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Onward Technologies

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Onward Technologies
Company typePublic
BSE517536
NSEONWARDTEC
IndustryEngineering R&D Services
Digital Transformation Services
Founded1991; 33 years ago (1991)
HeadquartersMumbai, Maharashtra, India
Key people
Harish Mehta, (Executive Chairman) & Jigar Mehta (MD)[1]
ServicesEngineering R&D Services
Digital Transformation Services
Business Consulting [2]
RevenueIncrease 472.4 crore (US$57 million) (FY24)[3]
Increase 33.9 crore (US$4.1 million) (FY24)[3]
Number of employees
2,529 (FY24)
Websiteonwardgroup.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.

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

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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

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1991–1996

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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

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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

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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

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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]

Locations

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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

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  • 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

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  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. ^ a b "Onward Technologies Ltd. Press Release - May 17th 2024" (PDF). www.onwardgroup.com. Retrieved 17 May 2023.
  4. ^ "Submission of Annual Report of Onward Technologies Limited" (PDF). www.bseindia.com.
  5. ^ "Submission of Annual Report of Onward Technologies Limited ("the Company") for the financial year" (PDF). www.bseindia.com.
  6. ^ "Onward Technologies Limited" (PDF). www.archives.nseindia.com.
  7. ^ "Microsoft or Google may not spring from India, says IT industry veteran Harish Mehta". www.indiatoday.in. 5 May 2022.
  8. ^ "INVESTOR PRESENTATION MARCH 2021" (PDF). www.bseindia.com.
  9. ^ "ONWARD TECHNOLOGIES LTD MARCH 1997" (PDF). www.bseindia.com.
  10. ^ "ONWARD TECHNOLOGIES LIMITED". www.find-and-update.company-information.service.gov.uk.
  11. ^ "Corpfiling" (PDF). www.bseindia.com.
  12. ^ "Annual Report" (PDF). www.bseindia.com.
  13. ^ "Submission of Annual Report of the Company for the financial year" (PDF). www.bseindia.com.
  14. ^ "Submission of Annual Report of Onward Technologies Limited" (PDF). www.bseindia.com.
  15. ^ "Onward Technologies Limited delivers growth in Operating Revenues" (PDF). www.archives.nseindia.com.
  16. ^ "Onward Technologies incorporates wholly owned subsidiary in Amsterdam". www.business-standard.com. 5 June 2021.
  17. ^ "Onward Technologies Limited records 15% QoQ growth in Q4 FY21 with Revenues of INR 663 Mn" (PDF). www.onwardgroup.com.
  18. ^ "Convergent Finance LLP announces upto USD 9.6 Mn investment in Onward Technologies Limited". www.theprint.in. 27 May 2021.
  19. ^ "Onward Technologies wins Dun & Bradstreet's Business Excellence Award" (PDF). www.onwardgroup.com.
  20. ^ "Innovation and Technology Awards". www.inntechawards.com.
  21. ^ "Convergent Finance LLP announces upto USD 9.6 Mn investment in Onward Technologies Limited". www.theprint.in/. 27 May 2021.
  22. ^ "Submission of Annual Report of Onward Technologies Limited ("the Company") for the financial year ended March 31 2022" (PDF). www.bseindia.com.
  23. ^ "Onward Technologies Limited records 15% QoQ growth in Q4 FY21 with Revenues of INR 663 Mn" (PDF). www.onwardgroup.com.
  24. ^ "Onward Technologies incorporates wholly owned subsidiary in Amsterdam". www.business-standard.com. 5 June 2021.
  25. ^ "Onward Technologies wins Dun & Bradstreet's Business Excellence Award" (PDF). www.onwardgroup.com/.
  26. ^ "Innovation and Technology Award". www.inntechawards.com.
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