Never miss a great news story!
Get instant notifications from Economic Times
AllowNot now


You can switch off notifications anytime using browser settings.
The Economic Times

India’s Growth Champions 2020 ranks nation’s fastest growing companies

A little more than 25 years ago, India embarked on a journey and economic liberalization that powered a growth wave unlike any in the country’s history. This culminated in the nation becoming a $3 trillion economy in 2019, and a quick look at the underlying fundamentals reveals that more is yet to come.

Powered by a burgeoning middle class that’s expected to grow to 89 million households by 2025 with rising per capita incomes, India will be one of the largest consumer markets by the mid-21st century. The consumption base is one part of the equation, the other being a robust business ecosystem capable of meeting its demands. Here too, India has made rapid progress, jumping from 142nd in 2014 to 63rd in 2019 in the World Bank’s ease of doing business report. Clearly then, India has not just accelerated its growth, but done so while pursuing the goals of achieving macro-stability, inclusive and sustainable growth.

But even in the midst of this growth story, there remain a few growth champions whose achievements are noteworthy.

India’s Growth Champions

In any great story, a few memorable characters always stand out, and so it is too with India. The Economic Times and Statista are on the cusp of launching the inaugural edition of India’s Growth Champions 2020, an ambitious initiative that aims to highlight true accelerators of the Indian economy.

The ranking identified the fastest growing companies among all Indian industries using specific criteria; companies had to have generated minimum revenue numbers over a three-year period to register and apply, be independent entities, and have primarily demonstrated organic growth. This ensured that the only companies included are those of genuine economic substance, sustainability, and credibility apart from being economic accelerators. The combination of these many factors ensured that those showcased in the ranking are justifiably called India’s growth champions.

Talking about the initiative, Friedrich Schwandt, CEO & Founder of Statista, stated, “India has produced such a large amount of stellar companies over the years that it has become hard to keep track, even for engaged observers. That’s the reason why we decided to link arms with The Economic Times and launch this mega-research project; we wanted to provide an overview of the entrepreneurial superstars, the most impressive accelerators of the Indian economy.”

Thomas Clark, Partner at Statista, raised a few pertinent points. “If you look closer at this inaugural ranking, you will see that it reflects the ongoing transformation of the Indian economy extremely well. 28% of the winners engage in traditional sectors such as industrial goods, construction and food. Yet, they were already surpassed by tech and financial services firms, which together account for 29%.”

The numbers bear out India’s changing face; 40% of the growth champions come from Bengaluru, Mumbai, Hyderabad and Delhi, while Tech (21%), Industrial Goods (13%), Food, Beverage & Restaurants (8%), Construction & Property (7%), and Financial Services Companies (7%) make up a majority of the mix.

Growth in focus

While arguments abound around revenue v profitability, it is interesting to note that Amazon, one of the largest companies in the world, has never been particularly profitable as it focuses relentlessly on long-term growth. While profitability has been the most important currency historically, in the 21st century, explosive growth has been proven possible even with wafer thin profit margins. Given the emergence of Venture Capital and other means of financing, companies can remain afloat without profit being the be-all and end-all.

Indeed, if you look at economic value, revenue growth is often the best currency, and revenue was chosen as a metric for this ranking as it is of value to the economy. These Growth Champions create innumerable jobs and opportunities and act as critical economic stimulants.

Given the current cooling down of global economies, it is essential we hold aloft the stellar contributions of standout companies as exemplars of what can be achieved. This ranking will be an annual endeavour highlighting companies that are showing the way for others even in a challenging economic environment.

Deepak Lamba, President, Times Strategic Solutions Limited, opined, “As one of the youngest economies of the world, India’s drive and enterprise is best reflected in these changemakers that have been rightly lauded as India’s Growth Champions. This one-of-a-kind ranking underlines the gold standard for growth and excellence, and we hope their feats will inspire the broader diaspora of India Inc. to aim ever higher as they script their own growth stories.”

Growth is often a business priority, but also an elusive target. India’s Growth Champions represent a coterie of companies that have mastered the art of growing from strength to strength, year after year. In their successes lie lessons we can all glean wisdom from, for to seek growth is a deeply human instinct.

