After looking at numerous parameters and troves of data, it was impossible to choose just one winner–so we chose two. From thousands of entries, these two companies stand out as winners of the most coveted title in the country. For the inaugural edition of ETRISE Top MSMEs Ranking, REConnect Energy and Clairvoyant together represent the best of India’s small businesses.
Indore-based Reconnect Energy Solutions has created a digital energy platform grid connect to enable electric utilities to optimize grids and asset management. Clairvoyant India is a Pune-based global technology consulting and services company that helps organizations to build innovative products and solutions using big data, analytics and the cloud. The firm’s data security product Cogni provides compliance, audit and security teams the ability to discover and take care of sensitive data.
At third position on the coveted list of ETRISE Top MSMEs Ranking went to Rotomag Motors and Control Pvt Ltd. The company’s expertise in design and product engineering has enabled it to offer a comprehensive range of permanent magnet D.C. motors; wound field DC motors, gear motors, amongst other.
There are 60 to 70 million Micro, Small and Medium Enterprises (MSME) in the country providing employment to millions of people, but the journey of the SMEs have been riddled with numerous challenges including scarcity of cash, disruption of business activity and lack of ease of doing business. However, there are some silver linings. These are businesses that have overcome various challenges to expand as they chose to innovate and show business acumen in challenging times.
The ETRISE Top MSME Ranking programme was an endeavor to showcase businesses that stand apart due to their achievements. Businesses that shine because of their stellar contribution to the economy. With categories such as innovation, fastest growing and top performing in business being the broad parameters, each of these companies represents the best of the small businesses.
ETRISE along with CARE Ratings worked to choose the top MSMEs that represent innovation, growth and performance. This endeavour began in December 2019 and over 8000 companies took part.
Speaking at the virtual event, Amitabh Kant, CEO, NITI Aayog, said, “The MSME sector contributes significantly to the growth of the economy, but continues to face certain critical constraints. Since the onset of COVID-19, this sector has been hit extremely hard. It is the prerogative of the entire ecosystem to come up with initiatives that empower the MSMEs in the long run. To celebrate their good work, the sector requires a credible recognition platform to open opportunities for enterprises to leapfrog growth. The program will help SMEs earn more trust and grow their business.”
Fastest Growing companies
An important pillar for any MSME is its financial growth – how it scales up and the ability to generate revenue to keep the business up and running. Limited access to financial resources, inadequate infrastructure support and insufficient linkages to domestic and global markets are often cited as deterrents to the growth of MSMEs, but there are companies that have stood apart.
With a growth rate of 883.7% Vivifi India Finance is India’s fastest growing MSME followed by Kor Energy that has seen a CAGR of 588.54% in the last three years. At third in the list and with a CAGR of 543.93% Epimoney Pvt Ltd is at third in the list of Fastest Growing companies.
These growth champions are companies that have generated revenue growth over a three-year period, are independent entities, and have expanded organically. Finding India’s fastest growing MSME hinged on evaluation that considered total revenue CAGR over the last three annual financial filings across all sub-categories.
The entries for the Top Innovation were the most exciting part of the Ranking. ETRISE got thousands of entries panning through a diverse range of sectors – from space to agriculture. At the end 20 such innovations made it to the list this year, sorted in an alphabetical order.
Innovation can be of different shape, size or form, and ETRISE Top MSMEs Ranking followed the OECD’s ‘Oslo Manual’, customised with certain changes to meet the aim of the programme. For us, innovation could be classified into four types: product, process, marketing and organisational innovation.
The editorial team judged every entry keeping in mind the significant difference of the entry, the novelty of the innovation, which was, can it be measured in terms of energy efficiency, speed, material strength, user satisfaction and more. Even criteria such as ability to create value and implementation and putting the innovation to actual use were keenly considered.
For us, business innovation is a new or improved product or business process that differs significantly from the firm’s previous products or business processes – one that has been introduced on the market or brought into use by the firm. The definition requires an innovation to be a commercial or strategic success at the time of measurement.
Union Bank of India was the Presenting Partner for the programme, and MIDC, Caspian Debt and Cogoport were Associate Partners. CARE Ratings was the Assessment Partner for the Rankings.