 "Mumbai skyline")
Seventy-one Indian companies made it into the ranks of the sixth annual "High-Growth Companies Asia-Pacific 2024" report, jointly released by The Financial Times (FT) and Statista, a data company. Electric-vehicle platform Zypp Electric and agritech firm BigHaat claimed the top two ranks, respectively.
South Korea topped the list in terms of the number of companies, with 123 firms reporting high growth, followed by Japan and Singapore, with 101 and 93 companies, respectively. India secured the fourth position, with its 71 high-growth companies making the cut.
To qualify for inclusion, companies needed to demonstrate a minimum compound annual growth rate (CAGR) of 15.1 per cent.
Zypp Electric, founded in 2017, from India, led with an impressive 396 per cent CAGR from 2019 to 2022, followed by BigHaat, founded in 2015, with a 304 per cent CAGR. Singapore-based logistics company ISO Tank Management secured the third spot with a 286 per cent CAGR.
In terms of industry representation, the IT and software sector dominated with 30 per cent of companies in the ranking, followed by fintech, financial services, and insurance sectors, constituting eight per cent.
Several other Indian companies also made it to the top 100 ranks, including SafeGold (rank 9), Recykal (12), SafexPay (21), Scaler (22), Svamaan Financial Services (26), M2P Fintech (27), Aays Technologies (31), Greedygame (34), Binmile (45), Skillmatics (46), New Street Tech (51), Credit Fair (52), Reflections Info Systems (63), Lead (67), Servify (79), Pernia's Pop-up Shop (90), Vervali (95), NowPurchase (96), Tiger Analytics (97), and Ace Trust In Solutions (99).
The criteria for inclusion in the report included generating revenue of at least $100,000 in 2019, achieving a revenue of at least $1 million in 2022, demonstrating primarily organic revenue growth between 2019 and 2022, and being headquartered in one of the 13 specified territories in the Asia-Pacific region. These were Australia, Hong Kong, India, Indonesia, Japan, Malaysia, New Zealand, Philippines, Singapore, South Korea, Taiwan, Thailand and Vietnam.
FT did disclose that the ranking may not be comprehensive as many fast-growing companies prefer to keep financial details private. Additionally, Chinese companies were not included due to difficulties in verifying data.
