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Onward Technologies
Company type Public
BSE:  517536
NSE:  ONWARDTEC
Industry Engineering R&D Services
IT Services
Digital Transformation Services
Founded1991
Headquarters Mumbai, Maharashtra, India
Key people
Harish Mehta, ( Executive Chairman) & Jigar Mehta ( MD) [1]
Services Engineering R&D Services
IT Services
Digital Transformation Services
Business Consulting [2]
RevenueIncrease ₹4,409 million (US$55 million) (FY23) [3]
Increase ₹115 million (US$1.4 million) (FY23) [4]
Number of employees
2,798 (FY23)
Website onwardgroup.com

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 2974 employees across 14 offices in 6 countries as well as offshore development centers in India. As of December 31, 2022, it has one Indian subsidiary and four foreign subsidiaries. [5] [6]

Revenues

According to its filing with the BSE, Onward Technologies recorded revenue of INR ₹440.9 Cr. in FY23 with 43.5% YoY growth. In Q4 of the financial year ended March 31, 2023, the company reported a revenue of INR 121.4 Cr. with a YoY growth of 38.8%. [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 serves as CEO. [9]

1997 - 2010

In 1997, the company expanded into the USA with its subsidiary, Onward Technologies, Inc. becoming operational. [10] In 1998, the company also set up a branch office in London [11] 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. [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]

  •  Digital transformation services like data science, data analytics, automation & cloud
  •  Embedded systems & Electronics engineering services
  •  Mechanical engineering services
  •  IT services

Locations

Country State / Province City
India Maharashtra Mumbai
Pune
Tamil Nādu Chennai
Karnataka Bengaluru
Telangana Hyderabad
United States Illinois Chicago
Michigan Detroit
Ohio Cleveland
Canada [24] Ontario Toronto
United Kingdom London London
Germany Hesse Frankfurt
Netherlands [25] North Holland Amsterdam

Awards

  • 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. [26]
  • 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. [27]
  • In October 2022, Onward Technologies was awarded Best ER&D Partner for Automotive and Industrial Equipment OEMs at the Quantic Technology Excellence 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). www.onwardgroup.com. 24 November 2021. Retrieved 13 May 2022.
  3. ^ "Onward Technologies Ltd. Press Release - May 12th 2023" (PDF). www.onwardgroup.com. Retrieved 12 May 2023.
  4. ^ "Onward Technologies Ltd. Press Release - May 12th 2023)" (PDF). www.onwardgroup.com. Retrieved 12 May 2023.
  5. ^ "Submission of Annual Report of Onward Technologies Limited" (PDF). www.bseindia.com.
  6. ^ "Submission of Annual Report of Onward Technologies Limited ("the Company") for the financial year" (PDF). www.bseindia.com.
  7. ^ "Onward Technologies Limited" (PDF). www.archives.nseindia.com.
  8. ^ "Microsoft or Google may not spring from India, says IT industry veteran Harish Mehta". www.indiatoday.in.
  9. ^ "INVESTOR PRESENTATION MARCH 2021" (PDF). www.bseindia.com.
  10. ^ "ONWARD TECHNOLOGIES LTD MARCH 1997" (PDF). www.bseindia.com.
  11. ^ "ONWARD TECHNOLOGIES LIMITED". www.find-and-update.company-information.service.gov.uk.
  12. ^ "Corpfiling" (PDF). www.bseindia.com.
  13. ^ "Annual Report" (PDF). www.bseindia.com.
  14. ^ "Submission of Annual Report of the Company for the financial year" (PDF). www.bseindia.com.
  15. ^ "Submission of Annual Report of Onward Technologies Limited" (PDF). www.bseindia.com.
  16. ^ "Onward Technologies Limited delivers growth in Operating Revenues" (PDF). www.archives.nseindia.com.
  17. ^ "Onward Technologies incorporates wholly owned subsidiary in Amsterdam". www.business-standard.com. 5 June 2021.
  18. ^ "Onward Technologies Limited records 15% QoQ growth in Q4 FY21 with Revenues of INR 663 Mn" (PDF). www.onwardgroup.com.
  19. ^ "Convergent Finance LLP announces upto USD 9.6 Mn investment in Onward Technologies Limited". www.theprint.in. 27 May 2021.
  20. ^ "Onward Technologies wins Dun & Bradstreet's Business Excellence Award" (PDF). www.onwardgroup.com.
  21. ^ "Innovation and Technology Awards". www.inntechawards.com.
  22. ^ "Convergent Finance LLP announces upto USD 9.6 Mn investment in Onward Technologies Limited". www.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). www.bseindia.com.
  24. ^ "Onward Technologies Limited records 15% QoQ growth in Q4 FY21 with Revenues of INR 663 Mn" (PDF). www.onwardgroup.com.
  25. ^ "Onward Technologies incorporates wholly owned subsidiary in Amsterdam". www.business-standard.com. 5 June 2021.
  26. ^ "Onward Technologies wins Dun & Bradstreet's Business Excellence Award" (PDF). www.onwardgroup.com/.
  27. ^ "Innovation and Technology Award". www.inntechawards.com.

External links

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