RankBrand

Name
Absolute revenue growthRevenue CAGR 2015-18Revenue 2018 (Rs. Cr)Number

of employees 2018
IndustryFounding YearCity
1One 97 / Paytm6,891%311.9%3,232.0NAFinancial Services2010Noida
2GoBOLT4,449%257.0%54.0188Transport & Support Services2015Gurugram
3Saankhya Labs4,353%254.5%73.3105Aerospace, Defence & Security2006Bengaluru
4Razorpay3,945%243.3%197.5325Financial Services2013Bengaluru
5OfBusiness3,931%242.9%645.0387Financial Services2015Gurgaon
6LogiNext1,509%152.5%17.1195Technology2014Mumbai
7JetSetGo1,410%147.2%107.257Transport & Support Services2014Delhi
8Siyaram Impex1,084%127.9%65.5610Industrial Goods2007Jamnagar
9BYJU'S1,076%127.4%1,281.12300Health & Education2011Bengaluru
10Videonetics1,069%127.0%52.643Technology2008Kolkata
11Kinara Capital1,057%126.2%140.6960Financial Services2011Bengaluru
12ixigo883%114.2%113.3146Ecommerce2006Gurugram
13Furlenco808%108.6%63.1350Ecommerce2012Bengaluru
14Ecozen Solutions624%93.5%68.6163Technology2010Pune
15Zomato614%92.5%1,312.64875Ecommerce2010Gurugram
16Bizom612%92.4%28.2132Technology2008Bengaluru
17Comsat Systems586%90.0%29.0105Aerospace, Defence & Security1982Hyderabad
18NumberMall535%85.2%14.5104Technology2005Hyderabad
19LeadSquared531%84.8%33.9193Sales, Marketing & Advertising2011Bengaluru
20IndiQube531%84.8%99.6335Construction & Property2015Bengaluru
21Serosoft525%84.3%14.0115Technology2008Indore
22Blazeclan Technologies514%83.2%70.0235Technology2010Pune
23Thenpandian456%77.2%48.790Industrial Goods2004Namakkal
24Lithium Urban Technologies452%76.7%46.8236Transport2014Bengaluru
25Schbang442%75.6%37.3193Sales, Marketing & Advertising2015Mumbai
26TVS Next398%70.7%27.3320Technology1994Chennai
27Valueleaf378%68.5%64.7115Sales, Marketing & Advertising2009Bengaluru
28Supple Tek Industries371%67.6%5,980.0367Agricultural Commodities2013Amritsar
29Fusion Microfinance364%66.8%511.64398Financial Services2010New Delhi
30Appscrip360%66.3%11.1120Technology2012Bengaluru
31SolarMaxx353%65.4%22.890Energy2008Jaipur
32iMerit347%64.8%47.12500Technology2011Kolkata
33Wow! Momo282%56.3%120.02200Food, Beverage & Restaurants2008Kolkata
34Sasmos270%54.6%293.3750Aerospace, Defence & Security2007Bengaluru
35Tiger Analytics265%54.0%45.9209Technology2012Chennai
36IndianMoney.com258%53.0%25.9580Financial Services2008Bengaluru
37Sequretek238%50.1%17.6320Aerospace, Defence & Security2013Mumbai
38Layon232%49.2%106.75Industrial Goods2006Mumbai
39Office24by7228%48.6%12.360Sales, Marketing & Advertising2012Hyderabad
40Xoxoday223%47.9%107.0163Sales, Marketing & Advertising2012Bengaluru
41Anand Jewels221%47.5%303.3115Personal & Household Goods2008Indore
42Square Yards206%45.1%220.02500Construction & Property2014Gurugram
43Brilliant Polymers205%45.1%298.278Chemicals2011Mumbai
44Course5 Intelligence205%45.0%230.9896Sales, Marketing & Advertising2000Mumbai
45Nightingale203%44.7%16.9136Financial Services1987Guwahati
46Oasis Centre For Reproductive Medicine199%44.1%52.3237Health & Education2009Hyderabad
47BRIDGEi2i Analytics Solutions196%43.6%74.0400Sales, Marketing & Advertising2011Bengaluru
48NephroPlus193%43.1%181.72589Health & Education2009Hyderabad
49M. V. Shoe Care190%42.6%23.775Fashion & Beauty2008Noida
