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Company type | Public |
---|---|
BSE: 517536 NSE: ONWARDTEC | |
Industry | Engineering R&D Services Digital Transformation Services |
Founded | 1991 |
Headquarters | Mumbai, Maharashtra, India |
Key people | Harish Mehta, (Executive Chairman) & Jigar Mehta (MD) [1] |
Services | Engineering R&D Services Digital Transformation Services Business Consulting [2] |
Revenue | ₹472.4 crore (US$57 million) (FY24) [3] |
₹33.9 crore (US$4.1 million) (FY24) [3] | |
Number of employees | 2,529 (FY24) |
Website | onwardgroup |
Onward Technologies is an Indian multinational software technology outsourcing company specializing in digital and ER&D services, transportation & mobility, industrial equipment, heavy machinery, and healthcare & Med-Tech industries.
As per its filings with the BSE, it is reported to be headquartered in Mumbai and has 2529 employees across 14 offices in 6 countries as well as offshore development centers in India. As of 31 December 2022, it has one Indian subsidiary and four foreign subsidiaries. [4] [5]
According to its filing with the BSE, Onward Technologies recorded revenue of INR ₹472.4 Cr. in FY24 with 7.1% YoY growth. In Q4 of the financial year ended March 31, 2024. [6]
Onward Technologies was founded in August 1991 by Harish Mehta, a first-generation entrepreneur, one of the founders and the first elected Chairman [7] of the National Association of Software and Service Companies (NASSCOM). The company listed on the BSE & NSE in 1995. Harish Mehta serves as CEO. [8]
In 1997, the company expanded into the USA with its subsidiary, Onward Technologies, Inc. becoming operational. [9] In 1998, the company also set up a branch office in London [10] Between 2001–2010, 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. [11]
In May 2016, Jigar Mehta (Harish Mehta’s son) was appointed as the Managing Director. [12] As per the annual report of the company for 2020-21 filed with BSE, the company has achieved Zero Net-Debt [13] and the annual report of the company for 2021–22 filed with BSE confirms that it continues to be Net-Debt Free. [14] It also delivered a record 28% year-on-year organic revenue growth in financial year ended 31 March 2022. [15] In 2021, the company set up offices in Amsterdam [16] and Canada [17] By the end of 2021, Convergent Finance LLP, a private equity firm invested in the company and today owns approximately 24.7% stake. [18]
In November 2021, Onward Technologies was awarded a Business Excellence Award by Dun & Bradstreet, as part of its Business Enterprises of Tomorrow recognition program [19] 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. [20] Subsequently, in October 2022, Onward Technologies was awarded Best ER&D Partner for Automotive and Industrial Equipment OEMs at the Quantic Technology Excellence Awards.
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: [21] [22]
Country | State / Province | City |
---|---|---|
India | Maharashtra | Mumbai |
Pune | ||
Tamil Nādu | Chennai | |
Karnataka | Bengaluru | |
Telangana | Hyderabad | |
United States | Illinois | Chicago |
Michigan | Detroit | |
Ohio | Cleveland | |
Canada [23] | Ontario | Toronto |
United Kingdom | London | London |
Germany | Hesse | Frankfurt |
Netherlands [24] | North Holland | Amsterdam |
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