Software Company Red Hat banks on India to hit $ 5 billion turnover in 5 years
Red Hat, the open-source software company, said its India business was growing at more than double the rate of the overall company and would be an important contributor to its target of reaching $5 billion in the next five years.
Red Hat has over $2 billion in annual revenue currently and grew over 21% in constant currency last year. Open-source software is freely available, so Red Hat’s business model depends on customers paying for the support and service it offers and not on license fees, making the company’s offerings typically cheaper than proprietary software. “India is one of our fastest growing markets. Red Hat does really when there is net new infrastructure to be set up. And the rapid pace of development that India is seeing sets really well with our offerings,” James Whitehurst, CEO of Red Hat, told ET.
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