Introduction to Happiest Minds Limited
Happiest Minds Technologies Limited (NSE: HAPPSTMNDS), as an IT company, enables digital transformation for enterprises and technology providers by delivering seamless customer experiences, business efficiency and actionable insights. They use technologies like artificial intelligence, cloud computing and the internet of things to help customers improve business efficiency and customers experience. Happiest Minds is headquartered in Bengaluru, India with operations in US, UK, Canada, Australia and the Middle East. The company delivers services across industry groups: Banking, Financial Services & insurance (BFSI), Edtech, Healthcare &Life Sciences, Hi-tech and Media & Entertainment, Industrial, Manufacturing, Energy & utilities and Retail, CPG & logistics.
Incorporation of the Company – Happiest Minds Technologies Limited was incorporated on March 30,2011. The Company was previously known as Happiest Minds Technologies Private Limited.
Mission and Vision of Happiest Minds Ltd
Mission:
The mission of Happiest Minds is to be a constant reminder of the fact that they are in the business of making their customers happy and consider the People as an integral part of their business and so, their happiness is of utmost importance.
Vision:
Happiest Minds is dedicated to design a future of perpetual growth while accelerating profitable progress. They are focusing on building and sustaining a world-class team, fostering happiness in all aspects of their work. As ambassadors of happiness, they aim to lead with thought leadership in technology and solutions, ensuring innovation remains at the core. Their commitment to excellence extends to maintaining high ESG standards, positioning us as a responsible, ethical leader. They aspire to be recognized for their unwavering focus on sustainability, responsibility, and creating lasting value for all.
Founder of the Happiest Minds Ltd
Ashok Soota, is the founder and executive chairman of Happiest Minds, is widely recognized as one of the pioneering leaders of the Indian IT industry. As a serial entrepreneur, he has led both companies where he was founding Chairman to very successful IPOs. Happiest Minds (2020) and MindTree (2007).Ashok has been the President of the Confederation of Indian Industry (CII), a member of the Prime Minister’s Task Force for IT and was on the Advisory Council for the World Intellectual Property Organization, Geneva. He is a Fellow of INAE and CSI and on the Board of Governors of the Asian Institute of Management, Philippines. He is a recipient of multiple awards for IT Person of the Year and Lifetime Achievement and ICSI Lifetime Achievement Award for Translating Excellence in Corporate Governance into Reality for the year 2022.
In April 2022, Ashok announced the creation of Happiest Health, a knowledge, health & wellness enterprise. In April 2021, he launched SKAN, India’s first private sector, a non-profit organization exclusively dedicated to carrying out medical research on aging and neurological disorders. He also established in 2011, Ashirvadam, a Trust for environmental projects and assistance to the needy. Ashok has been included in Forbes’ Asia Top 15 List of Philanthropists in 2022. Ashok holds a Bachelor’s degree in Electrical Engineering from the University of Roorkee (now IIT, Roorkee) and an MBA from the Asian Institute of Management, Philippines.Ashok is a co-author of the national bestseller – “Entrepreneurship Simplified: From Idea to IPO”. He has recently co-authored another book, ‘Busted’.
Services of the Company
- Product & Digital Engineering Services (PDES)
- Generative AI Business Service (GBS)
- Infrastructure Management & Security Services (IMSS)
Funding Details of Happiest Minds
Happiest Minds has raised a total funding of $64.8M over 6 rounds.
