US slowdown not withstanding, Happiest Minds targets $1 bn revenue for FY30

Bengaluru: Bengaluru-headquartered IT company Happiest Minds Technologies is looking to achieve a $1 billion revenue till the financial year 2030 in a market, the company officials informed during a media interaction on Wednesday. The projections come amidst a time when the industry has been facing major growth headwinds on the back of fears of recession in US and even a general slowdown in spending, a shrink in big deals among others. 

Apart from this, the IT services provider is also confident of a double digit growth in the next two financial years, FY26 and FY27. “We have delivered a healthy double-digit growth, albeit most of it is inorganic. The market is predicting a US slowdown or recession. This has clouded the prospects for the Indian IT industry. We want to state emphatically that at Happiest Minds, we see no recession driven slowdown,” said Chairperson and Chief Mentor Ashok Soota. 

Expecting significant shifts in the Indian IT industry, especially given the clients’ demand  for artificial intelligence (AI) and generative (Gen) AI, Happiest Minds announced the creation of an independent business unit. 

Happiest Minds Technologies, which is a mid-tier IT services firm, had reported a 16 per cent annual drop in its profit after tax (PAT) for the third quarter of the current financial year (FY25) at Rs 50 crore due to higher finance cost. 

With Global Capability Centres (GCCs) on an expansion mode, the company is eyeing prospects in that arena. “The increased number and size make this an attractive segment for Happiest Minds to focus on. Our offerings and value proposition will vary based on the stage and maturity of the GCC. For companies that are contemplating a GCC, we would help them understand the opportunity, risk, legal and compliance needs, scale requirements, and talent needs,” said Co-Chairman and Chief Executive Officer (CEO) Joseph Anantharaju. 

Cut-off box - Wipro strikes 10-year £500 million strategic partnership with Phoenix Group
Bengaluru DHNS
IT giant Wipro announced a 10-year strategic deal with Phoenix Group for £500 million. Phoenix Group is the UK's largest long-term savings and retirement business. Wipro will provide its services to the company for delivering life and pension business administration for the ReAssure business and accelerate Phoenix Group’s operational transformation. 
Under the terms of the deal Wipro’s existing financial conduct authority (FCA) regulated entity Wipro Financial Outsourcing Services Limited (WFOSL) will deliver these services which will include policy administration customer service support data management compliance among others.