Happiest Minds reports 19% revenue growth; sets up Generative AI-focused unit

Happiest Minds Technologies has set up its latest business unit Generative AI Business Services (GBS) to facilitate full-scale Generative AI offerings across multiple domains.

Sridhar Mantha, currently serving as the company’s EVP & CTO, has been appointed as the president & CEO of GBS with immediate effect, and will be reporting to executive board member, Rajiv Shah.

“This new dedicated unit is the next step in our ongoing Generative AI journey. We endeavour to train all 5000+ of our Happiest Minds on the relevant aspects of Generative AI, like code assistance, and leverage the technology for all our internal functions,” Shah said.


Besides its existing partnerships with Microsoft and OpenAI, Happiest Minds aims to focus on strengthening its technology prowess on Google, Amazon Web Services (AWS), and other key platforms in the ecosystem.

“We understand the importance of data & content and hybrid AI & Generative AI solutions. We foresee that Generative AI can be a significant revenue source for us in the years ahead and help us reach our vision of becoming a billion-dollar enterprise by 2031,” Shah added.

Ashok Soota, chairman of Happiest Minds, said, “the establishment of a focused business unit for Generative AI, we are taking a step that none of our peers in the IT Services sector have taken.”

Further, Rajiv will leverage the combined power of our Analytics CoE led by Sundar Ramaswamy and Generative AI BU led by Sridhar, for serving our customers with holistic solutions.”

Mantha said the company has so far developed over 120 use cases spanning various domains and creating tailored Generative AI solutions for more than 20 customers.

“As an industry, we are just seeing the tip of the iceberg regarding Generative AI technology, with the current focus on text based LLM’s (Large Language Models), further said.

On Wednesday, Happiest Minds Technologies also reported its financial results posting consolidated profit for the September quarter at Rs 58.46 crore, a decline of 1.6% from the year-ago period and up 0.2% on a sequential basis. However, its revenue rose 19.3% YoY to Rs 428.83 crore. In constant currency terms, revenue grew by 3.6% QoQ and 11.6% YoY.

"We had given revenue growth guidance for the year of 25% without making a distinction between organic and inorganic growth. Based on an assessment of market trends we are revising our revenue growth guidance for the year to 12% on an organic basis," the company said in a statement.