Happiest Minds To Expand Overseas Business Set Up Second Delivery Centre
Happiest Minds To Expand Overseas Business Set Up Second Delivery Centre
Happiest Minds To Expand Overseas Business Set Up Second Delivery Centre
HappiestMindstoexpandoverseasbusiness,setupseconddeliverycentre|VCCircleas
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HappiestMindstoexpandoverseas
business,setupseconddeliverycentre
TheITservicesfirmisbackedbyIntelCapitalandJPMorgan.
BYMANUPTOMS
HappiestMindsTechnologiesPvtLtd,ledby
veterantechhonchoAshokSoota,willenter
newinternationalmarketsthisyearandmay
alsoconsideracquisitionstoexpanditsoverseas
business,atopexecutivetoldVCCircle.
ThesoftwareservicescompanybackedbyIntel
CapitalandJPMorganisopeningofficesinthe
UAEandGermanyandexpandingoperationsin
theUS,AustraliaandCanada,CEOand
managingdirectorSashiKumarsaid.
Thecompanyalsoplanstostartasecond
deliverycentre,inPune,intheAprilJune
SashiKumar,CEO&MD,HappiestMinds
quarter.Thecentrewillbethefirstoutsideits
Bangaloreheadquarters.
StartingApril1wewillhaveoperationsinDubai.Wewillhaveafullfledgedoperationin
Australia.WearealsoactivelylookingatcontinentalEurope,hesaid.
KumarsaidthecompanyispresentintheUKandhasclientsinsomepartsofwestern
EuropethataremanagedoutoftheUK.WeareseriouslylookingatGermanyatthisstage.
WeareexpandingourpresenceinmanymorecitiesintheUSandlookingtohaveabigger
footprintinCanada.Therewehaveaverysmallpresenceasofnow,headded.
Thefouryearoldfirmreported56percentgrowthinrevenueatRs276.2crorefor2014
15fromRs177.5crorethepreviousyear,accordingtoVCCEdge,thedataresearch
platformofVCCircle,basedonthecompanysfilingswiththeRegistrarofCompanies.The
companynarroweditslossestoRs26.2crorein201415fromRs66.2crorein201314.
Earlier,inaninterview,founderandexecutivechairmanSootahadsaidthatthecurrent
financialyearwouldbethecompanysfirstfullprofitableyearandthattheJanuaryMarch
periodof2015wasitsfirstprofitablequarter.
Asforrevenuegrowth,Kumarsaidthecompanyhascrossed$50million(Rs340crore)run
rateandaimingtobethefastestITcompanytocross$100millionrunrate.
Asof201415,thecompanyhad143customersinsixcountries.Ofthese,12customers
hadcontractorrevenuerunrateofmorethan$1millionandtwocustomerswithrunrateof
morethan$5million.Thecompanysaysithasaround1800employees.
Acquisitionstrategy
HappiestMindsraised$45millionfromIntelCapitalandCanaanAdvisorsinOctober2011.
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HappiestMindstoexpandoverseasbusiness,setupseconddeliverycentre|VCCircle
CanaansstakewaslaterboughtoverbyJPMorgan.
KumarandSootasaidthatwhilethecompanywouldnotrequirefurtherexternalfund
infusionforitsoperations,itwouldraisecapitalfrominvestorsifitwentforanacquisition.
Kumarsaidthecompanyhasstartedexploringinorganicexpansion.Analytics,artificial
intelligence,cognitivecomputing,infrastructuretransformationcapabilities,internetof
thingsaretheareasthatareofinteresttous,hesaid.
ThereisalsoathinkingthatifwehavetogetintoabigmarketsuchasGermanyand
France,itmaybegoodtolookatanentrypointthroughanacquisitionandexpandinthese
markets,Kumarsaid.
Show
HappiestMindsisalsofocusingonintellectualpropertyledservices.Ithassecured10IPsso
far,andKumarsaidaquarterofthecompanysrevenuewouldcomefromIPledservicesby
thetimeitgoesforaninitialpublicoffering.
Tags:HappiestMindsTechnologiesPvt.Ltd.,SashiKumar,IntelCapital,JPMorgan
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HAPPIESTMINDSTECHNOLOGIESPVT.LTD.
HappiestMindsTechnologiesPvt.Ltd.informationtechnologysolutionsandservicescompany.Itis
engagedinprovidingdigitaltransformation,infrastructureandsecurityandproductengineering
serv...
HEADOFFICE
: Bengaluru
YEARFOUNDED : 2011
WEBSITE
: happiestminds.com
MANAGEMENT : PrasenjitSaha,S.R.Gopalan,Raja
Shanmugam,AshokSoota
IN NEWS
FY16 will be Happiest Minds' first full profitable year: Ashok Soota
Happiest Minds CEO Vikram Gulati resigns
Happiest Minds CEO Vikram Gulati on acquisition strategy, funding and expansion
plans
VCbacked Happiest Minds closes first year with $20M revenues, on track to go public
VCbacked Startup Happiest Minds Forms 7member Advisory Board
VCCircleIndiaLimited
PartnersSummit2016
INTELCAPITAL
IntelCapitalisaventurecapitalinvestmentarmofIntelCorp.Itprovidesseed,startup,earlystage,
midstage,latestage,middlemarket,andmaturestagecapitaltocompaniesoperatingacrossth...
HEADOFFICE
: SantaClara
YEARFOUNDED : 1991
WEBSITE
: www.intelcapital.com
MANAGEMENT :
IN NEWS
Exclusive: Intel Capital partexits 123Greetings with neat profit
Exclusive: Intel Capital exits MCX
Exclusive: Intel Capitals Kuppam floats tech VC firm
Exclusive: Intel Capital's Asia Pacific chief Sudheer Kuppam to quit
Intel Capital president Arvind Sodhani to retire
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