`Happiest Minds Will Reach Quickest Rs 100-million Mark’

Bengaluru:
Our Bureau
Information technology veteran Ashok Soota’s start-up, Happiest Minds Technologies, has broke even in the quarter ended March and the company founded in 2011 has already touched $50 million or about ` . 310 crore, in annualised revenue run rate.Soota, executive chairman of the Bangalore-headquartered company, said it’s on track to become the fastest IT services firm to reach $100 million in revenues.“Our growth and swing towards profitability is despite how the industry is slowing down,“ he said.

Soota said Happiest Minds wants to get 25% of its sales through its own IP solutions. In the fourth quarter of last fiscal, 10% of the company’s sales was from IP led offerings.The firm has over 100 customers and 1,450 employees.

Nearly 64% of the company’s business comes from the US. It also operates in the United Kingdom, Singapore, Canada and Australia besides India.

“We are entering into Australia this year in a big way. We’ve just hired a country head for the geography,“ said Soota, who, however, declined to disclose the name of the country head.In February, Happiest Minds appointed Sashi Kumar as its new CEO and managing director.

Earlier, Kumar was the head of CSC India. Narayanan Venkatraman, who was the CFO of mid-sized IT firm Sonata Soft ware, has also joined the firm that plans to go public within the next four years.Happiest Minds has developed a platforms to connect internet of things and in areas such as infrastructure management and retail.

“We are using this IP to tap the new opportunity. We are also acquiring the scale and the muscle to make sure that we are able to deal with everything that exists within the enterprise CIOs world,“ said Kumar.

Soota founded Happiest Minds in 2011 after leaving Mindtree, which he co-founded in 1999 and listed at the Bombay Stock Exchange in 2007.

He raised $52.5 million series A capital for Happiest Minds from venture capitalists and by selling his stake in Mindtree.

Source: The Economic Times
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Author:

Neeraj; an entrepreneur & a visionary in the field of Railway, Defense & Automobiles, is a graduate in commerce and a Harvard Business School Alumni. He’s an expert in govt. liasoning & contracting and has an exceptional network & connections at both local as well as global level. He’s an expert in Market Strategy & Planning and has served number of overseas companies as an advisor/consultant. He takes a profound interest in upcoming startups & is very receptive towards ground-breaking ideas & innovations. He likes to brainstorm those ideas and if the values & philosophies matches; he is even ready to invest his resources, serve as a mentor or act as an incubator to futuristic businesses.

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