GenAI To Contribute 10-15% To Happiest Minds’ $1 Bn Revenue Goal By 2031
The company projects significant revenue contribution from GenAI services over the next six to seven years
Mid-tier IT company Happiest Minds Technologies’ positioned itself at the forefront of the generative AI (GenAI) revolution by creating a separate GenAI-focused business unit late last year. The company executives told BW Businessworld on Monday that the aim is to achieve a billion-dollar revenue milestone by 2031, with GenAI services expected to significantly contribute to this goal.
“We feel that a significant portion of the revenue, 10 to 15 per cent, will come from the GenAI services over the next six to seven years for Happiest Minds,” said Rajiv Shah, president and executive board member, Happiest Minds Technologies.
Team Expansion And Structure
The GenAI business unit at Happiest Minds is reportedly rapidly expanding. “We have close to more than 100 people fully dedicated to this GenAI business unit,” Shah mentioned.
This dedicated team is further supported by a Centre of Excellence (CoE) for AI and analytics, which includes approximately 300 experts in AI and data science.
“We started assembling the team of close to 100 people at this point of time, with the ambition to grow throughout the year.” - Sridhar Mantha, President & CEO - Generative AI Business Services, Happiest Minds Technologies
The company chose not to disclose specific hiring figures when questioned.
GenAI Market And Strategy
The United States holds the predominant position as the largest market for Happiest Minds, contributing over 75 per cent of the company’s revenue. Consequently, it also exhibits the highest traction in terms of Generative AI (GenAI) adoption.
The Indian market, which contributes around 10 per cent of the overall Happiest Minds revenue, is also showing rapid growth, according to the executives. “The market is actually growing at a lot faster pace than what we had anticipated,” Shah noted.
Happiest Minds is leveraging its existing relationships with clients, with approximately 92 per cent of its current GenAI business coming from repeat/existing customers, which is fostering discussions and driving adoption of GenAI solutions.
While last year was about POCs, Mantha said the company has been developing and deploying various GenAI solutions this year. “From the beginning of this year onwards, we started working on creating production deployment, deployable use cases.”
One significand deployment has been the “Happiest Health” portal, which features a GenAI-powered chat interface. The company is also working on multiple solutions that are currently in development, aiming for practical and ROI-driven use cases.
The company is also looking to leverage its strengths in AI and data to deliver integrated GenAI solutions to the market. Happiest Minds execs revealed that they aim to capitalise on their expertise in these areas to develop comprehensive GenAI offerings that address the evolving needs of its customers. By integrating AI capabilities with data-driven insights, the company seeks to drive GenAI adoption and consumption within customer organisations, thereby maximising the value delivered.
Adapting GenAI Internally
Happiest Minds is also exploring how GenAI can be leveraged internally to drive operational efficiencies and innovation. By taking proactive steps to integrate GenAI into its own workflows and processes, the company is looking to demonstrate its capabilities and value proposition to both internal stakeholders and external clients. This internal adaptation has also made way to building a strong pipeline of about 200 use cases.
“We’ve undertaken numerous initiatives to assess how we can innovate within our own organisation. As a result, we’ve seen substantial traction among our existing customer base,” said Shah.
The company has trained about 3,000 of its 5,168 employees in generative AI so far.
Strategic Focus Moving Forward
Looking ahead, Happiest Minds’ GenAI business unit will focus on a multi-faceted go-to-market strategy, revealed Shah. This includes engaging with existing customers, acquiring new clients, and forming strategic partnerships.
“Our go-to-market includes existing set of customers, acquiring new sets of logos, and partnering with technology companies,” Shah said.
“It is important that we continue to keep that mind open as far as trying out things. Learning together, continue to work with them, take baby steps into driving the larger adoption and consumption in the customer organisation,” he concluded.
