Ashok Soota, the executive chairman of Happiest Minds Technologies, announced during the earnings call of quarter one that the establishment of the Generative AI business unit, along with the creation of six new industry groups and the successful acquisition of PureSoftware Technologies and Macmillan Learning are key steps toward achieving the company's goal of $1 billion in revenue by FY31.
It reported a 1.4% quarter-over-quarter and a 9.5% year-over-year growth in constant currency revenue for the quarter ending on March 31, 2024.
“Our efforts around generative AI I are really paying off, and we have a very, very good team that's been put in place whether it's at the leadership level technology, we have our sales for this business unit that have come on board, working closely with the rest of the sales team and to get new customer logos,” said Venkatraman Narayanan, managing director and CFO at Happiest Minds Technologies.
He further added that it currently has 14 customers and numerous ongoing discussions on the same. Its overall client base has grown to 250 this quarter.
Sridhar Mantha, president and CEO of Generative AI Business Services at Happiest Minds noted that technology adoption of the company typically starts with small use cases in the first year and progresses to multi-million dollar engagements by the second or third year. Although the main objective is to increase revenue through significant use cases, initial projects typically concentrate on cost optimisation.
“All I think it's important to say that we think it's a transformational opportunity. And I believe we're taking more advantage than anybody else in the businesses,” added Soota.
The company developed AI-enhanced solutions for the travel and transportation sector to improve ticket management and for the CPG sector to assist legal teams with supplier contracts, both enhancing efficiency and communication.
“We just want to add one more thing: What we are talking to our customers, we are also implementing in our own organisation,” said Rajiv Shah, president and member of the Executive Board.
In many customer engagements, the team has begun to leverage tools like code profilers to enhance productivity, and we are training all on AI co-pilots and similar technologies. These developments are being integrated into Happiest Minds’ hiring strategies and the planning of projects and engagements with customers. It is aiming for a 75% growth in headcount.
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