Mid-tier IT services company Birlasoft Ltd’s senior executive, who used to oversee a fourth of its business, has joined as the chief executive of smaller peer Trigyn Technologies Ltd.
Vikram Chandna, who joined Birlasoft in November 2021, served as the global head for its banking, financial services, and insurance (BFSI) and hi-tech verticals before switching to the Mumbai-based company, which specialises in digital solutions.
“With deep expertise in digital, cloud, cybersecurity, and AI/ML, he has demonstrated a consistent ability to transform businesses, drive revenue growth, and manage P&L across geographies. His leadership has been pivotal in fostering innovation, creating strategic client partnerships, and establishing global delivery excellence,” read Trigyn’s announcement to the stock exchanges on Monday.
Trigyn Technologies ended 12 months through March 2024 with ₹1,292 crore (approximately $154 million) in revenue. It reported a compounded annual growth rate (CAGR) of 9.34% over the last three fiscal years. In rupee terms, revenue jumped 30.7%. However, the company’s sore point is its profitability. Its operating margins shrank 605 basis points during this period to 2.96% at the end of March 2024.
The company, which now has 2,500 employees, was founded in 1986 by three software professionals—Ramkrishna Bhagwat, Atul Kamath, and Tushar Vaidya. It was originally named Leading Edge Systems Ltd. The name was changed to Trigyn in June 2001.
As of December 2024, the company’s promoters, including United Telecom Ltd, which owns Karbonn Mobiles, owned 44.51% of Trigyn’s shares, whereas public investors owned the rest.
The company that provides customer support, application development and maintenance, and managed services to clients gets 90% of its business from the US. It does not list the revenue from each of its business verticals.
Trigyn Technologies competes against the likes of Happiest Minds, which ended 2023-24 with about $196 million in revenue.
“We see a big opportunity to deepen our engagement with our long-standing clients, many of whom have worked with Trigyn for more than a decade, by offering a broader set of innovative, AI-enabled services. We are realigning our business development efforts to target high-growth geographies and industries where digital modernisation is accelerating,” Chandna told Mint.
He added that his strategies would have a multiplier effect on the company’s revenue.
“These strategies, which I have successfully implemented throughout my career, give us the confidence to set a target of doubling our revenues over the next three years,” he said.
Chandna has his task cut out
Chandna plied his trade with Birlasoft, where he headed the company’s BFSI division. Birlasoft’s BFSI business grew 52% to $38.7 million between December 2021 and December 2024 whereas the company’s overall revenue grew 12% during the period to $160.8 million as of the three months through December 2024.
Chandna also worked at Wipro for over a decade until December 2018. He helped set up the company’s BFSI business in Latin America and handled Citigroup for the Bengaluru-based IT services provider.
This is the second such instance of a former Wipro executive making it big in a smaller firm.
Srini Rajamani, who oversaw the company’s life sciences and consumer businesses in the Americas, quit in January 2025 after a 19-year stint to join Georgia-based fintech company Opus Technologies as CEO.
Both Rajamani and Chandna are based out of New York.
Chandna also worked in Capgemini for over a year before joining Birlasoft.
However, he now faces an uphill task: To lift the Mumbai-based company’s revenue and operating margins at a time when GenAI is eating up much of the business of IT outsourcers, including BPO, application development, and maintenance.
To double its revenue in the next three years, the company will need to log a CAGR of 25.99%, which is almost thrice its CAGR for the last three years.
“First, I will work to strengthen client intimacy by ensuring our teams are even more aligned with client business priorities and technology goals. I would also be evaluating our overall location and resource strategy and its alignment with the markets and customers we serve,” said Chandna.
Expansion is on the cards.
“We will also pursue opportunities to support public sector digital projects and enterprise modernisation initiatives where Trigyn has a strong track record,” said Chandna. “I plan to make inroads into select markets in the Middle East like the UAE and Bahrain.”
