US based company Rocket Software eyes $1 bn turnover, to expand India presence

Rocket Software, a global software firm that provides predictive analytics with deep data and develops artificial intelligence and machine learning capabilities, has set a target to become a $1 billion company within the next 18 months time and expand its presence in India, a senior company executive said.

At present, the US-based company has a turnover of about $800 million. "From a customer point of view, our India footprint will grow to be 2-3x. We are expanding our employee base rapidly across all four sites in India. I wouldn't be surprised if we are at 650 or even 700 employees by the end of year, and at 1,000 a few years ahead," said Milan Shetti, President and Chief Executive Officer, Rocket Software.

Set up in 1990, the firm has about 2,500 employees, 25,000 customers and over 250 partners currently. It got a a new push in 2018, when Bain Capital Private Equity acquired a majority stake in it for about $2 billion.

"Our India journey began when the company shifted from bootstrap to become more invested for high rapid growth. We started in Pune as a full-stack development team, and then expanded to Bengaluru. Through our acquisitions, we now have teams in Hyderabad and Chennai as well. These four cities are our growth sites. In the past three years we've grown three fold and expect to continue expanding in all four sites," Shetti added.

According to the company, its footprint is expanding fast in India with seven of the top-10 Indian insurance companies, one of the top payment bank operators, one of the top three home finance companies and two of the top payment and financial technology partners using rocket software services at present.

Shetti said Rocket Software is looking to expand both organically and organically, The company has made over 50 acquisitions since 1990. "We're very bullish about the expansion in India, given the digitization work that can be seen across sectors, be it insurance firms, the payments sector, private banks, home finance and financial technology providers. Given our recession-proof software stack and India's modernisation and digitisation journey, we are very bullish about the Indian market and the growth there," he added.