Onward Technologies

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Onward Technologies
Company type Public
BSE:  517536
NSE:  ONWARDTEC
IndustryIndustrial Equipment
Transportation
Healthcare
Founded1991;34 years ago (1991)
Headquarters Mumbai, Maharashtra, India
Key people
Harish Mehta, (Executive Chairman) & Jigar Mehta (MD) [1]
Services Engineering R&D Services
Digital Engineering Services
Business Consulting [2]
RevenueIncrease2.svg₹498.5 crore (US$59 million) (FY25) [3]
Increase2.svg₹27.1 crore (US$3.2 million) (FY25) [3]
Number of employees
2,581 (FY25)
Website onwardgroup.com

Onward Technologies is an Indian multinational software technology outsourcing company specializing in digital and ER&D services for the transportation & mobility, industrial equipment, heavy machinery, and healthcare & med-tech industries.

Contents

As per its filings with the BSE, it is reported to be headquartered in Mumbai and has 2581 employees across 12 offices in 6 countries as well as offshore development centers in India. As of 31 March 2025, it has one Indian subsidiary and four foreign subsidiaries. [4] [5]

Revenues

According to its filing with the BSE, Onward Technologies reported revenue of INR ₹140.1 Cr. for Q2FY26, reflecting a 12.4% YoY growth. [6] The company achieved revenue of INR ₹498.5 Cr. in FY25, reflecting a 3.9% YoY growth. [7]

History

1991–1996

Onward Technologies was founded in August 1991 by Harish Mehta, a first-generation entrepreneur, one of the founders and the first elected Chairman [8] of the National Association of Software and Service Companies (NASSCOM). The company listed on the BSE & NSE in 1995. Harish Mehta served as a CEO. [9]

1997–2010

In 1997, the company expanded into the US with its subsidiary, Onward Technologies, Inc. becoming operational. [10] In 1998, the company also set up a branch office in London [11] Between 2001 and 2010, the company had diversified into the Engineering, Research & Development (ER&D) industry while also achieving ISO 9001 & ISO 27001 certifications for its offshore development centers in India. It had also opened offices in Chicago in this interim. [12]

2010 – present

In May 2016, Jigar Mehta (Harish Mehta's son) was appointed as the managing director. [13] As per the annual report of the company for 2020-21 filed with BSE, the company has achieved Zero Net-Debt [14] and the annual report of the company for 2021–22 filed with BSE confirms that it continues to be Net-Debt Free. [15] It also delivered a record 28% year-on-year organic revenue growth in financial year ended 31 March 2022. [16] In 2021, the company set up offices in Amsterdam [17] and Canada [18] By the end of 2021, Convergent Finance LLP, a private equity firm invested in the company and today owns approximately 24.7% stake. [19]

In November 2021, Onward Technologies was awarded a Business Excellence Award by Dun & Bradstreet, as part of its Business Enterprises of Tomorrow recognition program [20] and was recognized as the Engineering Partner of the Year in the Overall Technology Excellence category at the 4th Annual Innovation and Technology Inn-Tech 2022 awards. [21] Subsequently, in October 2022, Onward Technologies was awarded Best ER&D Partner for Automotive and Industrial Equipment OEMs at the Quantic Technology Excellence Awards.

Services

Onward Technologies works across industries that include transportation and mobility, industrial equipment & heavy machinery as well as healthcare & Med Tech. It offers services across the following business lines: [22] [23]

Locations

CountryState / ProvinceCity
India Maharashtra Mumbai
Pune
Tamil Nādu Chennai
Karnataka Bengaluru
Telangana Hyderabad
United States Illinois Chicago
Michigan Detroit
Canada [24] Ontario Toronto
United Kingdom West Midlands Birmingham
Germany Bavaria Munich
Netherlands [25] North Holland Amsterdam

Awards

References

  1. ↑ "Interview of Mr. Harish Mehta, Chairman & Managing Director, Onward Technologies Ltd". Indiainfoline.com. Retrieved 5 August 2010.
  2. ↑ "Onward Technologies wins Dun & Bradstreet's Business Excellence Award" (PDF). onwardgroup.com. 24 November 2021. Retrieved 13 May 2022.
  3. 1 2 "Onward Technologies Ltd. Press Release – July 16th 2025" (PDF). onwardgroup.com. Retrieved 16 July 2025.
  4. ↑ "Submission of Annual Report of Onward Technologies Limited" (PDF). bseindia.com.
  5. ↑ "Submission of Annual Report of Onward Technologies Limited ("the Company") for the financial year" (PDF). bseindia.com.
  6. ↑ "Onward Technologies Limited" (PDF). bseindia.com.
  7. ↑ "Onward Technologies Limited" (PDF). bseindia.com.
  8. ↑ "Microsoft or Google may not spring from India, says IT industry veteran Harish Mehta". indiatoday.in. 5 May 2022.
  9. ↑ "INVESTOR PRESENTATION MARCH 2021" (PDF). bseindia.com.
  10. ↑ "ONWARD TECHNOLOGIES LTD MARCH 1997" (PDF). bseindia.com.
  11. ↑ "ONWARD TECHNOLOGIES LIMITED". find-and-update.company-information.service.gov.uk.
  12. ↑ "Corpfiling" (PDF). bseindia.com.
  13. ↑ "Annual Report" (PDF). bseindia.com. Archived from the original (PDF) on 29 March 2024. Retrieved 20 July 2022.
  14. ↑ "Submission of Annual Report of the Company for the financial year" (PDF). bseindia.com. Archived from the original (PDF) on 16 June 2024. Retrieved 20 July 2022.
  15. ↑ "Submission of Annual Report of Onward Technologies Limited" (PDF). bseindia.com. Archived from the original (PDF) on 7 May 2024. Retrieved 20 July 2022.
  16. ↑ "Onward Technologies Limited delivers growth in Operating Revenues" (PDF). archives.nseindia.com.
  17. ↑ "Onward Technologies incorporates wholly owned subsidiary in Amsterdam". business-standard.com. 5 June 2021.
  18. ↑ "Onward Technologies Limited records 15% QoQ growth in Q4 FY21 with Revenues of INR 663 Mn" (PDF). onwardgroup.com.
  19. ↑ "Convergent Finance LLP announces upto USD 9.6 Mn investment in Onward Technologies Limited". theprint.in. 27 May 2021.
  20. ↑ "Onward Technologies wins Dun & Bradstreet's Business Excellence Award" (PDF). onwardgroup.com.
  21. ↑ "Innovation and Technology Awards". inntechawards.com.
  22. ↑ "Convergent Finance LLP announces upto USD 9.6 Mn investment in Onward Technologies Limited". theprint.in/. 27 May 2021.
  23. ↑ "Submission of Annual Report of Onward Technologies Limited ("the Company") for the financial year ended March 31 2022" (PDF). bseindia.com. Archived from the original (PDF) on 7 May 2024. Retrieved 20 July 2022.
  24. ↑ "Onward Technologies Limited records 15% QoQ growth in Q4 FY21 with Revenues of INR 663 Mn" (PDF). onwardgroup.com.
  25. ↑ "Onward Technologies incorporates wholly owned subsidiary in Amsterdam". business-standard.com. 5 June 2021.
  26. ↑ "Onward Technologies wins Dun & Bradstreet's Business Excellence Award" (PDF). onwardgroup.com/.
  27. ↑ "Innovation and Technology Award". inntechawards.com.
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