Revenue increased from about $908 million in 2022. The company follows a January to December financial year.
Listed independently on the Frankfurt Stock Exchange in 2020, when its revenue was $516 million at year-end exchange rates, Nagarro has more than doubled its revenue in the past three years, chief executive Manas Human told ET. He said the company’s larger aim now is to reach $10 billion in ten years.
“For now, our focus is on moving up and across for the next couple of years,” Human said.
The company seeks to move up in terms of value addition to clients, advisory, boardroom conversations and strategic impact beyond building software. It also sees an opportunity for bigger impact across the pond by taking its successes in Europe across industries such as airlines, automobile, life sciences and travel to the US.
In 2023, the company’s business in markets beyond Europe and North America grew the fastest year-on-year, at 20.3%.
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The company is “very bullish” on India, though the country contributes a small part to its revenue, Human said, adding that the country has been a big part of the journey to the $1 billion milestone. It has significant Indian clients such as Maruti Suzuki, he said.“In the next 10 or 15 years, we’ll see a lot of innovation in high tech come from our Indian clients,” Human said, comparing the trajectory to China’s impact in the fintech and social media realm over the past ten years.
Of its 18,000 employees, around 13,000 are in India, with 20 offices here.
“India is also where a lot of scaling of our thinking and experiments around scaling the company without losing its entrepreneurial nature have been located,” he said.
The company is also investing in artificial intelligence (AI), eyeing opportunities to drive greater responsiveness, efficiency, creativity, personalisation and sustainability in every industry.
“The investments that we continue to make are to reimagine different sectors with these new technologies,” Human said. “The idea is not simply building what we are told to build in terms of software, but helping our clients reimagine what they can do with their industries and how they can cross-link with other industries to build ecosystems.”
The company, which started in New Delhi, was until 2020 part of Germany’s Allgaier, a systems supplier to the global automobile industry. Germany and the US are Nagarro’s top revenue contributors. Two-thirds of revenue comes from its digital services, customer experience and ecommerce offerings, and the rest from testing – now increasingly with AI, enterprise resource planning consulting and managed services. Its clients include Lufthansa, Siemens, Audi, BMW, New York City, Star Alliance and Coop Denmark.
