As many as 71 Indian companies have made it to the 'Asia-Pacific 2024' ranking of high growth companies released jointly by The Financial Times (FT) and data company Statista. The electric-vehicle platform - Zip Electric has bagged the first position and the agritech firm - BigHat has secured the second position. 123 firms topped the list of South Korean companies with the highest growth. Japan with 101 companies and Singapore with 93 companies came second and third respectively.

The list is dominated by companies that exhibit a low compound annual growth rate (CAGR) of 15.1 per cent. SIP Electric, which was established in 2017 and has stood out from 2019 to 2022, has come out ahead of India with a CAGR of 396%. Founded in 2015, Big Hat has achieved a CAGR of 304%. The third position was taken by Singapore-based logistics company - ISO Tank Management with a CAGR of 286 per cent. The IT and software sector continued to dominate the industry representation with 30 per cent of the companies in the ranking. This was followed by several Indian companies in the top 100 - Fintech, Financial Services and Insurance sectors (8%), SafeGold (Rank 9), Racal (12), Sfax Pay (21), Scaler (22), Swman Financial Services (26), M2P Fintech (27) and Ace Technologies.

The key criteria for inclusion in the report are earning at least $100,000 in 2019, earning at least $1 million in 2022, demonstrating primarily organic revenue growth between 2019 and 2022, and being headquartered in one of the 13 designated regions. The 13 regions were Australia, Hong Kong, India, Indonesia, Japan, Malaysia, New Zealand, the Philippines, Singapore, South Korea, Taiwan, Thailand and Vietnam. The Financial Times revealed that the ranking may not be correct as many fast-growing companies prefer to keep financial information private. Also, Chinese companies could not be included due to difficulties in verifying the data.