Article: Newgen's FY24 growth reveals a focus on people


Newgen's FY24 growth reveals a focus on people

Newgen Software capped off a stellar fiscal year, with record quarterly revenue, surpassing the ₹100 crore profit mark. We dig into their strategic HR initiatives that contributed to these results.
Newgen's FY24 growth reveals a focus on people

Low code digital transformation company Newgen Software recently closed a strong fiscal year, achieving its highest-ever quarterly revenue (Rs 375 crores) and crossing the Rs 100 crore mark for quarterly profit for the first time.

Diwakar Nigam, Chairman and Managing Director, cites growth in the Indian and EMEA markets, alongside an expanding base of large, high-revenue customers as key drivers. "Our large customer base has been increasing, leading to strong growth in revenue per customer," Nigam stated.

The digital transformation platform company also saw a 15% workforce increase (over 600 employees) across teams which supported the growth journey.  Perhaps more importantly, this expansion has been accompanied by record-low voluntary turnover,  the HR head of the company Vivek Mani Tripathi told us.

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Fostering a high-performance culture

To support its growth trajectory, Newgen boasting a workforce of over 4,400 employees, engaged in several strategic HR initiatives. A ‘major exercise” was clarifying and communicating the company's vision, along with outlining "cultural tenets" – the behaviours seen as essential for achieving those goals, Vivek stated.  

These efforts were complemented by leadership development initiatives aimed at building a robust pipeline of talent at senior and middle management levels.  "We recognise the need to develop strong leaders at all levels to support our growth," stated Vivek. 

The company also took steps to formalise a comprehensive DEI strategy, setting measurable diversity targets, launching women's mentorship programs, and reviewing internal policies for inclusivity.

Enhancing the employee experience

Newgen's focused efforts to strengthen its employer brand appear to be yielding results, evidenced by improved Glassdoor ratings. Vivek confirms this focus: "We have been working hard to enhance Newgen's Employer Brand worldwide."

“We have been able to attract top talent from the best employers and the offer-to-joining ratio has gone up at all levels,” Vivek noted. “ Our engagement levels have been high, and our retention of High performers was the highest on record," he concluded.

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Topics: Leadership, #BusinessTransformation

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