framework should help connect the dots across multiple standalone policies on IT, hardware, GCCs, startups, deeptech, education and skilling, data security and intellectual policy, and not look at technology-enabled opportunities in silos, Ramamoorthy of the committee did not respond to ET's queries by press time on has more than 1,760 GCCs with an average of one to two GCCs being added every week, as per industry estimates. This is expected to reach 2,200 by currently employ about 1.9 million people in the country and generate $64.6 billion in revenues, as per a Nasscom-Zinnov is projected to reach about $99-105 billion by FY2030, employing 2.5-2.8 million industry has flagged taxation, particularly the 'safe harbour' policy, as a major hurdle to the ease of doing these rules, the income tax authorities accept the transfer price declared for certain international transactions, to provide relief to multinationals which have set up GCCs in India. In March, the government in an interim notification increased the eligibility turnover threshold to Rs 300 crore from Rs 200 the new level is way below Nasscom's recommendation of Rs 2,000 present, 95% of the eligible companies are not opting for the benefit due to litigation fears. Relaxing the rules will help the ambitions of the central and state governments to attract more GCCs to set up shop in India, according to industry experts.'A significant hurdle GCCs are facing is the lack of a uniform, standardised definition of a GCC across various Indian ministries and state governments with their GCC policies,' said Alouk Kumar, CEO, Inductus which helps GCCs set up in India. 'This absence creates considerable regulatory ambiguity for multinational corporations looking to set up or expand.'Regulatory and compliance burdens, including intricate tax structures like transfer pricing, complex SEZ regulations, and evolving data localisation mandates demand immediate attention, Kumar incentives across states are uneven and often insufficient, Kumar demand–supply gaps in talent, especially now that there is a greater focus on specialised AI, data science, and cybersecurity skills among GCCs, risks bottlenecking innovation and eroding the cost advantage that drew captives to cities like Bengaluru, Hyderabad, Mumbai, Chennai, and Delhi are the major GCC states have come out with GCC policies with sops to attract multinationals to set up, the latest being Uttar Pradesh earlier this month. States like Tamil Nadu and Karnataka also have policies with provisions such as payroll subsidies and incentives to expand to smaller reported in December that states like Madhya Pradesh, Telangana and Andhra Pradesh are also drafting their own GCC policies
