Over these 33 years, we have formed a bond that goes beyond mere transactions. Together, we have built a thriving community that has weathered storms and celebrated triumphs. We have forged a collective commitment to our clients, employees, partners and each other built on a foundation that engenders excellence. We are committed to being responsible corporate citizens and playing an active role in preserving the planet through environmental and health initiatives based on an intrinsic desire to nurture growth in our communities and society at large.
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Dear Fellow Shareowners,
In the Third Orbit, as we moved beyond the Global Financial Crisis, we focused on full product development, focusing on technologies in cloud, analytics, collaboration and mobility as our driving force. Soon after the markets recovered, in 2010, we listed the shares of the Company on BSE and NSE.
As I look ahead to the new challenges in our journey to the next Billion, let me thank all our supporters, customers, employees, vendors and numerous well-wishers and their families. We seek your continued support as we continue to see beyond and rise above!
As Henry Ford once said, "Coming together is a beginning; keeping together is progress; working together is success." This quote perfectly embodies the essence of our journey together. Over these 33 years, we have formed a bond that goes beyond mere transactions. Together, we have built a thriving community that has weathered storms and celebrated triumphs. We have forged a collective commitment to our clients, employees, partners and each other built on a foundation that engenders excellence. We are committed to being responsible corporate citizens and playing an active role in preserving the planet through environmental and health initiatives based on an intrinsic desire to nurture growth in our communities and society at large.
It is an honor and privilege to present our 33rd Annual Report for Financial Year (FY) 2022-23 as we achieve an important milestone of becoming a Billion Dollar Company.
The 33-year journey from taking an initial idea to a Billion Dollar business has been exhilarating, challenging and immensely satisfying. This journey has been possible only because of the unwavering support we received from employees, customers, partners and thousands of well-wishers. I remain eternally grateful to all of them.
As we celebrate this milestone, I feel nostalgic as
I reflect upon our incredible journey together. Growth in a business is not linear but a sequence of S-Curves. Some defining actions set you on a gradient, and after a few good years of growth, business seems to flatten down. At this point, you must change orbits. Each orbit shift is hard and challenging but necessary. We have seen five of these orbits at Persistent, and in our 33rd year,
we are entering our Sixth Orbit.
Our First Orbit was difficult and infrastructure challenges in India were the primary constraint. During this period, we built teams with a culture of
Entering our Fourth Orbit from 2016 to 2019, we defined enterprise Digital Transformation and finally, in the Fifth Orbit, under the leadership of our new CEO Sandeep Kalra, we achieved the remarkable feat of a $1 billion in revenue for FY 2023.
Our shift to the Second Orbit was defined by Intel Capital investing in Persistent as the first Asian Investment as part of the Intel 64 Fund. At this time, just after Y2K and the dot-com burst, we created a new category by focusing on Outsourced Product Development. We have always believed in the importance of leadership, and in 2005, we secured funding from Silicon Valley VCs when Norwest Venture Partners and Gabriel Ventures invested in the Company.
Anand Deshpande
Founder, Chairman and Managing Director
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33rd Annual Report, 2023
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33rd Annual Report, 2023
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FY23 Performance Highlights
Digital Engineering Leadership
Environmental, Social and Governance
Persistent Foundation
Persistent University
Awards and Analyst Recognitions
Engineering Client Success
Our Partner Ecosystem
Innovation
The Persistent Way Forward
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FY23 Performance Highlights
Digital Engineering Leadership
Environmental, Social and Governance
Persistent Foundation
Persistent University
Awards and Analyst Recognitions
Engineering Client Success
Our Partner Ecosystem
Innovation
The Persistent Way Forward
supporting our customers, choosing to focus on hard problems and building engineering partnerships with market leaders. Most of our early customers have continued to be our customers for nearly three decades. This strong foundation of The Persistent Way has helped us on our journey over the years.
With Best Regards,
With Best Regards,