The Information Technology (IT) sector stands as one of the most dynamic and rapidly expanding industries globally. Over the past two decades, it has emerged as a major driver of economic growth. In India, the IT sector contributed 7.5% to the GDP in 2023, generating an impressive revenue of USD 245 billion. Several leading IT companies in India have been instrumental in this remarkable growth.
The IT sector continues to flourish, with advancements spanning from artificial intelligence and machine learning to cutting-edge service-oriented solutions. These companies not only rank among the largest employers in India but also contribute significantly to the country’s position as one of the foremost IT hubs worldwide.
This article will explore the Top 10 IT companies in India, using the most recent data from the National Stock Exchange (NSE) and Bombay Stock Exchange (BSE) as of April 26, 2024. We will compare their market capitalizations to provide a comprehensive overview.
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Top 10 IT Companies in India in 2024
1. Tata Consultancy Services (TCS)
Tata Consultancy Services, commonly known as TCS, was originally named Tata Computer Systems. Established in 1968 by the Tata Sons group, TCS was co-founded by F.C. Kohli, who is recognized as the “Father of the Indian IT Industry.” The company, headquartered in Mumbai, is the largest IT services provider in India and holds the top position in terms of market capitalization at ₹1,438,280.24 crore INR. With a global workforce of 616,000 employees, TCS offers a wide range of IT services including networking, managed services, development, and outsourced IT solutions. Recently, TCS was listed among the World’s Most Admired Companies by FORTUNE® Magazine for the second consecutive year, and its brand value reached $19.2 billion in 2024, a significant increase from the previous year.
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2. Infosys
Founded in 1981 by seven engineers from Pune, including Narayana Murthy and Nandan Nilekani, Infosys is a major player in the IT industry. Based in Bangalore, Infosys has expanded significantly over the years and is known for its IT services and consulting. In 2024, Salil Parekh serves as CEO. Infosys has become an AI-first company, emphasizing AI-driven projects and training 100,000 employees in generative AI. The company has 343,234 employees and a market capitalization of ₹661,106.73 crore INR.
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3. HCL Technologies
HCL Technologies, founded in 1976 by Shiv Nadar and his team, began as a hardware company before transitioning to software services. Headquartered in Noida, HCL provides a broad array of IT solutions including infrastructure management, consulting, engineering, and R&D. With a workforce of 224,756 employees and a market cap of ₹399,614.32 crore INR, HCL is notable for its employee engagement initiatives and its innovative HCL Tech Bee program. C Vijayakumar is the current CEO.
4. Wipro
Initially established in 1945 as a vegetable oil manufacturer by M.H. Hasham Premji, Wipro evolved into an IT consulting and systems integration services company. It now operates globally with over 150,000 employees and a market capitalization of ₹277,350.18 crore INR. Wipro recently acquired US Insurtech firm Aggne Global Inc for $66 million. Under the leadership of CEO Srinivas Pallia, Wipro continues to expand its services in areas like AI, digital transformation, and cloud computing.
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5. LTIMindtree
Founded in 1996 as L&T Information Technology Ltd, LTIMindtree is part of the Larsen & Toubro group and is headquartered in Mumbai. It provides IT and consulting services and has been recognized as the 2024 Google Partner of the Year for Industry Solution Services in Manufacturing. With over 82,000 employees and a market cap of ₹162,669.21 crore INR, LTIMindtree is a prominent player in the IT sector, led by CEO Debashis Chatterjee.
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6. Tech Mahindra
Tech Mahindra, founded in 1986 as a joint venture with British Telecom and part of the Mahindra Group, is known for its IT services and networking solutions. The company focuses on AI and generative AI through its NXT.NOW™ initiative and has a market capitalization of ₹144,193.64 crore INR. With 146,250 employees, Tech Mahindra is led by CEO Mohit Joshi and continues to drive innovation in the telecom sector.
7. Oracle Financial Services Software Ltd
Founded in 1989 as a subsidiary of Oracle Global (Mauritius) Limited, Oracle Financial Services focuses on providing financial software, custom application development, and consulting services. With a market cap of ₹89,423.74 crore INR and 8,818 employees, the company serves the financial services industry through its Banking Products Division and PrimeSourcing.
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8. Persistent Systems
Persistent Systems, established in 1986 by Anand Deshpande, specializes in cloud computing, IoT, and AI. Based in Pune, the company has grown significantly and now operates globally with a workforce of over 23,000 employees. Persistent Systems has a market capitalization of ₹69,490.97 crore INR and reported an operating income of ₹1,724 crore in the financial year 2024. Sandeep Kalra is the current CEO.
9. Mphasis
Founded in 1998 through the merger of MphasiS Corporation and BFL Software Limited, Mphasis provides IT services and consulting with a focus on banking, capital markets, and healthcare. Headquartered in Bangalore, the company has a market capitalization of ₹47,578.76 crore INR and employs 33,771 people. Mphasis continues to grow its offerings in infrastructure technology outsourcing and application management.
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10. KPIT Technologies
KPIT Technologies, founded in 1990 by Ravi Pandit and Kishor Patil, specializes in engineering research and development services for the automotive industry. Based in Pune, KPIT focuses on areas like autonomous driving and connected vehicles. The company employs 12,727 people and has a market capitalization of ₹46,056.16 crore INR. For FY24, KPIT reported a revenue of ₹3,405 crore INR.
Conclusion
The IT sector in India is poised for continued growth, particularly with advancements in AI and digital transformation. As these leading companies evolve and expand their services, they will play a pivotal role in shaping the future of technology both in India and globally.