Top Two Spot Occupied By Indian Firms In FT's Asia Pacific Top 500 High-Growth List

South Korea emerged as the leader in the number of high-growth companies, boasting 123 firms, followed by Japan and Singapore, with 101 and 93 companies, respectively

Seventy-one Indian companies prominently found their spot in the sixth edition of the "High-Growth Companies Asia-Pacific 2024" report, collectively published by the Financial Times (FT) and Statista. Topping the list were Zypp Electric, a prominent electric-vehicle platform, and BigHaat, a notable agritech firm both from India, securing the first and second positions, respectively.

South Korea emerged as the leader in the number of high-growth companies, boasting 123 firms, followed by Japan and Singapore, with 101 and 93 companies, respectively. India secured the fourth spot, with its 71 companies showcasing substantial growth and making their mark in the report.

Companies vying for inclusion were required to demonstrate a minimum compound annual growth rate (CAGR) of 15.1 per cent. Zypp Electric, originating from India and established in 2017, led the pack with an impressive 396 per cent CAGR from 2019 to 2022, followed closely by BigHaat, founded in 2015, boasting a 304 per cent CAGR. Singapore-based logistics firm ISO Tank Management clinched the third position with a notable 286 per cent CAGR.

Regarding industry representation, the IT and software sector emerged as the frontrunner, comprising 30 per cent of the ranked companies, trailed by fintech, financial services, and insurance sectors, collectively accounting for eight per cent.

Numerous other Indian companies also achieved placement within the top 100 rankings, showcasing their remarkable performance. Among these notable entrants are SafeGold (ranked 9), Recykal (12), SafexPay (21), Scaler (22), Svamaan Financial Services (26), M2P Fintech (27), Aays Technologies (31), Greedygame (34), Binmile (45), Skillmatics (46), New Street Tech (51), Credit Fair (52), Reflections Info Systems (63), Lead (67), Servify (79), Pernia's Pop-up Shop (90), Vervali (95), NowPurchase (96), Tiger Analytics (97), and Ace Trust In Solutions (99).

Companies needed to meet specific criteria to be considered for inclusion in the report. This included generating revenue of at least $100,000 in 2019 and achieving an income of at least $1 million in 2022. Additionally, they were required to demonstrate primarily organic revenue growth between 2019 and 2022 and have their headquarters located in one of the 13 specified territories in the Asia-Pacific region. These territories comprised Australia, Hong Kong, India, Indonesia, Japan, Malaysia, New Zealand, Philippines, Singapore, South Korea, Taiwan, Thailand, and Vietnam.

The Financial Times acknowledged that the ranking might not encompass all fast-growing companies, as many opt to keep their financial details private. Moreover, Chinese companies were excluded due to challenges in verifying their data.