Indian Family Business Awards 2021 Tally Solutions wins best family business award

Published on: 09-05-2022

A leader in the accounting solutions space, the company’s roots can be traced back to 1986 when Late Shri Shyam Sunder Goenka suggested to his son, Bharat Goenka, to automate accounting operations for the former’s textiles business.

Tally Solutions was conferred the best family business award at Moneycontrol Pro’s Indian Family Business Awards 2021, held in Mumbai. The company won the award on April 29, in the 'super' category in which companies with annual revenues under Rs 1,000 crore were nominated.

The Bengaluru-based multinational technology company, Tally Solutions Pvt Ltd, provides enterprise resource planning software. Over the last five years, the company has doubled its licensed customer base from 1 million to 2 million users.

In 2016, it was shortlisted as a GST Suvidha Provider to provide an interface between the new Goods and Services Tax (GST) server and taxpayers, due to its quick adaptation to the changes brought in by GST.

Recently, in 2020, the founder, Bharat Goenka, was conferred Padma Shri for his contribution in the field of trade and industry. Until now, the organisation has invested three generations in the business from Late Shri Shyam Sunder Goenka to Bharat Goenka and his son, Tejas Goenka.

As Managing Director, Tejas Goenka leads the business operations and has expanded operations in the Middle East, Africa, South East Asia, the US, and Canada.

The company has a formal governance structure. In addition, it has not raised equity funding yet and the shares are completely owned by the family. The promoters of the business include Sheela Goenka, Bharat Goenka, Tejas Goenka and Nupur Goenka.

Of late, the business revenues have witnessed a downward trend even after doubling its customer base. However, the overall profitability is healthy, according to the company.

Source URL: https://www.moneycontrol.com/news/business/indian-family-business-awards-2021-tally-solutions-wins-best-family-business-award-8423731.html