Bizongo emerges as the fastest-growing tech company in India

Data science firm TheMathCompany was ranked second and Vadodara-based communication automation solutions firm Phonon was ranked third for the Deloitte Technology Fast 50 India programme

Bizongo (Smartpaddle), a company that solves packaging design, development, and procurement challenges with a technology-enabled platform, has been declared as the overall winner of the Deloitte Technology Fast 50 India programme.

The programme conducted by the consulting firm Deloitte ranks the fastest growing technology companies in India based on their percentage revenue growth over the past three financial years.

Mumbai-based Bizongo had 8,271 per cent growth in revenue over the past three years. It was founded in 2015 by three IITians Aniket Deb, Sachin Agrawal and Ankit Tomar. The firm provides its solutions to companies such as healthcare firm Cure.fit, e-commerce venture Tata Cliq and fashion online retailer Myntra.

This was followed by Bengaluru and US-based data science firm TheMathCompany with 2,849 per cent growth. It was founded in 2016 by Sayandeb Banerjee, Aditya Kumbakonam, and Anuj Krishna and works with Fortune 500 clients from industries like retail, insurance, and banking, across the globe. Vadodara-based communication automation solutions firm Phonon was in third place with 2,291 per cent growth in revenue over the past three years.

“Seeing the energy with which these companies are striding forward, re-inforces the confidence that India has and will continue to make big strides in technology developments,” said Rajiv Sundar, programme director - Technology Fast 50 India 2019 and Partner, Deloitte India. “Monetising products, services and skills is tough. Doing that using innovation and technology solutions for complex problem statements and at the same time growing at a rapid pace is a tremendous achievement,” said Sundar of Deloitte.

Deloitte said the aggregated revenue of the top 10 companies has gone up from about Rs 40 crore to just under Rs 600 crore. The company said perhaps, this is the best ever combined growth of top 10 winners it has seen and illustrates an incredible Indian technology ecosystem. The top 10 companies including UrbanClap saw staggering revenue growth of 15 times for the period FY17 to FY19. Of the top 10 fastest growing companies, seven were established in 2015 or 2016. 

Looking at the largest companies in the Tech Fast 50 list, there are firms from diversified sectors. These include digital education, IT services, business to business e-commerce and hospitality and travel. Companies ranked from 11 to 20 in the list also performed extremely well. They have shown approximately six times the growth in the past two years with the combined revenue of the 11 to 20 companies at more than Rs 2,000 crore. 

In the top 50 list, there are 11 winners from Bengaluru and Delhi NCR each, and 10 from Mumbai. The list also includes 27 previous winners and 23 new entrants, with Zifo Technologies on the list for the 8th consecutive year followed by Think and Learn Private Limited (BYJU’S) coming in for the 7th year.