71 Indian companies have made it to the sixth annual report ranking ‘High Growth Companies Asia-Pacific 2024’ jointly released by The Financial Times (FT) and data company Statista. Electric-vehicle platform-Zip Electric bagged the first position and agritech firm- BigHat bagged the second position. South Korea topped the list of companies with 123 firms recording high growth. India was ranked fourth, followed by Japan with 101 companies and Singapore with 93 companies.

The list is dominated by companies exhibiting a low compound annual growth rate (CAGR) of 15.1 percent. Founded in 2017, Zip Electric, which has performed remarkably well from 2019 to 2022, has topped India with a CAGR of 396 percent. Along with that, Big Hat, established in 2015, achieved a CAGR of 304 percent. Singapore-based logistics company ISO Tank Management, which won the third position, advanced with a CAGR of 286 percent. The IT and software sector dominated the industry representation with 30 percent of the companies in the ranking. Closely behind in the top 100 ranks are several Indian companies – fintech, financial services and insurance sectors (eight percent), SafeGold (rank 9), Resical (12), Safex Pay (21), Scaler (22), Swaman Financial Services (26), M2P Fintech (27) and Ace Technologies took the place.

Key criteria for inclusion in the report include generating at least $100,000 in revenue in 2019, achieving at least $1 million in revenue in 2022, demonstrating primarily organic revenue growth between 2019 and 2022, and being headquartered in one of 13 designated regions. The 13 regions were Australia, Hong Kong, India, Indonesia, Japan, Malaysia, New Zealand, Philippines, Singapore, South Korea, Taiwan, Thailand and Vietnam. The Financial Times revealed that the ranking may not be accurate 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.