India’s wearable brand Boult eyes 34 per cent year-on-year growth in revenue to Rs1,000 crore in fiscal year 2025 compared to Rs750 crore a year earlier.
“We’ve experienced significant momentum and setting ambitious revenue goals,” the company’s co-founder Varun Gupta, said.
He said the journey has been characterised by bootstrapped growth and profitability from day one. Within just two years of inception, the company grew its customer base to over one million users.
After seven years, Boult has a customer base of more than 25 million.
Growing fast
“Within seven years, we have achieved more than 11 per cent market share among our competitors. In the Indian wearable market, we rank as the fifth largest player with over seven per cent market share and have experienced a growth of more than 130 per cent in the last year,” Gupta said
In the True Wireless Stereo (TWS) category, Boult holds the second spot with a 10.7 per cent market share, trailing behind market leader Boat.
The brand also ranks as the fifth biggest player in the smartwatch segment, capturing a 3.8 per cent market share.
Full-year profit nosedives 51.2 per cent to Rs2,358cr while revenues fall 2.4 per cent to Rs51,996cr.
Company hopes to come back to growth in the second half of FY25 and recommends a final dividend of Rs28 per equity share.
India’s IT services company Tech Mahindra reported a 41 per cent year-on-year fall in its fourth-quarter consolidated net profit to Rs661 crore amid weakness in the communications vertical.
For the whole year, Tech Mahindra’s net profit fell 51.2 per cent in FY24 to Rs2,358 crore and revenue 2.4 per cent on year at Rs51,996 crore.
Tech Mahindra’s highest revenue comes from communications, media, and entertainment, which fell 16.5 per cent on year in the last quarter of financial year 2023-24.
“As we step into FY25, we look forward to improvement in clients spending, which fuels our optimism for a better revenue performance ahead. Our unique ability to enable customers with transformative scale at unparalleled speed, differentiates us from competitors,” Mohit Joshi, Chief Executive Officer and Managing Director, Tech Mahindra, said.
The CEO outlined an ambitious three-year roadmap to accelerate revenue growth and lift margins.
For FY25, the company is calling it the turnaround phase.
There will be front-end integration, Investment in accounts, key markets, and service lines. In FY26, The stabilisation phase, the company aims to continue above normal investments and bring about full integration of portfolio companies. It will also focus on further progress on cost savings.
In FY27, it plans on reaping returns through improved long-term structural mix and continuous improvement in pyramid.
Tech Mahindra CEO said the company hopes to come back to growth in the second half of FY25. The company plans to onboard around 6,000 freshers this year.
“We are living in a new era of scale and speed. The way large enterprises approach technology has fundamentally changed.”
Also, the board of Tech Mahindra recommended a final dividend of Rs28 per equity share. “Recommended Final Dividend of Rs28 per equity share of the face value of Rs5 each (560 per cent) for the financial year ended March 31, 2024, subject to the Members’ approval at the forthcoming Annual General Meeting of the company,” Tech Mahindra said in an exchange filing.
The average growth of ranked companies is 1906 per cent, generating $3b in total annual revenues during 2022, showcasing the huge potential of the region’s tech sector.
Markets such as the Saudi Arabia, UAE and Qatar are rapidly becoming a hub for startups, scaleups, incubators, and accelerators.
The top Rising Star spot was claimed by Saudi-based LAWAZEM, second spot by Saudi-based Circlys and UAE-based Flexxpay.
The top Women in Leadership spot was claimed by Lebanon-based YYReGen, followed by UAE-based The Surpluss and Cyprus-based The Mighty Kitchen.
The technology sector in the Middle East continues to show resilience and companies are finding impressive ways to overcome challenges despite the pressures.
Markets such as the Saudi Arabia, UAE and Qatar are rapidly becoming a hub for startups, scaleups, incubators, and accelerators.
The focus domains include fintech, e-commerce, sports, retail and healthcare. The rise of smart cities, the adoption of renewable energy, and the development of cutting-edge solutions across industries, are just a few examples of the region’s unwavering commitment to innovation.
With a young and tech-savvy population, a growing economy, and a supportive regulatory environment, the Middle East is poised to be a major player in the global innovation ecosystem.
The UAE’s technology start-up ecosystem, particularly in Dubai, has experienced significant growth due to government reforms and policies promoting innovation.
The country has established itself as a regional leader in this field, with abundant funding and investment.