50Zoi Hospitals186%42.0%24.0169Health & Education2011Hyderabad
51Fork Media Group179%40.8%91.3178Sales, Marketing & Advertising2013Mumbai
52Dbind Wire Products175%40.2%13.025Industrial Goods2013Navi Mumbai
53Chemcrux175%40.1%55.364Chemicals1996Vadodara
54ZeMoSo Technologies172%39.6%13.9129Technology2012Hyderabad
55Global Stones169%39.1%137.4221Construction & Property2004Kolkata
56Adept Power169%39.0%29.914Construction & Property2007Delhi
57GlobalSpace152%36.2%39.2110Technology2010Navi Mumbai
58Mukka151%36.0%407.4180Agricultural Commodities2010Mangaluru
59Banka BioLoo148%35.4%35.4350Waste management & recycling2012Hyderabad
60Dynacons145%34.7%303.81058Technology1995Mumbai
61Suraj142%34.3%57.0103Construction & Property1986Mumbai
62Gramener140%33.9%23.7157Technology2010Hyderabad
63World Class Services133%32.6%247.714842Transport & Support Services2011Indore
64Zifo RnD Solution130%32.1%98.8458Technology2008Chennai
65MSGP128%31.6%12.9130Waste management & recycling2007Bengaluru
66Ishan Group128%31.6%50.3359Media & Telecoms2007Rajkot
67Manglam125%31.1%60.749Agricultural Commodities2008Bhadrak
68DreamzTech Solutions119%30.0%11.2151Technology2010Kolkata
69Ginesys119%29.8%29.3125Technology2006Gurugram
70Izmo115%29.0%92.2266Sales, Marketing & Advertising1995Bengaluru
71Manjushree114%28.9%1,088.03498Industrial Goods1987Bengaluru
72Inspiredge114%28.8%18.5260Technology2012Visakhapatnam
73Forest Essentials111%28.2%224.7627Fashion & Beauty2003Noida
74Globus Infocom110%28.1%88.3174Technology2001Noida
75Integra110%28.0%315.5240Technology1982Bengaluru
76Himadri106%27.3%2,376.0932Chemicals1987Kolkata
77Athena Tradewinds103%26.6%465.919Agricultural Commodities2010Indore
78Margdarshak Financial Services102%26.5%57.8798Financial Services1996Lucknow
79pH4102%26.3%56.6411Food, Beverage & Restaurants2009Bengaluru
80Ramkrishna Forgings101%26.3%1,806.71749Industrial Goods1981Kolkata
81Tuflite101%26.1%87.955Construction & Property1998Bengaluru
82Jyothi Granite Exports100%26.0%87.4115Construction & Property2014Ongole
83Plasto100%26.0%391.0776Industrial Goods2010Nagpur
84Shivalik99%25.8%193.0312Industrial Goods1984New Delhi
85Sankalp99%25.7%55.1278Food, Beverage & Restaurants1980Ahmedabad
86Paramount Communications99%25.7%614.5289Industrial Goods1994New Delhi
87EFRAC98%25.5%14.0140Food, Beverage & Restaurants2012Kolkata
88Prem Motors93%24.4%1,975.94369Automobiles1990Gwalior
89Jaisingh90%23.9%161.435Automobiles2010Mumbai
90Sheetal Ice Cream89%23.7%237.21000Food, Beverage & Restaurants2001Amreli
91Samrat Group89%23.7%884.0129Construction industry2012Hyderabad
92SOBHA87%23.2%3,515.63555Construction & Property1995Bengaluru
93Virinchi86%23.1%407.11450Technology1990Hyderabad
94QBurst85%22.7%224.51265Technology2004Trivandrum
95Birla Cable Ltd.84%22.5%502.3284Media & Telecoms1992Rewa
96Weizmann84%22.4%104.7311Fashion & Beauty1985Mumbai
97Jet Freight83%22.4%337.5144Transport & Support Services2006Mumbai
98Shree Cement83%22.3%11,430.16299Construction & Property1979Beawar
99Bansal81%21.9%31.7105Financial Services1988New Delhi
100Coastal80%21.7%468.5614Food, Beverage & Restaurants1981Visakhapatnam
101Suprajit80%21.7%1,058.51540Automobiles1985Bengaluru
