Tech Index · Listed and private, scored the same way

The Tech Index

BI's scored ranking of Indian technology companies — public and private. We weight unit economics and durability over raised capital, so the list looks nothing like a funding leaderboard.

The BI Score · Methodology

Financial Health

Balance-sheet strength, cash generation, leverage, and interest cover.

Growth Quality

Revenue and profit growth — and whether it's funded by cash or debt.

Market Position

Share, pricing power, and how defensible the moat really is.

Governance

Board quality, related-party dealings, disclosure, and promoter conduct.

Digital Posture

Technology adoption, data maturity, and readiness for the next cycle.

Composite weighting — Financial 30% · Growth 25% · Market 20% · Governance 15% · Digital 10%. Illustrative scores, refreshed quarterly.

The Ranking · 10 constituents

#
01	Zoho SaaS	92	84	86	82	95	88
02	Zerodha Fintech	90	82	88	78	94	86
03	Tata Consultancy Services IT Services	95	68	90	88	84	85
04	Infosys IT Services	92	65	85	89	83	82
05	Postman Dev Tools	74	88	80	75	96	81
06	Razorpay Fintech	72	90	78	74	93	80
07	PhonePe Fintech	66	92	84	72	94	80
08	Freshworks SaaS	78	80	74	79	92	79
09	Persistent Systems IT Services	83	78	70	80	82	79
10	Nykaa Consumer Tech	70	76	72	73	85	74

Tap any column header to re-sort. Scores are illustrative and for demonstration — the live BI Score product arrives with M3.