Extraordinary growth
In the third edition of the Middle East Technology Fast 50 by Deloitte Middle East, showcasing the fastest-growing technology startups in the region, ranked technology companies this year achieved an average growth of 1906 per cent, generating around $83 billion in total annual revenues during 2022, highlighting their significant contribution to both the sector and the broader regional economy.
“This year’s ranked companies have achieved extraordinary revenue growth, even in the midst of uncertainty in the regional markets. These companies are driving change in their industries, propelling local economies with their innovative and impactful technologies, entrepreneurial spirit, and steady determination.” Emmanuel Durou, Partner, Technology, Media & Telecommunications Leader, Deloitte Middle East, said.
Kyriacos Charalambides, Partner Fast 50 Middle East & Cyprus Program Leader, said, that Dubai has emerged as a crucial destination for ambitious entrepreneurs in the MENA region, solidifying its position as a dynamic regional hub.
“Cyprus also has a growing economy supporting start-ups in various tech sectors, with a focus on attracting investors and entrepreneurs through initiatives like tax incentives and funding opportunities,” he said.
Finally, he said that Saudi Arabia start-up funding is continually rising, boosting its leading position in the Middle East.
Strong funding support
“In Riyadh, in particular, there has been a surge in deals and projects, especially in the Fintech sector. The country has the largest tech market in the region and is transitioning to a digital economy. With the government supporting economic diversification and innovation through private sector development and investment initiatives, Saudi start-ups benefit from strong funding support.”
Capital.com, the Cyprus-based fintech company, has clinched the top spot for the third consecutive year in the third edition of the Technology Fast 50, with an impressive 4,411 per cent growth.
Following closely behind are Salla, an e-commerce company based in Saudi Arabia, and Rihal, a software company based in Oman, with growth percentages of 3,550 per cent and 2,441 per cent respectively.
Scott Whalan, Deloitte Private Leader said the start-up community proves to be resilient time after time. It is inspiring to witness the remarkable accomplishments of this year’s applicants, a true testament to a bright future filled with growth.
“We are proud to support and be part of an innovative ecosystem, and look forward to the ground-breaking advancements these start-ups will achieve in the future.”
As part of the Technology Fast 50 program, Deloitte also provides the Rising Star accolade, dedicated to companies that show great potential, but have been trading for less than three years and don’t meet yet the ranking criteria.
Empowering women
The top Rising Star spot was claimed by LAWAZEM, the Saudi Arabia based e-commerce company, while in second spot came Circlys, the fintech company based in Saudi Arabia, and the third spot went to Flexxpay, the UAE-based fintech company.
Leading the “Impact” ranking in the third edition is the Lebanon based non-profit organisation CodeBrave, which aims to empower Lebanon’s next generation with technology skills. In second and third position came respectively the Saudi Arabia based companies Mirai Solar and Terraxy.
In the first edition of “Women in Leadership” category, which recognises and ranks companies that meet all the main Fast 50 program criteria and are either led by a female CEO or have a founding team comprised of at least 50 per cent women, Lebanon-based environmental technology company YYReGen, UAE-based The Surpluss and Cyprus-based healthcare & life sciences company The Mighty Kitchen took the top three spots.
Saudamini Dubey, Partner Digital Transformation & Innovation Leader at Deloitte Middle East, said that Ii is evident that significant progress has been achieved in advancing the representation of women in top leadership positions as well as founders in the global tech industry.
“We are inspired by this trend, and we admire the growing number of women initiating, establishing, and leading tech businesses on a global scale. We are committed to supporting and empowering these women, and eagerly anticipate to see them grow and thrive within this ecosystem.”
By giving voice, recognition, and value to these visionaries, she said “our aim is to inspire women in tech to take on a more active role and view challenges as opportunities for growth. We are not only hoping to empower more women in the field, but also to amplify their voices and acknowledge their true impact.”
Exploring the possibility of an IPO in the MENA region, signaling its commitment to long-term sustainability and growth.
Dubai-based online marketplace – WEE – has secured a $10 million “pre A” funding from SIG Investment to expand its logistics capabilities and develop an expansive ecosystem around its app.
WEE empowers consumers in Dubai with the convenience of ordering goods, promising delivery within the hour, and extending to next-day delivery for the rest of the emirates.
