Tata Consultancy Services, known as TCS, was originally established under the name Tata Computer Systems in 1968 by the Tata Sons group, the holding company of the Tata group. F.C. Kohli, co-founder and first CEO of TCS, played a pivotal role in the development of the Indian IT industry, earning him the title “Father of the Indian IT Industry.” The current CEO of TCS is K. Krithivasan, who took over from Rajesh Gopinathan following his unexpected resignation in September 2023.
TCS, headquartered in Mumbai, is the largest IT service company in India and also the largest employer in the country, with a global workforce of 616,000. It boasts the highest market capitalization in the IT sector, valued at 1,401,953.60 crore INR.
The company’s core business revolves around providing a range of IT services, including networking, managed services, development, and outsourced IT solutions. TCS Business Process Services (BPS) is particularly noteworthy for being one of its most profitable divisions.
Recently, TCS was recognized by FORTUNE® Magazine as one of the World’s Most Admired Companies for the second consecutive year. Additionally, the BrandFinance™ Global 500 brand survey for 2024 valued TCS’s brand at $19.2 billion, reflecting an 11.5% increase from the previous year.
2. Infosys :
Infosys
Infosys, one of the top IT companies in India, was established in 1981 by seven engineers from Pune: Dinesh Krishnan Swamy, Senapathy Gopalakrishnan, Narayana Ramarao Nagavara Murthy, Nandan M. Nilekani, Raghavan N. S., Ashok Arora, and S. D. Shibulal. As of 2024, Salil Parekh serves as the CEO of Infosys.
Now headquartered in Bangalore, Infosys has experienced significant growth. A milestone in the company’s history was its record-breaking international equity offer valued at $1 billion. Additionally, the establishment of the Infosys Foundation highlights its commitment to supporting underprivileged communities.
Infosys’ primary business focuses on IT services and IT consulting, which are key drivers of its revenue and growth. The company has a substantial global presence, providing diverse services across sectors such as finance and manufacturing. Notable offerings include Finacle and NIA, alongside strategic acquisitions that enhance its standing as a leading IT services brand globally.
In 2024, Infosys rebranded itself as an AI-first company, with CEO Salil Parekh underscoring the significance of AI in their operations and growth strategy. The company has prioritized AI-driven projects and software services to help clients reduce costs. Infosys has also invested in training 100,000 employees on generative AI and large language models.
Currently, Infosys employs 343,234 people, ranking among the largest employers in India. The company’s market capitalization stands at 587,119.45 crore INR.
3. HCL Technologies :
HCL
HCL Technologies, based in Noida, India, is a prominent multinational IT services company. It was founded in 1976 by Shiv Nadar along with employees of Delhi Cloth & General Mills. Initially a computer hardware company, HCL ventured into software services, creating its own microcomputer in 1978 and an operating system with a client-server architecture in 1983. To focus specifically on software services, HCL Technologies was established.
Today, HCL Technologies offers a comprehensive range of IT solutions, including infrastructure management, consulting, engineering, R&D, and BPO services. The company has a global footprint across 32 countries and employs 224,756 people. As of 2024, C. Vijayakumar serves as the CEO, and the company has a market capitalization of 400,889.74 crore INR.
HCL Technologies is notable for its innovative employee engagement initiatives such as “Employees First” and its commitment to community development through programs like Project Samuday, which involves the adoption of 100 villages. Additionally, the HCL Tech Bee program provides full-time IT jobs and training to Class 12 students, offering them early career opportunities.
4. Wipro :
wipro
Wipro, founded by M.H. Hasham Premji, began in 1945 as a vegetable oil manufacturer. It later transitioned into IT services and consulting, becoming one of India’s largest public companies. Wipro employs over 150,000 people globally, serving clients in around 60 countries. As of now, its market capitalization is 234,270.14 crore INR.
Wipro is renowned for its strategic acquisitions, including the recent purchase of the US Insurtech firm Aggne Global Inc for $66 million in February 2024. The company has diversified beyond IT services and BPOs into fields such as consumer care, cloud computing, computer security, digital transformation, artificial intelligence, robotics, and data analytics.
Srinivas Pallia is the current CEO, while most of the company’s stock is held by Tariq Azim Premji, who also serves as the Chairman.
