Onward Technologies is an Indian multinational software technology outsourcing company specializing in digital and engineering research and development (ER&D) services. Established in 1991 and headquartered in Mumbai, Maharashtra, India, the company has expanded its global footprint with offices in North America and Europe, as well as offshore development centers in India. Onward Technologies focuses on delivering innovative solutions across industries such as transportation and mobility, industrial equipment and heavy machinery, and healthcare and med-tech. The company's mission is to assist clients in shaping the imagination of a new world by leveraging domain knowledge and delivery experience across connected systems, ER&D, and digital transformation.
Key Strategic Focus
Onward Technologies' strategic focus encompasses:
- Digital Transformation Services: Offering data science, data analytics, automation, and cloud solutions to drive digital innovation.
- Embedded Systems & Electronics Engineering Services: Providing expertise in developing embedded systems and electronic engineering solutions.
- Mechanical Engineering Services: Delivering comprehensive mechanical engineering services to support product development and innovation.
These services are tailored to meet the needs of primary markets, including transportation and mobility, industrial equipment and heavy machinery, and healthcare and med-tech industries.
Financials and Funding
As per its filings with the Bombay Stock Exchange (BSE), Onward Technologies reported revenue of INR ₹240.6 crore for the first half of the fiscal year 2025 (H1FY25). The company achieved revenue of INR ₹472.4 crore in FY24, reflecting a 7.1% year-on-year growth. In 2021, Convergent Finance LLP, a private equity firm, invested in the company and currently owns approximately 24.7% stake.
Technological Platform and Innovation
Onward Technologies distinguishes itself through its technological platforms and innovative approaches, including:
- Digital Factory Solutions: Implementing cutting-edge digital factory solutions aimed at engineering sustainability.
- Proprietary Technologies: Developing proprietary technologies that enhance product development and operational efficiency.
- Scientific Methodologies: Utilizing advanced scientific methodologies, such as machine learning algorithms, to drive innovation and deliver value to clients.
Leadership Team
The leadership team at Onward Technologies comprises:
- Harish Mehta: Executive Chairman and Founder.
- Jigar Mehta: Managing Director, appointed in May 2016.
Their combined expertise and strategic vision have been instrumental in steering the company towards growth and innovation.
Competitor Profile
In the digital and ER&D services sector, Onward Technologies faces competition from several key players:
- Tata Consultancy Services (TCS): A global leader in IT services, consulting, and business solutions.
- Infosys: Provides consulting, technology, and outsourcing services.
- Wipro: Offers IT services, including digital strategy, consulting, and business process services.
These competitors focus on similar industries and offer overlapping services, contributing to a dynamic and competitive market landscape.
Strategic Collaborations and Partnerships
Onward Technologies has established significant collaborations and partnerships to strengthen its market position and innovation capacity. Notably, the investment by Convergent Finance LLP has provided strategic support and capital to fuel the company's growth initiatives.
Operational Insights
Strategically, Onward Technologies emphasizes:
- Market Positioning: Leveraging its expertise in digital and ER&D services to cater to high-growth industries.
- Competitive Advantages: Offering a scalable outsourcing and offshore model across six countries, with a fast-growing team and long-term customer associations.
- Differentiators: Combining two decades of mechanical engineering expertise with digital and data engineering capabilities to deliver comprehensive solutions.
Strategic Opportunities and Future Directions
Looking ahead, Onward Technologies aims to:
- Expand Service Offerings: Enhance its digital transformation and embedded systems services to meet evolving client needs.
- Geographical Expansion: Strengthen its presence in existing markets and explore new regions for growth opportunities.
- Innovation Focus: Invest in research and development to stay at the forefront of technological advancements and deliver cutting-edge solutions.
