Happiest Minds: Happiest Minds splits businesses into six industry groups

Mid-sized IT solutions provider Happiest Minds Technologies has announced its new vertical organisation structure comprising of six new industry groups (IG) to push business growth.

Last month, ET reported that Happiest Minds will verticalise its businesses into several industry groups.

The Bengaluru-based firm bifurcated its business into six IGs – industrial, manufacturing and energy & utilities; healthcare & life sciences; retail, CPG and logistics; banking, financial services, and insurance (BFSI); hi-tech and media & entertainment; and edtech.

“The potential of this new structure is immense and will be the bedrock of new growth engines, enabling us to compete better in the global markets and realise our vision of reaching $1 billion in revenues by 2031,” said Ashok Soota, executive chairman of Happiest Minds.

Under the new structure, each new IG is led by a head responsible for the P&L, selling generative AI business services (GBS) to existing and potential accounts, along with product & digital engineering services (PDES) and infrastructure management & security services (IMSS).

The company added that each IG cluster will have dedicated teams with deep domain expertise, specialist BDMs for existing account growth, and in-house consulting capabilities.

Currently, the firm does not spell out separate industry groups’ business growth numbers. For the October to December quarter, Happiest Minds’ growth businesses included hi-tech with the share of revenues at 14.3%; BFSI – banking, financial services & insurance (10.9%); travel, media & entertainment (TME) (11.7%), healthcare (14.8%), retail/CPG (7.6%) and highest share increase by over a% in manufacturing (7.4%). However, its largest vertical edutech degrew by a% to 24%, along with industrial (6.8%) and other segments.

In January, the company reported a 3.5% year-on-year rise in net profit at Rs 59.6 crore for the third quarter ending December end 2023. The profit stood at Rs 57.6 crore a year ago and rose 2% to Rs 58.5 crore in the preceding quarter.

Happiest Minds has also carved out a Generative AI business services unit to be headed by its former chief technology officer Sridhar Mantha and and board member Rajiv Shah as the president and CEO Digital Business Services.

Joseph Anantharaju, executive vice chairman of the company recently told ET Happiest Minds is training a team of 100 people in the latest technologies including AI, open source models with data understanding to singularly focus on getting more specialisation and execution, expecting it to generate business in FY25.

“The firm is also pulling out the new sales into a separate structure “Earlier we had hybrid BDMs (business development managers) and hence new logo (client) acquisition will be more focused. Therefore, we expect the efficacy and the output to be that much better,” Anantharaju had further said.