Mumbai, Sep 1 (PTI) Data analytics provider Object Technology Solutions India, which is planning an IPO by 2024, expects over 30 per cent revenue growth this year from domestic operations with top line crossing Rs 150 crore.

Ahead of the proposed share sale, the Hyderabad-based company which is fully-owned by chief executive Chandra Talluri and his family, plans to conclude two-three acquisitions too in order "to attain scale by the time we are ready for IPO (Initial Public Offering)".

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According to the CEO, the company's overseas operations, which fetch most of its revenue, is now saturated.

Talluri's optimism comes from over 40 per cent growth clocked so far in 2022, and he said the 22-year-old company had closed 2021 with domestic revenue of Rs 128 crore, up from Rs 100 crore in 2020 and will close 2022 with over Rs 150 crore of top line.

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As against this, overseas revenue, which is mostly from the US, was USD 50-55 million in 2021, and it may rise to USD 57-58 million in 2022, he said.

We are looking at acquisitions of two-three small ticket companies with a deal value of USD 4-5 million each and revenue of USD 7-10 million over the next two years, as we want scale before the IPO, which should be concluded in 2024. The US market is almost fully saturated and is growing at best 2-3 per cent annually, Talluri told PTI on Thursday from Hyderabad.

By the time we are ready for IPO, our top line should be over USD 100 million at today's exchange rate, and the only way to reach that revenue figure is inorganic growth, he said.

Ruling out taking outside capital, he said the company is debt-free and cash-rich and does not need any money from outsiders.

The company claims to serve over 100 Fortune-100, 500 and 1,000 companies and employs over 2,000 people (1,700 in the country and over 350 outside, mostly in the US; and is hiring 500 more this year in the country).

He said adding and retaining talent is a challenge now, as the company faces over 18 per cent annual attrition now.

Over 70 per cent of its domestic revenue comes from government organisations like Niti Aayog, state road transport corporations and a few private enterprises like Kotak Securities.

Recently it set up the National Data Analytics Platform (NDAP) of Niti Aayog, and also established a business intelligence, data mining and analytics unit for the Union corporate affairs ministry. The company is now working with the defence forces.

About the NDAP, which is a platform developed by it to make data accessible for citizens, he said it already has 200 data sets derived from 30,000 sources, and the number of data sets will go up to 400 shortly.

Other government clients include home ministry, for which the company is developing an interoperable criminal justice system based on online searches, analytics, and profiling of criminals on a pan-India basis; and corporate affairs ministry's data warehouse and analytics facility under the corporate data management project, among others.

Object Technology Solutions has presence in Overland Park, Kansas in the US, South America and the Asia-Pacific and specialises in industry segments like BFSI, healthcare & life sciences, energy & utilities, communications & media entertainment, engineering & telecom, retail & consumer services, hi-tech, manufacturing, engineering, transport logistics, government, and defence.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)