“The investment is set to enhance WEE’s standing in the e-commerce sector within the UAE, enabling us to upgrade our logistics capabilities, expedite widespread growth, and fortify our team. Our primary focus will revolve around advancing the fashion category with innovation in the UAE service of partial purchase and fitting as well as highlighting live streaming. We will also introduce new services to the super app ecosystem,” Anastasia Kim, CEO and cofounder of WEE, said.
WEE has further fortified by an additional $2 million from existing shareholders. These investments underscore the immense potential of WEE, which, in just two years, has captivated audiences in the UAE and forged strategic alliances with local industry leaders.
Having previously secured $6.5 million for expansion in the UAE, WEE remains steadfast in its mission to attract further investments to scale operations within the UAE and extend its footprint into the GCC region.
WEE is set to develop an expansive ecosystem around its app, seamlessly integrating shopping, taxi services, payments, and more. Furthermore, WEE is actively exploring the possibility of an IPO in the MENA region, signaling its commitment to long-term sustainability and growth.
“WEE has entered the UAE market recently but has already been able to win over the audience and offer a unique fast delivery service in the selected time slots. The company understands e-commerce trends and therefore knows what partners need now and how the customer experience will evolve,” Sami M. Al Mohammad, Group CEO of SIG Investments, said.
Company to start operating its Pune plant, which was acquired from General Motors last year, in the second half of 2025.
Seoul-headquartered Hyundai Motor Group said that will make India as its key export hub and roll out first ‘Made in India’ electric car from its Chennai plant in 2025.
Hyundai plans to produce five more models by 2030 as the electric vehicle market is expected to grow in the country.
The group also said the combined annual production of Hyundai Motor India and Kia India, which will also begin production of EVs from next year, will be enhanced to 1.5 million vehicle units a year by 2025.
Over the past year, Hyundai has announced new investment plans in India totalling approximately 5 trillion won ($3.75 billion), reflecting the group’s intent to better target one of the fastest growing major automotive markets in the world.
Nurturing India
Euisun Chung, Hyundai Motor Group’s executive chair, visited the group’s Indian headquarters in Gurugram, Haryana, on Tuesday and discussed medium- to long-term strategies for the Indian market with employees.
At the meeting, Chung shared his vision to nurture India as the group’s global export hub as Hyundai expands its business to Asia, the Middle East and Africa.
He also highlighted customer trust, employees’ dedication and technological expertise as key growth factors in India, while expressing pride in the group consistently achieving the second position in the Indian market share.
The company said Hyundai Motor India will start operating its Pune plant, which was acquired from General Motors last year, in the second half of 2025 as it currently makes improvements to the facility to create a production hub capable of building more than 200,000 units annually, using smart manufacturing technology and systems.
Building EV charging infrastructure
“With the addition of the Chennai plant’s production capacity of 824,000 units, Hyundai Motor will have an annual production capacity of over one million units when combined with the Pune plant. Kia India’s yearly production capacity will also be expanded to 431,000 units within the first half of this year,” the company said.
The company established its first Indian manufacturing plant in 1998 and a second one in 2008.
“Kia India will also start production of its local EV model in 2025 and plans to further expand its EV models. The company will also focus on building EV charging infrastructure,” the company said, adding they recently signed a MoU with Exide Energy Solutions Ltd for local production of batteries for dedicated Indian EV models.
Acquisition helps Happiest Minds strengthen its domain capabilities in banking, financial services, insurance, healthcare and life sciences verticals.
India’s Happiest Minds Technologies has signed a definitive agreements to acquire 100 per cent of the equity share capital of Noida-based PureSoftware Technologies for a total purchase consideration of $94.5 Million (Rs779 crore).
HappiestMinds will pay Rs635 crore upfront on closing and deferred of up to Rs144 crore payable at the end of FY25 on achievement of set performance targets.
Through this acquisition, Happiest Minds strengthens its domain capabilities in banking, financial services, insurance (BFSI) and healthcare and life sciences verticals.
“PureSoftware brings with it strong capabilities in banking, insurance and healthcare domains; allowing us to add value and upsell to our customers. We are excited by the potential to cross-sell analytics, GenAI, automation, infrastructure management and cyber security services to PureSoftware customers and drive accelerated growth for Happiest Minds,” Joseph Anantharaju, Executive Vice Chairman, Happiest Minds, said.
Manish Sharma, Chief Executive Officer (CEO), PureSoftware, said that joining forces with Happiest Minds helps them in their journey to scale their presence across geographies building upon the joint foundation of shared values of innovation, integrity and social responsibility.
