Onward Technologies
Onward Technologies is an Indian engineering, research and development, and digital technology services company serving industrial and healthcare-focused businesses.
Last updated August 31, 2026
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Overview
Onward Technologies is an India-based multinational technology services company specializing in digital engineering and engineering, research and development services. Its principal customer sectors are transportation and mobility, industrial equipment and heavy machinery, and healthcare and medical technology. The company combines software engineering with embedded systems, electronics, mechanical engineering, automation, data, cloud, and other digital capabilities to support product development, modernization, and ongoing engineering programs. The business was founded in August 1991 by Harish Mehta, a first-generation entrepreneur who was also among the founders of the National Association of Software and Service Companies (NASSCOM) and served as its first elected chairman. Onward Technologies became a publicly traded company in 1995, listing on both the Bombay Stock Exchange and the National Stock Exchange. Its early international expansion included the establishment of an operating subsidiary in the United States in 1997 and a London branch in 1998. Chicago operations were added later as the company developed its overseas presence. During the 2000s, Onward Technologies broadened its business from general software services into engineering and product-development support. This transition established the ER&D orientation that remains central to its identity. Its Indian offshore development centers obtained ISO 9001 and ISO 27001 certifications during the 2001–2010 period, supporting the company’s quality-management and information-security positioning. The company’s present service portfolio is organized around three broad capabilities: digital engineering, embedded systems and electronics engineering, and mechanical engineering. Digital services include data science, data analytics, automation, cloud-related work, and software development. Engineering services address areas such as embedded products, electronics, mechanical design, and product lifecycle support. These capabilities are applied to vehicles and mobility systems, industrial machinery, heavy equipment, and healthcare and med-tech products. Jigar Mehta, the founder’s son, became managing director in May 2016. The company later expanded its international footprint with offices in Amsterdam and Canada in 2021. It reported being net-debt free in annual reports covering fiscal years 2020–21 and 2021–22, and reported 28% year-on-year organic revenue growth for the financial year ended 31 March 2022. Convergent Finance LLP invested in the company by the end of 2021 and was reported to hold approximately 24.7% of its equity. The company has received recognition from Dun & Bradstreet and technology-industry award programs for its engineering and ER&D work. According to the cited company filing material, Onward Technologies reported FY2026 revenue of ₹550.9 crore, EBITDA of ₹71.9 crore, and profit after tax of ₹46.7 crore for the year ended 31 March 2026. The same material reported 2,485 employees across 12 offices in six countries, together with offshore development centers in India. These figures and the company’s subsidiary count should be checked against the latest official filings before being treated as current operating data.
History
Onward Technologies was founded in August 1991 by Harish Mehta in India. Mehta was a first-generation entrepreneur and a founding figure in NASSCOM, where he became the organization’s first elected chairman. The company entered the public markets in 1995 through listings on the BSE and NSE. Its first major international step came in 1997, when its United States subsidiary began operations. A London branch followed in 1998, and the company later opened an office in Chicago. Between 2001 and 2010, Onward Technologies expanded beyond conventional software outsourcing into engineering, research and development services. Its Indian offshore development centers achieved ISO 9001 and ISO 27001 certifications during this period, reinforcing its quality and information-security credentials. The company gradually organized its offering around digital engineering, embedded systems and electronics, and mechanical engineering. Its customer focus developed around transportation and mobility, industrial equipment and heavy machinery, and healthcare and medical technology. This specialization positioned Onward Technologies as an engineering partner to product manufacturers and original equipment manufacturers rather than solely as a general-purpose IT-services provider. In May 2016, Jigar Mehta was appointed managing director. During the following years, the company emphasized balance-sheet discipline and reported net-debt-free status in annual reports for fiscal years 2020–21 and 2021–22. It also reported 28% organic year-on-year revenue growth for the financial year ended 31 March 2022. In 2021, the company added offices in Amsterdam and Canada. Convergent Finance LLP invested in the business by the end of that year and was reported to own approximately 24.7%. Onward Technologies received several industry recognitions between 2021 and 2022, including a Dun & Bradstreet business award, an Engineering Partner of the Year award at the Innovation and Technology Inn-Tech awards, and recognition as Best ER&D Partner for Automotive and Industrial Equipment OEMs at the Quantic Technology Excellence Awards. The cited filing material describes a business with 2,485 employees, 12 offices in six countries, and offshore development centers in India as of the referenced period. It also reports one Indian subsidiary and four foreign subsidiaries as of 31 March 2026. The same material gives FY2026 revenue of ₹550.9 crore, EBITDA of ₹71.9 crore, and profit after tax of ₹46.7 crore. These later figures require verification against the company’s current exchange filings and annual reports.
- 2022
Record organic growth reported
[1]The company reported 28% year-on-year organic revenue growth for the financial year ended 31 March 2022.
- 2021
European and Canadian expansion
[1]The company established offices in Amsterdam and Canada.
- 2016
Jigar Mehta appointed managing director
[1]Jigar Mehta became managing director in May 2016.
- 1998
London office opened
[1]Onward Technologies established a branch office in London.
- 1997
United States expansion
[1]The company’s United States subsidiary became operational.
- 1995
Public listings
[1]The company listed its shares on the BSE and NSE.
- 1991
Company founded
[1]Harish Mehta founded Onward Technologies in India in August 1991.
Products and positioning
A specialized engineering and technology partner for original equipment manufacturers and product companies, combining digital engineering with embedded, electronics, and mechanical ER&D capabilities.
Technology services
Digital Engineering Services
A portfolio covering software engineering, data science, data analytics, automation, cloud-related work, and digital modernization. These services support product companies and industrial customers seeking to develop, connect, analyze, or automate technology-enabled products and operations.
Engineering services
Embedded Systems and Electronics Engineering Services
Engineering support for embedded products and electronic systems used in transportation, industrial equipment, heavy machinery, and healthcare applications. The offering forms part of the company’s broader ER&D outsourcing model.
Engineering services
Mechanical Engineering Services
Mechanical product-development and engineering support for equipment and manufactured products. The capability complements the company’s software, embedded, and electronics work and enables broader product lifecycle engagement.
Brand decisions
2021
Investment by Convergent FinanceM&ABackground
The company attracted investment from the private-equity firm Convergent Finance LLP.
Action taken
Convergent Finance invested in Onward Technologies and was reported to hold approximately 24.7% of the company.
Aftermath
The investment introduced a significant institutional shareholder while the company continued its engineering-services expansion.
Reported equity stake. Approximately 24.7% (By the end of 2021)
2001
Shift toward engineering and R&D servicesStrategyBackground
Onward Technologies broadened its business beyond general software outsourcing during the 2001–2010 period.
Action taken
The company developed capabilities in engineering, research, and development and pursued certifications for its Indian offshore centers.
Aftermath
ER&D became a central part of the company’s positioning in transportation, industrial equipment, heavy machinery, and healthcare.
1997
International expansion into the United StatesStrategyBackground
The company sought to build a direct presence in a major technology-services and customer market.
Action taken
Onward Technologies made its United States subsidiary operational.
Aftermath
The move was followed by further overseas expansion, including London and Chicago operations.
Recent events
Onward Technologies acquired NV Pune[2]
Reported:
Onward Technologies acquired all equity and preference shares of NV Pune, which became its wholly owned subsidiary effective December 1, 2021.
Sources2 sources
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