Hexaware targets $3bn revenue by 2029 through AI and SaaS push

Hexaware Technologies is positioning itself for significant scale-up over the next five years, with senior management setting a revenue target of $3 billion by 2029. The Mumbai-headquartered IT services provider is banking on multiple growth levers to achieve this objective, including accelerated adoption of AI-led business transformation services, geographic expansion into West Asian markets, and strategic partnerships with private equity firms seeking technology solutions.

The company's growth strategy reflects broader industry trends as Indian IT services firms increasingly pivot towards higher-margin software-as-a-service (SaaS) offerings and emerging technology domains. By concentrating efforts on the SaaS vertical, Hexaware aims to reduce dependency on traditional time-and-materials consulting engagements and build more predictable, recurring revenue streams.

Expansion into West Asia represents a strategic geographical diversification for the company. The region has emerged as an attractive market for Indian IT services providers seeking growth opportunities beyond traditional markets in North America and Europe.

Hexaware's emphasis on private equity partnerships underscores a broader industry shift towards closer collaboration between IT services firms and buyout funds seeking operational improvements and digital transformation support. Such alliances enable faster market penetration and allow service providers to demonstrate tangible returns to PE-backed portfolio companies.

The company's ambitions align with its positioning as a mid-sized player in India's competitive IT services landscape, where firms are increasingly differentiated by their capabilities in AI, cloud technologies, and industry-specific solutions rather than scale alone.