5. LTI Mindtree :
LTIMindtree, a prominent IT multinational corporation, is led by CEO and Managing Director Debashis Chatterjee. Founded in 1996 as L&T Information Technology Ltd under Larsen & Toubro’s subsidiary, it quickly established itself as a leading provider of IT and consulting services. Headquartered in Mumbai, LTIMindtree’s primary objective is to digitally transform businesses through its IT services.
Ranked among the top 10 IT companies in India, LTIMindtree employs over 82,000 professionals. Its current equity market capitalization stands at 138,096.54 crore INR.
Notably, LTIMindtree was awarded the 2024 Google Partner of the Year in Industry Solution Services for Manufacturing. This recognition from Google acknowledges LTIMindtree as the top partner company delivering exceptional technology solutions tailored for the manufacturing sector.
6. Tech Mahindra :
Tech Mahindra was founded by Anand Mahindra and initially formed a joint venture with British Telecom. It started as a technology outsourcing firm in 1986. Later rebranded as Tech Mahindra, it became part of the Mahindra Group conglomerate.. With current CEO Mohit Joshi.
Their main area of business is providing IT services, networking solutions, and business support services (BPO) to the telecom industry.
In 2024, Tech Mahindra focused on AI, generative AI, and NXT.NOW™. Richard Lobo, appointed as Chief People Officer, aims to integrate AI, enhance diversity and inclusion, and optimize talent management to foster innovation through cutting-edge technologies and a skilled workforce.
Tech Mahindra is recognized as one of the leading IT companies in India, having the 6th largest market cap of 116,800.78 Crore INR and having 146,250 employees.
7. Oracle Financial Services Software Ltd :
Oracle
Oracle Financial Services Software Ltd, established in 1989 as a subsidiary of Oracle Global (Mauritius) Limited, specializes in providing financial software, custom application development, consulting, IT infrastructure management, and outsourced business processing services to the financial services industry.
With a market capitalization of 68,104.14 crore INR and employing 8,818 individuals, the company generates income primarily from two streams. The products division, formerly known as BPD (Banking Products Division), focuses on developing and delivering financial software solutions. The other significant revenue stream is PrimeSourcing, which involves providing business processing services to clients in the financial sector.
8. Persistent Systems:
persistent
Persistent Systems, founded in 1986 by Anand Deshpande, is a technology services company based in Pune, India. Under the leadership of current CEO Sandeep Kalra, the company has expanded its operations internationally. Persistent Systems primarily focuses on key areas such as cloud computing, the Internet of Things (IoT), and artificial intelligence (AI).
With a workforce of over 23,000 industry and tech experts spread across 15 countries, Persistent Systems has emerged as a prominent player in the IT industry. As of now, it boasts a market capitalization of 59,359.18 crore INR and recorded an operating income of ₹1,724 crore in the financial year 2024.
9. Mphasis Limited:
LTI
Mphasis Limited, an Indian IT company headquartered in Bangalore, Karnataka, offers information technology services and consulting globally. The company was founded by Jerry Rao and Jeroen Tas. Initially established as Mphasis Corporation in Santa Monica, California, USA, in 1998.
Mphasis operates across various sectors including banking, capital markets, insurance, healthcare, life sciences, manufacturing, retail, and logistics. In addition to these areas, the company also provides infrastructure technology outsourcing services and application services. It offers architecture guidance, application development, integration, and management services.
As of 2024, Mphasis has a market capitalization of 43,581.29 crore INR and employs a total of 33,771 individuals.
10. KPIT Technologies :
KPIT
KPIT Technologies, founded in 1990 by Ravi Pandit and Kishor Patil, is recognized as one of the top 10 IT companies in India. Headquartered in Pune, the company specializes in providing engineering research and development services primarily for the automotive industry.
KPIT Technologies focuses on several key areas of business, including autonomous driving, electric and conventional powertrain, connected vehicles, vehicle diagnostics, and vehicle engineering and design. As of April 2024, the company employs 12,727 individuals globally.
In the fiscal year 2024, KPIT Technologies reported revenue of 3,405 crores INR. The company’s market capitalization stands at 38,674.84 crore INR.
