India's Growth Champions 2023
Staista and the Economic Times reached out to thousands of companies to identify the fastest growing companies in India among all industries. India’s Growth Champions 2023 is the fourth edition of this high-profile ranking.
List of India's Growth Champions 2023
India’s Growth Champions 2023 awards the fastest growing companies in India among all industries. Companies were either able to register themselves with revenue figures for the fiscal years ending in March 2019 and in March 2022 or were registered by Statista.
Minimum CAGR to be included
Calculation of growth rates
The calculation of company growth rates is based on the revenue figures submitted by the companies in INR.
The comound annual growth rate (CAGR) was caculated as follows:
The project was advertised online and in print, allowing all eligible companies to register via the websites created by Statista and the Economic Times. In addition, through research in company databases and other public sources Statista has identified thousands of companies in India as potential candidates for the ranking. These companies were invited to participate in the competition by post and email.
The application phase ran from 7th October 2022 to 11th December 2022. The submitted revenue figures had to be certified by the CFO, CEO or a member of the Executive Committee of the company.
The ranking was created through a complex procedure. Although the search was very extensive, the ranking does not claim to be complete, as some companies did not want to make their figures public or did not participate for other reasons.
To be included in the list of India’s Growth Champions, a company had to meet the following criteria:
- Revenue of at least ₹ 1 crore generated in the fiscal year ended in March 2019
- Revenue of at least ₹10 crore generated in the fiscal year ended in March 2022
- Be independent (the applying company is not a subsidiary or branch office of another company)
- Be headquartered in India
- The revenue growth between 2019 and 2022 was primarily organic (i.e. “internally” stimulated)
The list ranks entrants from across India by their compound annual growth rate (CAGR) in revenue between 2019 and 2022. The fiscal years that predominantly falls into 2018 and 2021 were used for this calculation.
All data reported by the companies was processed and checked by Statista. Missing data entries (employee numbers, address data, etc.) were researched in detail. Companies that did not fulfill the criteria for inclusion in the ranking were deleted.
The Economic Times is an English-language Indian daily newspaper published by the Bennett, Coleman & Co. Ltd., more popularly known as The Times Group. The Economic Times, started in 1961, is Asia’s largest and among the world’s top 3 English Business daily newspapers. The Economic Times is India’s No.1 Print English Business daily with www.economictimes.com as the No. 1 Business News website in the country.