Mindsprint, a tech services firm with roots in agribusiness, is looking to grow rapidly by leveraging its expertise in artificial intelligence. This Singapore-based company was established as a standalone entity in 2023 after separating from the Olam Group, which is owned by Temasek. Most of Mindsprint’s work and research and development operations are centered in Chennai and Bengaluru, India.
In an interview, CEO Suresh Sundararajan emphasized the company’s strategy to attract private investments and pursue acquisitions to increase its revenue from $150 million to $400 million within the next five years.
### Why the Split?
The split from Olam was necessary as shareholders didn’t see the expected value from the combined entity, which was worth $54 billion. Olam decided to focus on food ingredients and sell off its agribusiness division. This led to the idea of spinning off the IT services segment. Mindsprint had always aimed to serve clients outside of Olam, which made the decision to go independent a logical step.
### Competing in a Crowded Market
Mindsprint is aware of the competition from large IT firms and niche players. Sundararajan noted that many big IT companies lack strong consulting capabilities, while traditional consultants often struggle with tech execution. Mindsprint aims to fill this gap by combining top-notch consulting with excellent execution. The firm has integrated AI into its services, enabling it to deliver solutions more efficiently and cost-effectively.
### Client Acquisition
Mindsprint has successfully gained traction outside of Olam, now serving around 40 clients in North America and the Middle East, which constitutes about 10% of its revenue.
### Market Focus
The company specializes in the food, agriculture, retail, and manufacturing sectors, which currently have a combined service market worth about $230 billion. Despite the growth in technology spending, these sectors are still in the early stages of digital development. Mindsprint believes that there will be significant opportunities in foundational technologies, such as cloud computing and data modernization, without entering oversaturated markets like banking and finance.
### Growth Plans
Currently generating about $150 million in revenue, Mindsprint aims to reach $400 million soon. It is in talks with banks to attract private investors and plans to acquire three companies by 2030. The company expects to finalize fundraising efforts early next year and has ambitions to go public in India within four to five years.
### The Future of AI in Services
At present, AI and its related services contribute around 15% to Mindsprint’s revenue. The company’s strengths are in data analytics and AI, where it is continuously developing new tools and platforms. Mindsprint has also launched Future Forward Labs, a team dedicated to creating innovative platforms and products, with the aim of becoming more than just a service provider.
In summary, Mindsprint is carving out a niche for itself in the technology landscape while focusing on growth, innovation, and the effective use of AI in traditional industries.