List of all funding rounds:
Funding Date |
Funding
Amount |
Type | Investors |
Jul 18, 2023 | $60.9M | Post IPO |
– |
Apr 25, 2018 |
$32.3K | Angel | Sunil Kumar |
Apr 16, 2017 | $263K | Angel |
Lip-Bu-Tan |
Sep 15, 2016 |
$10.6M | Series B | Trident Trust, intel |
Aug 06, 2014 | $7.29M | Series A |
Canaan, Intel |
IPO Details of Happiest Minds
IPO Date |
September 7, 2020 to September
9, 2020 |
Listing Date |
September 17, 2020 |
Face Value |
₹2 per share |
Price Band |
₹165 to ₹166 per share |
Lot Size |
90 Shares |
Total Issue Size |
42,290,091 shares |
Fresh Issue |
6,626,506 shares (aggregating up to ₹110.00 Cr) |
Offer for Sale |
35,663,585 shares of ₹2 |
Issue Type |
Book Built Issue IPO |
Listing At |
BSE, NSE |
Share holding pre issue |
140,237,050 |
Share holding post issue |
146,863,556 |
IPO Reservation
Happiest Minds IPO offers 23,259,550 shares. 12,687,028 (54.55%) to QIB, 6,343,513 (27.27%) to NII, 4,229,009 (18.18%) to RII. 46,988 RIIs will receive minimum 90 shares and (sNII) and (bNII) will receive minimum 1,260 shares.
Happiest Minds – IPO Objective
The company proposes to utilise the Net Proceeds from the fresh issue towards funding the following objects:
- To meet longterm working capital requirement; and
- General corporate purposes
Happiest Minds IPO Offer Size by Investor Category
The Percentage of Offer Size available for Allotment/allocation:
- QIBs: 75%
- Non-Institutional Investors: 15%
- Retail Individual Investors: 10%
Happiest Minds – Dividend History
Financial Year |
Interim Dividend | Final Dividend | Total |
2024-2025 | 2.50 | _ |
2.50 |
2023-2024 |
2.50 | 3.25 | 5.75 |
2022-2023 | 2.00 | 3.40 |
5.40 |
2021-2022 |
1.75 | 2.00 | 3.75 |
2020-2021 | – | 3.00 |
3.00 |
Awards and Achievements
In 2023-24, Happiest Minds was recognized across a wide spectrum of domains. Awarded the Best Organizational Development & Transformation Initiative by the 18th Edition Future of L&D Summit, the company also won the WAW – Wellbeing at Workplaces Award at the HR Anexi Conclave and was included among India’s Top 100 Best Workplaces for Women, receiving Gold and Silver at the Brandon Hall Group HCM Excellence Awards. Happiest Minds received recognition via AIM as one of the ’50 Best Firms for Data Scientists to Work for 2024′ and received the award for the ‘Best Save Water Initiative of the Year’ during the Global CSR, Sustainability and ESG Awards. It was also bestowed with the India Risk Management Award at CNBC-TV18, and the ISOL Corporate Award for Value-Based Sustainable Organizations. PureSoftware, a subsidiary, received the award for Best Banking-as-a-Service Platform of the Year. Happiest Minds was recognized among India’s Top 50 Best Workplaces in Health & Wellness, and its Integrated Annual Report won a GOLD award from the League of American Communication Professionals. It also earned accolades such as the Best Tech for Security at the IDEA Awards and one of the Inspiring Firms in AI & Analytics at the 3AI Zenith Awards.
Happiest Minds – Growth & Revenue
In the half-year results for FY 2024, Happiest Minds recorded a 23.1 per cent YoY growth in constant currency. Operating revenue in US dollars reached USD 117.9 million, marking a 22.0 per cent YoY increase, while the company’s total income for the first six months was Rs 103,793 lakh, a 24.5 per cent YoY rise. EBITDA for this period was Rs 23,553 lakh, representing 22.7 per cent of total income, though PAT for the half-year declined by 13.9 per cent to Rs 10,054 lakh due to the costs associated with acquisitions.
Competitors of Happiest Minds
- Coforge ltd
- Cyient ltd
- KPIT Technologies ltd
- LTIMindtree ltd
Conclusion of Happiest Minds
Happiest Minds Technologies Q4 result into profits up 25%, revenue rises by 10.4%. IT firm Happiest Minds Technologies reported a 24.83 per cent increase in consolidated net profits at Rs 71.98 crore for the quarter ended March 2024, and said it expects to encash on its newly launched GenAI business unit. Happiest Minds reports industry leading growth and on track for vision of $1 Bn revenues by 2031.
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