Year in Review: Will Tech Mahindra’s Good Spell Continue in 2023?

Tech Mahindra chief CP Gurnani said that the business is taking bold steps in building several new capabilities, including 5G, metaverse, and the Makers Lab
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In 2022, when most tech companies in India unanimously lambasted moonlighting, Tech Mahindra was one of the very few companies surprisingly unfazed by it. CP Gurnani, CEO of Tech Mahindra, even went on to say that the company was working on policies for employees to pursue more than one job at a time. 

Recently, Tech Mahindra hit the headlines for numerous reasons, be it collaborating with Airtel to provide 5G services or with IQM to get ahead in the quantum computing space. The company invested in AI and analytics and heavily in the metaverse. 

Let’s review Tech Mahindra’s journey in 2022. 

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Airtel, Tech Mahindra join hands

Tech Mahindra and Airtel teamed up to implement 5G for business solutions at Mahindra’s Chakan manufacturing site earlier this year, making it India’s first 5G-enabled auto manufacturing facility. Tech Mahindra is also on track to generate about $1 billion in revenue in FY23 from just 5G solutions. From $125 million in FY21 to over $600 million in FY22, Tech Mahindra’s revenue from 5G solutions has increased almost five times.

Working on 60 metaverse projects

Another major event for Tech Mahindra in 2022 was the launch of its metaverse. Gurnani had told Analytics India Magazine earlier this year that the company was working on 60 metaverse projects globally. He stated that the business is taking bold steps in building several new capabilities, including 5G, metaverse, and the Makers Lab, which they successfully set up at eight different sites. He added that Tech Mahindra would keep funding data and AI laboratories as well as sports-related tech verticals with tools like Fan, NXT.NOW,, and others.

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In addition, Tech Mahindra and Union Bank of India collaborated to open the country’s first PSU Metaverse Lounge. For the bank, Makers Lab had created a metaverse ‘Virtual lounge’ to provide a dynamic and engaging customer experience.

Tech Mahindra plays sport

The International Chess Federation (FIDE) and the All-India Chess Federation have strengthened their partnership with Tech Mahindra to launch FIDE’s first-ever app for iOS and Android, built on the digital platform Fan Nxt. Now, on the sidelines of the 44th Chess Olympiad, organised by FIDE. 

As part of this global tie-up, Tech Mahindra will come on board as a digital partner for the FIDE chess Olympiad which will take place in India for the first time. It is also working on creating an AI-powered immersive digital platform for chess fans worldwide. 

Profit and loss

On the market side, however, Tech Mahindra’s shares didn’t perform so well. In the past one year, the share prices of Tech Mahindra fell by 43.20%, sharing the fate with other tech companies worldwide.  However, the profit went up by 3.3% QoQ in Q2 2023 and by 20.7% YoY.


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Its attrition rate also declined to 19.2% in Q2 2023 from 22.2% in Q1 2023, which as per the company stands lowest among its peers, with a headcount of 163,912. 

Major partnerships 

  • Tech Mahindra partners with Google, wherein Tech Mahindra will be responsible for GIS processes from data creation, resourcing, insights generation, and the actual collection of the street-level imagery.

Looking back

In an interaction with Analytics India Magazine, Nikhil Malhotra, global head, Makers Lab, Tech Mahindra, said, “While 2022 has been a fantastic year for setting the stage for a tech-driven post-pandemic future. I believe it is now up to businesses and end-users to further build on this foundation and create game-changing innovations in various human-centric areas in 2023 and beyond.”

Highlighting technologies like quantum computing, artificial intelligence, smart robots, metaverse and Web 3.0, he said, “These technologies are going to be key to further boosting our innovation quotient ever further.”

Hasit Trivedi, CTO, digital technologies & global head, Tech Mahindra, recently said that the company is heavily investing in the AI sector and is focusing on autonomous driving as well. Earlier this year Tech Mahindra picked up 80% stake in Geomatic.AI to build on AI capabilities.

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