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Listed Indian IT firms that are making waves in AI

A spotlight on listed Indian companies that are the trailblazers in tapping AI technology

Listed Indian IT firms that are making waves in AI
[Source photo: Chetan Jha/Press Insider]

The Indian government’s inaugural artificial intelligence (AI) report, unveiled in October, heralds AI as the driving force behind its digital economy and smarter, data-driven governance.

“India AI 2023,” prepared by the ministry of electronics and information technology, forecasts that AI will nearly double its contribution to the Indian economy by 2035, reaching $967 billion – a significant leap from the $500 billion forecast in 2025. This potential growth surge positions AI as a key pillar to achieving 10% of India’s $5 trillion gross domestic product goal.

Currently, India ranks at the top in AI skills and talent, as highlighted in the Stanford AI Index 2023 and by industry lobby Nasscom.

India, a founding member of the Global Partnership on AI (GPAI) since its inception in 2020, is set to host the upcoming GPAI annual summit in New Delhi next week. The event will be inaugurated by Prime Minister Narendra Modi. Ahead of the tech summit, we explore the leading Indian companies that are pioneering the use of AI technology

1. Persistent System Ltd

Headquarters: Pune

Revenue in FY23: $1.03 billion (up 35.3% year-on-year)

Established in 1990, Persistent is a software solution and technological innovation provider helping its clients technologically transform and digitize operations. Persistent’s conversational AI platform helps companies improve their productivity and helps automate consumer journeys across platforms by offering real-time personalized multilingual communication via chatbot support using natural language processing (NLP) and machine learning.

The company has its set of pre-built software and frameworks for the technology, banking, healthcare, and life sciences sectors. Its partners include IBM, Microsoft, Google, Salesforce, and AWS. Using its AI capabilities, Persistent provides customizable solutions to its clients.

2. Cyient Ltd

Headquarters: Hyderabad

Revenue: $746 million (group, up 22.7% y-o-y)

Cyient specializes in engineering, manufacturing, data analytics, networks, and operations services across aerospace and defense, communications, transportation, and semiconductors. Its CyARC solution, leveraging AI for regulatory compliance, streamlines automation costs, learning time, and productivity. Key clients include Raytheon Technologies, Bombardier, Boeing, British Telecommunication, and TeleAtlas. Revenue distribution includes about 30% from transportation, over 29% from connectivity, and 22.1% from sustainability.

3. Zensar Technologies Ltd

Headquarters: Pune

Revenue: $581 million (up 14.2% y-o-y)

Zensar Technologies is part of the RPG Group and has 30 global locations, including in Milpitas, Seattle, Princeton, Cape Town, London, Singapore, and Mexico City. The company offers AI-based services in the insurance sector. Its Guidewire-based First Notice of Loss and self-service app reduces claim cycle turnaround time and provides real-time instant service resolution to the customer using AI. This app ensures risk assessment and seamless claim settlement service within a few minutes. The company also offers digital engineering solutions and application transformation services. Zensar caters to the hi-tech and manufacturing industries, financial sector, insurance, retail, and consumer services sectors.

4. KPIT Technologies Ltd

Headquarters: Pune

Revenue: $418 million (up 27% y-o-y)

KPIT Technologies specializes in autonomous driving systems and integrates AI into its Advanced Driver Assistance System (ADAS), which uses sensors and cameras to sense the environment. The company offers solutions ranging from ADAS to vehicle diagnostics; standardized software framework for automotive systems that enables interoperability Automotive Open System Architecture, or AutoSAR; AI-based digital tools for automobile original equipment manufacturers (OEMs) in the auto sector. KPIT has development centers in Europe, the US, Japan, China, Thailand, Brazil, and India.

5. Tata Elxsi Ltd

Headquarters: Bengaluru

Revenue: $390 million (up 28% y-o-y)

Tata Elxsi is an engineering research and development company providing design and technology services in the auto, media broadcast, and healthcare sectors.

TataElxi Driver Intelligence Service analyses drivers’ behavioral insights using AI and analytics. The company has also developed an AI-based video analytics solution for advertising and media. It works in two domains: software development, including embedded product design, industrial design, visualization, services, system integration, and support. Established in 1989, the company has offices in the US, Europe, the Asia-Pacific, and Japan.

6. Affle India Ltd

Headquarters: Gurugram

Revenue: $172 million (up 32.6% y-o-y)

Affle is a global technology firm with a unique consumer intelligence platform. This platform offers consumer recommendations and conversions through targeted mobile advertising. Affle’s strength lies in creating cohesive and effective consumer journeys for marketers. The company aims to achieve high return on investment and measurable outcomes in advertising using its comprehensive Affle2.0 Consumer Platform Stack.

7. Happiest Minds Technologies Ltd

Headquarters: Bengaluru

Revenue: $171.4 million (up 30.7% y-o-y)

Happiest Minds Technologies specializes in driving digital transformation with a focus on artificial intelligence. Emphasizing seamless customer experiences and business efficiency, the company harnesses AI along with other disruptive technologies such as blockchain, cloud, and internet of things (IoT). Known for agility in digital solutions, infrastructure, and security, Happiest Minds caters to various sectors including automotive, banking and financial services, e-commerce, and others.

8. Kellton Ltd

Headquarters: Hyderabad

Revenue: $110 million (up 9% y-o-y)

Kellton is a full-service IT solutions provider that has grown into a global entity through a mix of organic growth and strategic acquisitions. The company offers a broad range of services, including digital business services (encompassing AI and ML, product engineering, data science and engineering, and Web3), and SAP services. It serves a wide array of industries such as healthcare, finance, retail, manufacturing, and others. Headquartered in Hyderabad, India, Kellton has expanded its presence to the United States, Europe, and Asia.

9. Saksoft Ltd

Headquarters: Chennai

Revenue: $80 million (up 38.6% y-o-y)

The company provides business transformation solutions in sectors such as fintech, retail and e-commerce, transportation and logistics, telecom, healthcare and the public sector. Saksoft has its headquarters in Chennai, India, and operates through 16 offices around the world, including India, Europe, Asia and the USA. The USA is the largest market for the company, accounting for 47% of its revenue, while Europe and the Asia-Pacific region contribute 25% and 28%, respectively. The company provides services including analytics, strategic consulting, IoT and mobility, technology training, application development, robotic process automation, and digital testing. These services are backed by infrastructure and cloud services.

10. Subex Ltd

Headquarters: Bengaluru

Revenue: $33.4 million (down 16.5% y-o-y)

Subex, established in 1994, is a pioneer in telecom AI solutions, assisting communications service providers globally to enhance customer connectivity. For over 25 years, Subex has focused on helping communications service providers boost their revenue and profitability. Known for its top-tier business optimization and analytics solutions, Subex is employing AI to enrich business ecosystems and elevate connected experiences for its customers.

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