102Newgen79%21.4%620.62656Technology1992New Delhi
103Sirca78%21.1%125.3200Chemicals2006Delhi
104Baani77%21.0%356.0203Food, Beverage & Restaurants2014Patiala
105Krishi77%20.9%974.2475Agricultural Commodities2013Tamil Nadu
106Progressive Infotech76%20.8%91.11028Technology1998Noida
107Kuloday74%20.4%233.4355Personal & Household Goods1995Mumbai
108Hi-Tech Group71%19.7%94.361Industrial Goods1988Aurangabad
109VMS Industries70%19.3%180.140Waste management & recycling1991Ahmedabad
110Singhal Sintered69%19.2%19.274Automobiles2011Kosi Kalan
111AKP FerroCast69%19.0%126.9350Industrial Goods2007Belagavi
112Fineotex Chemical68%18.8%182.3115Chemicals1979Mumbai
113Milk Mantra67%18.6%203.41132Food, Beverage & Restaurants2009Bhubaneswar
114Environ66%18.3%148.646Chemicals2001Mumbai
115Buildmet Fibres65%18.1%181.61100Industrial Goods1999Bengaluru
116Premier Polyfilm Ltd.63%17.8%172.8432Industrial Goods1992New Delhi
117FutureWorks63%17.7%42.1200Media & Telecoms2007Mumbai
118Methoni63%17.7%15.6733Food, Beverage & Restaurants1929Kolkata
119PC Solutions61%17.2%252.8587Technology1995New Delhi
120Capital Numbers61%17.1%23.4205Technology2012Kolkata
121UB (United Bansal) Foods58%16.6%253.547Agricultural Commodities2009Jalgaon
122Rani Kothi Group58%16.4%12.4130Food, Beverage & Restaurants2009Nagpur
123InfoBeans56%16.1%115.5762Technology2000Indore
124SVG Fashion56%15.9%220.7915Fashion & Beauty1994Mumbai
125Enrich53%15.2%189.42179Fashion & Beauty1997Mumbai
126MAS Solar Systems52%14.9%13.6150Energy2010Coimbatore
127Pearl Distillery52%14.9%866.7257Food, Beverage & Restaurants1973Chennai
128Shemaroo Entertainment51%14.8%567.8492Media & Telecoms2005Mumbai
129Atishay48%13.8%26.0130Technology2000Mumbai
130Del Trade International47%13.8%233.725Pharmaceuticals2010New Delhi
131Seagull Pharma46%13.5%49.2362Pharmaceuticals1984New Delhi
132Enzen46%13.5%1,546.0727Energy2006Bengaluru
133Ankur46%13.4%28.6190Personal & Household Goods1999Balasore
134Amoli45%13.3%462.8898Pharmaceuticals1991Mumbai
135Tulsi Tea44%13.0%104.0108Food, Beverage & Restaurants2011Ahmedabad
136Elanpro44%12.9%145.669Industrial Goods2009Gurgaon
137Cupid40%11.9%87.9110Personal & Household Goods1993Nashik
138Banco39%11.6%308.1557Industrial Goods1967Vadodara
139Datametics39%11.6%1,133.510000Technology1987Mumbai
140Gandhi Special Tubes39%11.5%130.662Industrial Goods1985Mumbai
141AMN Life39%11.5%14.942Pharmaceuticals2003Mumbai
142Ceinsys Tech39%11.5%173.41498Technology1998Nagpur
143Matrimony.com37%11.2%350.14379Ecommerce2001Chennai
144Mahati36%10.9%20.160Energy2007Pune
145JK Paper34%10.1%3,233.62441Industrial Goods1960New Delhi
146Adtech Systems33%10.0%57.3120Technology1990Chennai
147Agi-Infra33%10.0%80.6331Construction & Property2005Jalandhar
148Rubfila32%9.8%213.7288Industrial Goods1993Palakkad
149Uflex29%8.9%7,974.88116Industrial Goods1988Noida
150Eram Scientific Solutions27%8.4%30.7156Waste management & recycling2008Thiruvananthapuram





For further information, please visit https://www.statista.com/page/growth-india.
For all queries, please e-mail rajesh.khubchandani@timesgroup.com.
Stay on top of business news with The Economic Times App. Download it Now!