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2/16/2016

HappiestMindstoexpandoverseasbusiness,setupseconddeliverycentre|VCCircleas

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Thursday,February11,201611:03IST

HappiestMindstoexpandoverseas
business,setupseconddeliverycentre
TheITservicesfirmisbackedbyIntelCapitalandJPMorgan.
BYMANUPTOMS

HappiestMindsTechnologiesPvtLtd,ledby
veterantechhonchoAshokSoota,willenter
newinternationalmarketsthisyearandmay
alsoconsideracquisitionstoexpanditsoverseas
business,atopexecutivetoldVCCircle.
ThesoftwareservicescompanybackedbyIntel
CapitalandJPMorganisopeningofficesinthe
UAEandGermanyandexpandingoperationsin
theUS,AustraliaandCanada,CEOand
managingdirectorSashiKumarsaid.
Thecompanyalsoplanstostartasecond
deliverycentre,inPune,intheAprilJune
SashiKumar,CEO&MD,HappiestMinds

quarter.Thecentrewillbethefirstoutsideits
Bangaloreheadquarters.

StartingApril1wewillhaveoperationsinDubai.Wewillhaveafullfledgedoperationin
Australia.WearealsoactivelylookingatcontinentalEurope,hesaid.
KumarsaidthecompanyispresentintheUKandhasclientsinsomepartsofwestern
EuropethataremanagedoutoftheUK.WeareseriouslylookingatGermanyatthisstage.
WeareexpandingourpresenceinmanymorecitiesintheUSandlookingtohaveabigger
footprintinCanada.Therewehaveaverysmallpresenceasofnow,headded.
Thefouryearoldfirmreported56percentgrowthinrevenueatRs276.2crorefor2014
15fromRs177.5crorethepreviousyear,accordingtoVCCEdge,thedataresearch
platformofVCCircle,basedonthecompanysfilingswiththeRegistrarofCompanies.The
companynarroweditslossestoRs26.2crorein201415fromRs66.2crorein201314.
Earlier,inaninterview,founderandexecutivechairmanSootahadsaidthatthecurrent
financialyearwouldbethecompanysfirstfullprofitableyearandthattheJanuaryMarch
periodof2015wasitsfirstprofitablequarter.
Asforrevenuegrowth,Kumarsaidthecompanyhascrossed$50million(Rs340crore)run
rateandaimingtobethefastestITcompanytocross$100millionrunrate.
Asof201415,thecompanyhad143customersinsixcountries.Ofthese,12customers
hadcontractorrevenuerunrateofmorethan$1millionandtwocustomerswithrunrateof
morethan$5million.Thecompanysaysithasaround1800employees.

Acquisitionstrategy
HappiestMindsraised$45millionfromIntelCapitalandCanaanAdvisorsinOctober2011.

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HappiestMindstoexpandoverseasbusiness,setupseconddeliverycentre|VCCircle

CanaansstakewaslaterboughtoverbyJPMorgan.
KumarandSootasaidthatwhilethecompanywouldnotrequirefurtherexternalfund
infusionforitsoperations,itwouldraisecapitalfrominvestorsifitwentforanacquisition.
Kumarsaidthecompanyhasstartedexploringinorganicexpansion.Analytics,artificial
intelligence,cognitivecomputing,infrastructuretransformationcapabilities,internetof
thingsaretheareasthatareofinteresttous,hesaid.
ThereisalsoathinkingthatifwehavetogetintoabigmarketsuchasGermanyand
France,itmaybegoodtolookatanentrypointthroughanacquisitionandexpandinthese
markets,Kumarsaid.

Show

HappiestMindsisalsofocusingonintellectualpropertyledservices.Ithassecured10IPsso
far,andKumarsaidaquarterofthecompanysrevenuewouldcomefromIPledservicesby
thetimeitgoesforaninitialpublicoffering.
Tags:HappiestMindsTechnologiesPvt.Ltd.,SashiKumar,IntelCapital,JPMorgan

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HAPPIESTMINDSTECHNOLOGIESPVT.LTD.
HappiestMindsTechnologiesPvt.Ltd.informationtechnologysolutionsandservicescompany.Itis
engagedinprovidingdigitaltransformation,infrastructureandsecurityandproductengineering
serv...
HEADOFFICE

: Bengaluru

YEARFOUNDED : 2011

WEBSITE

: happiestminds.com

MANAGEMENT : PrasenjitSaha,S.R.Gopalan,Raja
Shanmugam,AshokSoota

IN NEWS
FY16 will be Happiest Minds' first full profitable year: Ashok Soota
Happiest Minds CEO Vikram Gulati resigns
Happiest Minds CEO Vikram Gulati on acquisition strategy, funding and expansion
plans
VCbacked Happiest Minds closes first year with $20M revenues, on track to go public
VCbacked Startup Happiest Minds Forms 7member Advisory Board

VCCircleIndiaLimited
PartnersSummit2016

INTELCAPITAL
IntelCapitalisaventurecapitalinvestmentarmofIntelCorp.Itprovidesseed,startup,earlystage,
midstage,latestage,middlemarket,andmaturestagecapitaltocompaniesoperatingacrossth...

HEADOFFICE

: SantaClara

YEARFOUNDED : 1991

WEBSITE

: www.intelcapital.com

MANAGEMENT :

IN NEWS
Exclusive: Intel Capital partexits 123Greetings with neat profit
Exclusive: Intel Capital exits MCX
Exclusive: Intel Capitals Kuppam floats tech VC firm
Exclusive: Intel Capital's Asia Pacific chief Sudheer Kuppam to quit
Intel Capital president Arvind Sodhani to retire

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