The Financial Times (FT) and data company Statista jointly released the sixth annual “High-Growth Companies Asia-Pacific 2024” report, which included 71 Indian companies. The top two spots were taken by the agritech company BigHaat and the electric vehicle platform Zypp Electric.
With 123 businesses reporting strong growth, South Korea led the list in terms of the total number of businesses. Japan and Singapore came in second and third, with 101 and 93 businesses, respectively. With 71 of its high-growth companies cutting, India took fourth place.
Companies had to show that their compound annual growth rate (CAGR) was at least 15.1% to be eligible for inclusion.
BigHaat, established in 2015, trailed behind Zypp Electric, which emerged as the leader with a 396 percent compound annual growth rate (CAGR) from 2019 to 2022. Zypp Electric was founded in India in 2017. With a 286 percent CAGR, ISO Tank Management, a logistics company based in Singapore, took third place.
The IT and software industry led the ranking in terms of industry representation, accounting for 30% of the companies. Fintech, financial services, and insurance sectors made up the remaining 8% of the companies.
SafeGold (rank 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) are some of the other Indian companies that made the top 100 rankings.
A company had to meet certain requirements to be included in the report: it had to be headquartered in one of the 13 designated territories in the Asia-Pacific area, generate at least $100,000 in revenue in 2019, and reach at least $1 million in revenue in 2022. The majority of the revenue growth between 2019 and 2022 had to come from organic sources. These included Singapore, South Korea, Taiwan, Thailand, Vietnam, Australia, Hong Kong, India, Indonesia, Japan, Malaysia, New Zealand, and the Philippines.
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