Great India Drive
 

Moglix fastest-growing tech firm in India: Deloitte

| | Bengaluru
  • 0

Moglix fastest-growing tech firm in India: Deloitte

Saturday, 27 October 2018 | IANS | Bengaluru

Moglix fastest-growing tech firm in India: Deloitte

Noida-based business-to-business e-commerce firm Moglix has emerged as the fastest growing technology company in India, according to a Deloitte report on Saturday.

Founded in 2015, Moglix is an online store for industrial tools and equipment. In fiscal 2018, the company realised a 120-times growth in revenue as compared to fiscal 2016, said the report titled "Deloitte Technology Fast 50 India 2018".

Moglix is funded by marque investors like IFC, Accel and Ratan Tata, Deloitte said in a statement.

Bengaluru-based payments technology company Razorpay has emerged as the second ranked company this year and has grown 110 times from 2016 to 2018. 

The third place went to Delhi-based Cashify, which grew approximately 70 times from 2016 to 2018. Cashify enables end-users to sell their used gadgets.

The cumulative revenue of the top 10 winners has jumped from 18 crore in 2016 to almost 500 crore in 2018, marking a growth of almost 28 times, the report said. 

"We have witnessed more and more winners are breaking the 50 crore and 100 crore barriers, and pleasantly surprised to see that the top four companies have all crossed 50 crores," said Rajiv Sundar, Programme Director - Technology Fast 50 India 2018 and Partner, Deloitte India.

All the Top 10 winners are first time winners, while eight of these 10 companies were established in 2013 or later, two companies - Videonetics and Serosoft - are around 10-year-old.

The Deloitte Technology Fast 50 India programme conducted by Deloitte Touche Tohmatsu India LLP (DTTILLP), ranks the fastest growing technology companies in India based on their percentage revenue growth over the last three financial years. 

State Editions

Civic bodies issue 566 challans, slap Rs 27L fine on violators

19 October 2019 | Staff Reporter | Delhi

Bizman gets ransom call from convict in G’gram

19 October 2019 | Staff Reporter | Delhi

Teachers learn self-defence technique

19 October 2019 | Staff Reporter | Delhi

Air remains very poor 5th day in row

19 October 2019 | Staff Reporter | Delhi

AAP welcomes Centre’s Ravidas temple move

19 October 2019 | Staff Reporter | Delhi

Sunday Edition

The French Bulldozer

13 October 2019 | Miniya Chatterji | Agenda

the power of Forgiveness

13 October 2019 | Swami Mukundananda | Agenda

Yoga and mindfulness

13 October 2019 | Jacqualine Tara Herron | Agenda

Attention feels good

13 October 2019 | Ajit Kumar Bishnoi | Agenda

Astroturf | Check your child’s behaviour early

13 October 2019 | Bharat Bhushan Padmadeo | Agenda

It’s a fine job

13 October 2019 | MUSBA HASHMI | Sunday Pioneer