Ashok Soota’s journey is nothing short of extraordinary. Known for his impressive achievements in the IT industry, Soota began a new chapter of success at 69 with the founding of Happiest Minds Technologies, a company now valued at ₹12,000 Crore.
This article explores his remarkable career, from turning around failing companies to creating one of the most successful tech firms in India.
Turning Around Shriram Refrigeration
In 1978, Ashok Soota took over as CEO of Shriram Refrigeration, a company struggling with four consecutive years of losses.
With his innovative leadership and strategic vision, Soota reversed the company’s fortunes, leading it to its first profit in five years.
This early success showcased Soota’s ability to transform struggling businesses.
Revolutionizing Wipro Infotech
Soota’s next major challenge came in 1984 when he became president of Wipro Infotech.
At that time, Wipro was a minor player in the IT sector. Under Soota’s leadership, the company’s revenue skyrocketed from ₹22 Crore to ₹2,200 Crore over 15 years.
This growth made Wipro the largest Indian minicomputer company.
His achievements were so significant that even Andy Grove, the then-CEO of Intel, recognized Soota’s success with a letter of appreciation.
Founding and Scaling Mindtree
In August 1999, Ashok Soota co-founded Mindtree with nine other IT professionals.
The new company quickly made a name for itself, achieving a revenue of ₹455.37 Crore within just six years.
In February 2007, Mindtree went public with an IPO that raised ₹237.72 Crore and was oversubscribed 110 times.
This IPO was a testament to the company’s rapid growth and Soota’s leadership.
Facing Challenges and Resignation
Despite the success at Mindtree, Soota faced challenges such as stagnating revenues and disagreements over the company’s growth strategy.
On January 28, 2011, after 33 years in the industry, Soota resigned from Mindtree.
At 69, he was ready to embark on a new venture, reflecting his relentless drive and ambition.
Launching Happiest Minds Technologies
Just a month after leaving Mindtree, Soota founded Happiest Minds Technologies in April 2011.
His vision for this new company was clear: create an organization that focused on employee and customer happiness while leveraging cutting-edge technologies.
Happiest Minds was designed to be different, aiming to integrate cloud computing, social media, mobility, analytics, and security into its offerings.
Rapid Growth and Expansion
Happiest Minds officially launched on August 29, 2011, and quickly made a mark in the industry.
Within three months, the company secured clients in the US, UK, and India and opened offices in Bangalore, New Jersey, and Reading.
This rapid expansion demonstrated the company’s strong start and market potential.
Securing Investment and Going Global
By November 16, 2011, Happiest Minds raised ₹228 Crore in funding from Cannan Partners and Intel Capital.
This investment allowed the company to further its global reach and service clients across various regions.
The company’s innovative approach and strong performance attracted significant attention and support from investors.
Innovative Approach and IPO Success
Ashok Soota’s “Born Digital” approach set Happiest Minds apart from traditional IT services.
The company combined AI, IoT, and analytics with conventional IT solutions, forming strategic partnerships with key players like MongoDB and Mastercard.
This innovative strategy paid off when Happiest Minds went public with a ₹702 Crore IPO in September 2020.
The IPO was oversubscribed 151 times and listed with a 111.4% premium, making it the most successful IPO of the year.
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Current Success and Market Impact
Today, Happiest Minds Technologies boasts annual revenues of ₹1,710.03 Crore and serves 61 billion-dollar and 48 million-dollar companies globally.
The company’s valuation has soared to ₹12,276 Crore, reflecting its significant impact and success in the IT sector.
Ashok Soota’s Legacy and Philanthropy
Ashok Soota’s achievements extend beyond business. He has received over 100 awards for his contributions to the IT industry.
In addition to his professional success, Soota is known for his philanthropic efforts.
He donated ₹375 Crore towards India’s largest private sector medical research on Parkinson’s and Alzheimer’s diseases, highlighting his commitment to societal well-being.
Conclusion
Ashok Soota’s career is a powerful example of how vision, innovation, and determination can lead to extraordinary success.
From turning around failing companies to establishing a ₹12,000 Crore tech giant, Soota’s journey is an inspiring story of leadership and resilience.
His legacy, marked by both business accomplishments and philanthropic contributions, continues to inspire and impact many.
