As cloud service providers increase their artificial intelligence (AI) capabilities, Minfy Technologies, a Hyderabad-based company, is racing to stay current.

According to cofounder Vivek Jain, the company intends to hire 180–200 people by the end of current fiscal year, mostly AI engineers, to support its expanding pipeline of generative AI solutions spanning the industrial, healthcare, retail, and energy sectors.  It currently employs about 600 people.

“I think the biggest war is on talent, more than the chips and graphics processing units (GPUs),” Jain told ET, adding that talent will not be cheap.  “AI developers will be very costly, so it’s critical to draw in the best talent in order to have some significant successes.”

In a market dominated by aggressive pricing strategies and well-funded firms like Tata Consultancy Services, Infosys, and Wipro, Minfy’s quick growth without venture capital backing won the company the Bootstrap Champ award at the ET Startup Awards 2025.

Founded in 2016 by brothers Vivek and Vijay Jain, Minfy provides cloud migration, modernization, managed services, and digital transformation solutions to its clients in the healthcare, retail, manufacturing, energy, public services, banking, and financial services industries.

From Rs 4-5 crore in its first year to a projected Rs 913.3 crore in 2024–2025, the company’s income increased.

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In addition to creating client-facing generative AI solutions, many of which are already in production or pilot stages, Minfy has begun incorporating AI into its internal operations through the use of AI-assisted coding, testing, and automation tools.

AI-powered virtual try-ons in retail, automated medical coding in healthcare, and forecasting models that optimize business operations and telecom network centers that avoid service interruptions are just a few of its projects.

In Hyderabad, the company is constructing a 40,000-square-foot Center of Excellence, which is scheduled to open in November.  According to Jain, it would act as the center for developing and evaluating its generative AI solutions.

“AI is developing quickly.  Our goal is to improve our internal competency.  For testing and coding, we use a lot of AI-assisted developers.  Additionally, we make extensive use of third-party solutions,” he stated.

Few Indian IT services companies have been able to strike a balance between rapid expansion and profitability, which has been difficult for Minfy as it navigates the rapidly shifting cloud services market.  The company has gradually improved its financial performance over the last ten years while scaling its managed services and cloud transition operations.

“The market’s problem statement was very clear: there was a need for user computing and a ton of applications as the digital boom approached,” Jain stated.  We believed that the current solo and private hosts were unable to satisfy customer demand because this problem description was so broad and obvious.  We considered collaborating with hyperscale behemoths like AWS at this point.

He pointed out that Minfy contributes about $100 million, or about 1% of the estimated $6-7 billion Indian cloud solutions industry.

The overall wave of enterprise cloud adoption across sectors and regions has been reflected in Minfy’s trajectory.

The company based its business model on cloud migration, modernization, and managed operations after placing an early wager on Amazon Web Services (AWS).

It now serves about 600 customers and has diversified over the years to include Google Cloud and Microsoft Azure, reaching six regions: India, Singapore, Malaysia, Australia, the US, and Europe.

Minfy has purposefully stayed bootstrapped in spite of persistent attention from private equity investors, venture capitalists, and possible acquirers.

Its competitors in the Indian cloud services market, including Rean Cloud (purchased by Hitachi Vantara) and BlazeClan (purchased by ITC Infotech), have chosen alternative paths.

Due to the high cost of the technology and the scarcity of personnel, we are still debating whether or not to pursue outside funding.  With artificial general intelligence (AGI) and all that is going on, it is not democratized,” Jain stated.  They have access to GPUs, as well as that type of chip and technology, thanks to a small number of carefully chosen multinational firms.  Therefore, possessing large sums of money would greatly enhance our story.

Minfy and AWS signed a $500 million, multi-year strategic collaboration agreement in 2024 to support enterprise clients moving to the cloud and speed up cloud adoption globally.  Although specifics are still being kept under wraps, Jain stated that additional collaborations of this kind are planned.