Of the 18,000 people working with Nagarro across 36 countries, a German-listed digital engineering company with Indian roots, over 13,000 are in India, said Manas Human, the company’s co-founder, and CEO.

Nagarro’s Indian staff services its businesses in countries like the US, Europe, South Africa, and other regions the company operates in.

“We also have Indian delivery teams in most regions. Additionally, we have delivery teams in China, the Philippines, Romania, Germany, the US, and Austria—essentially around the world. The remaining 5,000-6,000 people are in other parts,” Human said, adding that the company has clients across 70 countries.

Nagarro is spread across India with over 20 offices or ‘hives’ in India, and 50 globally. The company has office presence in Gurgaon, Jaipur, Noida, Bhopal, Indore, Chandigarh, Bangalore, Hyderabad, Chennai, Pune, Mumbai, and Dehradun among others.

Adding that the Indian market has been maturing rapidly for Nagarro, the CEO said, “15 to 20 years ago, we wouldn’t have worked in this market because it wasn’t a professional one, and payments were often unreliable. However, in the last ten years, we’ve seen significant maturation, and today, over 10 per cent of our business comes from India.”

“This share is expected to grow. We see demand from companies that have a presence in India who are looking to fulfill specialised needs, and from companies that have grown out of India and want to do more with technology.”

However, a lion’s share of the company’s revenue comes from the US and Europe, he highlighted. “About 30-40% of our revenue comes from the US, with a similar portion from Europe. The rest is from other countries including India, the Middle East, South Africa, and Japan. We will continue to grow in all these areas, but the US and Japan are a priority in the coming years.”

While the US is already Nagarro’s biggest market, it is still underrepresented compared to its peer group, he noted. And in Japan, the company has some clients, and expects further growth. “These are two other countries where we want to spend more focus and money.”

“In Japan, we have taken big steps by hiring a new country leader. We are looking for partnerships and are investing in Japanese-speaking teams. In the US, we are hiring a whole roster of senior people to help us expand and grow,” Human stated.

Alongside, the company is examining the LATAM region more for talent than for customers. “We already have a presence in a few countries in LATAM but it’s relatively small, so we are trying to expand. The MENA region, however, has been quite active for us. We acquired S4M or Farabi, two sister companies, which have become the anchor for us there,” Human said.

Historically, Nagarro made about 20-odd acquisitions. In 2023, it acquired MBIS in Turkey and InfoCore, which has a UAE presence. “Through these acquisitions, as well as our work and the synergies with the old Nagarro, we now have a significant presence in Dubai and an increasing presence in Saudi Arabia and other countries. It’s an exciting region for us.”

The CEO added that for acquisitions, the company focuses on services companies with reasonable margins and growth profiles, a good culture, and satifsfied clients. While it made acquisitions primarily for capabilities and talent, the emphasis has shifted to client and regional access.

“We measure the success of acquisitions by whether the earnout was met. We typically have a large earnout component, and if the sellers can meet it, that’s a sign of success. As for Indian startups, while we are always discussing with one or two, some are probably overpriced and consider themselves product companies despite still being service companies at their core, so there is some disconnect. However, startups are a great way to inject different flavors into our company.”

While it caters to several sectors, some fast-growing ones are automotive and industrial. Nagarro worked with Audi and the Volkswagen Group on in-car API management systems and collaborated with BMW on the connected car and with BMW Motorcycles on subscribing to or renting a motorcycle online. It also worked with Maruti Suzuki in India on their digital initiatives.

In FY23, Nagarro recorded $1 billion in annual revenues. It now has plans to become a $10 billion company by 2033.

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