Moglix Labs emerges as the top firm on Deloitte's Technology Fast 50 list
Global professional services firm Deloitte has announced the list of winners for its 14th Technology fast 50 India programme, and the winner of this year’s edition is Noida-based ecommerce and mobile internet firm Moglix Labs. The firm is only the second since 2005 to have achieved growth in excess of 10,000%.
As India’s economy becomes increasingly digitalised across all sectors and industries, perhaps no firm has been as vocal in its predictions about growth in the technology, media and telecommunications (TMT) sectors as Big Four accounting and advisory firm Deloitte. The firm released a comprehensive report on India’s TMT scenario early this year, which projected growth all around.
According to the report, the increasing access to internet in rural areas is expected to drive up viewership and revenues in the advertising and other digitally reliant domains. Given the growing importance of the sector, the Deloitte has been recognising some of the most promising TMT firms since 2005, when it launched its Technology Fast 50 programme.
“A program that started in 2005 has become the pre-eminent event recognising excellence in technology in India, and we are overwhelmed by the appreciation and enthusiasm of the participants over the years,” said the firm in a new report that provides a list of the fastest growing technology firms in India.
In order to measure the success and growth, Deloitte collects data first hand from a handful of selected firms. The firms are shortlisted irrespective of their presence in the private or public domains, with the only criteria being a focus on technology. Moreover, the central metric of measurement is the revenue growth for the firm over the last three years.
Based on these metrics, this year’s leader on the Fast 50 list is Moglix Labs. The firm is headquartered in Singapore and its only international office is situated in Noida, India. Since its establishment in 2015 as a business-to-business ecommerce entity, the firm has achieved staggering revenue growth of 11,836%.
The high growth rate makes Moglix only the second firm since the Fast 50 list was established in 2005 to have surpassed a growth rate of 10,000%, the only other firm being Ardom Telecom in 2013. Ardom was also the first internet-based firm to have topped the list, marking a significant pivot in India’s technology market.
Aside from Moglix Labs, the overall performance of the TMT sector was particularly string this year, with the combined three-year growth rate for the entire top 50 standing at over 900%. The list also reflected the consolidation of certain prominent new players in the sector, given that there were 20 repeats on this year’s list of winners.
