VC-backed Happiest Minds closes first year with $20M revenue run-rate, on track to go public
Bangalore-based Happiest Minds Technologies, a two-year-old IT services startup floated by former MindTree chairman and co-founder Ashok Soota, has closed its first full financial year in 2012-13 with annualised run rate of $20 million, according to a company statement. Focusing on disruptive technologies as its core strategy, Happiest Minds says it has now 45 customers across the US, the UK, India and the South-east Asia.
The company has built a team of 800-plus people and opened a second delivery facility in Bangalore. It has now some 14 offices globally, with operations in the US, UK, Singapore and Australia. The IT firm also claims that it has given shares to all its employees and at the same price as its founders got them.
Vikram Gulati, MD & CEO of Happiest Minds, further added, "Our market and customer momentum validate our strategy of focusing on disruptive technologies. From startups to Fortune 500 organisations, we have been able to leverage technologies like cloud, mobility, analytics, social computing, security and unified communications across industries to create business value for our customers."
The firm has also said that it is on track to achieve a long-term goal of becoming a public company and the fastest to achieve $100 million in revenues.
Happiest Minds was launched in August, 2011 by Ashok Soota and a team of industry experts. It has positioned itself as a next-gen IT solutions & services company, enabling organisations to capture the business benefits of disruptive technologies of cloud computing, social media, mobility solutions, business intelligence, analytics and unified communications. The company secured $45 million in Series A funding, led by Canaan Partners. Intel Capital, Ashok Soota and other founders of the company also invested in the round.
(Edited by Sanghamitra Mandal)