Prime Highlights
- Anand Deshpande’s net worth has surged to nearly $3.4 billion, rising dramatically from under $200 million just a decade ago.
- Persistent Systems’ stock has soared 892% over the past five years on the NSE, making it one of India’s strongest digital engineering performers.
Key Facts
- The promoter group holds a 30% stake in Persistent Systems, with Deshpande personally owning 29%.
- Persistent crossed $1 billion in revenue in FY23 and is targeting $2 billion by FY27, supported by strong growth in digital engineering, cloud modernization, and AI.
Background
Persistent Systems founder Anand Deshpande has quietly joined India’s growing billionaire list as his net worth surged to nearly $3.4 billion, up from under $200 million a decade ago. The company is growing fast and has become one of India’s biggest wealth creators in digital engineering.
The promoter group holds a 30% stake in the firm, with Deshpande owning 29%. Persistent began in a modest 300 sq ft office at Pune’s Software Technology Park in 1990. Few in the industry noticed the company back then, but it gradually built its foundation in digital engineering and cloud modernization. Today, its stock has jumped 892% on the NSE over five years, outperforming HCLTech, Infosys, and TCS. Only KPIT, also Pune-based, has seen a higher rise.
Persistent crossed the $1 billion revenue mark in FY23, and CEO Sandeep Kalra has said the company is on track to reach its $2 billion revenue goal by FY27. Deshpande’s own success mirrors this steady climb. His initial investment of Rs 2 lakh came from an unexpected tax refund after he returned to India in 1990, just as the rupee was devalued.
The company’s first customers included France’s O2 Technologies, US-based DPSI, and later Microsoft. Over the years, Persistent moved through six growth phases, ranging from database work to full product lifecycle services, digital transformation, and now artificial intelligence, which forms the company’s current focus.
Persistent has also generated significant employee wealth through ESOPs. As of October 31, hundreds of current and former employees hold shares across the Rs 1 crore to Rs 100 crore range.
Deshpande says he sees himself as a long-term guardian of the company and has no plans to sell his stake.
