Onward Technologies
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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 for the 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]
Revenues
[edit]According to its filing with the BSE, Onward Technologies recorded revenue of INR ₹472.4 Cr. in FY24 with 7.1% YoY growth. [6]
History
[edit]1991–1996
[edit]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]
1997–2010
[edit]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]
2010 – present
[edit]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.
Services
[edit]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]
- Digital transformation services like data science, data analytics, automation & cloud
- Embedded systems & Electronics engineering services
- Mechanical engineering services
Locations
[edit]| 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 |
Awards
[edit]- In November 2021, Onward Technologies was recognized by Dun & Bradstreet as a ‘Business Enterprise of Tomorrow’ for helping its clients accelerate innovation, drive competitiveness, and maximize returns on their R&D investments.[25]
- In June 2022, Onward Technologies 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.[26]
- In October 2022, Onward Technologies was awarded Best ER&D Partner for Automotive and Industrial Equipment OEMs at the Quantic Technology Excellence Awards
References
[edit]- ^ "Interview of Mr. Harish Mehta, Chairman & Managing Director, Onward Technologies Ltd". Indiainfoline.com. Retrieved 5 August 2010.
- ^ "Onward Technologies wins Dun & Bradstreet's Business Excellence Award" (PDF). www.onwardgroup.com. 24 November 2021. Retrieved 13 May 2022.
- ^ a b "Onward Technologies Ltd. Press Release - May 17th 2024" (PDF). www.onwardgroup.com. Retrieved 17 May 2023.
- ^ "Submission of Annual Report of Onward Technologies Limited" (PDF). www.bseindia.com.
- ^ "Submission of Annual Report of Onward Technologies Limited ("the Company") for the financial year" (PDF). www.bseindia.com.
- ^ "Onward Technologies Limited" (PDF). www.archives.nseindia.com.
- ^ "Microsoft or Google may not spring from India, says IT industry veteran Harish Mehta". www.indiatoday.in. 5 May 2022.
- ^ "INVESTOR PRESENTATION MARCH 2021" (PDF). www.bseindia.com.
- ^ "ONWARD TECHNOLOGIES LTD MARCH 1997" (PDF). www.bseindia.com.
- ^ "ONWARD TECHNOLOGIES LIMITED". www.find-and-update.company-information.service.gov.uk.
- ^ "Corpfiling" (PDF). www.bseindia.com.
- ^ "Annual Report" (PDF). www.bseindia.com.
- ^ "Submission of Annual Report of the Company for the financial year" (PDF). www.bseindia.com.
- ^ "Submission of Annual Report of Onward Technologies Limited" (PDF). www.bseindia.com.
- ^ "Onward Technologies Limited delivers growth in Operating Revenues" (PDF). www.archives.nseindia.com.
- ^ "Onward Technologies incorporates wholly owned subsidiary in Amsterdam". www.business-standard.com. 5 June 2021.
- ^ "Onward Technologies Limited records 15% QoQ growth in Q4 FY21 with Revenues of INR 663 Mn" (PDF). www.onwardgroup.com.
- ^ "Convergent Finance LLP announces upto USD 9.6 Mn investment in Onward Technologies Limited". www.theprint.in. 27 May 2021.
- ^ "Onward Technologies wins Dun & Bradstreet's Business Excellence Award" (PDF). www.onwardgroup.com.
- ^ "Innovation and Technology Awards". www.inntechawards.com.
- ^ "Convergent Finance LLP announces upto USD 9.6 Mn investment in Onward Technologies Limited". www.theprint.in/. 27 May 2021.
- ^ "Submission of Annual Report of Onward Technologies Limited ("the Company") for the financial year ended March 31 2022" (PDF). www.bseindia.com.
- ^ "Onward Technologies Limited records 15% QoQ growth in Q4 FY21 with Revenues of INR 663 Mn" (PDF). www.onwardgroup.com.
- ^ "Onward Technologies incorporates wholly owned subsidiary in Amsterdam". www.business-standard.com. 5 June 2021.
- ^ "Onward Technologies wins Dun & Bradstreet's Business Excellence Award" (PDF). www.onwardgroup.com/.
- ^ "Innovation and Technology Award". www.inntechawards.com.