39. Apar Infotech: Shifting Focus Eastward

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Mumbai-based privately-held company engaged in IT consulting and software development, grew at a fast clip–138% on a year-on-year basis. All its revenues came from services to the overseas market, the US being the favorite destination and contributing 62% of total revenues. On-site software development made up 97% of the revenues. Segment-wise, the e-commerce space yielded 71% of revenues.

During the year under review, Apar expanded operations in the Asia-Pacific region, commencing operations in Australia in October 2000. It also opened offices in Ireland, Sweden, Finland and Hong Kong. It also became a partner of Infocom Development Authority (IDA) of Singapore for bringing trained IT professionals into Singapore.

From Rs 123 crore in 1999-00, its revenue went up to Rs 293 crore in 2000-01. Apar now has to grapple with gestation times from the operations in new countries. A strong backing by Warburg

Pincus, which increased its stake in the company to 48%, will give it the cushion when it goes ahead with its consolidation plans in the US.